Top1031

IREX V Diversified Portfolio DST

Diversified portfolio in West Columbia, SC · sponsored by Invesco Real Estate Exchange

Active offeringLatest Form D filed Oct 13, 2026 · 12 filings since May 22, 2026 (opens in a new tab)

IREX V Diversified Portfolio DST is a DST sponsored by Invesco Real Estate Exchange that owns a diversified portfolio in West Columbia, SC. Its latest Form D, filed Oct 13, 2026, lists a $97.6 million offering with a $250,000 minimum.

Key facts

Minimum investment
$250,000
From the Form D
Offering size
$97,634,409
Equity offered, per the Form D
Sold so far
95.5%
Form D, Oct 13, 2026; the % is our arithmetic
Investors reported
94
Form D, Oct 13, 2026
Selling commissions
$5,858,064 · 5.9% of offering
Form D Item 15; the % is our arithmetic
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 →

Sales so far

Latest Form D
Oct 13, 2026 · 12 filings
First sale
May 8, 2026

These are the sponsor’s own numbers. They can lag what has actually sold, and they do not confirm that interests are still available.

How we work out how much has sold

We divide the amount the sponsor reports sold by the offering size in its latest SEC filing, filed Oct 13, 2026.

  • The sponsor reports these amounts itself, and can amend them later.
  • A filing can be behind what has actually sold. It does not confirm that interests are still available.
  • The amount left to sell is the offering size minus the amount sold.
Amount sold
$93,300,187
Not yet sold
$4,334,222
Investors
94

Calculated by Top1031 from the Form D filings, not stated by the sponsor:

95.5% of $97,634,409 sold, calculated by Top1031 from the Form D

Average since first sale
about $17.9 million a month
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IREX V Diversified Portfolio DST image

IREX V Diversified Portfolio DST · Photo: mediaassets.cbre.com

Location not stated in the SEC filings.

What does the Trust own?

Sponsor materials describe two buildings: Elizabeth on Seventh, a four-story, 100,537-square-foot office and retail property at 1942 East Seventh Street in Charlotte, and Gateway One, a 252,720-square-foot industrial and distribution building at 425 Distribution Drive in West Columbia, South Carolina. 1 Invesco Real Estate Income Trust dates its acquisition of Elizabeth on Seventh to December 2025. 2 It reported buying Gateway One on April 2, 2026 for $32.5 million. 4

Reported location
West Columbia, SC

How have sales gone?

The sponsor’s own numbers, with the caveat in Sales so far ↑.

Share of the offering sold at each Form D filing date, calculated by Top1031 from the filed amounts
0%50%100%1.5%95.5%May 22, 2026Oct 13, 20260%50%100%1.5%95.5%May 22, 2026Oct 13, 2026

How is it financed, and what did it cost to sell?

Sponsor materials describe both properties as bought without debt and the trust as all equity, with no property financing. 1 An unleveraged DST has no lender and no loan to refinance; it also provides no mortgage debt to replace a loan paid off on the property an exchanger sold.

Debt

Financing
All cash. This offering reports no mortgage debt.

Costs and terms from the Form D

Selling commissions
$5,858,064 · 5.9% of offering
Finders’ fees
$0
Paid to officers, directors and promoters
$976,344 · 0.9% of offering
Form 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
7 named in the Form D
Show the firms

Individual representatives named in Item 12 are not listed.

Date of first sale
May 8, 2026
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.

What does the SEC record show?

The first Form D opened the filing record, and each amendment since has restated the same total offering amount without resizing the deal. 3 It is offered privately under an exemption that bars general advertising, to investors who certify accredited status, meaning income or net worth above SEC thresholds.

Legal Trust name
IREX V Diversified Portfolio DST
SEC CIK
2136591
First Form D
May 22, 2026
Latest Form D
Oct 13, 2026
Filings on record
12
Offered under
Rule 506(b)
General advertising and solicitation are not permitted under this exemption.
Source filing
Read the filings on SEC EDGAR

SEC Form D filings, newest first

FiledFormOffering amountAmount soldInvestors
Form D/A$97,634,409
$93,300,187+$1,077,313
94+3
EDGAR
Form D/A$97,634,409
$92,222,874+$7,871,784
91+6
EDGAR
Form D/A$97,634,409
$84,351,090+$2,332,063
85+3
EDGAR
Form D/A$97,634,409
$82,019,027+$8,247,357
82+13
EDGAR
Form D/A$97,634,409
$73,771,670+$10,208,014
69+13
EDGAR
Form D/A$97,634,409
$63,563,656+$15,260,305
56+16
EDGAR
Form D/A$97,634,409
$48,303,351+$11,158,050
40+12
EDGAR
Form D/A$97,634,409
$37,145,301+$21,258,088
28+13
EDGAR
Form D/A$97,634,409
$15,887,213+$8,121,213
15+10
EDGAR
Form D/A$97,634,409
$7,766,000+$999,575
5+1
EDGAR
Form D/A$97,634,409
$6,766,425+$5,247,939
4+2
EDGAR
Form D$97,634,409
$1,518,486
2
EDGAR
Show all 12 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

Is IREX V Diversified Portfolio DST an active offering?
IREX V Diversified Portfolio DST is an Active offering: its latest Form D was filed Oct 13, 2026. A Form D filing does not by itself confirm that interests are still available; the sponsor or a registered representative can confirm what is open.
What does IREX V Diversified Portfolio DST actually own?
Two commercial properties in the Carolinas. Baker 1031's offering page, summarizing sponsor offering documents, describes Elizabeth on Seventh, a four-story, 100,537-net-rentable-square-foot office and retail property at 1942 East Seventh Street in Charlotte, North Carolina, reported 95.3% leased to 19 office, retail and restaurant tenants as of March 31, 2026, and Gateway One, a 252,720-net-rentable-square-foot industrial and distribution property at 425 Distribution Drive in West Columbia, South Carolina, reported 100% occupied by four tenants as of that same date.
Who pays the rent to investors?
An Invesco affiliate does. Baker 1031's summary of the sponsor's offering documents states both properties are net master-leased to INREIT Master Lessee V LLC under a 20-year master lease that began April 2, 2026, with Invesco REIT Operating Partnership LP guaranteeing the master tenant's obligations. Investor cash flow therefore runs through that affiliated entity rather than directly from the businesses occupying the buildings. The master lease terms, including rent deferral and abatement provisions, are set out in the offering documents.
Does the Trust carry a mortgage?
No. The sponsor's offering summary describes both properties as acquired without debt and the trust's capitalization as all equity, with no property financing. For an exchanger, an unleveraged trust means no lender, no loan maturity and no refinancing risk, and it also supplies no mortgage debt to offset a loan that was paid off on the property sold.
Who are the tenants at Gateway One?
Four occupants are named in the sponsor's offering summary as reproduced by Baker 1031: L&L Products, Local Boy Outfitters, Muc-Off USA and Mattress Warehouse. The same summary reports the building 100% occupied as of March 31, 2026. Elizabeth on Seventh is reported as leased to 19 office, retail and restaurant tenants as of the same date.
How is the ownership structured?
Investors buy Class 1 interests in a parent Delaware statutory trust, which indirectly holds Elizabeth on Seventh and Gateway One through two wholly owned operating trusts, according to Baker 1031's summary of the sponsor's offering documents. The same source reports a combined appraised value of $90.8 million for the two properties, subject to the master lease. The Form D records a total offering amount of $97,634,409 and a stated minimum investment of $250,000.
Who is behind the offering?
Invesco Real Estate Exchange LLC is identified as sponsor in the Trust's Form D filings, with Invesco DST Manager LLC as manager. The Trust is part of the DST program of Invesco Real Estate Income Trust, a non-traded REIT, which named IREX V Diversified Portfolio DST among that program's trusts in its Form 10-Q for the period ended June 30, 2026 and included both buildings among the program's investments.

Sources

Show sources (6)Hide sources (6)

These links support the record as a whole; individual details may come from different sources.

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.