Your 1031 DST Authority
BXREX Portfolio I DST
Offering Overview
BXREX Portfolio I DST is a $175.6 million all-cash, zero-debt Delaware Statutory Trust from Blackstone, the world's largest alternative asset manager ($1.3T AUM, $315B real estate). The trust holds two stabilized, institutional-quality Class A multifamily communities totaling 612 units: Vue at Centennial in northwest Las Vegas and a Cypress community in suburban Houston, both previously held in Blackstone's BREIT portfolio. Structured as Blackstone's designated UPREIT feeder, BXREX offers a Section 721 exchange into BREIT. A BREIT-guaranteed master lease supports a fixed 3.20% distribution in years 1-5, stepping to 3.62% in years 6-10 (3.41% average). Minimum investment is $1,000,000.
Investment Highlights
- Sponsored by Blackstone, the world's largest alternative asset manager ($1.3T AUM; $315B in real estate).
- Two stabilized Class A multifamily communities (612 units) in Las Vegas and Houston; 94% occupied.
- All-cash, zero-debt structure eliminates refinancing and loan-covenant risk for the full 10-year hold.
- Section 721 UPREIT exit into BREIT (~$30B+ NAV) via a BREIT-guaranteed master lease.
- Fixed 3.20% distribution years 1-5, stepping to 3.62% years 6-10 (3.41% average); $1,000,000 minimum.
Forecasted Cash Flow
Projected annual cash-on-cash distributions with the corresponding tax-equivalent yield over the hold, based on the sponsor’s underwriting assumptions.
Illustrative projections only — targeted distributions are not guaranteed and actual results will vary. Tax-equivalent yield assumes depreciation shelter of distributed income.
Analyst Notes
A brand- and liquidity-premium offering: investors trade current yield for Blackstone/BREIT optionality and an all-cash risk profile. Best suited to 1031 investors prioritizing sponsor quality and a clear 721 exit over income.
Pros
Blackstone sponsorship and a BREIT-backed master lease provide deep institutional support and one of the DST market's strongest liquidity backstops; all-cash structure removes leverage risk; geographic diversification across two Sun Belt metros; moderate 4.50% load.
Cons
Below-market fixed yield (3.20% early) with no participation in property NOI upside; heavy concentration of Blackstone-affiliated parties on both sides; FMV cash election capped at 15% and discretionary; property-level financials not disclosed; submarket softening in Las Vegas and Houston.
Financing
This offering is unleveraged — the DST holds its assets debt-free (0% loan-to-value), so no mortgage financing applies.
Benchmark Comparison
| Metric | This Offering | Benchmark | Difference |
|---|---|---|---|
| Average Yield | 3.41% | 5.03% | −32.21% |
| Max Yield | 3.20% | 5.29% | −39.51% |
| 10-Yr Income Growth | 0.00% | 24.74% | −100.00% |
Benchmark reflects the average of comparable Multifamily offerings. Differences are relative to the benchmark.
Offering Documents
Offering Documents Available By Request
About the Sponsor
Blackstone is the world's largest alternative asset manager, with roughly $1.3 trillion in total AUM and a real estate platform commanding about $319 billion of investor capital as of year-end 2025—an order of magnitude beyond any dedicated DST sponsor. Its retail real estate flagship, the Blackstone Real Estate Income Trust (BREIT), is a perpetual-life non-traded REIT carrying roughly $53 billion in NAV and concentrated in the secular winners of data centers, logistics and rental housing. With perpetual capital approaching 40% of the firm and a long-run track record on its largest BREIT share class near a 9.4% annualized return since inception, Blackstone offers institutional scale and sector positioning that define the high end of the market—though its 1031/DST activity is a small adjunct to a vast machine.
This page describes a specific Delaware Statutory Trust offering (BXREX Portfolio I DST) and is provided for informational purposes only. It does not constitute an offer to sell or a solicitation of an offer to buy any security. Any offering is made solely to verified accredited investors and only by means of a confidential private placement memorandum (PPM).
All figures shown — including minimum investment, cash-flow projections, tax-equivalent yield, loan-to-value, and hold period — reflect the sponsor's current estimates and assumptions and are not guarantees of future performance. Tax-equivalent yield depends on each investor's tax circumstances; projected distributions may not be achieved and actual results will vary. Sponsor track record, benchmark data, and full-cycle averages describe prior programs and are not indicative of the results of this offering.
An investment in a DST is speculative, illiquid, and involves a high degree of risk, including the possible loss of the entire amount invested. There is no public market for these interests, distributions are not guaranteed, and investors have no control over property operations. 1031 exchange and tax treatment depend on each investor's individual circumstances and on tax laws that are subject to change; consult your own tax and legal advisors.
Tax-equivalent yield represents the pre-tax yield a fully taxable investment would need to generate in order to match the after-tax cash flow of this offering. It assumes that a portion of distributions is sheltered by depreciation and other deductions, and it depends entirely on each investor's individual tax bracket, state of residence, and holding structure. It is illustrative only and is not a projection of return. Cap rate equivalent is the implied capitalization rate (net operating income divided by purchase price) shown solely for comparison to direct real estate; it is not a distribution rate, a yield, or a measure of investor return.
This offering and all terms shown are subject to change, withdrawal, or cancellation at any time without notice, and availability is not guaranteed. Nothing on this page creates a commitment or reservation. An investment is confirmed only upon the sponsor's acceptance of fully executed subscription documents; no other communication, indication of interest, or reservation constitutes a binding investment.