News Summary
LRT Company has unveiled its plans for the LRT Coventry RI DST, a significant senior housing project in Coventry, Rhode Island. The venture aims to raise $20.55 million to create the Tiffany Laurel Reserve, featuring 204 units for independent living, assisted living, and memory care across 14 acres. This initiative addresses the urgent need for affordable senior housing, combating a projected shortage of 550,000 units in the U.S. by 2030, and will introduce low-income housing units in the area.
Rhode Island – LRT Company has announced the launch of a significant senior housing development project, the LRT Coventry RI DST, aimed at raising $20.55 million in equity from accredited investors. This initiative will transform 14 acres of undeveloped land in Coventry, a suburb of Providence, into a comprehensive senior housing campus known as Tiffany Laurel Reserve, which will cater to the growing needs of the senior population.
The Tiffany Laurel Reserve is set to feature 204 units dedicated to independent living, assisted living, and memory care, occupying a total of 157,000 square feet. Additionally, the development will include 56 structured parking garage spaces to accommodate residents and visitors. The land for this project has been ground leased for 50 years on a triple net basis, which incorporates significant future capital transaction proceeds and potential rent escalations, providing a stable financial framework for the investment.
Lawrence LaBonte, the founder and CEO of LRT Company, emphasized that this project aims to address the pressing pent-up demand in the senior housing market. The current landscape indicates a forecasted shortage of affordable senior housing, with projections estimating a significant deficit of 550,000 units in the U.S. by 2030. The need is particularly acute in Rhode Island, where a study found that only 5 percent of Coventry’s housing units are classified as affordable for low and moderate-income households. Rhode Island itself is in dire need of at least 24,000 additional units targeted towards low-income residents.
Located in an area characterized by parks, lakes, and wooded spaces, the site also benefits from excellent access to major roads, including New London Turnpike, enhancing both commerce and accessibility for residents. With a diverse population of nearly 36,000 in Coventry and a median household income of $99,177, the community presents a viable market for the planned senior housing units. Moreover, the project will introduce low-income housing units for the first time, a crucial move considering the projected shortage of affordable options for seniors over the next decade.
The acquisition of the property was completed for $1.5 million from New London Turnpike Realty LLC, following a prior period of foreclosure. Despite previous attempts to develop the site over the last decade, LRT Company is set to proceed with the project, which has been in development for over three years. Groundbreaking is expected to take place in the summer of 2025.
The Long Term Care Coordinating Council reported that over 200,000 adults aged 65 and older reside in Rhode Island, with around 38,000 of these individuals living with disabilities. This demographic shift underscores the urgency for effective senior housing developments capable of accommodating their needs.
LRT Company, focusing on high-barrier-to-entry markets for lucrative, income-driven investments, has extensive experience with land entitlements and aims to create multifamily and senior living communities, particularly across the Southeast and Mid-Atlantic regions. The leadership team, composed of LaBonte and Charles Anderson, brings over 35 years of combined experience in real estate asset management and development, which underpins their commitment to addressing housing shortages in the senior living sector.
As the senior population continues to rise, the LRT Coventry RI DST project emerges as a vital contribution to combating the growing need for accessible, high-quality senior housing. Through strategic planning and investment, LRT Company not only seeks to enhance the living conditions for seniors but also to provide a sustainable model that could inspire future developments in similar communities.
Deeper Dive: News & Info About This Topic
- YieldPro: LRT Coventry RI DST
- Providence Journal: RI Real Estate Transactions
- PBN: Coventry Land and Industrial Building Sale
- Boston Globe: Senior Housing in Coventry, RI
- Wikipedia: Senior Housing
Author: STAFF HERE PROVIDENCE WRITER
PROVIDENCE STAFF WRITER The PROVIDENCE STAFF WRITER represents the experienced team at HEREProvidence.com, your go-to source for actionable local news and information in Providence, Providence 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 WaterFire, Rhode Island International Film Festival, and Rhode Island Comic Con. Our coverage extends to key organizations like the Greater Providence Chamber of Commerce and Providence Warwick Convention & Visitors Bureau, plus leading businesses in finance and manufacturing that power the local economy such as Citizens Financial Group and Textron. As part of the broader HERE network, we provide comprehensive, credible insights into Rhode Island's dynamic landscape.
