News Summary
LRT Company has fully subscribed its $17 million Delaware statutory trust offering, LRT Hardeeville Senior Living DST, aimed at developing a 154-unit assisted living and memory care community in Hardeeville. The project seeks to meet the growing demand for senior housing, driven by a significant population increase of over 72% since the last census. Situated on an 8.17-acre site, the community will be part of the larger Island Gateway development, enhancing the area’s appeal for prospective residents.
Hardeeville, South Carolina
LRT Company has successfully fully subscribed its $17 million Delaware statutory trust (DST) offering, named LRT Hardeeville Senior Living DST, which will finance the development of a 154-unit assisted living and memory care community. The all-cash DST aims to address the increasing demand for senior housing in Hardeeville, which has witnessed significant population growth of over 72% since the 2020 Census.
The new development will be situated on an 8.17-acre site located at 20 Island Gate Way. It operates under a long-term, 50-year, triple-net ground lease, ensuring a sustainable and stable investment for stakeholders.
Project Details
This senior living community is part of a larger initiative known as Island Gateway, an 82.6-acre master-planned development led by LRT Company. The Island Gateway project is designed to include up to 600 multifamily residences, a comprehensive senior living campus, and an estimated 100,000 square feet of retail and self-storage facilities.
Hardeeville’s strategic location enhances the project’s attractiveness, lying close to popular tourist destination Hilton Head Island. This proximity contributes to its seasonal population surge, drawing approximately 2.5 million visitors annually. The area is part of the Hilton Head Island-Bluffton-Port Royal, SC Metropolitan Statistical Area, comprised of around 232,000 residents. The growth trajectory of Hardeeville indicates a strong and rising demand for senior living accommodations that LRT seeks to fulfill.
Market Viability
In recognition of the growing needs of seniors within this expanding demographic, LRT Company’s founder and CEO highlighted the substantial opportunity presented by this market. The completed Hardeeville project aims to ensure that local seniors have access to quality assisted living and memory care services, meeting their needs in a community setting.
Additional Offerings
LRT Company is not only focusing on the Hardeeville project but also recently launched another DST offering called LRT Coventry RI DST, which seeks to raise $20.55 million from accredited investors. This Rhode Island project involves 14 acres of undeveloped land and is backed by a similar 50-year triple-net ground lease. On the Coventry site, LRT plans to develop Tiffany Laurel Reserve, a senior housing campus comprising 204 units.
Company Background
Founded in 2019, LRT Company specializes in the ground-up development of multifamily and senior living communities across the Southeast and Mid-Atlantic regions. With a leadership team that boasts over 35 years of experience in various real estate sectors, the company is poised to identify and develop vital projects in booming markets.
It is important to note that all investing carries inherent risks, including the potential loss of principal, and past performance is not indicative of future results. This offering is not a solicitation to buy or sell securities and is thoroughly qualified by the Private Placement Memorandum (PPM).
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Additional Resources
- PR Newswire: LRT Company Fully Subscribes $17 Million DST Offering
- Wikipedia: Hilton Head Island
- PR Newswire: LRT Company Launches $17 Million DST Offering
- Google Search: Senior Housing in South Carolina
- McKnight’s Senior Living: LRT Company Launches Hardeeville Senior Living DST
- Encyclopedia Britannica: Senior Living
- Yield Pro: Island Gateway
- Google News: Senior Living Trends
Author: STAFF HERE HILTON HEAD
The HILTON HEAD STAFF WRITER represents the experienced team at HEREHiltonHead.com, your go-to source for actionable local news and information in Hilton Head Island, Beaufort County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the RBC Heritage golf tournament, Hilton Head Island Wine & Food Festival, and the Gullah Celebration. Our coverage extends to key organizations like the Hilton Head Island-Bluffton Chamber of Commerce and Community Foundation of the Lowcountry, plus leading businesses in tourism and hospitality that power the local economy such as Sea Pines Resort and Sonesta Resort Hilton Head Island. As part of the broader HERE network, including HEREAiken.com, HEREBeaufort.com, HEREChapin.com, HERECharleston.com, HEREClinton.com, HEREColumbia.com, HEREGeorgetown.com, HEREGreenwood.com, HEREGreenville.com, HEREHiltonHead.com, HEREIrmo.com, HEREMyrtleBeach.com, HERENewberry.com, HERERockHill.com, and HERESpartanburg.com, we provide comprehensive, credible insights into South Carolina's dynamic landscape.
