IREX III Industrial Portfolio DST
Industrial in Multi-state (2) — sponsored by Invesco Real Estate Exchange
Minimum investment
$250k
Offering size
$87.0M
How much has sold
95.0%
Asset type
Industrial
Location
Multi-state (2)
Financing
Leveraged. This offering reports mortgage debt on the property.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
IREX III Industrial Portfolio DST is a Delaware statutory trust — the passive ownership vehicle used to complete a 1031 like-kind exchange — organized in 2025 under Invesco's exchange platform.1 It holds industrial buildings in Ohio and Illinois.2 Invesco Real Estate Income Trust reported on December 18, 2025 that the offering, launched in May 2025, was fully subscribed with $87 million in gross proceeds, closing it to new investors.2
min $250k; 100% occupied; raised $87M, fully subscribed 12/2025; 721 UPREIT into INREIT
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These links support the public record as a whole; individual details may come from different sources.
On a 45-day clock? Find day 45 and day 180 from the sale date, then come back to this record.
What exactly is the property?
Invesco Real Estate Income Trust (INREIT), the sponsor's affiliated non-traded REIT, sourced the industrial buildings behind this Trust.2 Sponsor materials place them only in Ohio and Illinois; this record adds Columbus and Grove City, Ohio locations alongside the Illinois asset, which the sponsor's December 18, 2025 release does not itself itemize. No reviewed source states when the buildings were built, when they were bought, or what was paid.
- Property address
- 940 Enterprise St, Aurora, IL
- Property size
- 795,825 SF (3 props)
Who is the tenant, and what's the lease?
No reviewed filing names the occupying tenants; INREIT reported the portfolio 100% occupied as of December 18, 2025.2 Under INREIT's DST Program, a subsidiary of its operating partnership master-leases each property, subleases it to tenants and covers operating costs, with the operating partnership guaranteeing that master lease.3
How are sales going?
These are the sponsor’s own numbers. They can lag what has actually sold, and they do not confirm that interests are still available.
95.0% reported sold
- Amount sold
- $82,816,816
- Still available
- $4,172,431
- Investors reported
- 109
- Total offering
- $86,989,247
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How is it financed, and what does it pay?
The public record is silent here: no Form D filing or Invesco release for this Trust discloses mortgage debt, a lender, or loan terms. That gap 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.
Who's behind it?
The Trust's SEC filings name Invesco DST Manager LLC as manager and signatory trustee and IREX Depositor LLC as depositor.1 The assets came from Invesco Real Estate Income Trust (INREIT), the firm's affiliated non-traded REIT, which announced full subscription on December 18, 2025.2 A prospectus supplement filed May 11, 2026 still listed the Trust in INREIT's DST Program as of March 31, 2026, and describes the operating partnership's fair-market-value option — exercisable two years after a DST offering closes — to acquire the interests for OP units or cash.3
- Sponsor
- Invesco Real Estate Exchange
- Legal Trust name
- IREX III Industrial Portfolio DST
- May convert to a REIT
- Yes
- Offerings from this sponsor
- 4 active / 5 total offerings from Invesco Real Estate Exchange
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
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. Sales were private, with no general advertising, and buyers had to be accredited investors meeting SEC income or net-worth thresholds.
- First Form D filedThe public offering record begins.
- Offering amount recordedA Form D amendment recorded offering and sales totals.
- Filing record updatedA later amendment updated the sponsor’s filing record.
- Latest Form D filedThe most recent sponsor-filed checkpoint in this record.
- Filings on record
- 8
- How it may be offered
- Rule 506(b)Not advertised publicly. Offered through existing relationships.
- Source filing
- Read the filings on SEC EDGAR
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.
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 Private Placement Memorandum before investing.
Common questions
Is IREX III Industrial Portfolio DST still raising money?
Top1031 lists IREX III Industrial Portfolio DST as active because the sponsor is still filing with the SEC. That does not confirm that interests remain available.
Where does Top1031 get the data for IREX III Industrial Portfolio DST?
Top1031 builds this record from the sponsor’s own SEC filings and cited sponsor disclosures. Filings can lag what is happening now. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.
Can I still invest in IREX III Industrial Portfolio DST?
No. Invesco Real Estate Income Trust reported on December 18, 2025 that the offering was fully subscribed, which closes it to new investors. The Form D and its amendments remain on EDGAR as the public record of how the raise progressed, and the Trust is treated as Historical — closed to new investors — for directory purposes.
Who are the tenants, and how are the leases structured?
No reviewed filing or sponsor release names the occupying tenants. An INREIT prospectus supplement filed May 11, 2026 describes the DST Program structure: a wholly owned subsidiary of INREIT's operating partnership leases each DST property under a master lease, is responsible for subleasing to tenants, and covers the associated operating costs, with the operating partnership guaranteeing the master lease. Individual sublease rents, expirations and guarantors are not in the public record; those sit in the private placement memorandum, the offering's private disclosure document.
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, but the Form D filings list no addresses and the SEC-hosted sponsor exhibit does not itemize them. The private placement memorandum is where an investor confirms the exact assets.
What does a 721 UPREIT exit mean here?
This record flags a possible Section 721 UPREIT exit into Invesco Real Estate Income Trust, the sponsor's affiliated non-traded REIT. INREIT's May 11, 2026 prospectus supplement says the operating partnership holds a fair-market-value option, exercisable after two years from the applicable DST offering closing, to acquire the DST interests for OP units or cash. Contributing property for partnership units is generally not taxable at that moment, but the resulting REIT-level interest cannot itself be 1031-exchanged later. The specific mechanics and timing are set out in the PPM.
Is the Trust leveraged?
The public record does not resolve it. No Form D filing or Invesco announcement identifies mortgage debt, a lender, or loan terms for this Trust, so leverage is recorded as unknown here. An investor relying on debt replacement to complete an exchange would need the private placement memorandum to confirm any debt allocated per interest.
Why doesn't the last Form D match the $87 million Invesco announced?
Form D and its amendments are point-in-time snapshots filed while a raise is underway, not audited totals. The final amendment on record is dated December 10, 2025 — eight days before Invesco's December 18, 2025 statement that the offering was fully subscribed with $87 million in gross proceeds. Issuers are not required to file a further amendment reconciling the two, and a Form D is a notice, not SEC approval.
Chapter 9Invesco Real Estate Income Trust Fully Subscribes $87M Industrial DSTTrade-press coverage of the IREX III full subscription, citing 100% occupancy across the three industrial assets.