LRT Company
LRT Company, an opportunistic development firm and sponsor of Section 1031 investment offerings, announced today that it has fully subscribed its Regulation D private placement offering, LRT Leesburg DST. Consisting of a 10.3-acre property on a 50-year, triple-net ground lease for the development of a new senior housing community in Leesburg, Florida, the all-cash offering raised nearly $17 million in equity from accredited investors.
“LRT Company is proud to have fully subscribed our first Delaware statutory trust offering that brings such a unique ground lease investment opportunity to accredited investors,” said Lawrence LaBonte, founder and chief executive officer of LRT Company. “We believe that the combination of LRT Company as an investment sponsor and our development arm brings both innovation and deal continuity to the DST market, and look forward to bringing similar projects to the marketplace.”
Located at 26835 County Road 33, the property is leased to LRT Development Company on a triple net basis. LRT Development Company is constructing a 152-unit senior housing community that will consist of 75 independent living, 55 assisted living and 22 memory care units upon completion. The project broke ground in March 2024.
Through its development arm, LRT currently has approximately $150 million of projects in the Southeast and Northeast.
The property is near the southeast area of The Villages, the largest and fastest growing age-restricted housing community in the United States at approximately 57 square miles, with more than 150,000 residents and 70,000 households. Since expanding into Leesburg three years ago, an average of 80 homes per week have been built and sold in The Villages over the past 24 months.
Known as the “Lakefront City,” Leesburg is located in Lake County and home to the Harris Chain of Lakes, including Lake Harris and Lake Griffin. The city is a part of the Orlando-Kissimmee-Sanford FL Metro Area, which has a population of approximately 2.7 million people as of 2022, according to the U.S. Census Bureau.
LRT Company is a ground-up development company specializing in the entitlement and development multifamily and senior housing projects. The company was founded in 2019 by LaBonte, who has more than 35 years of commercial real estate experience. He has been involved in more than $600 million of real estate development and other transactions. Prior to forming LRT Company, LaBonte spent time with The Flatley Company, Manhattan Development Group, American Invsco and more.
About LRT Company
LRT Company is an opportunistic development company with extensive experience in the ground-up development of multifamily and senior living communities with a focus on the Southeast and Mid-Atlantic. The company is also a sponsor of Delaware statutory trust investment opportunities. The firm’s leading principals, Lawrence LaBonte and Charles Anderson, have more than 35 years each of experience in nearly every type of real estate asset, including acquiring, entitling and managing core value-add and ground-up properties as well as asset repositioning. The leadership team has been involved in more than $1 billion of real estate development transactions and have built industry-wide relationships that play a key role in their business strategy for success. To learn more, visit www.lrtcompany.com.
