LRT Company Fully Subscribes $20.5M Rhode Island DST for Senior Housing Development
LRT Company, a land entitlement and ground lease finance firm and sponsor of Section 1031 exchange offerings, has fully subscribed its $20.55 million Delaware statutory trust offering, LRT Coventry RI DST.
The all-cash Regulation D private placement offering, launched in August 2025, consists of a 50-year, triple net ground lease on 14 acres of undeveloped land in Coventry, a suburb of Providence, R.I.
“The ground lease structure of this investment offering gives investors exposure to potential rent escalations and future capital transaction proceeds, which is very much in line with how LRT thinks about placing capital in markets where supply is constrained and long-term demand is clear,” said Lawrence LaBonte, founder and chief executive officer of LRT Company. “Seeing this offering fully subscribed tells us investors recognize that same opportunity.”
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 and include 56 structured parking garage spaces.
“We designed this project around a Coventry senior housing market that has been underserved for years,” said LaBonte. “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.”
Coventry has a population of nearly 36,000 and is the largest town in Rhode Island by land area at approximately 60 square miles. The area has access to major highways, including Interstate 95 and state routes 3, 117 and 102.
Founded in 2019 by LaBonte, who has more than 35 years of commercial real estate experience, LRT Company is a land entitlement and ground lease finance company specializing in senior and multifamily housing along with other opportunistic projects. With a focus on the Southeast and Mid-Atlantic, the company invests its own capital in acquisitions, design, engineering and entitlements.
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