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      <liveTestFlag>LIVE</liveTestFlag>
      <filer>
        <issuerCredentials>
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          <ccc>XXXXXXXX</ccc>
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        <offeringFileNumber>024-12791</offeringFileNumber>
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      <flags>
        <returnCopyFlag>true</returnCopyFlag>
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      <jurisdictionOrganization>ND</jurisdictionOrganization>
      <yearIncorporation>1997</yearIncorporation>
      <cik>0001074922</cik>
      <sicCode>6798</sicCode>
      <irsNum>91-6441971</irsNum>
      <fullTimeEmployees>0</fullTimeEmployees>
      <partTimeEmployees>0</partTimeEmployees>
    </employeesInfo>
    <issuerInfo>
      <street1>3003 32nd Avenue South, Suite 250</street1>
      <city>FARGO</city>
      <stateOrCountry>ND</stateOrCountry>
      <zipCode>58103</zipCode>
      <phoneNumber>701-239-6879</phoneNumber>
      <connectionName>Randy Sparling</connectionName>
      <industryGroup>Other</industryGroup>
      <cashEquivalents>46171301.00</cashEquivalents>
      <investmentSecurities>0.00</investmentSecurities>
      <accountsReceivable>18082104.00</accountsReceivable>
      <propertyPlantEquipment>769388946.00</propertyPlantEquipment>
      <totalAssets>837379799.00</totalAssets>
      <accountsPayable>54495992.00</accountsPayable>
      <longTermDebt>530895941.00</longTermDebt>
      <totalLiabilities>588989328.00</totalLiabilities>
      <totalStockholderEquity>248390471.00</totalStockholderEquity>
      <totalLiabilitiesAndEquity>837379799.00</totalLiabilitiesAndEquity>
      <totalRevenues>106883788.00</totalRevenues>
      <costAndExpensesApplToRevenues>70760116.00</costAndExpensesApplToRevenues>
      <depreciationAndAmortization>23523067.00</depreciationAndAmortization>
      <netIncome>9337396.00</netIncome>
      <earningsPerShareBasic>0.35</earningsPerShareBasic>
      <earningsPerShareDiluted>0.35</earningsPerShareDiluted>
      <nameAuditor>Eide Bailly LLP</nameAuditor>
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    <commonEquity>
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      <commonCusipEquity>000000000</commonCusipEquity>
      <publiclyTradedCommonEquity>none</publiclyTradedCommonEquity>
    </commonEquity>
    <commonEquity>
      <commonEquityClassName>Class B</commonEquityClassName>
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      <publiclyTradedCommonEquity>none</publiclyTradedCommonEquity>
    </commonEquity>
    <commonEquity>
      <commonEquityClassName>Class I</commonEquityClassName>
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      <publiclyTradedPreferredEquity>none</publiclyTradedPreferredEquity>
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    <debtSecurities>
      <debtSecuritiesClassName>none</debtSecuritiesClassName>
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      <cusipDebtSecurities>000000000</cusipDebtSecurities>
      <publiclyTradedDebtSecurities>none</publiclyTradedDebtSecurities>
    </debtSecurities>
    <issuerEligibility>
      <certifyIfTrue>true</certifyIfTrue>
    </issuerEligibility>
    <applicationRule262>
      <certifyIfNotDisqualified>true</certifyIfNotDisqualified>
    </applicationRule262>
    <summaryInfo>
      <indicateTier1Tier2Offering>Tier1</indicateTier1Tier2Offering>
      <financialStatementAuditStatus>Audited</financialStatementAuditStatus>
      <securitiesOfferedTypes>Equity (common or preferred stock)</securitiesOfferedTypes>
      <offerDelayedContinuousFlag>Y</offerDelayedContinuousFlag>
      <offeringYearFlag>Y</offeringYearFlag>
      <offeringAfterQualifFlag>N</offeringAfterQualifFlag>
      <offeringBestEffortsFlag>N</offeringBestEffortsFlag>
      <solicitationProposedOfferingFlag>N</solicitationProposedOfferingFlag>
      <resaleSecuritiesAffiliatesFlag>N</resaleSecuritiesAffiliatesFlag>
      <securitiesOffered>513900</securitiesOffered>
      <outstandingSecurities>16089166</outstandingSecurities>
      <pricePerSecurity>18.0500</pricePerSecurity>
      <issuerAggregateOffering>9275865.00</issuerAggregateOffering>
      <securityHolderAggegate>0.00</securityHolderAggegate>
      <qualificationOfferingAggregate>9123309.00</qualificationOfferingAggregate>
      <concurrentOfferingAggregate>0.00</concurrentOfferingAggregate>
      <totalAggregateOffering>18399174.00</totalAggregateOffering>
      <underwritersServiceProviderName>N/A</underwritersServiceProviderName>
      <underwritersFees>0.00</underwritersFees>
      <salesCommissionsServiceProviderName>N/A</salesCommissionsServiceProviderName>
      <salesCommissionsServiceProviderFees>0.00</salesCommissionsServiceProviderFees>
      <findersFeesServiceProviderName>N/A</findersFeesServiceProviderName>
      <finderFeesFee>0.00</finderFeesFee>
      <auditorServiceProviderName>Eide Baily</auditorServiceProviderName>
      <auditorFees>10000.00</auditorFees>
      <legalServiceProviderName>Fremstad Law</legalServiceProviderName>
      <legalFees>500.00</legalFees>
      <promotersServiceProviderName>N/A</promotersServiceProviderName>
      <promotersFees>0.00</promotersFees>
      <blueSkyServiceProviderName>Randy Sparling</blueSkyServiceProviderName>
      <blueSkyFees>1500.00</blueSkyFees>
      <brokerDealerCrdNumber>000000000</brokerDealerCrdNumber>
      <estimatedNetAmount>0.00</estimatedNetAmount>
    </summaryInfo>
    <juridictionSecuritiesOffered>
      <jurisdictionsOfSecOfferedNone>true</jurisdictionsOfSecOfferedNone>
      <issueJuridicationSecuritiesOffering>AZ</issueJuridicationSecuritiesOffering>
      <issueJuridicationSecuritiesOffering>CO</issueJuridicationSecuritiesOffering>
      <issueJuridicationSecuritiesOffering>FL</issueJuridicationSecuritiesOffering>
      <issueJuridicationSecuritiesOffering>GA</issueJuridicationSecuritiesOffering>
      <issueJuridicationSecuritiesOffering>ID</issueJuridicationSecuritiesOffering>
      <issueJuridicationSecuritiesOffering>IN</issueJuridicationSecuritiesOffering>
      <issueJuridicationSecuritiesOffering>IA</issueJuridicationSecuritiesOffering>
      <issueJuridicationSecuritiesOffering>KS</issueJuridicationSecuritiesOffering>
      <issueJuridicationSecuritiesOffering>MA</issueJuridicationSecuritiesOffering>
      <issueJuridicationSecuritiesOffering>MI</issueJuridicationSecuritiesOffering>
      <issueJuridicationSecuritiesOffering>MN</issueJuridicationSecuritiesOffering>
      <issueJuridicationSecuritiesOffering>MO</issueJuridicationSecuritiesOffering>
      <issueJuridicationSecuritiesOffering>MT</issueJuridicationSecuritiesOffering>
      <issueJuridicationSecuritiesOffering>NE</issueJuridicationSecuritiesOffering>
      <issueJuridicationSecuritiesOffering>NY</issueJuridicationSecuritiesOffering>
      <issueJuridicationSecuritiesOffering>NC</issueJuridicationSecuritiesOffering>
      <issueJuridicationSecuritiesOffering>ND</issueJuridicationSecuritiesOffering>
      <issueJuridicationSecuritiesOffering>SC</issueJuridicationSecuritiesOffering>
      <issueJuridicationSecuritiesOffering>SD</issueJuridicationSecuritiesOffering>
      <issueJuridicationSecuritiesOffering>TN</issueJuridicationSecuritiesOffering>
      <issueJuridicationSecuritiesOffering>TX</issueJuridicationSecuritiesOffering>
      <issueJuridicationSecuritiesOffering>WA</issueJuridicationSecuritiesOffering>
      <issueJuridicationSecuritiesOffering>WI</issueJuridicationSecuritiesOffering>
      <issueJuridicationSecuritiesOffering>WY</issueJuridicationSecuritiesOffering>
    </juridictionSecuritiesOffered>
    <securitiesIssued>
      <securitiesIssuerName>Dakota Real Estate Investment Trust</securitiesIssuerName>
      <securitiesIssuerTitle>Classes A, B and I Shares</securitiesIssuerTitle>
      <securitiesIssuedTotalAmount>745444</securitiesIssuedTotalAmount>
      <securitiesPrincipalHolderAmount>00000</securitiesPrincipalHolderAmount>
      <securitiesIssuedAggregateAmount>$14,163,444 being the amounts paid by the Subscribers for Shares purchased</securitiesIssuedAggregateAmount>
    </securitiesIssued>
    <unregisteredSecuritiesAct>
      <securitiesActExcemption>Rule 506(b) to accredited investors and a limited number of sophisticated investors</securitiesActExcemption>
    </unregisteredSecuritiesAct>
  </formData>
</edgarSubmission>
