LRT Company Secures Full Subscription for $17 Million DST Offering to Develop Senior Living Community in Hardeeville

LRT Company, a prominent sponsor of alternative real estate investments and 1031 exchange offerings, has announced the full subscription of its $17 million Delaware statutory trust (DST) offering, known as the LRT Hardeeville Senior Living DST. This all-cash DST is earmarked for the development of a 154-unit assisted living and memory care community located at 20 Island Gate Way in Hardeeville, South Carolina. The project, which sits on 8.17 acres, is part of the larger Island Gateway master-planned development by LRT Development, encompassing 82.6 acres and expected to feature 600 multifamily residences, a senior living campus, and 100,000 square feet of retail and self-storage space.

Lawrence LaBonte, founder and CEO of LRT Company, highlighted the significance of the equity raise, stating, 'This successful equity raise underscores advisors’ and investors’ confidence in our approach to ground-up development in growing markets.' With Hardeeville's population increasing by over 72% since the 2020 Census, the development is poised to meet the escalating demand for senior housing solutions in the area.

The 20 Island Gate Way project benefits from its proximity to Hilton Head Island, a sought-after destination in the Southeast, and leverages strong demographic trends, regional tourism, and an influx of retirees seeking quality senior living options. According to HiltonHead.com, the island attracts around 2.5 million visitors annually, with the population swelling during the summer months. The project is situated within the Hilton Head Island-Bluffton-Port Royal, SC Metropolitan Statistical Area, home to approximately 232,000 residents.

In addition to the Hardeeville project, LRT Company has recently introduced the LRT Coventry RI DST, an all-cash DST offering aiming to raise $20.55 million for the development of a senior housing campus in Coventry, Rhode Island. This initiative reflects LRT Company's commitment to addressing the senior housing demand across different regions, further solidifying its position in the real estate development sector.