LRT Company, an opportunistic development firm, announced that it has acquired 12.38 acres of land in the Providence, Rhode Island, suburb of Coventry, where it plans to develop Tiffany Laurel Reserve, a 204-unit senior housing campus. The senior housing campus is expected to total 157,000 square feet of space and will include 56 structured parking garage spaces.
The firm completed its acquisition of Tiffany Laurel Reserve to develop the $65 million senior housing campus project after receiving final site approval and all associated entitlements, which took more than three years to complete.
“LRT Company is excited to expand into Rhode Island with our new senior housing project, which has been over three years in the making,” said Lawrence LaBonte, founder and chief executive officer of LRT Company. “We are thankful to the city and state for working with us to earn entitlements for the project, and glad to be a part of the solution of limited housing supply available to mid- to low-market seniors. This is a large campus project that will have the high-end LRT Company amenities and units we plan for. It is well-located off the the New London Turnpike, which serves as a connection to major highways in the surrounding area. We look forward to breaking ground in the not too distant future.”
Coventry, Rhode Island, is located in Kent County, with a population of nearly 36,000 and a median household income of $99,177, according to the U.S. Census Bureau. At approximately 60 square miles, it is the largest town in Rhode Island by land size. According to an April 26, 2023, report from Rhode Island’s Long Term Care Coordinating Council the state’s cities and towns are home to more adults aged 65 and older, of whom 38,000 are living with disabilities.
LRT Company is a ground-up development company specializing in the entitlement and development of multifamily and senior housing projects. The company currently has more than $156 million of development projects underway, with additional projects in its pipeline in South Carolina and Florida. 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.
