The all-cash DST will support the development of a 154-unit assisted living and memory care community, which will be built on 8.17 acres at 20 Island Gate Way in Hardeeville, South Carolina. The project has a long-term, 50-year, triple-net ground lease and is part of Island Gateway, a larger 82.6-acre master-planned development underway by LRT Development that is expected to include 600 multifamily residences, a care-continuum senior living campus, and 100,000 square feet of retail and self-storage space.
“This successful equity raise underscores advisors’ and investors’ confidence in our approach to ground-up development in growing markets,” said Lawrence LaBonte, founder and CEO of LRT Company. “With Hardeeville’s population rising by more than 72% since the 2020 Census, the need for modern senior housing solutions is clear, and our development is positioned to meet that demand.”
Hilton Head Island is located in Beaufort County, South Carolina, approximately 20 miles northeast of Savannah, Georgia, and 95 miles southwest of Charleston. The city’s population grows during the summer vacation season, with approximately 2.5 million visitors throughout each year, according to HiltonHead.com. It is within the Hilton Head Island-Bluffton-Port Royal, SC Metropolitan Statistical Area, with a population of approximately 232,000…