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 an investor uses to complete a 1031 like-kind exchange — sponsored by Invesco Real Estate Exchange.1 It holds three industrial buildings in Ohio and Illinois.2 Invesco 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
Show sources (7)Hide sources (7)
These links support the public record as a whole; individual details may come from different sources.
- U.S. Securities and Exchange Commission (EDGAR), Form D ↗
- Invesco Real Estate Income Trust Inc. press release ↗
- U.S. Securities and Exchange Commission (EDGAR), Invesco Real Estate Income Trust Inc. annual report ↗
- U.S. Securities and Exchange Commission (EDGAR), Invesco Real Estate Income Trust Inc. quarterly prospectus supplement ↗
- sec.gov ↗
- sec.gov ↗
- loopnet.com ↗
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's December 18, 2025 announcement describes three industrial buildings split between Ohio and Illinois, sourced by the sponsor's affiliated non-traded REIT, Invesco Real Estate Income Trust (INREIT).2 The Form D filings themselves name no properties, and no reviewed source states when the buildings were built, when they were acquired, or what was paid for them. The third asset, in Grove City, Ohio, is identified only by city in the material reviewed.
- 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 or sponsor release names the occupying tenants, though Invesco reported the portfolio 100% occupied as of December 18, 2025.2 Under INREIT's DST program, each property is master-leased to an operating partnership subsidiary, with that partnership guaranteeing the lease — so rent flows through one affiliated entity rather than directly from building tenants.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 on financing: 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 Form D names Invesco Real Estate Exchange LLC as sponsor, Invesco DST Manager LLC as manager and signatory trustee, and IREX Depositor LLC as depositor.1 The platform sits alongside Invesco's affiliated non-traded REIT, Invesco Real Estate Income Trust (INREIT), which announced the full subscription on December 18, 2025.2 An INREIT prospectus supplement showed this Trust still listed inside that REIT's DST Program as of March 31, 2026.4
- 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 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 now Historical for directory purposes.
Where exactly are the properties?
Invesco's December 18, 2025 release 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 property addresses and the Grove City street address is not established by the sources reviewed. The private placement memorandum — the offering's private disclosure document — is where an investor confirms the exact assets.
Who are the tenants, and how are the leases structured?
No reviewed filing or sponsor release names the occupying tenants. INREIT's annual report for the period ended December 31, 2025 describes the program structure: each DST property is leased by an Operating Partnership subsidiary under a master lease guaranteed by that partnership. Underlying rents, expirations, and whether building leases are triple-net — meaning the tenant pays taxes, insurance, and maintenance — are not in the public record and sit in the PPM.
What does the 721 UPREIT exit mean here?
This record flags a Section 721 UPREIT exit into Invesco Real Estate Income Trust (INREIT), the sponsor's affiliated non-traded REIT. INREIT's annual report for the period ended December 31, 2025 states the master lease includes a fair-market-value option exercisable after two years from the applicable DST offering, payable in operating partnership units or cash. Contributing real estate for OP units is generally not taxable at that moment, but the resulting REIT interest cannot itself be 1031-exchanged later. Mechanics 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 listed 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.