AltStreet
EDGAR Verified
Primary Source · SEC.gov

AIREX Portfolio 12 DST

Single-Deal SPV2026 vintage506(b)
Latest signalNew Form D filerForm D · 2026-10-14Last filing 2026-10-14

Raised

Pre-open

Investors

—

Min Invest

$500,000

AltStreet Analysis

·

Generated from EDGAR primary sources

AIREX Portfolio 12 DST is a Delaware statutory trust formed to raise capital under Rule 506(b), with Ares Industrial Real Estate Exchange LLC and affiliated manager/TRS entities listed as executive officers. The filing is an original Form D with no disclosed sale date, no disclosed total amount sold or investor count, and a stated minimum investment of $500,000 in equity securities.

This filing fits the pattern of a single-property or single-portfolio Delaware Statutory Trust used in 1031 exchange real estate programs, a common structure within the alternative investment / private real estate category. The $500,000 minimum investment and 506(b) exemption (which restricts general solicitation and typically involves pre-existing investor relationships) are consistent with DST offerings targeting accredited, often 1031-exchange-motivated investors rather than a broad retail base.

Data Flags

Minimum InvestmentMinimum investment of $500,000 is high relative to typical alternative investment offerings, consistent with a DST structure aimed at 1031 exchange investors rather than broad retail distribution.
Related PersonsAll three related-party entries are prefixed with 'N/A' before the entity name, a formatting artifact rather than a substantive data issue since it does not affect entity identification.
generalTotal amount sold, investor count, and first sale date are all undisclosed, consistent with a pre-open initial Form D filing rather than a completed raise.

EDGAR Filing Data

Form D — Primary Source

View on SEC.gov
CIK Number0002159404
Entity NameAIREX Portfolio 12 DST
ExemptionRule 506(b)
What the exemption meansRule 506(b) of Regulation D: securities may be sold to an unlimited number of accredited investors and up to 35 non-accredited investors who meet the rule's sophistication standard, without general solicitation or advertising.
Entity TypeOther
Jurisdiction of OrganizationDelaware
Year Organized2026
Issuer Address1200 17th Street, Suite 2900, Denver, CO 80202
Phone(303) 339-3675
Industry / Fund TypeOther Real Estate
Securities TypeEquity
First Sale DateNot yet occurred (as filed)
Filing DateOctober 14, 2026
Accession Number0002159404-26-000001
Total Offering Amount$501,597,796
Total Amount Sold$0 (no sales yet)
Amount Remaining$501,597,796
Total Investors0 (no sales yet)
Non-Accredited InvestorsNone
Minimum Investment$500,000
Offering DurationOne year or less
Sales Commissions$25,079,890 (to Ares Management Capital Markets LLC)
Finders' Fees$0
Proceeds to Related Persons$21,317,906
Revenue RangeDecline to Disclose
State (Issuer Address)CO
Amendment CountOriginal filing only
Signed ByStefanie Sommers, Managing Director and Associate General Counsel

Filings on Record

Every filing AltStreet's ledger holds for this CIK, newest first. Each opens the SEC archive folder.

DOctober 14, 2026

Fund Family

Every vehicle in this manager's series as it appears on EDGAR, newest generation first. Sold-to-date and investor counts are each vehicle's latest Form D.

Fund family

AIREX Portfolio DST9 vehicles · 9 generations · since 2022 · $1.60B sold across the family

This issuer is in Fund XII · Fund XI had sold $0 at the same age (0 months from first filing)

VehicleRoleFirst filedStatusSoldInvestors
Fund XII · first filed 2026-10-14 · 1 vehicle
AIREX Portfolio 12 DSTthis issuer2026-10-14pre sale$00
Fund XI · first filed 2026-04-13 · 1 vehicle
AIREX Portfolio 11 DST2026-04-13pre sale$00
Fund X · first filed 2025-10-07 · 1 vehicle · $223.9M sold · 108 investors
AIREX Portfolio 10 DST2025-10-07closed$223.9M108
Fund IX · first filed 2025-07-02 · 1 vehicle · $115.0M sold · 60 investors
AIREX Portfolio 9 DST2025-07-02closed$115.0M60
Fund VIII · first filed 2024-06-10 · 1 vehicle · $117.5M sold · 83 investors
Airex Portfolio 8 DST2024-06-10closed$117.5M83
Fund VII · first filed 2023-08-23 · 1 vehicle · $219.2M sold · 159 investors
AIREX Portfolio 7 DST2023-08-23closed$219.2M159
Fund VI · first filed 2022-11-15 · 1 vehicle · $316.3M sold · 125 investors
AIREX Portfolio VI DST2022-11-15closed$316.3M125
Fund V · first filed 2022-03-25 · 1 vehicle · $320.2M sold · 164 investors
AIREX Portfolio V DST2022-03-25closed$320.2M164
Fund IV · first filed 2022-02-24 · 1 vehicle · $288.9M sold · 163 investors
AIREX Portfolio IV DST2022-02-24closed$288.9M163

Grouped from Form D issuer names (generation, sleeve, jurisdiction and legal-form tokens removed); a name-only match, so abbreviated or renamed vehicles can be missed. Sold and investor figures are each vehicle's latest Form D; sleeves that report the same figure share one family-wide total and are counted once. Performance lines are what a public pension plan reports for its own interest in that fund, net, on the plan's cash flows and valuation date; they are not the general partner's figures.

In the Terminal

Filing events

1

latest Oct 14, 2026

Critical / warning

0 / 0

0 watch · 1 info

Statements extracted

0

none on file

NAV prints

0

none on file

Offering chains

1

pre_sale

Latest event New filer · Oct 14, 2026

SEC.gov
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Investor

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  • 1 offering timeline: velocity, share raised, first-sale lag, stalled flags

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Related Persons (Form D)

Executive officers, directors, and promoters listed on the SEC Form D filing. Source: SEC.gov.

N/A Ares Industrial Real Estate Exchange LLC

Executive Officer · Denver, CO

N/A AIREX Portfolio 12 Manager LLC

Executive Officer · Denver, CO

N/A AIREX Portfolio 12 TRS LLC

Executive Officer · Denver, CO

Placement Agents and Sales Compensation (Form D)

Who the issuer reported paying to sell the securities (Form D Item 12), with the FINRA registration number the filer gave. Source: SEC.gov.

Ares Management Capital Markets LLCCRD 166219 on BrokerCheck

Associated broker-dealer: None · Denver, CO · Soliciting in all states

Questions About AIREX Portfolio 12 DST

Each answer is built from the values on the SEC filing and the AltStreet ledger, not from the issuer's marketing.

What is AIREX Portfolio 12 DST?

AIREX Portfolio 12 DST is a Delaware entity organized in 2026 that filed a Form D with the SEC on October 14, 2026 in the Other Real Estate industry group. The filing claims Rule 506(b) for an offering of equity.

Is AIREX Portfolio 12 DST legit?

AltStreet does not rate legitimacy; it reports the public record. AIREX Portfolio 12 DST filed a Form D with the SEC on October 14, 2026 claiming Rule 506(b). A Form D is a notice of an exempt offering, not a review or approval of it. No sales had been reported as of that notice. AltStreet's enforcement record (SEC, FINRA and state actions) shows no action naming the issuer as of today. Before investing, confirm the filing on EDGAR, check the seller's registration on FINRA BrokerCheck, and read the offering documents, which a Form D does not include.

Is AIREX Portfolio 12 DST registered with or approved by the SEC?

No. A Form D is a notice that an issuer is selling securities under an exemption from registration, and the SEC does not review, approve, or pass on the merits of the offering. The filing shows that AIREX Portfolio 12 DST claimed Rule 506(b) and disclosed the items the form requires, such as the amount sold, the minimum investment, related persons, and anyone paid to sell the securities. It does not verify the issuer's claims or its business.

How much has AIREX Portfolio 12 DST raised?

AIREX Portfolio 12 DST reported that the first sale had not yet occurred as of the Form D filed October 14, 2026, so no amount sold or investor count is on file. The total offering amount is $501,597,796.

Who can invest in AIREX Portfolio 12 DST?

The offering relies on Rule 506(b), which permits sales to accredited investors and to no more than 35 non-accredited investors who meet a sophistication standard, and prohibits general solicitation. The filing reports no non-accredited investors. The minimum investment accepted from an outside investor is $500,000.

What is the minimum investment in AIREX Portfolio 12 DST?

The Form D lists $500,000 as the minimum investment accepted from any outside investor as of October 14, 2026. Issuers can waive their own minimums, and the figure does not include fees.

Who is selling AIREX Portfolio 12 DST and how are they paid?

The Form D names Ares Management Capital Markets LLC (CRD 166219), associated with None as the recipient of sales compensation soliciting in all states. Sales commissions are reported as $25,079,890 and finders' fees as $0. Form D allows these to be estimates. The issuer reports $21,317,906 of gross proceeds used or proposed to be used for payments to related persons.

Who is behind AIREX Portfolio 12 DST?

The Form D lists 3 related persons: Ares Industrial Real Estate Exchange LLC, executive officer (Sponsor of the Issuer); AIREX Portfolio 12 Manager LLC, executive officer (Manager/Signatory Trustee); AIREX Portfolio 12 TRS LLC, executive officer (Depositor of the Issuer). Form D Item 3 requires executive officers, directors, and promoters of the issuer to be listed.

Where is AIREX Portfolio 12 DST located?

The issuer's address on its SEC filings is 1200 17th Street, Suite 2900, Denver, CO 80202. Its phone number of record is 303-339-3675. It is organized under the laws of Delaware.

How long is the AIREX Portfolio 12 DST offering open?

The issuer indicated that the offering is not intended to last more than one year. An issuer must amend its Form D annually while a continuing offering stays open, and no amendment is on record yet.

What is AIREX Portfolio 12 DST's revenue?

The issuer declined to disclose its revenue range on the Form D, which the form permits.

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Data Methodology

Capital raise figures, investor counts, and filing dates are sourced directly from SEC EDGAR Form D primary documents via the SEC EDGAR submissions API and full-text search index. EDGAR entity profiles and deal-level data are reviewed by AltStreet analysts with backgrounds in corporate finance and securities law — cross-referenced against offering circulars, audited financial statements, and primary regulatory filings before publication. Platform-provided information, where present, is clearly labeled and does not affect EDGAR data or AltStreet editorial coverage. Platforms may request factual corrections for demonstrable inaccuracies by contacting [email protected]. This page does not constitute investment advice.