Dakota REIT

What Dakota REIT does

Dakota Real Estate Investment Trust (Dakota REIT) is a private real estate investment trust headquartered in Fargo, North Dakota, operating since 1997. The company invests in a diversified portfolio of multifamily, industrial/flex, retail, office, and mixed-use properties across Midwest growth markets, with a portfolio value exceeding $1B as of 2025. The geographic footprint spans nine Midwest markets, with Fargo-Moorhead representing 38% of portfolio value and the Twin Cities, Bismarck, Sioux Falls, Des Moines, Omaha, and Aberdeen composing the balance. Tenant exposure includes credit-tenant single-tenant net lease (STNL) occupiers such as Neogen, Dakota Supply Group, and Vantive Healthcare, alongside a diversified multifamily tenant base.

Dakota REIT generates revenue primarily through rental income from its property portfolio and through private placement share offerings to investors. Shares are sold directly via private placement at a quarterly distribution rate of $0.245 per share (5.16% rate of return as of 2026), with a Distribution Reinvestment Plan (DRIP) allowing reinvestment at 95% of asking price. A secondary capital formation channel is the 721 UPREIT exchange program, which enables property owners to contribute real estate in exchange for limited partnership interests, deferring capital gains taxes. The company has paid 115 consecutive quarterly distributions over 28+ years.

Operations are managed by Dakota REIT Management, LLC, the external advisor, led by President Matthew Pedersen, CIO Peter Tanis (joined January 2024 from NEWMARK), COO Danel Jung, and CFO James P. Haley. The Board of Trustees comprises 13 members with deep Midwest real estate, finance, and operating expertise. The investment strategy emphasizes institutional-grade assets, credit-tenant leases, and a targeted portfolio leverage ratio of 55%-65%. The company has no proprietary technology platform beyond a third-party shareholder portal (Lodas Markets) and does not list on public exchanges.

Name

Dakota REIT

Legal name

Dakota Real Estate Investment Trust

Website

https://dakotareit.com

Company type

Private

Founded year

1997

Operating status

Operating

Headcount range

11–50 employees

Short description

Dakota REIT is a private real estate investment trust, founded in 1997 and headquartered in Fargo, North Dakota, that invests in a diversified $1B+ portfolio of multifamily, industrial, retail, office, and mixed-use properties across Midwest growth markets, serving individual investors through private placement share offerings and 721 UPREIT exchanges.

Ownership category

akta.pro rank

Product category

Private Real Estate Investment Trust

NAICS

Lessors of Real Estate (5311)

SIC

Real Estate Investment Trusts (6798)

akta.pro primary industry

REITs & Listed Real Estate Securities (FSAAAKAD)

akta.pro secondary industry

Core Real Estate (Stabilized/Core-Plus) (FSAAAKAA)

Keywords

• Private REIT investments
• Multifamily real estate
• Commercial property portfolio
• Midwest real estate
• Tax-deferred exchanges

Headquarters

HQ city

Fargo

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Marketing or Sales, Technology or R&D

Revenue model

1. Rental Income: Dakota REIT generates revenue through rental income from its diversified portfolio of multifamily apartments and commercial properties across the Midwest. The portfolio includes multifamily, industrial/flex, retail, office, and mixed-use properties.
2. Share Issuance: Private placement share offerings to investors. Shares are sold at an asking price with Distribution Reinvestment Plan (DRIP) allowing reinvestment at 95% of current asking price.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels7 records

Core offering

Dakota REIT is a private Real Estate Investment Trust that acquires, owns, and manages a diversified portfolio of multifamily and commercial properties across Midwest growth markets. The company generates rental income from these properties and distributes it to shareholders through quarterly distributions ($0.245 per share, 5.16% rate of return as of 2026). It also offers investment vehicles including private placement share offerings, a Distribution Reinvestment Plan (DRIP) at a 5% discount, and a 721 UPREIT exchange program for tax-deferred property contributions.

Product overview

Dakota REIT is a private Real Estate Investment Trust offering a unified investment platform focused on diversified real estate assets in the Midwest. The company's core products include a Shareholder Portal for account management, a Distribution Reinvestment Plan (DRIP) for reinvesting distributions at a 5% discount, a 721 UPREIT Exchange for tax-deferred property exchanges, and a Direct Repurchase Program. These are complemented by two primary property portfolios: a Multifamily Properties Portfolio spanning apartments and townhomes across major Midwest markets (Fargo, Bismarck, Des Moines, Omaha, Sioux Falls, Aberdeen, Twin Cities), and a Commercial Properties Portfolio covering industrial/flex, retail, mixed-use, office, and grocery-anchored shopping assets. Together, these products enable investors to participate in diversified real estate ownership with consistent distribution yields and long-term capital appreciation.

Differentiator

Problem solved

Functional benefit

Products and services

• Shareholder Portal Online portal for current shareholders to manage their Dakota REIT investments, access account information, view financial documents, and reinvest distributions. Powered by Lodas Markets at dakota.lodasmarkets.com.
• Distribution Reinvestment Plan (DRIP) Program allowing shareholders to reinvest quarterly distributions for additional Dakota REIT shares at 95% of the current asking price (a 5% discount benefit). Available to residents in states where Dakota REIT is registered with the SEC.
• 721 UPREIT Exchange Program

Quantifiable outcome

• 5.16% rate of return on quarterly distributions as of 2026
• +3 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered minor and core.

• Interstate DevelopmentminorStrategic or Co-development Partner · 22 January 2026Working directly with Interstate Development as seller for the Dakota Supply Group property acquisition in Otsego, MN. Property purchased off market with a long-term lease in place.
• Ryan Companies US, Inc.coreStrategic or Co-development Partner · 1 January 2024Strategic partnership with Ryan Companies US, Inc. for the acquisition of Bassett Creek Innovations Center in Golden Valley, MN. Property was purchased off market with a long-term lease in place. Ryan Companies is a national real estate development and construction firm.
• Lloyd CompaniescoreStrategic or Co-development Partner · 30 September 2023Strategic development alliance with Lloyd Companies, headquartered in Sioux Falls, SD, for The Rowe on 57th acquisition. This collaboration increases multifamily allocation and strengthens Dakota REIT's portfolio through development activities with reduced risk, providing a predictable acquisition pipeline.

Scale indicators6 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• BRT Apartments Corp. BRT Apartments Corp. (NYSE: BRT) is a multifamily REIT that owns and operates garden-style apartment communities, with a similar small-cap, multifamily-focused portfolio model and comparable investor base to Dakota REIT.
• Steadfast Apartment REIT: Steadfast Apartment REIT is a private, non-traded multifamily REIT with a similar private placement structure, distribution reinvestment plan, and strategy of acquiring income-producing apartment communities. The private REIT model and investor base closely mirror Dakota REIT's structure.
• NexPoint Residential Trust: NexPoint Residential Trust (NYSE: NXRT) is a multifamily REIT focused on workforce housing in the Sun Belt, but shares a similar value-oriented multifamily acquisition strategy, Class B/C asset focus, and small-mid cap REIT scale comparable to Dakota REIT.
• Independence Realty Trust: Independence Realty Trust (NYSE: IRT) is a multifamily REIT owning and operating apartment communities across non-gateway U.S. markets with similar demographic growth characteristics, providing a comparable operating and asset-mix profile to Dakota REIT.
• Centerspace: Centerspace (NYSE: CSR) is a multifamily REIT focused on Midwest and Mountain West markets including Minneapolis, Denver, and select Midwest cities, with a comparable asset mix of garden-style apartments and a similar regional operating thesis to Dakota REIT.

Emerging players

• Bluerock Residential Growth REIT: Bluerock Residential Growth REIT was a non-traded multifamily REIT with a similar private placement structure and Class A multifamily focus, providing a structural comparable for how Dakota REIT raises capital and structures its private REIT offering.
• UMH Properties: UMH Properties (NYSE: UMH) is a small-cap REIT specializing in manufactured housing communities across the Midwest and Northeast. While a different asset class, UMH shares Dakota REIT's regional concentration in Midwest growth markets and small-mid cap REIT scale with comparable investor base dynamics.

Broad incumbents

• AvalonBay Communities: AvalonBay Communities (NYSE: AVB) is a large-cap multifamily REIT with a national portfolio of apartment communities. As a top-tier publicly traded multifamily operator, it serves as a benchmark for institutional operating standards and asset class returns comparable to Dakota REIT's multifamily holdings.
• Mid-America Apartment Communities: Mid-America Apartment Communities (NYSE: MAA) is a large-cap multifamily REIT with over 100,000 units across the Sun Belt. While geographically distinct, MAA shares Dakota REIT's core multifamily focus and serves as a public-market comparable for asset-mix and yield benchmarking.
• Equity Residential: Equity Residential (NYSE: EQR) is a large national multifamily REIT with significant presence in urban gateway markets, providing a broad incumbent comparable for the multifamily asset class that Dakota REIT operates in.

Market position

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/Dakota-REIT-333988820596181
• LinkedInlinkedin.com/company/dakota-reit

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Dakota REIT