Jeffrey Hines's newest 1031 trust seeks $725 million, the biggest DST in 30 days
Hines, Blue Owl and Bluerock filed new Delaware Statutory Trusts in the same week, and their Form Ds show how much of each dollar goes to selling costs before it reaches a property.
By Raymond de Clairmont · · 3 min read
Hines Real Estate Exchange filed on Oct. 20 to raise $725.2 million for HREX 10, DST, with a $250,000 minimum, and the Form D lists Jeffrey C. Hines, the firm's chairman and co-CEO, as an executive officer [1]. It was the largest of 41 Delaware Statutory Trusts that filed or amended a Form D between Oct. 4 and Nov. 2, which together listed about $4.17 billion in offerings, by our math [4].
Blue Owl and Bluerock filed new trusts the same week, and Bluerock's filing lists R. Ramin Kamfar among its related persons [2][3]. All three let 1031 exchange investors buy a slice of a property without managing it.
Bluerock's new trust carries the highest selling cost of the three
We calculate estimated commissions at 5.0% of the offering for HREX 10, 6.0% for Blue Owl VII and 8.65% for BR HPE Zero Coupon [1][2][3].
| Trust | Sponsor base | Offering | Minimum | Sold at filing | Est. commissions |
|---|---|---|---|---|---|
| HREX 10, DST | Houston | $725.2M | $250,000 | $0 | $36.3M (5.0%) |
| Blue Owl Real Estate Exchange VII DST | Chicago | $310.3M | $250,000 | $11.8M | $18.6M (6.0%) |
| BR HPE Zero Coupon, DST | New York | $70.0M | $100,000 | $0 | $6.05M (8.65%) |
HREX 10 names Hines Private Wealth Solutions as the only firm paid to sell it, and estimates another $16.3 million in dealer manager fees and offering expenses that may go to related persons [1].
BR HPE Zero Coupon is sold by Bluerock Capital Markets and itemizes its load as a 6% commission, a 1.4% managing broker-dealer fee and a 1.25% marketing and due diligence allowance [3]. Its filing is signed by Joshua M. Hoffman as president of the sponsor's advisor [3].
Hines and Blue Owl sold hundreds of millions in their prior trusts
HREX 9 sold all $590.6 million it offered to 550 investors, and Blue Owl's Exchange VI reported $282.6 million from 237 investors [4]. Blue Owl VII made its first sale Oct. 8 through representatives at RBC Capital Markets and Realized Financial, and HREX 10 had not started selling [1][2].
Most DST minimums sit at $100,000 or less, well under the typical check
We calculate the median estimated commission at 7.0% across 39 trusts that reported one, with a range of 0.4% to 11.1%, and those figures are estimates for the whole offering [4]. Exemptions split 22 for Rule 506(c) and 19 for 506(b) [4]. Among trusts that reported investors, we calculate the median check at about $428,000 [4].
How to use this
For investors with a 1031 exchange to place
- Ask the sponsor for the offering memorandum's full fee table and add up commissions, dealer manager fees and acquisition fees before you compare projected yields. On BR HPE Zero Coupon, selling costs alone total 8.65% of sales [3], so we calculate that $913,500 of a $1 million investment is left after them.
- Line up a backup trust before you commit, because capacity varies widely. Blue Owl VII still had $298.5 million unsold on Oct. 22 [2], while eight of the 41 trusts on our list reported being fully sold [4].
- Look up the selling firm on FINRA BrokerCheck using the CRD number on the Form D, and ask your representative what they are paid on the sale. HREX 10 lists Hines Private Wealth Solutions, CRD 128145 [1], and Blue Owl VII lists five individual representatives by name [2].
For sponsors and advisers
- Spell out each fee in the Form D clarification field, as Bluerock did with its commission, broker-dealer fee and allowance [3]. Investors comparing trusts can then see a line-item load in a public filing before they request a memorandum.
- Set the minimum with the typical check in mind. The most common minimum on this month's filings was $100,000 [4], against a median investment we calculate at about $428,000 per investor [4].
This is market commentary, not investment, tax or legal advice. DST interests are generally sold only to accredited investors, and the SEC does not review or approve Form D filings.
Sources
- [1]SEC EDGAR, HREX 10, DST, Form D notice of exempt offering, Oct 20, 2026.
- [2]SEC EDGAR, Blue Owl Real Estate Exchange VII DST, Form D notice of exempt offering, Oct 22, 2026.
- [3]SEC EDGAR, BR HPE Zero Coupon, DST, Form D notice of exempt offering, Oct 20, 2026.
- [4]SEC EDGAR, Form D filings, Oct. 4 to Nov. 2, 2026, as compiled by The Portal, Nov 2, 2026.
