LRT Company, a sponsor of alternative real estate investments and 1031 exchange offerings, announced it has fully subscribed its $17 million Delaware statutory trust (DST) offering, LRT Hardeeville Senior Living DST.
The all-cash DST will support the development of a 154-unit assisted living and memory care community, which will be built on 8.17 acres at 20 Island Gate Way in Hardeeville, South Carolina. The project has a long-term, 50-year, triple-net ground lease and is part of Island Gateway, a larger 82.6-acre master-planned development underway by LRT Development that is expected to include 600 multifamily residences, a care-continuum senior living campus, and 100,000 square feet of retail and self-storage space.
“This successful equity raise underscores advisors’ and investors’ confidence in our approach to ground-up development in growing markets,” said Lawrence LaBonte, founder and CEO of LRT Company. “With Hardeeville’s population rising by more than 72% since the 2020 Census, the need for modern senior housing solutions is clear, and our development is positioned to meet that demand.”
Located near Hilton Head Island, one of the Southeast’s most popular destinations, the 20 Island Gate Way project draws on strong demographic trends, regional tourism, and a surge of relocating retirees seeking quality senior living options. Hilton Head Island is located in Beaufort County, South Carolina, approximately 20 miles northeast of Savannah, Georgia, and 95 miles southwest of Charleston. The city’s population grows during the summer vacation season, with approximately 2.5 million visitors throughout each year, according to HiltonHead.com. It is within the Hilton Head Island-Bluffton-Port Royal, SC Metropolitan Statistical Area, with a population of approximately 232,000.
LRT recently launched LRT Coventry RI DST, an all-cash DST offering seeking to raise $20.55 million in equity from accredited investors. LRT Coventry RI DST consists of 14 acres of undeveloped land in Coventry, a suburb of Providence, Rhode Island, that is ground leased for 50 years on a triple net basis. As part of the ground lease agreement, Tiffany Laurel Reserve, a senior housing campus with 204 independent living, assisted living and memory care units, will be designed, developed and constructed on the land.
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 built industry-wide relationships that play a key role in their business strategy for success. To learn more, visit www.lrtcompany.com.
This is not an offer to buy, nor a solicitation to sell securities. Information herein is provided for information purposes only and should not be relied upon to make an investment decision or constitute a recommendation. Offers can be made only by the confidential Private Placement Memorandum (the “PPM”) which is available upon request. This communication does not and cannot replace the PPM and is qualified in its entirety by the PPM. This communication may not be relied upon in making an investment decision related to any investment offering by the issuer, or any affiliate, or partner thereof (“Issuer”). All potential investors must read the PPM and no person may invest without acknowledging receipt and complete review of the PPM. All investing involves the risk of loss of some, or all principal invested. Past performance is not indicative of future results. With respect to any “targeted” goals and performance levels outlined herein, these do not constitute a promise of performance, nor is there any assurance that the investment objectives of any program will be attained. Securities and wholesaling services are offered through Metric Financial, LLC, Member FINRA/SIPC. Metric Financial, LLC is not affiliated with any other entities identified in this communication. Only available in states where Metric Financial is registered. LRT Development Company, LLC (LRT) and Metric Financial are separate entities. There can be no assurance the fund will achieve targeted return or return principle.
Contact:
Julie Leber
Spotlight Marketing Communications
949.427.1391
julie@spotlightmarcom.com
