IREX Industrial Portfolio I DST
Industrial property in Vernon, CA · sponsored by Invesco Real Estate Exchange
IREX Industrial Portfolio I DST was a DST sponsored by Invesco Real Estate Exchange that owned an industrial property in Vernon, CA. Its last Form D was filed Dec 20, 2024.
How it ended
No outcome recorded · under 7 years
The record lists the offering as fully subscribed; the last Form D was filed Dec 20, 2024.
Invesco Real Estate Exchange has 1 active offering on record →
Key facts
- Minimum investment
- $250,000From the Form D
- Offering size
- $36,881,720Equity offered, per the Form D
- Sold
- 94.5%Form D, Dec 20, 2024; the % is our arithmetic
- Investors reported
- Form D, Dec 20, 202456
- Selling commissions
- Form D Item 15; the % is our arithmetic$2,212,903 · 5.9% of offering
- Financing
- All cash. This offering reports no 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 →
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Ask a 1031 specialist about this recordFree. About: IREX Industrial Portfolio I DST. Top1031 is not a broker-dealer.What did the Trust own?
The Trust holds two cold-storage buildings in the Los Angeles market, leased on corporate-guaranteed net leases. 3 One is 3268 E. Vernon Avenue in Vernon, a roughly 35,100-square-foot cold-storage facility that Brookfield sold in November 2023, with Invesco Real Estate reported as the buyer. 2 The second address, the tenant names, and property-level purchase prices are not disclosed in public records reviewed as of August 30, 2026.
- Reported location
- Vernon, CA
- Property size
- ~94,000 sqft combined (two cold-storage properties)
How was it financed, and what did it cost to sell?
No lender or loan terms appear in the Trust's SEC filings: the Form D reports equity only and does not establish whether the buildings carry mortgage debt. 1 A Real Estate Transition Solutions marketplace listing described the Trust as unleveraged, a claim the SEC record does not corroborate. 3
Debt
- Financing
- All cash. This offering reports no mortgage debt.
Costs and terms from the Form D
- Selling commissions
- $2,212,903 · 5.9% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $368,818 · 1.0% 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
- 3 named in the Form D
Show the firms
- Concorde Investment Services, LLC · CRD 151604
- Realized Financial, Inc. · CRD 22333
- Sanctuary Securities, Inc. · CRD 205
Individual representatives named in Item 12 are not listed.
- Date of first sale
- Sep 25, 2023
- 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 platform of Invesco Real Estate, the property investment arm of the global asset manager Invesco. The Form D names Invesco DST Manager LLC as manager and signatory trustee, IREX Depositor LLC as depositor, and Bert Crouch as president of the manager. 1 Property-level operating updates for this Trust after 2024 have not been published in public records reviewed as of August 30, 2026.
- Sponsor
- Offerings on record
What does the SEC record show?
The Trust opened with a Form D — the brief notice an issuer files with the SEC for a private placement — and then amended it repeatedly as subscriptions arrived, each amendment restating the same total offering amount while raising the reported amount sold. The filings report a first sale on September 25, 2023. 1
- Legal Trust name
- IREX Industrial Portfolio I DST
- SEC CIK
- 1971067
- First Form D
- Oct 10, 2023
- Latest Form D
- Dec 20, 2024
- Filings on record
- 13
- 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 | $36,881,720 | $34,877,026+$5,782,581 | 56+5 | EDGAR | |
| Form D/A | $36,881,720 | $29,094,445+$2,709,530 | 51+5 | EDGAR | |
| Form D/A | $36,881,720 | $26,384,915+$1,591,879 | 46+3 | EDGAR | |
| Form D/A | $36,881,720 | $24,793,036+$2,077,313 | 43+6 | EDGAR | |
| Form D/A | $36,881,720 | $22,715,723+$3,939,759 | 37+7 | EDGAR | |
| Form D/A | $36,881,720 | $18,775,964+$858,701 | 30+2 | EDGAR | |
| Form D/A | $36,881,720 | $17,917,263+$1,557,832 | 28+4 | EDGAR | |
| Form D/A | $36,881,720 | $16,359,431+$1,903,558 | 24+4 | EDGAR | |
| Form D/A | $36,881,720 | $14,455,873+$4,330,977 | 20+5 | EDGAR | |
| Form D/A | $36,881,720 | $10,124,896+$3,687,645 | 15+3 | EDGAR | |
| Form D/A | $36,881,720 | $6,437,251+$2,268,245 | 12+5 | EDGAR | |
| Form D/A | $36,881,720 | $4,169,006+$2,642,157 | 7+4 | EDGAR | |
| Form D | $36,881,720 | $1,526,849 | 3 | EDGAR |
Show all 13 SEC Form D filings
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
- What happened to IREX Industrial Portfolio I DST?
- IREX Industrial Portfolio I DST is a Historical offering. The record lists the offering as fully subscribed; the last Form D was filed Dec 20, 2024.
- Does the Trust have a mortgage?
- The SEC record does not say. The Form D reports equity securities only and makes no statement about property-level debt. A third-party marketplace listing described the Trust as having no debt, but that claim is not corroborated by the filings. The offering documents and closing statements are the authoritative sources.
- Where exactly are the two properties?
- Both are cold-storage buildings in the Los Angeles, California market. One is identified as 3268 E. Vernon Avenue in Vernon, roughly 35,100 square feet, sold by Brookfield in a November 2023 transaction reported by CoStar. The second building's address has not been disclosed in public records reviewed as of August 30, 2026.
- Is there a 721/UPREIT exit built into this Trust?
- Not according to the record. A 721/UPREIT exit lets a DST's property roll into a REIT's operating partnership in exchange for units rather than cash. This Trust carries no recorded REIT conversion feature, so the expected exit path is a sale of the real estate.
- Has any outcome — a sale or refinancing — been reported?
- No outcome has been reported yet. Form D filings stop at the completion of the raise and do not track property sales, so the absence of news is not evidence either way. Investors of record receive sponsor reporting directly.
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.