LRT Company, an opportunistic development firm and sponsor of Section 1031 exchange investment offerings, announced that it has launched LRT Hardeeville Senior Living DST. The all-cash, Regulation D private placement Delaware statutory trust offering seeks to raise $17 million in equity from accredited investors.
LRT Hardeeville Senior Living DST consists of 8.17 undeveloped land acres that are ground leased for 50 years on a triple net basis. As part of the ground lease agreement, a multi-level assisted living and memory care senior housing community with 154 units will be designed, developed and constructed by LRT Development on the property located at 20 Island Gate Way in Hardeeville, South Carolina.
“The LRT Hardeeville Senior Living DST is an exciting opportunity to meet the growing needs of seniors in the vibrant Hilton Head Island region,” said Lawrence LaBonte, founder and chief executive officer of LRT Company. “Hardeeville’s population has increased by more than 72% since the 2020 U.S. Census, with relocating retirees making up the majority of new residents. This demand for quality senior housing, combined with the area’s robust economic drivers and strategic location, makes Hardeeville an ideal setting for our offering.”
The 8.17-acre project is part of Island Gateway, an 82.6-acre greater master-planned community under construction by LRT Development. Upon completion, Island Gateway is expected to include 600 multifamily residences, a care-continuum senior living campus, and 100,000 square feet of retail and self-storage space. Through its development arm, LRT currently has approximately $150 million of projects in the southeastern and northeastern United States.
LRT Company is a ground-up development company specializing in the entitlement and development of 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.
