Minimum investment
$250k
Offering size
$116.6M
How much has sold
None sold yet
Asset type
Industrial
Location
Multi-state (3)
Financing
All cash. This offering reports no mortgage debt.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
NREX II DST is a Delaware statutory trust — a structure that lets 1031 exchange investors hold fractional interests in real estate — sponsored by Nuveen Real Estate Exchange LLC.1 It is raising for a portfolio located in Georgia, Pennsylvania and Utah, and debuted as April 2026's largest DST offering.2 Public filings do not yet name the individual buildings or their tenants.
Debuted Apr 2026 at $116.6M (largest DST launch of month); 3-state portfolio GA/PA/UT; UPREIT into GCREIT
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These links support the public record as a whole; individual details may come from different sources.
GA · exact location not on recordThe filings name the market but not an address we can place on a map.
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?
Nuveen's second exchange trust is assembled around real estate in Georgia, Pennsylvania and Utah, according to AltsWire's tally of April 2026 DST launches.2 The Form D does not identify the individual buildings, their addresses, square footage, occupancy or property type.1 No property schedule has surfaced in any public record located so far.
- Reported location
- Multi-state (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.
Raise history appears here once sales are filed — free account required.
How is it financed, and what does it pay?
Public filings say nothing about how this portfolio is capitalized. The Form D neither reports mortgage debt nor names a lender, so whether the Trust is leveraged or was bought all-cash remains unsettled in the public record.1
Who's behind it?
The sponsor named in the Form D is Nuveen Real Estate Exchange LLC, the 1031 exchange arm of Nuveen's real estate business.1 Nuveen launched that platform on May 29, 2025, routing qualifying DST interests into Nuveen Global Cities REIT operating-partnership units. On July 8, 2026, Nuveen announced it had closed the separate NREX I DST at $58.7 million, backed by three Class A light-industrial buildings in two Minneapolis submarkets. Bisnow reported on August 6, 2026 that the platform feeds Nuveen's $2.1 billion nontraded REIT.
- Sponsor
- Nuveen
- Legal Trust name
- Nuveen Real Estate Exchange II DST
- May convert to a REIT
- Yes
- Offerings from this sponsor
- 2 active / 2 total offerings from Nuveen
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
The Trust is offered as a private placement, which means Nuveen may not advertise it publicly and may sell only to accredited investors — those meeting SEC income or net-worth tests. No amendment has reached EDGAR since the initial notice, so the public record still reflects the offering exactly as first filed.
- Form D filedFirst and latest filing on record.
- Filings on record
- 1
- 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 NREX II DST still raising money?
Top1031 lists NREX II 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 NREX II 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 properties does NREX II DST actually hold?
AltsWire's April 2026 DST launch tally places the Trust's real estate in Georgia, Pennsylvania and Utah. The Form D filed April 15, 2026 does not name the buildings, their addresses, tenants, square footage or property type. Those details appear only in the Private Placement Memorandum, the private offering document a sponsor or its selling broker-dealers provide to accredited investors.
Why is this listed as industrial if the filings don't say so?
The industrial label reflects Top1031's classification of the Trust, drawn from trade-press coverage and Nuveen's exchange platform, which has favored light-industrial assets. No primary SEC filing or sponsor disclosure located as of August 20, 2026 states the asset type for this specific Trust, so the classification is unconfirmed in the public record; the property mix appears in the PPM.
Is the Trust still open to new investors?
Yes. The Trust filed its Form D — the SEC notice of an exempt securities offering — on April 15, 2026, and no amendment has reached EDGAR since. The progress figures on this page reflect that single filing, not sponsor sales desks, which may report differently.
What is the minimum investment?
The Form D states a $250,000 minimum investment for the offering. Sponsors sometimes apply different minimums to cash investors versus 1031 exchange investors, and selling broker-dealers can impose their own floors, so the figure and any exceptions are set out in the PPM and subscription agreement.
What does the 721/UPREIT exit mean here?
A 721 exchange contributes real estate to a REIT's operating partnership in return for partnership units rather than cash. Nuveen's 1031 platform, announced May 29, 2025, was built so that qualifying DST interests could later be exchanged for Nuveen Global Cities REIT operating-partnership units. No entity-specific offering record confirming that pathway for this Trust was located, so the trust agreement and PPM govern whether and when it applies.
How does this differ from NREX I?
NREX I was a separate trust. Nuveen announced on July 8, 2026 that it had closed NREX I at $58.7 million, backed by three Class A light-industrial buildings in two Minneapolis submarkets. NREX II is a distinct offering with its own portfolio in Georgia, Pennsylvania and Utah; NREX I's assets and results do not carry over to it.
Chapter 8April DST Sales Fall Nearly 20% From March High; Ares Leads YTD With 21.3% ShareAltsWire reported that NREX II DST debuted at $116.6 million in April 2026, the month's largest DST offering, and spanned Georgia, Pennsylvania, and Utah.