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 today 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 a land entitlement and ground lease finance company specializing in the senior and multifamily housing along with other opportunistic projects. The company was founded in 2019 by LaBonte, who has more than 35 years of commercial real estate experience. Prior to forming LRT Company, LaBonte spent time with The Flatley Company, Manhattan Development Group, American Invsco and more.
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