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

    <schemaVersion>X0708</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0002107663</cik>
        <entityName>Blue Owl Real Estate Exchange V DST</entityName>
        <issuerAddress>
            <street1>150 N. RIVERSIDE PLAZA</street1>
            <street2>37TH FLOOR</street2>
            <city>CHICAGO</city>
            <stateOrCountry>IL</stateOrCountry>
            <stateOrCountryDescription>ILLINOIS</stateOrCountryDescription>
            <zipCode>60606</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>(312) 741-1819</issuerPhoneNumber>
        <jurisdictionOfInc>DELAWARE</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Other</entityType>
        <entityTypeOtherDesc>Delaware Statutory Trust</entityTypeOtherDesc>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2025</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>N/A</firstName>
                <lastName>Blue Owl Real Estate Exchange LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>150 N. Riverside Plaza</street1>
                <street2>37th Floor</street2>
                <city>Chicago</city>
                <stateOrCountry>IL</stateOrCountry>
                <stateOrCountryDescription>ILLINOIS</stateOrCountryDescription>
                <zipCode>60606</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Sponsor of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>N/A</firstName>
                <lastName>Blue Owl Real Estate Exchange DST Manager LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>150 N. Riverside Plaza</street1>
                <street2>37th Floor</street2>
                <city>Chicago</city>
                <stateOrCountry>IL</stateOrCountry>
                <stateOrCountryDescription>ILLINOIS</stateOrCountryDescription>
                <zipCode>60606</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Manager and Signatory Trustee of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>N/A</firstName>
                <lastName>Blue Owl Real Estate Exchange Depositor LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>150 N. Riverside Plaza</street1>
                <street2>37th Floor</street2>
                <city>Chicago</city>
                <stateOrCountry>IL</stateOrCountry>
                <stateOrCountryDescription>ILLINOIS</stateOrCountryDescription>
                <zipCode>60606</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Depositor of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Neena</firstName>
                <lastName>Reddy</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>150 N. Riverside Plaza</street1>
                <street2>37th Floor</street2>
                <city>Chicago</city>
                <stateOrCountry>IL</stateOrCountry>
                <stateOrCountryDescription>ILLINOIS</stateOrCountryDescription>
                <zipCode>60606</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>General Counsel and Secretary of the Member of the Manager of the Issuer</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>0002107663-26-000002</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2026-01-22</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>false</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>250000</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>Andrew Raney</recipientName>
                <recipientCRDNumber>5120161</recipientCRDNumber>
                <associatedBDName>Metropolitan Capital Investment Banc, Inc.</associatedBDName>
                <associatedBDCRDNumber>148820</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>350 North LaSalle Street</street1>
                    <street2>Suite 800</street2>
                    <city>Chicago</city>
                    <stateOrCountry>IL</stateOrCountry>
                    <stateOrCountryDescription>ILLINOIS</stateOrCountryDescription>
                    <zipCode>60654</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CO</state>
                    <description>COLORADO</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Grant Piller</recipientName>
                <recipientCRDNumber>5494020</recipientCRDNumber>
                <associatedBDName>MML Investors Services, LLC</associatedBDName>
                <associatedBDCRDNumber>10409</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>2 Carlson Parkway N</street1>
                    <street2>Suite 320</street2>
                    <city>Plymouth</city>
                    <stateOrCountry>MN</stateOrCountry>
                    <stateOrCountryDescription>MINNESOTA</stateOrCountryDescription>
                    <zipCode>55447</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>MN</state>
                    <description>MINNESOTA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Greg Harvey</recipientName>
                <recipientCRDNumber>2653408</recipientCRDNumber>
                <associatedBDName>MML Investors Services, LLC</associatedBDName>
                <associatedBDCRDNumber>10409</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>10975 Benson Drive</street1>
                    <street2>Suite 300</street2>
                    <city>Overland Park</city>
                    <stateOrCountry>KS</stateOrCountry>
                    <stateOrCountryDescription>KANSAS</stateOrCountryDescription>
                    <zipCode>66210</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Scott E. Barton</recipientName>
                <recipientCRDNumber>6695733</recipientCRDNumber>
                <associatedBDName>MML Investors Services, LLC</associatedBDName>
                <associatedBDCRDNumber>10409</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>10 Cadillac Drive</street1>
                    <street2>Suite 300</street2>
                    <city>Brentwood</city>
                    <stateOrCountry>TN</stateOrCountry>
                    <stateOrCountryDescription>TENNESSEE</stateOrCountryDescription>
                    <zipCode>37027</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>TN</state>
                    <description>TENNESSEE</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>RBC Capital Markets, LLC</recipientName>
                <recipientCRDNumber>31194</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>200 Vesey Street</street1>
                    <city>New York</city>
                    <stateOrCountry>NY</stateOrCountry>
                    <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                    <zipCode>10281</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CO</state>
                    <description>COLORADO</description>
                    <state>GA</state>
                    <description>GEORGIA</description>
                    <state>NE</state>
                    <description>NEBRASKA</description>
                    <state>NV</state>
                    <description>NEVADA</description>
                    <state>NH</state>
                    <description>NEW HAMPSHIRE</description>
                    <state>OR</state>
                    <description>OREGON</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>269491892</totalOfferingAmount>
            <totalAmountSold>60721358</totalAmountSold>
            <totalRemaining>208770534</totalRemaining>
            <clarificationOfResponse>Regarding Item 11, the Issuer may accept smaller investments in the Sponsor's sole discretion.</clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>37</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>16169514</dollarAmount>
                <isEstimate>true</isEstimate>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
                <isEstimate>true</isEstimate>
            </findersFees>
            <clarificationOfResponse>Sales Commissions include estimates of the maximum amount of the Upfront Sales Load that may be paid for the entire offering.</clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>4042378</dollarAmount>
                <isEstimate>true</isEstimate>
            </grossProceedsUsed>
            <clarificationOfResponse>Item 16 is an estimate of expense reimbursements that may accrue to one or more Related Persons.</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>Blue Owl Real Estate Exchange V DST</issuerName>
                <signatureName>/s/ Andrew Morris</signatureName>
                <nameOfSigner>Andrew Morris</nameOfSigner>
                <signatureTitle>Corporate Secretary of the Manager of the Issuer</signatureTitle>
                <signatureDate>2026-03-04</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
