IREX III Industrial Portfolio DST
3 industrial properties in 2 states · sponsored by Invesco Real Estate Exchange
IREX III Industrial Portfolio DST is a DST sponsored by Invesco Real Estate Exchange that owns 3 industrial properties in 2 states. Its latest Form D, filed Dec 10, 2025, lists a $86.9 million offering with a $250,000 minimum.
Key facts
- Minimum investment
- $250,000From the Form D
- Offering size
- $86,989,247Equity offered, per the Form D
- Sold so far
- Form D, Dec 10, 2025; the % is our arithmetic95.2%
- Investors reported
- Form D, Dec 10, 2025109
- Selling commissions
- Form D Item 15; the % is our arithmetic$5,219,354 · 5.9% of offering
- Financing
- Not in the Form D. The Form D for this offering does not say whether it carries mortgage debt.How it is financed ↓
- Offered under
- Rule 506(b)General advertising and solicitation are not permitted under this exemption.
Figures come from SEC Form D filings unless a source is cited. Sponsor-stated figures are as reported by the sponsor; Top1031 does not independently audit them. On a 45-day clock? Find day 45 and day 180 →
Can I still invest?
No new interests: the offering is reported fully subscribed.
By Top1031’s calculation from the latest Form D, filed Dec 10, 2025, 95.2% of the offering had sold.
Other Invesco Real Estate Exchange offerings on record
- IREX V Diversified Portfolio DST$250,000 minimum · $97,634,409 offeringActive offering · latest Form D Oct 13, 2026
Availability changes without a filing. The sponsor or a registered representative can confirm what is open.
Looking for an offering like this one? A licensed 1031 specialist from our affiliated partner can talk through what is on record.
Ask a 1031 specialist about this recordFree. About: IREX III Industrial Portfolio DST. Top1031 is not a broker-dealer.No photo on record. Multiple property locations are on record; no single map.
What does the Trust own?
Invesco Real Estate Income Trust, the sponsor's affiliated non-traded REIT, sourced the three industrial buildings, split between Ohio and Illinois, and Invesco's exchange platform packaged them into an offering that launched in May 2025. 2 No reviewed Form D or Invesco release states when the buildings were built, when they were acquired, or what was paid. Street-level identification of the individual assets rests on secondary listings rather than the primary public record.
- Property address
- 940 Enterprise St, Columbus, OH
- Property size
- 795,825 SF (3 props)
How have sales gone?
The sponsor’s own numbers, with the caveat in Sales so far ↑.
How is it financed, and what did it cost to sell?
The public record is silent here: no Form D or Invesco release for this Trust discloses mortgage debt, a lender, or loan terms. That matters, because a leveraged DST passes mortgage debt through to its investors, which affects how an exchanger replaces the debt carried on a relinquished property.
Debt
- Financing
- Not in the Form D. The Form D for this offering does not say whether it carries mortgage debt.
- May convert to a REIT (721)
- Yes
Costs and terms from the Form D
- Selling commissions
- $5,219,354 · 5.9% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $869,892 · 0.9% of offeringForm D Item 16· The filing’s note: “Item 16 is an estimate of offering and organizational expenses and closing costs that may accrue to one or more Related Persons.”
- Broker-dealers named in the Form D
- 5 named in the Form D
Show the firms
- Aurora Securities · CRD 46147
- Concorde Investment Services, LLC · CRD 151604
- Lightpath Capital, Inc. · CRD 34617
- Morgan Stanley · CRD 149777
- Realized Financial, Inc. · CRD 22333
Individual representatives named in Item 12 are not listed.
- Date of first sale
- Jul 1, 2025
- Minimum investment
- $250,000
Form D Item 15 and Item 16 amounts may be the issuer’s estimates; each percentage is Top1031’s arithmetic on two Form D figures. Item 16 can overlap Item 15, so Top1031 does not add them together. The issuer marked these amounts as an estimate.
Who's behind the Trust?
Invesco Real Estate Exchange is the 1031 exchange arm that runs alongside Invesco Real Estate Income Trust (INREIT), the affiliated non-traded REIT that sourced these assets and announced the full subscription on December 18, 2025. 2 INREIT still listed the Trust among its DST-program entities as of June 30, 2026, describing its involvement with them as majority ownership. 3 That affiliation is also the route for a 721 UPREIT exit — contributing the property interest to the REIT's operating partnership in return for units.
- Sponsor
- Offerings on record
What does the SEC record show?
Invesco says the offering launched in May 2025, roughly two months before the first Form D — the SEC's brief notice of an unregistered private offering — reached EDGAR. 2 Each later amendment restated the raise as a point-in-time snapshot, and the final amendment on record predates the sponsor's full-subscription announcement by eight days.
- Legal Trust name
- IREX III Industrial Portfolio DST
- SEC CIK
- 2074553
- First Form D
- Jul 15, 2025
- Latest Form D
- Dec 10, 2025
- Filings on record
- 8
- Offered under
- Rule 506(b)General advertising and solicitation are not permitted under this exemption.
- Source filing
SEC Form D filings, newest first
| Filed | Form | Offering amount | Amount sold | Investors | Filing on SEC EDGAR |
|---|---|---|---|---|---|
| Form D/A | $86,989,247 | $82,816,816+$7,658,358 | 109+10 | EDGAR | |
| Form D/A | $86,989,247 | $75,158,458+$22,662,321 | 99+25 | EDGAR | |
| Form D/A | $86,989,247 | $52,496,137+$12,829,451 | 74−8 | EDGAR | |
| Form D/A | $86,989,247 | $39,666,686+$10,368,718 | 82+38 | EDGAR | |
| Form D/A | $86,989,247 | $29,297,968+$8,417,096 | 44+18 | EDGAR | |
| Form D/A | $86,989,247 | $20,880,872+$11,701,088 | 26+10 | EDGAR | |
| Form D/A | $86,989,247 | $9,179,784+$8,651,622 | 16+14 | EDGAR | |
| Form D | $86,989,247 | $528,162 | 2 | EDGAR |
Amounts, investor counts and minimums are as filed with the SEC on Form D. The change lines are Top1031’s arithmetic between consecutive filings; a new Form D notice starts a new count.
A Form D is the notice a sponsor files when it starts raising money. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.
Common questions
- Can I still invest in IREX III Industrial Portfolio DST?
- No new interests: IREX III Industrial Portfolio DST is reported fully subscribed. Top1031 lists it as recently fully subscribed and does not count it as an active offering.
- Does IREX III Industrial Portfolio DST have a 721 UPREIT exit?
- The record lists a possible 721 exit for IREX III Industrial Portfolio DST. It is an option, not a completed transaction; the offering documents set whether and when it can happen. In a 721 exchange, or UPREIT, the DST’s property is contributed to a REIT’s operating partnership and investors receive operating-partnership units instead of cash.
- How a DST-to-721 UPREIT exit works
- Who are the tenants, and how are the leases structured?
- Invesco Real Estate Income Trust's Form 10-Q for the period ended June 30, 2026 lists this Trust among the entities in its DST program and describes master lease agreements as part of its involvement with those entities — a structure in which the REIT side takes the master lease and the buildings' occupants hold subleases. The occupying end tenants, their rents and their expiration dates are not named in the reviewed filings or Invesco releases. Invesco reported the portfolio 100% occupied in its December 18, 2025 announcement, but occupancy alone says nothing about sublease length or tenant credit. The offering documents are where those terms are set out.
- Where exactly are the properties?
- Invesco's December 18, 2025 announcement places three industrial properties across Ohio and Illinois. This record carries an Aurora, Illinois address plus Columbus and Grove City, Ohio locations drawn from secondary listings; the Form D filings themselves list no property addresses, so the primary public record does not confirm those street-level identifications. The offering documents are where an investor confirms the exact assets.
- Who controls the Trust, and who could buy in?
- A Delaware statutory trust is passive by design: investors hold beneficial interests and have no say in day-to-day property decisions, which is what lets the interests qualify for 1031 exchange treatment. The Form D filed July 15, 2025 identifies Invesco Real Estate Exchange LLC as sponsor. The offering was made under Rule 506(b), the private-placement exemption that bars general advertising and, in practice, limits sales to accredited investors — those meeting SEC income or net-worth thresholds.
- Is there mortgage debt on the portfolio?
- Not that the public record shows. No Form D filing or Invesco release reviewed for this Trust names a lender or discloses loan terms, so leverage is recorded here as unknown rather than zero. One third-party offering marketplace lists this offering at a 0% loan-to-value ratio, but that is a marketplace listing, not a primary filing. An exchanger who carried debt on a relinquished property generally needs to replace that debt or offset it with additional cash, so confirming the capital structure in the offering documents matters.
In the news
Sources
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DST interests are illiquid private securities. You may lose some or all of your investment. Distributions, tax treatment, and exit timing are not guaranteed. Review the current offering documents before investing.