0 completed sales; 0 losses or impairments; 0 counted Programs. Fewer than three counted Programs. NR is not a failing grade. A letter needs 3 counted outcomes or 3 documented sales.
Completed sales 0Losses or impairments 0·Counted Programs 0
No documented loss found in searched sources as of Sep 7, 2026.
Programs found in SEC fundraising filings (Form D)
ADREX Diversified 8 DSTFirst filed 2025No disposition or full-cycle event has been publicly reported; SEC EDGAR shows only Form D filings (original Jan 24 2025, amended May 28 2025 and Oct 20 2025, raising ~$395.2M) and the trust is in its initial operating period well within its typical 5-10 year DST hold window (altswire.com, sec.gov EDGAR CIK 2053153). Source ↗
ADREX Diversified 9 DSTFirst filed 2025No disposition or full-cycle event has been publicly reported; SEC EDGAR shows only Form D filings (original May 28 2025, amended Mar 2 2026) and the trust is in its initial operating period well within its typical 5-10 year DST hold window (sec.gov EDGAR CIK 2070119). Source ↗
ADREX Signature Series DSTFirst filed 2025No disposition or full-cycle event has been publicly reported; SEC EDGAR shows only Form D filings (original Sep 2 2025, amended Dec 18 2025, raising ~$90.5M) and the trust is in its initial operating period well within its typical 5-10 year DST hold window (sec.gov EDGAR CIK 2084064, whalewisdom.com). Source ↗
ADREX Diversified 5 DSTFirst filed 2024No full-cycle or disposition announcement found; the trust completed its $219.05M equity raise per Form D/A filed Oct 16, 2024 (Total Remaining to be Sold = $0), and the underlying diversified property portfolio remains in operation absent any sale/721 exchange/foreclosure news on AltsWire, Connect CRE, Blue Vault, or Ares' newsroom [6][7][3]. Source ↗
ADREX Diversified 6 DSTFirst filed 2024No full-cycle or disposition announcement found; the trust completed its $230.85M equity raise per Form D/A filed Feb 26, 2025 (Total Remaining to be Sold = $0), and the underlying diversified property portfolio remains in operation absent any sale/721 exchange/foreclosure news on AltsWire, Connect CRE, Blue Vault, or Ares' newsroom [8][9][3]. Source ↗
ADREX Diversified 7 DSTFirst filed 2024No full-cycle or disposition announcement found; the trust completed its $315.45M equity raise per Form D/A filed Apr 21, 2025 (Total Remaining to be Sold = $0), and the underlying diversified property portfolio remains in operation absent any sale/721 exchange/foreclosure news on AltsWire, Connect CRE, Blue Vault, or Ares' newsroom [10][11][3]. Source ↗
ADREX Diversified 4 DSTFirst filed 2023No full-cycle or disposition announcement found; the trust completed its $226.45M equity raise per Form D/A filed Apr 12, 2024 (Total Remaining to be Sold = $0), and the underlying diversified property portfolio remains in operation absent any sale/721 exchange/foreclosure news on AltsWire, Connect CRE, Blue Vault, or Ares' newsroom [4][5][3]. Source ↗
ADREX Diversified I DSTFirst filed 2022No sponsor-stated result on record
No outcome recorded · under 7 years
Shown with a free account
ADREX Diversified II DSTFirst filed 2022No sponsor-stated result on record
No outcome recorded · under 7 years
Shown with a free account
ADREX Multifamily I DSTFirst filed 2022Form D amendments through October 2023 closed the raise; no full-cycle announcement, sponsor newsroom press release, AltsWire coverage, or 721 UPREIT conversion notice naming ADREX Multifamily I was located despite targeted searches of Ares, AltsWire, and SEC EDGAR, though a 2024 Ares subsidiary list confirms the entities still exist. Source ↗
AIREX Portfolio IV DSTFirst filed 2022No sponsor-stated result on record
No outcome recorded · under 7 years
Shown with a free account
AIREX Portfolio V DSTFirst filed 2022No sponsor-stated result on record
No outcome recorded · under 7 years
Shown with a free account
AIREX Portfolio VI DSTFirst filed 2022AIREX Portfolio VI DST was removed from AIREIT's subsidiary list between December 31, 2023 and December 31, 2025 while its Manager LLC, Master Tenant LLC, and TRS LLC remained and a new entity 'AIREIT Portfolio VI DST Holder LLC' was added in the FY2025 10-K Exhibit 21.1—a textbook 721 UPREIT signature (DST interests contributed to AIREIT's Operating Partnership with OP units held by the new Holder LLC); the FY2023 10-K Exhibit 21.1 listed the original VI DST. No press release or 8-K with a stated equity multiple, IRR, hold period, or sale price was located. Source ↗
Moved into a REIT, per the REIT's SEC filingDocument ↗
Shown with a free account
ADREX Clearwater DSTFirst filed 2021No sponsor-stated result on record
No outcome recorded · under 7 years
Shown with a free account
Chapter 3
Active offerings
Classified active by Top1031 from SEC filings. That does not confirm an offering is still available to buy.
—Too new to showAmount sold: too new to show. The first SEC filing for this offering was made in the past 30 days.Filed Apr 13, 2026
Availability unconfirmed
Industrial
AIREX Portfolio 10Industrial·Location not statedSEC filing, Mar 11, 2026
$246.7M
$114.7M
47%Filed Mar 11, 2026
Availability unconfirmed
Multifamily
ADREX Diversified 11 DSTMultifamily·Location not statedSEC filing, Feb 27, 2026
$476.3M
—Not confirmed yetAmount sold: not confirmed yet. Top1031 has not been able to confirm how much of this offering has sold.Filed Feb 27, 2026
Availability unconfirmed
Show all 4 active offerings
Multifamily
ADREX Diversified 10 DSTMultifamily·Location not statedSEC filing, Feb 27, 2026
$539.6M
$381.0M
71%Filed Feb 27, 2026
Availability unconfirmed
Chapter 4
Who is behind this record?
Ares (ADREX) is the Delaware statutory trust platform of Ares Management, presented as Ares Real Estate Exchange, a program under Internal Revenue Code Sections 1031 and 721 for owners of appreciated real estate. The sponsoring entity, Ares Diversified Real Estate Exchange LLC, was formerly Black Creek Exchange LLC and is described in the parent's 2024 annual report as a wholly owned subsidiary of the taxable REIT subsidiary held by the operating partnership. The program offers interests in real properties placed into Delaware statutory trusts by the operating partnership or its affiliates. The issuer reported $2.08 billion of gross DST Program interests sold through December 31, 2023, and $797.0 million during 2024.
Ares Management describes Ares Real Estate Exchange (AREX) as a program under Internal Revenue Code Sections 1031 and 721 that allows owners of appreciated real estate to exchange an investment property for access to commercial real estate1. The platform came to Ares through corporate acquisition: on July 1, 2021, Ares closed its purchase of Black Creek Group's U.S. real-estate investment advisory and distribution business, and the filing states that the former Black Creek sponsor was not acquired and that the Ares real-estate group became the sponsor2. Effective November 30, 2021, the parent amended its charter to change its name from Black Creek Diversified Property Fund Inc. to Ares Real Estate Income Trust Inc.3. The sponsoring entity carries the same lineage: Ares Diversified Real Estate Exchange LLC, formerly Black Creek Exchange LLC, is described in the parent's 2024 Form 10-K, filed February 28, 2025, as a wholly owned subsidiary of the taxable REIT subsidiary, which is wholly owned by the operating partnership4.
DST Program structure and reported scale
An August 22, 2024 parent filing describes the DST Program as offering interests in one or more real properties placed into one or more Delaware statutory trusts by the operating partnership or its affiliates, with those interests able to serve as replacement properties for Section 1031 like-kind exchanges; the same filing reported $2.08 billion of gross interests sold under the DST Program as of December 31, 20235. For 2024, the issuer reported selling $797.0 million of gross interests related to the DST Program, of which $63.3 million were financed by DST Program Loans4.
Program series
Top1031 tracks 22 trusts across two parallel naming series. The record begins with ADREX Clearwater DST, first filed in 2021, followed in 2022 by ADREX Diversified I and II DST, ADREX Multifamily I DST, and AIREX Portfolio IV, V and VI DST. Sequentially numbered ADREX Diversified programs appear in each year through 2026, alongside AIREX Portfolio 7 through 11 DST and ADREX Signature Series DST, first filed in 20256. A February 27, 2026 amendment for ADREX Diversified 10 DST identified Ares Diversified Real Estate Exchange LLC as the sponsor of that trust7.
Programs recorded as completed
Top1031's completed-program record for the platform lists four early trusts: ADREX Clearwater DST and ADREX Multifamily I DST, recorded as multifamily programs, and ADREX Diversified I DST and ADREX Diversified II DST, recorded as diversified programs. Each is named in the subsidiaries exhibit filed with the parent's annual report for 20248.
Ares Makes $650 Million Buy In IndustrialLocal business journal reports Ares Management closed a $650M purchase of a 36-property industrial portfolio from EQT, consistent with the sponsor's industrial acquisition pipeline that supports AIREX/AIREIT offerings including AIREX Portfolio 11.
Form D/A ADREX Signature Series DSTForm D/A amendment notice for ADREX Signature Series DST during the Sep-Dec 2025 filing period; offering amount $90,510,204.
June 2025 DST Fundraising Soars to Year-HighMonthly fundraising roundup noting AIREX (Ares Industrial Real Estate Exchange) Portfolio 9 DST among notable industrial launches of June 2025.
ADREX Multifamily I DST: Investor Recovery OptionsThe White Law Group describes ADREX Multifamily I DST as a 1031/DST offering and notes Ares filed a 2022 Form D seeking more than $315 million, but does not identify the underlying property.
Ares REIT Adds $473M of Whitestone Retail as NAV Climbs to $3.89BReports that Ares' non-traded REIT issued 25 million operating-partnership units in exchange for DST interests (a net $200 million investment), highlighting Ares Real Estate Exchange's continued DST deal flow in 2026 and providing sponsor-level context relevant to the newly launched ADREX Diversified 11 program.
DST Fundraising Reaches $731.4M in June, YTD Pace Up 22% to $4.5BAltsWire's monthly DST fundraising roundup notes an Ares Industrial DST that launched during June, consistent with the AIREX program that includes AIREX Portfolio 11 DST, though the trust is not named specifically.
DST Sales Hit $693M in May, YTD Pace Up 24% to $3.75BMay 2026 DST tracker: Ares led YTD with $804.9M (21.5% market share); the ADREX Diversified 11 DST, launched in February 2026, contributed to Ares's leading sponsor position.
DST Sales Surpass $8.4 Billion in 2025, According to Mountain DellYear-end 2025 DST fundraising tracker notes Ares Real Estate Exchange raised approximately $1.6 billion in 2025 (19.08% market share), the largest sponsor; activity includes offerings within the ADREX program such as the Diversified 10 DST.
Use the record as a starting point. Compare the current Programs, save offerings to your Watchlist, or ask a licensed specialist about the facts shown here.
