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. It holds two stabilized 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, supported by a BREIT-guaranteed master lease that funds 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.
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.
41% average). Minimum investment is $1,000,000.
The properties are held free and clear with no mortgage, eliminating refinancing, maturity, rate-cap, and lender-foreclosure risk and removing the equal-or-greater-debt replacement requirement for 1031 investors. The structural trade-off is the absence of positive leverage.
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.
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.
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.
The analysis below is Baker 1031's educational opinion — not investment, tax, or legal advice, a recommendation, or a guarantee, and it does not replace the offering's Private Placement Memorandum (PPM), which governs in all respects. Read the PPM and consult your own CPA and attorney before investing.
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.
The analysis below is Baker 1031's educational opinion — not investment, tax, or legal advice, a recommendation, or a guarantee, and it does not replace the offering's Private Placement Memorandum (PPM), which governs in all respects. Read the PPM and consult your own CPA and attorney before investing.
Blackstone
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.
Learn More About Blackstone →Access requires verification of accredited-investor status. Executable copies are released through the secure data room on request; the schedule below reflects the standard document set for this offering.
Securities offered through Aurora Securities, Inc. (CRD #46147 / SEC #8-51322), member FINRA / SIPC; Baker 1031 Investments, LLC is independent of Aurora Securities, Inc. and is not a registered broker-dealer or investment adviser. This is not an offer to sell or a solicitation of an offer to buy any security; any offer is made solely by the confidential private placement memorandum (PPM), which qualifies all information herein in its entirety. Delaware Statutory Trust interests are speculative, illiquid securities offered under Rule 506(c) of Regulation D and sold only to investors whose accredited-investor status has been verified; offering documents and subscription materials are provided only after that verification. They involve substantial risk, including possible loss of the entire investment.
Distributions, yields, the cap-rate equivalent, DSCR, occupancy, and benchmark figures are sponsor estimates or projections, are not guaranteed, and may differ materially from actual results. Any tax-adjusted yield assumes a 40% effective rate for non-1031 cash investors and is not tax advice. No tax, legal, or investment advice is provided — consult your own CPA and attorney. Past performance does not guarantee future results.