Development firm LRT Company has launched LRT Hardeeville Senior Living in South Carolina. The all-cash, Regulation D private placement Delaware statutory trust offering seeks to raise $17 million in equity from accredited investors.
“The LRT Hardeeville Senior Living DST is an exciting opportunity to meet the growing needs of seniors in the vibrant Hilton Head Island region,” Lawrence LaBonte, founder and CEO of LRT Company, said in Monday’s announcement. “Hardeeville’s population has increased by more than 72% since the 2020 US Census, with relocating retirees making up the majority of new residents. This demand for quality senior housing, combined with the area’s robust economic drivers and strategic location, makes Hardeeville an ideal setting for our offering.”
The property consists of 8.17 undeveloped land acres that are ground leased for 50 years on a triple net basis. LTC Company plans to develop a multi-level assisted living and memory care community with 154 units.
The development is part of Island Gateway, an 82.6-acre greater master-planned community under construction by LRT Development. The master plan calls for 600 multifamily residences, a “care-continuum senior living campus” and 100,000 square feet of retail and self-storage space.
Through its development arm, LRT currently has approximately $150 million of projects in the works in the Southeast and Northeast.
Founded in 2019 by LaBonte, LRT Company is a ground-up development company specializing in the entitlement and development of senior housing and multifamily projects. LaBonte has more than 35 years of commercial real estate experience and has been involved in more than $600 million of real estate development and other transactions. Before forming LRT Company, LaBonte worked with The Flatley Company, Manhattan Development Group, American Invsco and others.
