Sponsor profile
SEC filings + cited sources
Ares Real Estate Exchange (AREX), tracked under the AIREX label, is a 1031/721 exchange program sponsored by Ares Management Corporation (NYSE: ARES), the Los Angeles-based, Delaware-incorporated alternative investment manager. The program offers fractional interests in Delaware Statutory Trusts holding institutional commercial real estate, with a stated focus on multifamily apartments and industrial assets and a potential 721/UPREIT exchange into an Ares-sponsored REIT. Individual offerings are issued through statutory trusts whose sponsor and manager is Ares Diversified Real Estate Exchange LLC, based in Denver, Colorado.
Program identity and sponsor
Ares Real Estate Exchange (AREX) is a program built around IRC Sections 1031 and 721 that lets owners of appreciated real estate exchange into high-quality commercial real estate 1. The program's publicly listed parent and ultimate sponsor is Ares Management Corporation (NYSE: ARES), a Delaware-incorporated firm with principal executive offices at 1800 Avenue of the Stars, Los Angeles, California 2.
Structure and strategy
The program invests in institutional-quality commercial real estate with a stated focus on multifamily apartments and industrial assets, and is marketed around passive ownership, professional management, and a potential 721/UPREIT exchange into an Ares-sponsored REIT 3. Individual offerings are issued by Delaware Statutory Trusts whose sponsor and manager is Ares Diversified Real Estate Exchange LLC, c/o Ares Management at Tabor Center, 1200 17th Street, Denver, Colorado, with ADREX Manager LLC as manager and ADREX TRS LLC as depositor 4.
Program activity
SEC records document a series of Ares-sponsored trusts, including ADREX Multifamily I DST, formed in 2022 to acquire multifamily assets as replacement property for 1031 exchanges 5. A numbered AIREX Portfolio series—spanning Portfolio IV through Portfolio 11—carries initial filing years ranging from 2022 through 2026 6.