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Alternative Assets  + Real Estate  |  August 8, 2024
LRT Company Fully Subscribes $17M Florida DST Offering
Joe Palmisano
By: Joe Palmisano

LRT Company Fully Subscribes $17M Florida DST Offering

LRT Company, an opportunistic development firm and sponsor of Section 1031 investment offerings, has fully subscribed its Regulation D private placement offering, LRT Leesburg DST. The all-cash offering raised nearly $17 million in equity from accredited investors for a 10.3-acre property on a 50-year, triple-net ground lease for the development of a new senior housing community in Leesburg, FL.

The property is leased to LRT Development Company on a triple net basis. LRT Development Company is constructing a 152-unit senior housing community that will have 75 independent living, 55 assisted living and 22 memory care units upon completion. The project broke ground in March 2024.

Through its development arm, LRT currently has approximately $150 million of projects in the Southeast and Northeast.

“LRT Company is proud to have fully subscribed our first Delaware statutory trust offering that brings such a unique ground lease investment opportunity to accredited investors,” said Lawrence LaBonte, founder and CEO of LRT Company. “We believe that the combination of LRT Company as an investment sponsor and our development arm brings both innovation and deal continuity to the DST market and look forward to bringing similar projects to the marketplace.”

LRT Company is a ground-up development company specializing in the entitlement and development multifamily and senior housing projects. The company was founded in 2019 by LaBonte. He has been involved in more than $600 million of real estate development and other transactions.

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About Joe Palmisano

Joe Palmisano is editorial director of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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