LRT Company, an opportunistic development firm and sponsor of Section 1031 investment offerings, announced that it has fully subscribed its Regulation D private placement offering, LRT Island Gateway 5 DST. The all-cash offering raised $4.895 million in equity from accredited investors.
LRT Island Gateway 5 DST consists of a 4.28-acre property with a triple-net ground lease for the development of a new self storage and retail facility in Hardeeville, South Carolina.
“LRT Company specializes in providing Section 1031 exchange and cash investors with the opportunity to realize the potential tax and other economic benefits of investing in Delaware statutory trust offerings, specifically through the unique, but not new, structure of ground-lease investments,” said Lawrence LaBonte, founder and chief executive officer of LRT Company. “We are pleased to fully subscribe this offering of a ground-leased property approximately 18 miles from Savannah, Georgia, 12 miles from Hilton Head. South Carolina is the fastest growing state per capita in the U.S., and we believe that the time and investment LRT has made over the past four years on design and entitlements will be a good win for our firm and its investors. The regional growth should continue due to the economic and job creation in the area, led by Hyundai’s new $7.6 billion electric vehicle and battery plant, and the $2 billion expansion of the Savannah Port to double its capacity as well as plans to spend an additional $2.5 billion on the port over the next 10 years. This growth is being well supported by both new local infrastructure construction as well as a widening-expansion of Interstate 95 through Hardeeville, which includes an additional exit ramps.”
The property within LRT Island Gateway 5 DST 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 200 units of “active adult” residences for those aged 55 and over.
In September, LRT Company launched LRT Hardeeville Senior Living DST, an all-cash, Regulation D private placement Delaware statutory trust offering that seeks to raise $17 million in equity from accredited investors. Also within the Island Gateway master-planned community, LRT Hardeeville Senior Living DST consists of 8.17 undeveloped land acres that are ground leased on a triple net basis. A multi-level assisted living and memory care senior housing community with 154 units will be developed by LRT Development on the property located at 20 Island Gate Way. Through its development arm, LRT currently has approximately $150 million of projects in the Southeast and Northeast
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 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, and American Invsco.
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 has built industry-wide relationships that play a key role in their business strategy for success.
