Sponsor-reported, from SEC filings and cited sources.
Chapter 1
What the record shows
Apollo Global Management sponsors Apollo Real Estate Exchange, branded AX, which Apollo describes as its Delaware statutory trust platform for accredited investors who own appreciated real estate, stating it may enable IRC Section 1031 and 721 exchanges to defer capital gains while providing access to a professionally managed, diversified real estate portfolio. Four AX trusts have been filed since 2023, with Apollo RE Exchange, LLC named as sponsor. Sponsor material identifies AX holdings including a four-property, 248,103-square-foot grocery-anchored Washington portfolio absolute-net leased to Safeway d/b/a Haggen, and a self-storage facility in San Angelo, Texas. AX DG San Antonio, DST and AX DG St. Louis, DST each reported their offerings fully sold, at $38,670,000 and $42,537,500.
Sponsor-stated figures are as reported by the sponsor.Evidence 123456
Chapter 2
Raising money now
Classified active by Top1031 from the SEC filings. That does not confirm an offering is still available to buy.
AX Essential Retail Portfolio, DSTNet lease·Ferndale; Burlington; Stanwood; Mount Vernon, WashingtonSEC filing, Aug 14, 2026
$91.5M
98%
Almost sold out
Chapter 3
Programs on the record
A Program is the filing-level offering record associated with this sponsor. Published-result figures are shown only with sponsor attribution and adjacent sources.
Equity raise just concluded per SEC Form D/A filings running July 30 - December 19, 2025; no full-cycle, 721, or disposition announcements found and no SEC sale-related filings (Form 8-K, 3C, 3D) on EDGAR; a typical Apollo DG MST/short-term DST would still be holding.
Form D/A amendments were filed continuously through July 2, 2025, with $38,670,000 reported sold as of that filing, indicating the DST is still actively in its offering/hold period and has not reached a full-cycle disposition; no press release, sponsor news, or trade-press announcement naming a property sale or 721 UPREIT conversion was found.
Apollo Global Management identifies Apollo Real Estate Exchange, branded AX, as its Delaware statutory trust platform for accredited investors holding appreciated real estate, and states that it may enable IRC Sections 1031 and 721 exchanges to defer capital gains while providing access to a professionally managed, diversified real estate portfolio 1. Form D filings for AX trusts name Apollo RE Exchange, LLC as sponsor 3.
Four Delaware statutory trusts carry the AX designation: AX DG San Antonio, DST, first filed in 2023; AX DG St. Louis, DST and AX Essential Retail Portfolio, DST, both first filed in 2025; and AX Diversified Retail Portfolio, DST, first filed in 2026 2.
Assets identified across AX programs
Sponsor material describes AX Essential Retail Portfolio, DST as an Apollo-sponsored Delaware statutory trust holding four grocery-anchored properties in Ferndale, Burlington, Stanwood, and Mount Vernon, Washington, totaling 248,103 square feet, with all four leased on an absolute-net basis to Safeway d/b/a Haggen 4. Sponsor material also describes Apollo San Angelo DST as holding the Lone Star Storage Center self-storage facility at 6122 Sherwood Way in San Angelo, Texas, offered through Apollo's AX exchange 5. Between them, the two programs span grocery-anchored net-leased retail and self-storage.
Completed offerings
AX DG San Antonio, DST reported a $38,670,000 offering fully sold, with none remaining, in an amendment dated July 2, 2025 3. AX DG St. Louis, DST reported a $42,537,500 offering fully sold, with none remaining, in an amendment dated December 19, 2025 6.
Realty Income and Apollo to Establish Strategic PartnershipApollo-managed funds commit $1.0 billion for a 49% interest in a newly formed JV with Realty Income that will own ~500 single-tenant retail properties across dollar stores, QSR, drug stores, grocery and health/fitness sectors — the underlying pool that backs Apollo's AX Essential Retail Portfolio DST.
June 2025 DST Fundraising Soars to Year-HighMonthly fundraising roundup identifying AX DG St. Louis DST as a June 2025 Apollo Real Estate Exchange single-tenant net-lease retail offering on a Dollar General in St. Louis, MO, targeting more than $42.5 million.
June 2025 DST Fundraising Soars to Year-HighAltsWire's monthly DST fundraising roundup identifies 'AX DG St. Louis DST, a Missouri asset sponsored by Apollo Real Estate Exchange and seeking to raise more than $42.5 million' as one of the largest June 2025 raises, confirming the sponsor's active Dollar General DST program that includes the related AX DG San Antonio, DST.
