A raise that looks slow from a distance can be one of two things up close: even demand that never accelerated, or a long flat stretch followed by a rush. IREX V Diversified Portfolio DST, a Delaware Statutory Trust (DST) sponsored by Invesco Real Estate Exchange, was the second kind. The first sale came on May 8, 2026, and the Form D amendments reported single-digit shares of the ceiling into late June. The amount sold did not cross half until the August 14, 2026 amendment, 98 days after that first sale. The market median to the same mark is 18 days.
Raise velocity is a pace metric Top1031 computes from the filing record itself: the days from the first sale an issuer reports to the amendment on which the amount sold first crosses 50%, and then 90%, of the stated offering ceiling. Here the second mark is still open. The market median to it is 16 days.
The offering is a 506(b), so none of this equity was placed by general solicitation. How it was placed instead, the Form D does not say. The minimum investment is $250,000.
Filing date | Amount sold | Share of $97,634,409 ceiling | Investors |
|---|---|---|---|
$1,518,486 | 1.6% | 2 | |
$6,766,425 | 6.9% | 4 | |
$7,766,000 | 8% | 5 | |
$15,887,213 | 16.3% | 15 | |
$37,145,301 | 38% | 28 | |
$48,303,351 | 49.5% | 40 | |
$63,563,656 | 65.1% | 56 | |
$73,771,670 | 75.6% | 69 |
Two cautions on those figures. Amount sold is what each Form D reports on its filing date and can lag subscriptions already in hand. And Top1031's computed velocity record for this Trust was struck at the August 14, 2026 amendment, which the August 26, 2026 filing has since superseded; where the two differ, the filing governs, and the day count to the half-ceiling mark is unaffected either way.
What the pace measures is demand: how quickly buyers committed, and nothing else. It says nothing about the properties, the terms, or the eventual result for investors. The Form D identifies the Trust only at the asset-class level, as Commercial, and carries no property detail; it carries no distribution terms either. The PPM states those. No sponsor statement on the progress of this raise appears in the record Top1031 has, and the ceiling has not been amended downward. A subscribed offering is subscribed, not proven.
The next amendment answers a narrower question: whether the rest of the ceiling fills near the median of 230 days to the 90% mark set by the Sponsor's four earlier programs, or nearer the pace of July and August.