Correction (October 4, 2026): an earlier version used a market or sponsor median without establishing a DST-only comparison population. This version uses likely 1031 DST issuers.
BREX Net Lease Industrial I DST, sponsored by Brookfield, recorded its first sale on May 4, 2026. Half the offering amount was sold by Day 53, and 90% by Day 81. The medians across 864 likely 1031 DST programs are 107 days and 181 days to those two marks; Brookfield's own tracked raises ran at 159 days and 238 days. By either yardstick, this equity moved early.
Raise velocity is a pace metric Top1031 computes from the Form D record itself: the days from the stated first sale to the amendment that first reports 50% of the offering amount sold, and to the amendment that first reports 90%. It measures one thing, how fast the equity was subscribed. It is not a return, not a grade, and not a reading on the real estate.
Filing date | Amount sold | % of offering | Investors |
|---|---|---|---|
$8,149,517 | 10.2 | 13 | |
$11,350,654 | 14.2 | 19 | |
$31,708,445 | 39.6 | 46 | |
$35,071,671 | 43.8 | 56 | |
$41,828,885 | 52.2 | 66 | |
$45,788,106 | 57.2 | 78 | |
$66,349,582 | 82.9 | 90 | |
$72,071,146 | 90 | 101 | |
$74,937,368 | 93.6 | 110 | |
$76,330,714 | 95.3 | 113 | |
$79,634,813 | 99.5 | 119 |
The shape of the record matters as much as the milestone. The steep stretch ran from early June into the middle of July, after which each amendment reported a higher total than the last, in smaller increments, while the investor count rose at every filing. The offering amount itself never moved: the ceiling in the September amendment is the ceiling in the first filing, and the Sponsor at no point cut the number it set.
Two cautions sit on the comparison. The sponsor figure rests on two of Brookfield's tracked raises, which is an observation rather than a track record, and the market figures are filing-level medians drawn from a record that includes amendments, not one median per Trust. The dollar path carries its own limit: each filing reports a cumulative total as of its own file date, and the filings do not date individual subscriptions, so the record cannot place any particular dollar in any particular week.
The Form D carries the money and little else. It names no property, no tenant, no market, no leverage, no hold, and no distribution terms; those belong to the private placement memorandum. The industry selection reads Other Real Estate, even though the Trust's own title names net lease industrial. The exemption claimed is Rule 506(b), with a $100,000 minimum, and the filing does not identify how the interests reached the people who bought them. The Form D record is the only source this report relies on, and it carries no statement from the Sponsor about the raise.
What the next amendment says is the open question: the remainder subscribed, or an offering closed below the number it set. Neither answer changes what the pace already shows, which is demand in the spring and summer of 2026, and not the eventual result for the people who put up the money.