INREIT was officially formed on November 1, 2002. At that point the Golden Estates Independent Living Facility in Williston, ND, was purchased with funds from the original ten share holders. We first sold shares to the public in January, 2003, as part of our $2 million offering. That offering was expanded to $5 million later in the year.
INREIT Properties, LLLP, was formed during 2003 to act as our operating partnership and to allow the Company to acquire appre- ciated real property and to provide non-recognition of gain by the owners. All of our properties are held by INREIT Properties, LLLP, for which INREIT acts as the General Partner