LRT Company Announces $20.55 Million DST Offering for Senior Housing Project in Coventry, R.I.

LRT Company has launched a $20.55 million all-cash Delaware statutory trust (DST) offering for the development of Tiffany Laurel Reserve, a senior housing campus in Coventry, R.I. This project, located on 14 acres of undeveloped land, will feature 204 units of independent living, assisted living, and memory care, including a portion dedicated to low-income seniors. The initiative responds to the anticipated shortage of senior housing and the specific needs of Rhode Island's aging population, with over 200,000 adults aged 65 and older, 38,000 of whom live with disabilities.

The Tiffany Laurel Reserve project is strategically positioned in Coventry, offering residents a serene environment with easy access to major highways and urban amenities. Lawrence LaBonte, founder and CEO of LRT Company, highlighted the project's unique blend of natural beauty and accessibility, as well as its inclusion of low-income housing units as a first for the company. The ground lease agreement for the property is structured to include potential rent escalations and future capital transaction proceeds, aligning with LRT's strategy of investing in high-barrier-to-entry markets.

Coventry's demographic and geographic advantages, including a median household income of $99,177 and proximity to transportation networks like I-95 and the Port of Providence, make it an ideal location for this development. The project not only aims to meet the immediate housing needs of seniors but also contributes to the broader goal of addressing the senior housing shortage in Rhode Island. For more information on LRT Company and its projects, visit https://www.lrtcompany.com.