On November 1, 2002, INREIT Real Estate Investment Trust purchases Golden Estates, a 16-unit independent living facility in Williston, ND for $1,350,000.
Golden Estates, Williston, ND
Grand Forks Marketplace, Grand Forks, ND
In order to raise capital for additional real estate purchases, INREIT files an offering prospectus on December 20, 2002 which offers 200,000 in INREIT shares for $10 per share. The offering is later amended to 500,000 INREIT shares for $10 per share.
INREIT Properties, LLLP is formed and acts as INREIT Real Estate Investment Trust’s operating partnership. INREIT uses INREIT Properties, LLLP to acquire properties, including through the exchange of limited partnership units for properties, known as a “721 UPREIT.”
Midtown Plaza, Minot, ND
INREIT pays its first quarterly dividends to shareholders on May 15, 2003.
By the end of 2004, INREIT’s assets total over $24,000,000 and shareholder equity totals over $9,000,000.
About Sterling Multifamily Trust
The Trust was formed to invest in a portfolio of multifamily (apartment) properties.
The Trust's Mission is to provide Investors the opportunity of long-term ownership in lower-risk and well-managed income-producing real estate. Our portfolio of multifamily properties is located principally in the upper and central United States.
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