LRT Fully Subscribes $20.55M Senior Housing Ground Lease DST

LRT Company has fully subscribed its $20.55 million Delaware statutory trust offering, LRT Coventry RI DST, an all‑cash Regulation D private placement backed by a 50‑year, triple net ground lease on 14 acres of undeveloped land in Coventry, a suburb of Providence, Rhode Island. The DST structure is designed for long‑term, predictable income, particularly for Section 1031 exchange investors seeking stable ground-lease exposure.

Under the ground lease agreement, Tiffany Laurel Reserve, a senior housing campus with 204 units across independent living, assisted living and memory care, will be designed, developed and constructed on the site. The community is expected to total approximately 157,000 square feet and include 56 structured parking garage spaces, positioning the project to serve a range of acuity levels on a single campus.

“We designed this project around a Coventry senior housing market that has been underserved for years,” said Lawrence LaBonte, founder and CEO of LRT Company. “This is also the first development where LRT Company has incorporated low-income housing units, because lower-income seniors will be hit the hardest by the coming shortage and it was important for us to be a factor in addressing that.”

LRT Company is a land acquisition and real estate investment firm specializing in land entitlements and ground lease financing, and sponsors Section 1031 exchange investment offerings.