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BXREX Portfolio I DST property photo

BXREX Portfolio I DST

Sponsored by Blackstone
Minimum Investment$1,000,000
Total Offering$175,555,053
Available Equity$175,555,053 100.00% available
Equity$175,555,053
DebtAll-Cash
In-Place LTV0.00% LTV
Average Yield4.38%
Cap Rate Equivalent6.74%
LocationNV, TX
Estimated Hold Period10 years
721 Exchange ExitMandatory
Total Load1.00%
StrategyCore
StatusComing Soon / Under Review

Overview

BXREX Portfolio I DST is a $175.6 million all-cash, zero-debt Delaware Statutory Trust from Blackstone. It holds two stabilized Class A multifamily communities totaling 612 units in Las Vegas and Houston, with a 10-year guaranteed master lease and a potential Section 721 path into BREIT. The current Type I forecast is 4.16% in years 1–5 and 4.59% in years 6–10.

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.

Type I Pricing Supplement projects a 4.16% annualized yield in years 1–5 and 4.59% in years 6–10; $1,000,000 minimum investment.

Analysis

Insights

BXREX combines a 10-year guaranteed master lease with a potential Section 721 path into BREIT; the current Type I forecast supersedes the earlier 3.20% / 3.62% schedule.

Advantages

Blackstone sponsorship and a BREIT-backed master lease provide institutional support and one of the DST market's strongest liquidity backstops; the all-cash structure removes leverage risk; Type I facilitation fee is 1.00%.

Concerns

Fixed Type I yield begins at 4.16% and steps to 4.59%; investors do not participate directly in property NOI upside, and the structure concentrates key parties within the Blackstone/BREIT platform.

Projected Distributions

Average Yield4.38%
Cap Rate Equivalent6.74%
Y14.16%
Y24.16%
Y30.0416
Y40.0416
Y50.0416
Y60.0459
Y70.0459
Y80.0459
Y90.0459
Y100.0459

Projected, not guaranteed. Distribution rates are the sponsor’s projections, are not a promise of performance, and can be reduced or suspended. ¹ Estimated Tax-Adjusted Yield reflects the projected impact of depreciation and amortization deductions at an assumed combined federal and state tax rate; individual tax outcomes vary — consult your CPA regarding your specific situation. Cap Rate Equivalent is a Baker 1031 Investments calculation intended to allow comparison with direct property ownership; it is not a sponsor-reported figure and does not represent a rate of return. See the private placement memorandum for the assumptions behind these figures.

Financing

LenderNone (all-cash)
Interest RateN/A
Loan TermN/A
I/O PeriodN/A
AmortizationN/A
Y1 DSCRN/A

Benchmarks

Avg. Income
This deal4.38%
Market4.99%
Below Average
Growth
This deal10.34%
Market25.67%
Below Average
Peak
This deal4.59%
Market5.34%
Below Average

Benchmarks compare this offering’s projected figures against sector medians computed across current offerings tracked by Baker 1031 Investments as of the last-updated date shown. Benchmark data is internal, unaudited, and subject to change.

Documents