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SEC filings + cited sources
Ares Real Estate Exchange (AREX), marketed as Ares Diversified Real Estate Exchange (ADREX), is Ares Management Corporation's Delaware statutory trust program for 1031 exchange investors. Operated by Ares Wealth Management Solutions, it lets investors exchange into institutional-quality commercial real estate — including multifamily communities and diversified portfolios — and later convert into operating-partnership units of a non-traded REIT through a Section 721 UPREIT transaction structured for a perpetual-life hold. Top1031 tracks 14 ADREX DST programs first filed between 2021 and 2026, spanning single-asset trusts and a numbered diversified series.
Platform and structure
The Ares Real Estate Exchange (AREX), marketed as Ares Diversified Real Estate Exchange (ADREX), is the DST program of Ares Management Corporation (NYSE: ARES) 1. It is operated by Ares Wealth Management Solutions, a division of Ares Management 2. The program pairs a 1031 exchange into a Delaware statutory trust with a later Section 721 UPREIT conversion into operating-partnership units of a non-traded REIT, structured for a perpetual-life hold 2.
Assets and strategy
ADREX DST offerings target institutional-quality commercial real estate, including multifamily apartment communities and diversified portfolios 1. ADREX Clearwater DST holds Alta Clearwater, a 314-unit luxury apartment community in Clearwater, Florida 3. Ares's SEC subsidiary records also identify ADREX Diversified I, ADREX Diversified II, and ADREX Multifamily I among its DST entities 3.
Program history
Top1031 tracks 14 ADREX DST programs first filed between 2021 and 2026, ranging from single-asset trusts such as ADREX Clearwater to a numbered diversified series and a signature series 4.
ADREX Diversified 3 DST2023Only one Form D/A on EDGAR (filed March 19, 2024) reports $223,800,000 sold — the offering is fully subscribed but no disposition announcement, sale press release, or 721 UPREIT contribution has been identified for the underlying property.sec.gov ↗formds.com ↗sec.gov ↗SEC ↗
ADREX Diversified 4 DST2023No 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].sec.gov ↗sec.gov ↗ares.com ↗SEC ↗
ADREX Diversified 5 DST2024No 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].sec.gov ↗sec.gov ↗ares.com ↗SEC ↗
ADREX Diversified 6 DST2024No 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].sec.gov ↗streetinsider.com ↗ares.com ↗SEC ↗
ADREX Diversified 7 DST2024No 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].sec.gov ↗sec.gov ↗ares.com ↗SEC ↗
ADREX Diversified 8 DST2025No 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).sec.gov ↗sec.gov ↗formds.com ↗SEC ↗
ADREX Diversified 9 DST2025No 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).sec.gov ↗sec.gov ↗streetinsider.com ↗SEC ↗
ADREX Signature Series DST2025No 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).sec.gov ↗sec.gov ↗whalewisdom.com ↗SEC ↗
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 Fundraising Reaches $2.44 Billion in Q1 2026, Up 34% Year Over YearQ1 2026 DST tracker notes Ares Real Estate Exchange as the leading sponsor YTD (~$654M, 21.3% market share); the newly launched ADREX Diversified 11 DST is among the Ares-program offerings contributing to that figure.
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.
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.
