LRT Company Secures $17 Million for Senior Living Development Near Hilton Head Island

In a significant move for the real estate investment landscape, LRT Company has successfully completed a $17 million all-cash offering for its Delaware statutory trust (DST), specifically aimed at developing a senior living community. This investment comes at a crucial time as the demand for modern assisted living solutions escalates, particularly in areas experiencing rapid population growth, such as Hardeeville, South Carolina.

Overview of the Development Project

The project, aptly named LRT Hardeeville Senior Living DST, is set to establish a 154-unit assisted living and memory care community on an 8.17-acre plot located at 20 Island Gate Way in Hardeeville. This initiative is part of a broader master-planned development known as Island Gateway, which spans 82.6 acres and is envisioned to include around 600 multifamily residences, a care-continuum senior living campus, and 100,000 square feet designated for retail and self-storage spaces.

Lawrence LaBonte, the founder and CEO of LRT Company, highlights the significance of this equity raise, stating, "This successful equity raise underscores advisors' and investors' confidence in our approach to ground-up development in growing markets." Hardeeville has seen its population surge by more than 72% since the last census in 2020, which showcases a pressing need for contemporary senior housing facilities that can cater to the demands of a growing demographic.

Strategic Location and Market Advantage

The project enjoys a strategic location near Hilton Head Island, a prime tourist destination in the Southeast. This region attracts a significant influx of retirees and visitors, further emphasizing the need for quality senior living options. Each year, approximately 2.5 million visitors flock to Hilton Head Island, which lies in Beaufort County and is conveniently situated about 20 miles northeast of Savannah, Georgia, and 95 miles southwest of Charleston.

This demographic momentum, coupled with the rising trend of relocating retirees, positions the new development project favorably within the market. The ideal location not only supports the establishment of a vibrant community but also aligns with the expectations of potential residents seeking attractive, high-quality living environments.

Future Prospects

In addition to the Hardeeville project, LRT Company is looking to expand its portfolio with the recent announcement of the LRT Coventry RI DST. This new offering aims to raise $20.55 million from accredited investors, focusing on developing a 14-acre lot in Coventry, Rhode Island. The strategic purpose behind this offering is to ground lease the land for 50 years, with plans to develop Tiffany Laurel Reserve, a senior housing campus featuring 204 units of independent living, assisted living, and memory care.

LRT Company's commitment to developing community-centric spaces, particularly for senior living, reflects its strong positioning in the industry, aided by the extensive experience of its leaders who have a combined 70 years in real estate development. Their ability to foster strategic relationships within the industry is essential to the firm's business strategy and overall growth.

With multiple projects on the horizon and a clear focus on catering to growing markets, LRT Company is poised to make a significant impact in the world of real estate investments and senior living solutions.

About LRT Company

LRT Company is a leading development firm dedicated to the creation of multifamily and senior living communities. With a keen eye on opportunities in the Southeast and Mid-Atlantic regions, the company thrives on building quality developments that address the specific needs of growing communities. The leadership team, comprising experienced real estate professionals, plays a critical role in fostering relationships that enable successful project execution and overall company growth. For more information about their projects and offerings, visit LRT Company.