LRT Company Expands Into Rhode Island With $65M Senior Housing Campus Project
By Staff
LRT Company has acquired nearly 12.5 acres of land in the Providence, R.I., suburb of Coventry, where it plans to develop Tiffany Laurel Reserve, a 204-unit senior housing campus. The development firm and sponsor of Section 1031 exchange investment offerings completed its acquisition of the property to develop the $65 million senior housing campus project after receiving final site approval and all associated entitlements, which took more than three years to complete.
LRT Company expects to break ground on Tiffany Laurel Reserve, located off the New London Turnpike, during summer 2025. The senior housing campus will include 127 independent living units as well as 77 assisted living and memory care units. Approximately 25% of the independent living units will be reserved for low-income seniors. The senior housing campus is expected to total 157,000 square feet of space and will include 56 structured parking garage spaces.
“LRT Company is excited to expand into Rhode Island with our new senior housing project, which has been over three years in the making,” said Lawrence LaBonte, founder and chief executive officer of LRT Company. “We are thankful to the city and state for working with us to earn entitlements for the project, and glad to be a part of the solution of limited housing supply available to mid- to low-market seniors.”
Coventry is located in Kent County, with a population of nearly 36,000 and a median household income of $99,177, according to the U.S. Census Bureau. At approximately 60 square miles, it is the largest town in Rhode Island by land size. According to an April 26, 2023, report from Rhode Island’s Long Term Care Coordinating Council, the state’s cities and towns are home to more adults aged 65 and older, of whom 38,000 are living with disabilities.
LRT Company is a ground-up development company specializing in the entitlement and development of multifamily and senior housing projects in the Southeast and Mid-Atlantic. The company is also a sponsor of Delaware statutory trust investment opportunities.
This fall, the company launched a Regulation D, private placement, all-cash DST after will eventually be a multilevel assisted living and memory care senior housing community with 154 units to be designed, developed, and constructed by LRT Development on a property in Hardeeville, S.C.
The company currently has more than $156 million of development projects underway, with additional projects in its pipeline in South Carolina and Florida. The company was founded in 2019 by LaBonte, who has been involved in more than $600 million of real estate development and other transactions.
Click here to visit The DI Wire directory page.
