<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0708</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001934728</cik>
        <entityName>ADREX Multifamily I DST</entityName>
        <issuerAddress>
            <street1>C/O ARES MANAGEMENT</street1>
            <street2>TABOR CENTER, 1200 17TH ST., SUITE 2900</street2>
            <city>DENVER</city>
            <stateOrCountry>CO</stateOrCountry>
            <stateOrCountryDescription>COLORADO</stateOrCountryDescription>
            <zipCode>80202</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>866-324-7348</issuerPhoneNumber>
        <jurisdictionOfInc>DELAWARE</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Other</entityType>
        <entityTypeOtherDesc>Statutory Trust</entityTypeOtherDesc>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2022</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>N/A</firstName>
                <lastName>Ares Diversified Real Estate Exchange LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Ares Management</street1>
                <street2>Tabor Center, 1200 17th St., Suite 2900</street2>
                <city>Denver</city>
                <stateOrCountry>CO</stateOrCountry>
                <stateOrCountryDescription>COLORADO</stateOrCountryDescription>
                <zipCode>80202</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Sponsor of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>N/A</firstName>
                <lastName>ADREX Multifamily I Manager LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Ares Management</street1>
                <street2>Tabor Center, 1200 17th St., Suite 2900</street2>
                <city>Denver</city>
                <stateOrCountry>CO</stateOrCountry>
                <stateOrCountryDescription>COLORADO</stateOrCountryDescription>
                <zipCode>80202</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Manager</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>N/A</firstName>
                <lastName>ADREX Multifamily I TRS LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Ares Management</street1>
                <street2>Tabor Center, 1200 17th St., Suite 2900</street2>
                <city>Denver</city>
                <stateOrCountry>CO</stateOrCountry>
                <stateOrCountryDescription>COLORADO</stateOrCountryDescription>
                <zipCode>80202</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Depositor</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Stefanie</firstName>
                <middleName>L.</middleName>
                <lastName>Sommers</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Ares Management</street1>
                <street2>Tabor Center, 1200 17th St., Suite 2900</street2>
                <city>Denver</city>
                <stateOrCountry>CO</stateOrCountry>
                <stateOrCountryDescription>COLORADO</stateOrCountryDescription>
                <zipCode>80202</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Principal of the indirect parent of ADREX Multifamily I Manager LLC, which is the manager of the Signatory Trustee</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Other Real Estate</industryGroupType>
        </industryGroup>
        <issuerSize>
            <revenueRange>Decline to Disclose</revenueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06b</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>0001934728-23-000002</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2022-08-24</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>500000</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>Ares Wealth Management Solutions, LLC</recipientName>
                <recipientCRDNumber>119546</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>c/o Ares Management</street1>
                    <street2>Tabor Center, 1200 17th St., Suite 2900</street2>
                    <city>Denver</city>
                    <stateOrCountry>CO</stateOrCountry>
                    <stateOrCountryDescription>COLORADO</stateOrCountryDescription>
                    <zipCode>80202</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Concorde Investment Services, LLC</recipientName>
                <recipientCRDNumber>151604</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>19500 Victor Parkway</street1>
                    <street2>Suite 550</street2>
                    <city>Livonia</city>
                    <stateOrCountry>MI</stateOrCountry>
                    <stateOrCountryDescription>MICHIGAN</stateOrCountryDescription>
                    <zipCode>48152</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                    <state>CO</state>
                    <description>COLORADO</description>
                    <state>FL</state>
                    <description>FLORIDA</description>
                    <state>NY</state>
                    <description>NEW YORK</description>
                    <state>OR</state>
                    <description>OREGON</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>DFPG Investments, LLC</recipientName>
                <recipientCRDNumber>155576</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>9017 S. Riverside Drive</street1>
                    <street2>Suite 210</street2>
                    <city>Sandy</city>
                    <stateOrCountry>UT</stateOrCountry>
                    <stateOrCountryDescription>UTAH</stateOrCountryDescription>
                    <zipCode>84070</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CO</state>
                    <description>COLORADO</description>
                    <state>MD</state>
                    <description>MARYLAND</description>
                    <state>MO</state>
                    <description>MISSOURI</description>
                    <state>MT</state>
                    <description>MONTANA</description>
                    <state>UT</state>
                    <description>UTAH</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Robert W. Baird &amp; Co. Incorporated</recipientName>
                <recipientCRDNumber>8158</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>777 E. Wisconsin Avenue</street1>
                    <city>Milwaukee</city>
                    <stateOrCountry>WI</stateOrCountry>
                    <stateOrCountryDescription>WISCONSIN</stateOrCountryDescription>
                    <zipCode>53202</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                    <state>CO</state>
                    <description>COLORADO</description>
                    <state>ID</state>
                    <description>IDAHO</description>
                    <state>IN</state>
                    <description>INDIANA</description>
                    <state>KY</state>
                    <description>KENTUCKY</description>
                    <state>MI</state>
                    <description>MICHIGAN</description>
                    <state>MN</state>
                    <description>MINNESOTA</description>
                    <state>NM</state>
                    <description>NEW MEXICO</description>
                    <state>WA</state>
                    <description>WASHINGTON</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Sagepoint Financial, Inc.</recipientName>
                <recipientCRDNumber>133763</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>20 E. Thomas Rd.</street1>
                    <street2>Suite 2000</street2>
                    <city>Phoenix</city>
                    <stateOrCountry>AZ</stateOrCountry>
                    <stateOrCountryDescription>ARIZONA</stateOrCountryDescription>
                    <zipCode>85012</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                    <state>HI</state>
                    <description>HAWAII</description>
                    <state>NV</state>
                    <description>NEVADA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Realized Financial, Inc.</recipientName>
                <recipientCRDNumber>22333</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>400 W. 15th Street</street1>
                    <street2>Suite 700</street2>
                    <city>Austin</city>
                    <stateOrCountry>TX</stateOrCountry>
                    <stateOrCountryDescription>TEXAS</stateOrCountryDescription>
                    <zipCode>78701</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>AZ</state>
                    <description>ARIZONA</description>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                    <state>FL</state>
                    <description>FLORIDA</description>
                    <state>MA</state>
                    <description>MASSACHUSETTS</description>
                    <state>UT</state>
                    <description>UTAH</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Ameriprise Financial Services, LLC</recipientName>
                <recipientCRDNumber>6363</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>707 2nd Avenue South</street1>
                    <city>Minneapolis</city>
                    <stateOrCountry>MN</stateOrCountry>
                    <stateOrCountryDescription>MINNESOTA</stateOrCountryDescription>
                    <zipCode>55402</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>AZ</state>
                    <description>ARIZONA</description>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                    <state>CO</state>
                    <description>COLORADO</description>
                    <state>CT</state>
                    <description>CONNECTICUT</description>
                    <state>FL</state>
                    <description>FLORIDA</description>
                    <state>IL</state>
                    <description>ILLINOIS</description>
                    <state>IA</state>
                    <description>IOWA</description>
                    <state>KY</state>
                    <description>KENTUCKY</description>
                    <state>LA</state>
                    <description>LOUISIANA</description>
                    <state>ME</state>
                    <description>MAINE</description>
                    <state>MA</state>
                    <description>MASSACHUSETTS</description>
                    <state>MN</state>
                    <description>MINNESOTA</description>
                    <state>MT</state>
                    <description>MONTANA</description>
                    <state>NV</state>
                    <description>NEVADA</description>
                    <state>NJ</state>
                    <description>NEW JERSEY</description>
                    <state>NY</state>
                    <description>NEW YORK</description>
                    <state>NC</state>
                    <description>NORTH CAROLINA</description>
                    <state>OH</state>
                    <description>OHIO</description>
                    <state>OK</state>
                    <description>OKLAHOMA</description>
                    <state>OR</state>
                    <description>OREGON</description>
                    <state>PA</state>
                    <description>PENNSYLVANIA</description>
                    <state>SC</state>
                    <description>SOUTH CAROLINA</description>
                    <state>TN</state>
                    <description>TENNESSEE</description>
                    <state>TX</state>
                    <description>TEXAS</description>
                    <state>UT</state>
                    <description>UTAH</description>
                    <state>WA</state>
                    <description>WASHINGTON</description>
                    <state>WI</state>
                    <description>WISCONSIN</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Securities America, Inc.</recipientName>
                <recipientCRDNumber>10205</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>12325 Port Grace Blvd.</street1>
                    <city>Lavista</city>
                    <stateOrCountry>NE</stateOrCountry>
                    <stateOrCountryDescription>NEBRASKA</stateOrCountryDescription>
                    <zipCode>68128</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>FL</state>
                    <description>FLORIDA</description>
                    <state>ID</state>
                    <description>IDAHO</description>
                    <state>IA</state>
                    <description>IOWA</description>
                    <state>MN</state>
                    <description>MINNESOTA</description>
                    <state>NE</state>
                    <description>NEBRASKA</description>
                    <state>NJ</state>
                    <description>NEW JERSEY</description>
                    <state>OR</state>
                    <description>OREGON</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Janney Montgomery Scott LLC</recipientName>
                <recipientCRDNumber>463</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>1717 Arch Street</street1>
                    <city>Philadelphia</city>
                    <stateOrCountry>PA</stateOrCountry>
                    <stateOrCountryDescription>PENNSYLVANIA</stateOrCountryDescription>
                    <zipCode>19103</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CT</state>
                    <description>CONNECTICUT</description>
                    <state>FL</state>
                    <description>FLORIDA</description>
                    <state>NY</state>
                    <description>NEW YORK</description>
                    <state>VA</state>
                    <description>VIRGINIA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Commonwealth Financial Network</recipientName>
                <recipientCRDNumber>8032</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>29 Sawyer Road</street1>
                    <city>Waltham</city>
                    <stateOrCountry>MA</stateOrCountry>
                    <stateOrCountryDescription>MASSACHUSETTS</stateOrCountryDescription>
                    <zipCode>02453</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>AZ</state>
                    <description>ARIZONA</description>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                    <state>CO</state>
                    <description>COLORADO</description>
                    <state>FL</state>
                    <description>FLORIDA</description>
                    <state>GA</state>
                    <description>GEORGIA</description>
                    <state>MA</state>
                    <description>MASSACHUSETTS</description>
                    <state>MO</state>
                    <description>MISSOURI</description>
                    <state>NY</state>
                    <description>NEW YORK</description>
                    <state>UT</state>
                    <description>UTAH</description>
                    <state>WA</state>
                    <description>WASHINGTON</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Woodbury Financial Services, Inc.</recipientName>
                <recipientCRDNumber>421</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>7755 3rd Street North</street1>
                    <city>Oakdale</city>
                    <stateOrCountry>MN</stateOrCountry>
                    <stateOrCountryDescription>MINNESOTA</stateOrCountryDescription>
                    <zipCode>55128</zipCode>
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                <statesOfSolicitationList>
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                    <state>IL</state>
                    <description>ILLINOIS</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Rockefeller Financial LLC</recipientName>
                <recipientCRDNumber>29136</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>45 Rockefeller Plaza</street1>
                    <street2>Floor 5</street2>
                    <city>New York</city>
                    <stateOrCountry>NY</stateOrCountry>
                    <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                    <zipCode>10111</zipCode>
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                    <state>CO</state>
                    <description>COLORADO</description>
                    <state>MI</state>
                    <description>MICHIGAN</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Infinex Investments, Inc.</recipientName>
                <recipientCRDNumber>35371</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>538 Preston Avenue</street1>
                    <city>Meriden</city>
                    <stateOrCountry>CT</stateOrCountry>
                    <stateOrCountryDescription>CONNECTICUT</stateOrCountryDescription>
                    <zipCode>06450</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>FL</state>
                    <description>FLORIDA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Nationwide Planning Associates Inc.</recipientName>
                <recipientCRDNumber>31029</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>115 West Century Road</street1>
                    <street2>Suite 360</street2>
                    <city>Paramus</city>
                    <stateOrCountry>NJ</stateOrCountry>
                    <stateOrCountryDescription>NEW JERSEY</stateOrCountryDescription>
                    <zipCode>07652</zipCode>
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                    <description>NEW YORK</description>
                    <state>WI</state>
                    <description>WISCONSIN</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>DAI Securities, LLC</recipientName>
                <recipientCRDNumber>36673</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>2200 Century Parkway NE</street1>
                    <street2>Suite 435</street2>
                    <city>Atlanta</city>
                    <stateOrCountry>GA</stateOrCountry>
                    <stateOrCountryDescription>GEORGIA</stateOrCountryDescription>
                    <zipCode>30345</zipCode>
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                    <description>CALIFORNIA</description>
                    <state>NV</state>
                    <description>NEVADA</description>
                    <state>NY</state>
                    <description>NEW YORK</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Hightower Securities, LLC</recipientName>
                <recipientCRDNumber>116681</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
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                    <street2>Suite 2500</street2>
                    <city>Chicago</city>
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                    <stateOrCountryDescription>ILLINOIS</stateOrCountryDescription>
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                    <state>MO</state>
                    <description>MISSOURI</description>
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                <foreignSolicitation>false</foreignSolicitation>
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            <recipient>
                <recipientName>Royal Alliance Associates, Inc.</recipientName>
                <recipientCRDNumber>23131</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
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                    <street2>Suite 1410</street2>
                    <city>Jersey City</city>
                    <stateOrCountry>NJ</stateOrCountry>
                    <stateOrCountryDescription>NEW JERSEY</stateOrCountryDescription>
                    <zipCode>07302</zipCode>
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                    <description>CALIFORNIA</description>
                    <state>NJ</state>
                    <description>NEW JERSEY</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>American Portfolios Financial Services, Inc.</recipientName>
                <recipientCRDNumber>18487</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
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                    <street2>4th Floor East</street2>
                    <city>Holbrook</city>
                    <stateOrCountry>NY</stateOrCountry>
                    <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                    <zipCode>11741</zipCode>
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                    <state>NY</state>
                    <description>NEW YORK</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Emerson Equity LLC</recipientName>
                <recipientCRDNumber>130032</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>155 Bovet Road</street1>
                    <street2>Suite 725</street2>
                    <city>San Mateo</city>
                    <stateOrCountry>CA</stateOrCountry>
                    <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                    <zipCode>94402</zipCode>
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                    <description>NEVADA</description>
                    <state>WY</state>
                    <description>WYOMING</description>
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                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>UBS Financial Services Inc.</recipientName>
                <recipientCRDNumber>8174</recipientCRDNumber>
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                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>1200 Harbor Blvd.</street1>
                    <city>Weehawken</city>
                    <stateOrCountry>NJ</stateOrCountry>
                    <stateOrCountryDescription>NEW JERSEY</stateOrCountryDescription>
                    <zipCode>07086</zipCode>
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                <statesOfSolicitationList>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                    <state>CT</state>
                    <description>CONNECTICUT</description>
                    <state>MT</state>
                    <description>MONTANA</description>
                    <state>NE</state>
                    <description>NEBRASKA</description>
                    <state>NH</state>
                    <description>NEW HAMPSHIRE</description>
                    <state>NY</state>
                    <description>NEW YORK</description>
                    <state>VA</state>
                    <description>VIRGINIA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Aurora Securities</recipientName>
                <recipientCRDNumber>46147</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>2565 West Maple</street1>
                    <city>Troy</city>
                    <stateOrCountry>MI</stateOrCountry>
                    <stateOrCountryDescription>MICHIGAN</stateOrCountryDescription>
                    <zipCode>48084</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Sanctuary Securities, Inc.</recipientName>
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                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>250 W. 96th Street, #300</street1>
                    <city>Indianapolis</city>
                    <stateOrCountry>IN</stateOrCountry>
                    <stateOrCountryDescription>INDIANA</stateOrCountryDescription>
                    <zipCode>46260</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>NY</state>
                    <description>NEW YORK</description>
                    <state>NC</state>
                    <description>NORTH CAROLINA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>MML Investors Services, LLC</recipientName>
                <recipientCRDNumber>10409</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>1295 State Street</street1>
                    <city>Springfield</city>
                    <stateOrCountry>MA</stateOrCountry>
                    <stateOrCountryDescription>MASSACHUSETTS</stateOrCountryDescription>
                    <zipCode>01111</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Triad Advisors LLC</recipientName>
                <recipientCRDNumber>25803</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>5155 Peachtree Parkway</street1>
                    <street2>Suite 3220</street2>
                    <city>Norcross</city>
                    <stateOrCountry>GA</stateOrCountry>
                    <stateOrCountryDescription>GEORGIA</stateOrCountryDescription>
                    <zipCode>30092</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>AZ</state>
                    <description>ARIZONA</description>
                    <state>NY</state>
                    <description>NEW YORK</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>The O.N. Equity Sales Company</recipientName>
                <recipientCRDNumber>2936</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>One Financial Way</street1>
                    <city>Cincinnati</city>
                    <stateOrCountry>OH</stateOrCountry>
                    <stateOrCountryDescription>OHIO</stateOrCountryDescription>
                    <zipCode>45242</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CO</state>
                    <description>COLORADO</description>
                    <state>PA</state>
                    <description>PENNSYLVANIA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>283850000</totalOfferingAmount>
            <totalAmountSold>283850000</totalAmountSold>
            <totalRemaining>0</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>228</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>15988981</dollarAmount>
                <isEstimate>true</isEstimate>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
                <isEstimate>true</isEstimate>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>13590633</dollarAmount>
                <isEstimate>true</isEstimate>
            </grossProceedsUsed>
            <clarificationOfResponse>Estimate includes Dealer Manager Fee, Facilitation Fee and Organizational Expense and RE Transaction Cost Allowance that may accrue to one or more related persons.</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>ADREX Multifamily I DST</issuerName>
                <signatureName>Stefanie Sommers</signatureName>
                <nameOfSigner>Stefanie Sommers</nameOfSigner>
                <signatureTitle>Vice President indir. parent ADREX Multifamily I Manager LLC</signatureTitle>
                <signatureDate>2023-10-11</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
