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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 for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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