LRT Company, a land acquisition and real estate investment firm that specializes in complete land entitlements, ground lease financing and is a sponsor of Section 1031 exchange investment offerings, announced that it has launched LRT Coventry RI DST. The all-cash, Regulation D private placement Delaware statutory trust offering seeks 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. The senior housing campus is expected to total 157,000 square feet of space and include 56 structured parking garage spaces.
“The Tiffany Laurel Reserve project will be delivered into a market with significant pent-up demand, and its location offers the best of both worlds – a peaceful, nature-surrounded setting with parks, lakes, and wooded areas that promote outdoor recreation and relaxation, all with excellent access just off the New London Turnpike,” said Lawrence LaBonte, founder and chief executive officer of LRT Company.
LaBonte noted that this project also marks an important first for the firm. “For the first time, LRT Company will include a portion of low-income housing units – seniors in need of low-income housing are expected to be most affected by the projected shortage of senior housing in the coming decade,” LaBonte said.
He added, “With a ground lease structure that includes potential rent escalations and future capital transaction proceeds, this project exemplifies LRT’s approach to identifying well-positioned, income-focused investments in high-barrier-to-entry markets.”
Coventry 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, the Town of Coventry reports. The state’s Long Term Care Coordinating Council reported in 2023 that Rhode Island’s cities and towns are home to more than 200,000 adults aged 65 and older, of whom 38,000 are living with disabilities. Coventry’s proximity to major highways, including I-95 and state routes 3, 117, and 102, facilitates commerce and accessibility. Additionally, freight transportation is supported by railroads and nearby shipping facilities at the Port of Providence.
LRT Company is an opportunistic real estate company with extensive experience in acquiring land entitlements in high barrier markets for the purpose of ground-up development of multifamily and senior living communities with a focus on the Southeast and Mid-Atlantic. The company invests their own capital on acquisitions, design, engineering and entitlements, in a process that can take anywhere from 1-6 years to complete. 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.
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.
