Sponsor-reported, from SEC filings and cited sources.
Chapter 1
What the record shows
Ares (ADREX) is the Delaware statutory trust platform of Ares Real Estate Exchange, which Ares Management presents as a program under Internal Revenue Code Sections 1031 and 721 for owners of appreciated real estate to exchange into high-quality commercial real estate. An annual report for the year ended December 31, 2024 identifies Ares Diversified Real Estate Exchange LLC, formerly Black Creek Exchange LLC, as the platform entity, wholly owned through Ares Real Estate Income Trust's taxable REIT subsidiary. Ares closed its acquisition of Black Creek Group's U.S. real estate advisory and distribution business on July 1, 2021 and is identified in that filing as the sponsor. Top1031 tracks 22 ADREX and AIREX Portfolio trusts first filed from 2021 through 2026.
Sponsor-stated figures are as reported by the sponsor.Evidence 123456
Published Grade summary
Public records track 14 Programs from this Sponsor across 4 yrs, of which 3 have reached a lifecycle-eligible stage; all 3 are logged as property sold with the result unknown. The outcome-disclosure ledger shows 3 exits acknowledged without a figure, 0 with a figure published, and 0 left silent. The audit draws on 21 citations, notes 0 distress events, and shows no recorded floor; undisclosed outcomes are not evidence either way.
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3Programs with an ending or 7+ years of history
0 of 3Programs with a documented problem
0%Finished Programs with a published result
YesPublishes its own track record
Chapter 2
Raising money now
Classified active by Top1031 from the SEC filings. That does not confirm an offering is still available to buy.
HHarm recordDocumented problems, weighed against everything at stake35% weight
LLifecycle outcomesHow programs old enough to finish actually ended25% weight
RMarket acceptanceHow each raise went against comparable offerings25% weight
TDisclosure candorWhether completed programs come with published results15% weight
Weighted blend35% H + 25% L + 25% R + 15% TThe published result applies the anti-washout ceilings, evidence gates, and adverse floors below after this blend. Top1031 does not publish an intermediate score.
AProven71 and above
BEstablished61–70
CUnproven50–60
DWarning36–49
FAdverseBelow 36
NRNot ratedRecord too small or identity under review
Ceilings
The result cannot exceed H + 10 or L + 15, so stronger sales evidence cannot wash out a weaker harm or lifecycle record.
Evidence gates
A and B require minimum proof depth, lifecycle history, and channel evidence. A also requires qualifying disclosure coverage.
Adverse floors
An Integrity alert sets an F floor. A dominant documented capital loss or multiple independent severe events sets D or lower.
Proof depth61.7Published-outcome coverage0%
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Published Grade historyOne published letter, unchanged since
C2026-Q3 · Moved from C. Binding constraints: proof depth below 4; fewer than 10 lifecycle-eligible Programs; H below 85.
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Chapter 4
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.
Ares Management presents 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 into high-quality commercial real estate 1. Ares Real Estate Income Trust's Form 10-K for the year ended December 31, 2024 identifies Ares Diversified Real Estate Exchange LLC (ADREX), formerly Black Creek Exchange LLC, as a wholly owned subsidiary of the trust's taxable REIT subsidiary, which is in turn wholly owned by the operating partnership, and describes the DST Program as raising capital through private placements of DST Interests in specific Delaware statutory trusts that hold real properties 2.
Ares ownership and sponsor role
The same filing states that Ares closed its acquisition of Black Creek Group's U.S. real estate investment advisory and distribution business, including the former advisor, on July 1, 2021, and that the former advisor assigned its advisory agreement to the Ares advisor the same day. It adds that Ares did not acquire the former sponsor and that Ares real estate is now considered the sponsor 2.
DST Program capital activity
For the year ended December 31, 2024, the trust reported DST Interests sold of $797.0 million, of which $63.3 million was financed by DST Program Loans 2. For the nine months ended September 30, 2025, it reported $1.01 billion of gross interests sold related to the DST Program, of which $74.3 million was financed by DST Program Loans 3.
Program series and filing history
Top1031 tracks 22 trusts across the ADREX and AIREX Portfolio series. The record begins with ADREX Clearwater DST, first filed in 2021, and expands in 2022 with ADREX Diversified I DST, ADREX Diversified II DST, ADREX Multifamily I DST and AIREX Portfolio IV, V and VI DST. Filings continue in each subsequent year, including ADREX Signature Series DST first filed in 2025 and ADREX Diversified 11 DST and AIREX Portfolio 11 DST first filed in 2026 4. Top1031's track record treats four earlier programs — ADREX Clearwater DST, ADREX Diversified I DST, ADREX Diversified II DST and ADREX Multifamily I DST — as completed 4, each matched to an entity listed in the subsidiaries exhibit to the trust's 2024 annual report 5.
An amended notice for ADREX Diversified 10 DST filed February 26, 2026 identifies Ares Diversified Real Estate Exchange LLC as sponsor and reports a first sale on October 27, 2025 6.
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.
