IREX V Diversified Portfolio DST
Diversified property in West Columbia, SC — sponsored by Invesco Real Estate Exchange
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
IREX V Diversified Portfolio DST is a Delaware statutory trust — fractional passive real estate ownership that can qualify for 1031 exchange treatment — sponsored by Invesco Real Estate Exchange. Its Form D reports a $97,634,409 private offering sold only to accredited (wealth-qualified) investors, with a first sale on May 8, 2026.1 Sponsor materials describe two commercial properties, in Charlotte and West Columbia, held without mortgage debt.2
Form D/A 6/26/26: $7.77M of $97.6M sold; min $250k; first sale 5/8/26; no public property data yet
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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?
Sponsor materials describe two buildings: Elizabeth on Seventh, a mixed-use office and retail property of about 100,537 net rentable square feet in Midtown Charlotte, and Gateway One, an approximately 252,720-square-foot distribution facility at 425 Distribution Drive in West Columbia, South Carolina.2 CBRE reported Invesco Real Estate's purchase of Elizabeth on Seventh from Crescent Communities and Faison for $58 million.3 JLL announced Gateway One's sale to Invesco Real Estate on April 8, 2026.4
- Reported location
- West Columbia, SC
Who is the tenant, and what's the lease?
Both properties are reported as net master-leased for 20 years to INREIT Master Lessee V LLC, an Invesco REIT affiliate whose operating partnership guarantees the lease, so rent reaches investors from that affiliate rather than directly from the building tenants.2 Gateway One was 100% occupied and Elizabeth on Seventh 95.3% leased at March 31, 2026.2
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.
- Amount sold
- $73,771,670
- Still available
- $23,862,739
- Investors reported
- 69
- Total offering
- $97,634,409
How is it financed, and what does it pay?
Sponsor materials describe both buildings as owned in fee simple without permanent financing — nothing to refinance, no lender consent to obtain, and no replacement mortgage debt for an exchanger who needs to offset a loan on the relinquished property.2 The Trust's Form D filings name no lender and disclose no loan terms.
Who's behind it?
The Trust's Form D names Invesco Real Estate Exchange LLC as sponsor, Invesco DST Manager LLC as manager and IREX Depositor LLC as depositor, placing the offering inside Invesco's institutional real estate business.1 Earlier offerings in the same IREX program have closed: Invesco announced on May 12, 2026 that its $94 million IREX IV industrial DST was fully subscribed.5 Trade press reported the same for the $87 million IREX III industrial DST on December 18, 2025.6
- Sponsor
- Invesco Real Estate Exchange
- Legal Trust name
- IREX V Diversified Portfolio DST
- May convert to a REIT
- No
- 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?
Each amendment has restated the same total offering amount while reporting rising subscriptions and a growing investor count; none changed the size of the deal. The Trust is sold privately under an exemption that bars general advertising, through pre-existing relationships with investors who certify accredited status — the timeline below marks each update.
- 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 V Diversified Portfolio DST still raising money?
Top1031 lists IREX V Diversified 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 V Diversified 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.
What does IREX V Diversified Portfolio DST actually own?
Sponsor offering materials describe two commercial properties held through wholly owned operating trusts: Elizabeth on Seventh, a mixed-use office and retail building of roughly 100,537 net rentable square feet at 1942 East Seventh Street in Midtown Charlotte, North Carolina, and Gateway One, an approximately 252,720-square-foot distribution facility at 425 Distribution Drive in West Columbia, South Carolina.[2] A local Charlotte article on August 7, 2026 described Elizabeth on Seventh as a fully functioning mixed-use building, naming Rosemont Market and Wine Bar and Menya among its tenants.[7] Form D filings do not identify real estate, so confirm both assets in the PPM — the private placement memorandum, the deal's full disclosure document.
Is the Trust leveraged?
Sponsor materials describe both properties as held in fee simple and unencumbered by financing, with the offering all-cash and debt-free.[2] Form D does not disclose loan terms, so no SEC filing independently confirms the absence of debt. An unleveraged DST has no lender and no loan maturity, but it also supplies no mortgage debt to replace if your relinquished property carried a loan you need to offset.
Who pays the rent to investors?
Each property is reported as 100% net master-leased for 20 years to INREIT Master Lessee V LLC, a subsidiary of the Invesco REIT operating partnership, which guarantees the master tenant's obligations.[2] Under that structure, cash flow depends on the affiliate master lessee rather than directly on the building tenants. Verify the identity of the master lessee, the guaranty, and any rent-abatement or deferral provisions in the PPM.
Is the offering still open?
Yes as of the latest filing. The most recent Form D amendment on record was filed August 26, 2026 and still reports an amount remaining to be sold, so the Trust was not fully subscribed on that date.[1] The Form D states a total offering of $97,634,409 and a first sale on May 8, 2026.[1] Availability changes between amendments, and third-party offering pages have shown different amounts available than the filings do; the filing timeline on this page shows each update.
What is the minimum investment?
The Form D reports a $250,000 minimum from any outside investor, subject to the issuer's discretion to accept smaller amounts.[1] Sponsors sometimes set a different minimum for cash investors who are not completing a 1031 exchange. Confirm the exact figure and any exceptions in the PPM.
Is there a 721/UPREIT exit?
The public record does not establish a 721/UPREIT exit — the mechanism by which DST interests are exchanged for units in a REIT's operating partnership — and the Trust is not recorded as convertible to a REIT. Because the master lessee is an Invesco REIT affiliate, ask the sponsor and read the PPM on what exit routes, including any affiliate purchase rights, apply to these two properties.[2]