The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Intentional misstatements or omissions of fact constitute federal criminal violations. See 18 U.S.C. 1001.

FORM D

Notice of Exempt Offering of Securities
OMB APPROVAL
OMB Number: 3235-0076
Estimated average burden
hours per response: 4.00

1. Issuer's Identity

CIK (Filer ID Number) Previous Names
X None
Entity Type
0001934728
   Corporation
   Limited Partnership
   Limited Liability Company
   General Partnership
   Business Trust
X Other (Specify)

Statutory Trust
Name of Issuer
ADREX Multifamily I DST
Jurisdiction of Incorporation/Organization
DELAWARE
Year of Incorporation/Organization
   Over Five Years Ago
X Within Last Five Years (Specify Year) 2022
   Yet to Be Formed

2. Principal Place of Business and Contact Information

Name of Issuer
ADREX Multifamily I DST
Street Address 1 Street Address 2
C/O ARES MANAGEMENT TABOR CENTER, 1200 17TH ST., SUITE 2900
City State/Province/Country ZIP/PostalCode Phone Number of Issuer
DENVER COLORADO 80202 866-324-7348

3. Related Persons

Last Name First Name Middle Name
Ares Diversified Real Estate Exchange LLC N/A
Street Address 1 Street Address 2
c/o Ares Management Tabor Center, 1200 17th St., Suite 2900
City State/Province/Country ZIP/PostalCode
Denver COLORADO 80202
Relationship: X Executive Officer    Director    Promoter

Clarification of Response (if Necessary):

Sponsor of the Issuer
Last Name First Name Middle Name
ADREX Multifamily I Manager LLC N/A
Street Address 1 Street Address 2
c/o Ares Management Tabor Center, 1200 17th St., Suite 2900
City State/Province/Country ZIP/PostalCode
Denver COLORADO 80202
Relationship: X Executive Officer    Director    Promoter

Clarification of Response (if Necessary):

Manager
Last Name First Name Middle Name
ADREX Multifamily I TRS LLC N/A
Street Address 1 Street Address 2
c/o Ares Management Tabor Center, 1200 17th St., Suite 2900
City State/Province/Country ZIP/PostalCode
Denver COLORADO 80202
Relationship: X Executive Officer    Director    Promoter

Clarification of Response (if Necessary):

Depositor
Last Name First Name Middle Name
Sommers Stefanie L.
Street Address 1 Street Address 2
c/o Ares Management Tabor Center, 1200 17th St., Suite 2900
City State/Province/Country ZIP/PostalCode
Denver COLORADO 80202
Relationship: X Executive Officer    Director    Promoter

Clarification of Response (if Necessary):

Principal of the indirect parent of ADREX Multifamily I Manager LLC, which is the manager of the Signatory Trustee

4. Industry Group

   Agriculture
Banking & Financial Services
   Commercial Banking
   Insurance
   Investing
   Investment Banking
   Pooled Investment Fund
Is the issuer registered as
an investment company under
the Investment Company
Act of 1940?
   Yes    No
   Other Banking & Financial Services
   Business Services
Energy
   Coal Mining
   Electric Utilities
   Energy Conservation
   Environmental Services
   Oil & Gas
   Other Energy
Health Care
   Biotechnology
   Health Insurance
   Hospitals & Physicians
   Pharmaceuticals
   Other Health Care
   Manufacturing
Real Estate
   Commercial
   Construction
   REITS & Finance
   Residential
X Other Real Estate
  
 Retailing
  
 Restaurants
Technology
   Computers
   Telecommunications
   Other Technology
Travel
   Airlines & Airports
   Lodging & Conventions
   Tourism & Travel Services
   Other Travel
  
 Other

5. Issuer Size

Revenue Range OR Aggregate Net Asset Value Range
   No Revenues    No Aggregate Net Asset Value
   $1 - $1,000,000    $1 - $5,000,000
   $1,000,001 - $5,000,000    $5,000,001 - $25,000,000
   $5,000,001 - $25,000,000    $25,000,001 - $50,000,000
   $25,000,001 - $100,000,000    $50,000,001 - $100,000,000
   Over $100,000,000    Over $100,000,000
X Decline to Disclose    Decline to Disclose
   Not Applicable    Not Applicable

6. Federal Exemption(s) and Exclusion(s) Claimed (select all that apply)

   Rule 504(b)(1) (not (i), (ii) or (iii))
   Rule 504 (b)(1)(i)
   Rule 504 (b)(1)(ii)
   Rule 504 (b)(1)(iii)
X Rule 506(b)
   Rule 506(c)
   Securities Act Section 4(a)(5)
   Investment Company Act Section 3(c)
   Section 3(c)(1)    Section 3(c)(9)  
   Section 3(c)(2)    Section 3(c)(10)
   Section 3(c)(3)    Section 3(c)(11)
   Section 3(c)(4)    Section 3(c)(12)
   Section 3(c)(5)    Section 3(c)(13)
   Section 3(c)(6)    Section 3(c)(14)
   Section 3(c)(7)

7. Type of Filing

   New Notice Date of First Sale 2022-08-24    First Sale Yet to Occur
X Amendment

8. Duration of Offering

Does the Issuer intend this offering to last more than one year?
X Yes    No

9. Type(s) of Securities Offered (select all that apply)

X Equity    Pooled Investment Fund Interests
   Debt    Tenant-in-Common Securities
   Option, Warrant or Other Right to Acquire Another Security    Mineral Property Securities
   Security to be Acquired Upon Exercise of Option, Warrant or Other Right to Acquire Security    Other (describe)

10. Business Combination Transaction

Is this offering being made in connection with a business combination transaction, such as a merger, acquisition or exchange offer?
   Yes X No

Clarification of Response (if Necessary):

11. Minimum Investment

Minimum investment accepted from any outside investor $500,000 USD

12. Sales Compensation

Recipient
Recipient CRD Number    None
Ares Wealth Management Solutions, LLC 119546
(Associated) Broker or Dealer X None
(Associated) Broker or Dealer CRD Number X None
None None
Street Address 1 Street Address 2
c/o Ares Management Tabor Center, 1200 17th St., Suite 2900
City State/Province/Country ZIP/Postal Code
Denver COLORADO 80202
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		 X All States
   Foreign/non-US
Recipient
Recipient CRD Number    None
Concorde Investment Services, LLC 151604
(Associated) Broker or Dealer X None
(Associated) Broker or Dealer CRD Number X None
None None
Street Address 1 Street Address 2
19500 Victor Parkway Suite 550
City State/Province/Country ZIP/Postal Code
Livonia MICHIGAN 48152
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CALIFORNIA
COLORADO
FLORIDA
NEW YORK
OREGON
Recipient
Recipient CRD Number    None
DFPG Investments, LLC 155576
(Associated) Broker or Dealer X None
(Associated) Broker or Dealer CRD Number X None
None None
Street Address 1 Street Address 2
9017 S. Riverside Drive Suite 210
City State/Province/Country ZIP/Postal Code
Sandy UTAH 84070
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
COLORADO
MARYLAND
MISSOURI
MONTANA
UTAH
Recipient
Recipient CRD Number    None
Robert W. Baird & Co. Incorporated 8158
(Associated) Broker or Dealer X None
(Associated) Broker or Dealer CRD Number X None
None None
Street Address 1 Street Address 2
777 E. Wisconsin Avenue
City State/Province/Country ZIP/Postal Code
Milwaukee WISCONSIN 53202
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CALIFORNIA
COLORADO
IDAHO
INDIANA
KENTUCKY
MICHIGAN
MINNESOTA
NEW MEXICO
WASHINGTON
Recipient
Recipient CRD Number    None
Sagepoint Financial, Inc. 133763
(Associated) Broker or Dealer X None
(Associated) Broker or Dealer CRD Number X None
None None
Street Address 1 Street Address 2
20 E. Thomas Rd. Suite 2000
City State/Province/Country ZIP/Postal Code
Phoenix ARIZONA 85012
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CALIFORNIA
HAWAII
NEVADA
Recipient
Recipient CRD Number    None
Realized Financial, Inc. 22333
(Associated) Broker or Dealer X None
(Associated) Broker or Dealer CRD Number X None
None None
Street Address 1 Street Address 2
400 W. 15th Street Suite 700
City State/Province/Country ZIP/Postal Code
Austin TEXAS 78701
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
ARIZONA
CALIFORNIA
FLORIDA
MASSACHUSETTS
UTAH
Recipient
Recipient CRD Number    None
Ameriprise Financial Services, LLC 6363
(Associated) Broker or Dealer X None
(Associated) Broker or Dealer CRD Number X None
None None
Street Address 1 Street Address 2
707 2nd Avenue South
City State/Province/Country ZIP/Postal Code
Minneapolis MINNESOTA 55402
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
ARIZONA
CALIFORNIA
COLORADO
CONNECTICUT
FLORIDA
ILLINOIS
IOWA
KENTUCKY
LOUISIANA
MAINE
MASSACHUSETTS
MINNESOTA
MONTANA
NEVADA
NEW JERSEY
NEW YORK
NORTH CAROLINA
OHIO
OKLAHOMA
OREGON
PENNSYLVANIA
SOUTH CAROLINA
TENNESSEE
TEXAS
UTAH
WASHINGTON
WISCONSIN
Recipient
Recipient CRD Number    None
Securities America, Inc. 10205
(Associated) Broker or Dealer X None
(Associated) Broker or Dealer CRD Number X None
None None
Street Address 1 Street Address 2
12325 Port Grace Blvd.
City State/Province/Country ZIP/Postal Code
Lavista NEBRASKA 68128
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
FLORIDA
IDAHO
IOWA
MINNESOTA
NEBRASKA
NEW JERSEY
OREGON
Recipient
Recipient CRD Number    None
Janney Montgomery Scott LLC 463
(Associated) Broker or Dealer X None
(Associated) Broker or Dealer CRD Number X None
None None
Street Address 1 Street Address 2
1717 Arch Street
City State/Province/Country ZIP/Postal Code
Philadelphia PENNSYLVANIA 19103
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CONNECTICUT
FLORIDA
NEW YORK
VIRGINIA
Recipient
Recipient CRD Number    None
Commonwealth Financial Network 8032
(Associated) Broker or Dealer X None
(Associated) Broker or Dealer CRD Number X None
None None
Street Address 1 Street Address 2
29 Sawyer Road
City State/Province/Country ZIP/Postal Code
Waltham MASSACHUSETTS 02453
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
ARIZONA
CALIFORNIA
COLORADO
FLORIDA
GEORGIA
MASSACHUSETTS
MISSOURI
NEW YORK
UTAH
WASHINGTON
Recipient
Recipient CRD Number    None
Woodbury Financial Services, Inc. 421
(Associated) Broker or Dealer X None
(Associated) Broker or Dealer CRD Number X None
None None
Street Address 1 Street Address 2
7755 3rd Street North
City State/Province/Country ZIP/Postal Code
Oakdale MINNESOTA 55128
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
ARIZONA
ILLINOIS
Recipient
Recipient CRD Number    None
Rockefeller Financial LLC 29136
(Associated) Broker or Dealer X None
(Associated) Broker or Dealer CRD Number X None
None None
Street Address 1 Street Address 2
45 Rockefeller Plaza Floor 5
City State/Province/Country ZIP/Postal Code
New York NEW YORK 10111
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
COLORADO
MICHIGAN
Recipient
Recipient CRD Number    None
Infinex Investments, Inc. 35371
(Associated) Broker or Dealer X None
(Associated) Broker or Dealer CRD Number X None
None None
Street Address 1 Street Address 2
538 Preston Avenue
City State/Province/Country ZIP/Postal Code
Meriden CONNECTICUT 06450
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
FLORIDA
Recipient
Recipient CRD Number    None
Nationwide Planning Associates Inc. 31029
(Associated) Broker or Dealer X None
(Associated) Broker or Dealer CRD Number X None
None None
Street Address 1 Street Address 2
115 West Century Road Suite 360
City State/Province/Country ZIP/Postal Code
Paramus NEW JERSEY 07652
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
NEW YORK
WISCONSIN
Recipient
Recipient CRD Number    None
DAI Securities, LLC 36673
(Associated) Broker or Dealer X None
(Associated) Broker or Dealer CRD Number X None
None None
Street Address 1 Street Address 2
2200 Century Parkway NE Suite 435
City State/Province/Country ZIP/Postal Code
Atlanta GEORGIA 30345
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CALIFORNIA
NEVADA
NEW YORK
Recipient
Recipient CRD Number    None
Hightower Securities, LLC 116681
(Associated) Broker or Dealer X None
(Associated) Broker or Dealer CRD Number X None
None None
Street Address 1 Street Address 2
200 West Madison Street Suite 2500
City State/Province/Country ZIP/Postal Code
Chicago ILLINOIS 60606
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
GEORGIA
MISSOURI
Recipient
Recipient CRD Number    None
Royal Alliance Associates, Inc. 23131
(Associated) Broker or Dealer X None
(Associated) Broker or Dealer CRD Number X None
None None
Street Address 1 Street Address 2
10 Exchange Place Suite 1410
City State/Province/Country ZIP/Postal Code
Jersey City NEW JERSEY 07302
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CALIFORNIA
NEW JERSEY
Recipient
Recipient CRD Number    None
American Portfolios Financial Services, Inc. 18487
(Associated) Broker or Dealer X None
(Associated) Broker or Dealer CRD Number X None
None None
Street Address 1 Street Address 2
4250 Veterans Memorial Highway 4th Floor East
City State/Province/Country ZIP/Postal Code
Holbrook NEW YORK 11741
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
NEW YORK
Recipient
Recipient CRD Number    None
Emerson Equity LLC 130032
(Associated) Broker or Dealer X None
(Associated) Broker or Dealer CRD Number X None
None None
Street Address 1 Street Address 2
155 Bovet Road Suite 725
City State/Province/Country ZIP/Postal Code
San Mateo CALIFORNIA 94402
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
NEVADA
WYOMING
Recipient
Recipient CRD Number    None
UBS Financial Services Inc. 8174
(Associated) Broker or Dealer X None
(Associated) Broker or Dealer CRD Number X None
None None
Street Address 1 Street Address 2
1200 Harbor Blvd.
City State/Province/Country ZIP/Postal Code
Weehawken NEW JERSEY 07086
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CALIFORNIA
CONNECTICUT
MONTANA
NEBRASKA
NEW HAMPSHIRE
NEW YORK
VIRGINIA
Recipient
Recipient CRD Number    None
Aurora Securities 46147
(Associated) Broker or Dealer X None
(Associated) Broker or Dealer CRD Number X None
None None
Street Address 1 Street Address 2
2565 West Maple
City State/Province/Country ZIP/Postal Code
Troy MICHIGAN 48084
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CALIFORNIA
Recipient
Recipient CRD Number    None
Sanctuary Securities, Inc. 205
(Associated) Broker or Dealer X None
(Associated) Broker or Dealer CRD Number X None
None None
Street Address 1 Street Address 2
250 W. 96th Street, #300
City State/Province/Country ZIP/Postal Code
Indianapolis INDIANA 46260
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
NEW YORK
NORTH CAROLINA
Recipient
Recipient CRD Number    None
MML Investors Services, LLC 10409
(Associated) Broker or Dealer X None
(Associated) Broker or Dealer CRD Number X None
None None
Street Address 1 Street Address 2
1295 State Street
City State/Province/Country ZIP/Postal Code
Springfield MASSACHUSETTS 01111
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CALIFORNIA
Recipient
Recipient CRD Number    None
Triad Advisors LLC 25803
(Associated) Broker or Dealer X None
(Associated) Broker or Dealer CRD Number X None
None None
Street Address 1 Street Address 2
5155 Peachtree Parkway Suite 3220
City State/Province/Country ZIP/Postal Code
Norcross GEORGIA 30092
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
ARIZONA
NEW YORK
Recipient
Recipient CRD Number    None
The O.N. Equity Sales Company 2936
(Associated) Broker or Dealer X None
(Associated) Broker or Dealer CRD Number X None
None None
Street Address 1 Street Address 2
One Financial Way
City State/Province/Country ZIP/Postal Code
Cincinnati OHIO 45242
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
COLORADO
PENNSYLVANIA

13. Offering and Sales Amounts

Total Offering Amount $315,482,094 USD
or    Indefinite
Total Amount Sold $290,072,004 USD
Total Remaining to be Sold $25,410,090 USD
or    Indefinite

Clarification of Response (if Necessary):

14. Investors

  
 Select if securities in the offering have been or may be sold to persons who do not qualify as accredited investors, and enter the number of such non-accredited investors who already have invested in the offering.
Regardless of whether securities in the offering have been or may be sold to persons who do not qualify as accredited investors, enter the total number of investors who already have invested in the offering:
222

15. Sales Commissions & Finder's Fees Expenses

Provide separately the amounts of sales commissions and finders fees expenses, if any. If the amount of an expenditure is not known, provide an estimate and check the box next to the amount.

Sales Commissions $15,988,981 USD
X Estimate
Finders' Fees $0 USD
X Estimate

Clarification of Response (if Necessary):

16. Use of Proceeds

Provide the amount of the gross proceeds of the offering that has been or is proposed to be used for payments to any of the persons required to be named as executive officers, directors or promoters in response to Item 3 above. If the amount is unknown, provide an estimate and check the box next to the amount.

$13,590,633 USD
X Estimate

Clarification of Response (if Necessary):

Estimate includes Dealer Manager Fee, Facilitation Fee and Organizational Expense and RE Transaction Cost Allowance that may accrue to one or more related persons.

Signature and Submission

Please verify the information you have entered and review the Terms of Submission below before signing and clicking SUBMIT below to file this notice.

Terms of Submission

In submitting this notice, each issuer named above is:
  • Notifying the SEC and/or each State in which this notice is filed of the offering of securities described and undertaking to furnish them, upon written request, in the accordance with applicable law, the information furnished to offerees.*
  • Irrevocably appointing each of the Secretary of the SEC and, the Securities Administrator or other legally designated officer of the State in which the issuer maintains its principal place of business and any State in which this notice is filed, as its agents for service of process, and agreeing that these persons may accept service on its behalf, of any notice, process or pleading, and further agreeing that such service may be made by registered or certified mail, in any Federal or state action, administrative proceeding, or arbitration brought against the issuer in any place subject to the jurisdiction of the United States, if the action, proceeding or arbitration (a) arises out of any activity in connection with the offering of securities that is the subject of this notice, and (b) is founded, directly or indirectly, upon the provisions of:  (i) the Securities Act of 1933, the Securities Exchange Act of 1934, the Trust Indenture Act of 1939, the Investment Company Act of 1940, or the Investment Advisers Act of 1940, or any rule or regulation under any of these statutes, or (ii) the laws of the State in which the issuer maintains its principal place of business or any State in which this notice is filed.
  • Certifying that, if the issuer is claiming a Regulation D exemption for the offering, the issuer is not disqualified from relying on Rule 504 or Rule 506 for one of the reasons stated in Rule 504(b)(3) or Rule 506(d).

Each Issuer identified above has read this notice, knows the contents to be true, and has duly caused this notice to be signed on its behalf by the undersigned duly authorized person.

For signature, type in the signer's name or other letters or characters adopted or authorized as the signer's signature.

Issuer Signature Name of Signer Title Date
ADREX Multifamily I DST Stefanie Sommers Stefanie Sommers Vice President indir. parent ADREX Multifamily I Manager LLC 2023-07-19

Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.

* This undertaking does not affect any limits Section 102(a) of the National Securities Markets Improvement Act of 1996 ("NSMIA") [Pub. L. No. 104-290, 110 Stat. 3416 (Oct. 11, 1996)] imposes on the ability of States to require information. As a result, if the securities that are the subject of this Form D are "covered securities" for purposes of NSMIA, whether in all instances or due to the nature of the offering that is the subject of this Form D, States cannot routinely require offering materials under this undertaking or otherwise and can require offering materials only to the extent NSMIA permits them to do so under NSMIA's preservation of their anti-fraud authority.