LRT Company Fully Subscribes Florida Land-Based DST Offering

LRT Company, an opportunistic development firm and new sponsor of Section 1031 investment offerings, announced that it has fully subscribed its Regulation D private placement offering, LRT Leesburg DST. The all-cash offering raised nearly $17 million in equity from accredited investors.

The vehicle consists of a 10.3-acre property on a 50-year, triple-net ground lease for the development of a new senior housing community in Leesburg, Florida.

“LRT Company is proud to have fully subscribed our first Delaware statutory trust offering that brings such a unique ground lease investment opportunity to accredited investors,” said Lawrence LaBonte, founder and chief executive officer of LRT Company. “We believe that the combination of LRT Company as an investment sponsor and our development arm brings both innovation and deal continuity to the DST market, and we look forward to bringing similar projects to the marketplace.”

Located at 26835 County Road 33, the property is leased to LRT Development Company on a triple-net basis. The company is constructing a 152-unit senior housing community that will consist of 75 independent living units, 55 assisted living units, and 22 memory care units upon completion. The project broke ground in March 2024.

The property is near the southeast area of The Villages, the largest age-restricted housing community in the United States, with more than 150,000 residents and 70,000 households over approximately 57 square miles. An average of 80 homes per week have been built and sold in The Villages over the past 24 months.

Known as the “Lakefront City,” Leesburg is located in Lake County and home to the Harris Chain of Lakes, including Lake Harris and Lake Griffin. The city is a part of the Orlando-Kissimmee-Sanford, FL Metro Area, which has a population of approximately 2.7 million as of 2022, according to the U.S. Census Bureau.

Founded in 2019, LRT Company is a ground-up development company specializing in the entitlement and development of multifamily and senior housing projects. The firm’s leading principals have more than 35 years of experience in nearly every type of real estate asset, including acquiring, entitling, and managing core value-add and ground-up properties, as well as asset repositioning. The leadership team has been involved in more than $1 billion of real estate development transactions.

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