The Dallas Central Property includes one three-story building and one four-story building which contain 334 residential units in the aggregate, which includes a mix of one- and two-bedroom units, and an attached five-level parking garage. Amenities at the Dallas Central Property include a resort-style swimming pool, a two. story 24-hour fitness center, a gated turf dog park, an executive conference lounge, outdoor grilling stations, an outdoor lounge and fire pit, an outdoor courtyard, an interior resident lounge with kitchen, a business center with printers and a gourmet coffee maker, package lockers, controlled-access entry, and valet trash pick-up. Unit amenities include high-speed internet availability, granite countertops, stainless steel appliances, nine-foot ceilings, separate showers and soaking tubs, undermount sinks, walk-in closets with shelves, wood-style flooring and washer and dryer connections. Additional amenities in select units include a private patio or balcony, a smart home package, nest thermostats, direct access, and detached garages and pet yards.

The Dallas North Property consists of approximately 4.87 acres of land in Richardson, texas and 351 residential units contained within one five-story Building comprised of approximately 308,309 rentable square feet and street Level retail containing an additional 8,110 rentable square feet. The Dallas North Property includes one five-story building which contains 351 residential units, which includes a mix of studio, one- and two-bedroom units, and an attached five-level parking garage. The Dallas North Property also includes street-level retail containing an additional 8,110 rentable square feet which, as of the date of this Memorandum, is vacant. The business plan for the retail space is to lease it within bu the end of 2023. The asset manager’s budget includes an allocation for tenant improvements and leasing commissions Amenities at the Dallas North Property include a skyline terrace with lounge seating and views of CityLine, two resort-style swimming pools, a sundeck, poolside grilling stations, a 24-hour fitness center, a 24-hour clubroom with full kitchen, billiards and shuffleboard, a business center with conference rooms and a complimentary coffee bar, a covered outdoor lounge area, an outdoor courtyard with grilling stations, fire pits and lounge seating, a sand volleyball court, a gated pet park, package lockers, a gated parking garage, electric car charging stations, a pet grooming station, dry cleaning lockers, bike storage, controlled-access entry and valet trash pick-up.

The San Antonio property consists of approximately 20.43 acres of land and 332 residential units contained within 13 three-story buildings comprised of Approximately 316,642 rentable square feet. The San Antonio Property is situated on the east side of Vance Jackson Road, just north of its intersection with UTSA Boulevard. The neighborhood is situated at the southeast corner of the intersection of I-10 and N Loop 1604, and is approximately 15 miles northwest of downtown San Antonio. The San Antonio Property includes 13 three-story garden-style residential building which contain 332 residential units in the aggregate, which includes a mix of one- and two-bedroom units. The San Antonio Property also includes one single-story clubhouse building, one single-story maintenance shop building and six free-standing residential garage structures. Amenities at the San Antonio Property include a resort-style swimming pool with a sundeck and loungers, an outdoor entertainment area with three stainless steel grills, a resident clubhouse, an entertainment lounge with billiards, a business center and conference room, a fitness center, two dog parks, a pet wash station, garage and carport parking, secure package lockers, gated access entry and valet trash pick-up. Unit amenities include stainless steel appliances, granite countertops, an in-unit washer and dryer, high ceilings and a private patio or balcony. Additional amenities in select units include wood-style flooring, modern track lighting, walk-in closets and a private yard.

ADREX is an institutionally structured flexible solution that allows a 1031 exchange from an investment property to high-quality commercial properties owned by a DST and managed by Ares Real Estate Income Trust (AREIT), a multi-billion- dollar real estate investment trust. Investors have the potential to later receive fully divisible ownership units in the AREIT Operating Partnership through a tax-deferred 721 exchange, providing further tax and estate planning benefits.