Sponsor-reported, from SEC filings and cited sources.
Chapter 1
What the record shows
Blackstone (BXREX) is the Blackstone Real Estate Exchange Program, which Blackstone identifies as a 1031 exchange Delaware Statutory Trust program owning institutional-quality, income-generating real estate. A Form 8-K reporting a November 3, 2025 event stated that Blackstone Real Estate Income Trust, Inc. and BREIT Operating Partnership, L.P. launched a Delaware Statutory Trust program and that Blackstone Real Estate Exchange LLC, an indirect wholly owned BREIT subsidiary, became the DST Sponsor. Under that filed structure, a DST property is leased back by a wholly owned Operating Partnership subsidiary under a master lease guaranteed by the Operating Partnership. Three DST programs have been filed under the platform, beginning with BXREX Portfolio I DST in 2025.
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.
Too new to showAmount sold: too new to show. The first SEC filing for this offering was made in the past 30 days.
Just launched
Other
BXREX Portfolio II DSTOther·Location not statedSEC filing, May 11, 2026
$187.3M
Too new to showAmount sold: too new to show. The first SEC filing for this offering was made in the past 30 days.
Just launched
Multifamily
BXREX Portfolio IMultifamily·Multi-state (2)SEC filing, Oct 31, 2025
$175.6M
Not confirmed yetAmount sold: not confirmed yet. Top1031 has not been able to confirm how much of this offering has sold.
Active
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.
Blackstone identifies BXREX as the Blackstone Real Estate Exchange Program, a 1031 exchange Delaware Statutory Trust program, and describes a DST as a passive trust that owns institutional-quality, income-generating real estate whose beneficial interests serve as like-kind replacement property for a 1031 exchange. Blackstone further states that, after a holding period of at least two years, the REIT operating partnership has an option, but not an obligation, to purchase DST properties through a Section 721 exchange for operating partnership units while maintaining tax-deferred basis 1.
Launch and filed structure
A Form 8-K reporting November 3, 2025 as the date of the earliest reported event stated that Blackstone Real Estate Income Trust, Inc. and BREIT Operating Partnership, L.P. launched a Delaware Statutory Trust program, and that Blackstone Real Estate Exchange LLC, an indirect wholly owned subsidiary of BREIT, became the DST Sponsor on that date. The same filing describes a DST property held in a DST and leased back by a wholly owned Operating Partnership subsidiary under a master lease guaranteed by the Operating Partnership, and gives the Operating Partnership a fair-market-value purchase option, not an obligation, to acquire DST Interests during a defined period in exchange for Operating Partnership units or, in certain cases, cash 2.
Property sourcing and consolidation
BREIT's Form 10-K for the year ended December 31, 2025 states that DST properties may be sourced from BREIT real properties or acquired from third parties, held in separate DSTs, and leased to wholly owned BREIT Operating Partnership subsidiaries under master leases. That filing also states that BREIT considers the DSTs variable interest entities, determined that it was their primary beneficiary, and consolidated them, presenting DST Interests as non-controlling interests and including DST rental revenues and operating expenses in its consolidated statements 3.
Filed programs
Three DST programs have been filed under the platform: BXREX Portfolio I DST, first filed in 2025, and BXREX Portfolio II DST and Eterno HoldCo DST, each first filed in 2026 4. In its Form D filed October 31, 2025, BXREX Portfolio I DST reported a total offering amount of $175,555,053 5. In a July 23, 2026 update, BREIT said Blackstone and BREIT had recently launched BXREX as a 1031 DST exchange program 6.
AltsWire's Top 10 Stories of 2025AltsWire's year-end roundup references Blackstone Real Estate Exchange's November debut of BXREX Portfolio I as a notable 2025 launch.
DST Sales Reach $724M for November, $7.34B Year-to-DateAltsWire reported that BXREX Portfolio I was a nearly $175.6 million multifamily offering with assets in Nevada and Texas, but the article did not identify Eterno HoldCo.
Ares eyes real estate fund closes in early 2026PERE News discusses Ares's broader 2025/2026 real-estate fundraising cadence with sector context relevant to Blackstone's BXREX debut as competitive sponsor context for the BXREX launch window.
