LRT Company Secures $17 Million for Senior Living Development in Hardeeville

LRT Company, a notable sponsor of alternative real estate investments, has announced the full subscription of its $17 million Delaware statutory trust (DST) offering, earmarked for the development of a senior living community in Hardeeville, South Carolina. This all-cash DST will facilitate the construction of a 154-unit assisted living and memory care facility on a 8.17-acre site, part of the larger Island Gateway development project.

The project is underpinned by a 50-year, triple-net ground lease, signaling long-term stability and confidence in the venture. Lawrence LaBonte, founder and CEO of LRT Company, remarked on the successful equity raise as a testament to the confidence advisors and investors have in their development strategy, particularly in burgeoning markets. Hardeeville's population has surged by over 72% since the 2020 Census, underscoring the pressing need for modern senior housing solutions.

Strategically located near Hilton Head Island, a premier Southeast destination, the development benefits from strong demographic trends, including an influx of retirees and regional tourism. According to HiltonHead.com, the area attracts approximately 2.5 million visitors annually, further bolstering the case for such developments.

In a related move, LRT Company has also launched the LRT Coventry RI DST, aiming to raise $20.55 million for a senior housing campus in Coventry, Rhode Island. This initiative reflects the company's broader strategy to address the growing demand for senior living options across the Southeast and Mid-Atlantic regions.

The successful funding of the Hardeeville project not only highlights the viability of DST offerings as a means to finance real estate developments but also underscores the increasing investor appetite for projects that cater to the senior living sector, especially in markets experiencing rapid population growth.