Top1031

Leesburg Senior Housing (ground-lease DST)

Senior housing property in Leesburg, FL · sponsored by LRT Hardeeville Holdings

HistoricalLast Form D filed Nov 8, 2022 (opens in a new tab)

Leesburg Senior Housing (ground-lease DST) was a DST sponsored by LRT Hardeeville Holdings that owned a senior housing property in Leesburg, FL (10.3 acres). Its last Form D was filed Nov 8, 2022.

How it ended

No outcome recorded · under 7 years

The record lists the offering as fully subscribed; the last Form D was filed Nov 8, 2022.

Key facts

A free account shows how much of each active offering has sold and the Sponsor Grade letters.
Minimum investment
$100,000
From the Form D
Offering size
$16,974,560
Equity offered, per the Form D
Sold
Not reported after the first Form D (Nov 8, 2022)
Form D, Nov 8, 2022
Selling commissions
$1,527,708 · 8.9% of offering
Form D Item 15; the % is our arithmetic
Financing
Leveraged. This offering reports mortgage debt on the property.
How it is financed ↓
Offered under
Rule 506(b)
General advertising and solicitation are not permitted under this exemption.

Figures come from SEC Form D filings unless a source is cited. Sponsor-stated figures are as reported by the sponsor; Top1031 does not independently audit them. On a 45-day clock? Find day 45 and day 180 →

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Ask a 1031 specialist about this recordFree. About: Leesburg Senior Housing (ground-lease DST). Top1031 is not a broker-dealer.

What did the Trust own?

The site is at 26835 County Road 33 in Leesburg, Lake County, Florida, in the Orlando exurbs near The Villages retirement market. 1 Nothing was standing on it when the Trust was formed: the developer-tenant broke ground in March 2024. 1 LRT's website listed the Leesburg project as under construction in 2026 and gave a count of 154 units, against the 152 announced in August 2024 — the discrepancy is unresolved. 2

Reported location
Leesburg, FL
Property size
10.3 acres; planned 152 units (75 IL, 55 AL, 22 memory care)

How was it financed, and what did it cost to sell?

The public record discloses no mortgage, lender or leverage at the Trust level, and no loan terms have been published. Senior Housing News reported on August 8, 2024 that LRT financed the Leesburg development after raising $17 million in equity. 4

Debt

Financing
Leveraged. This offering reports mortgage debt on the property.

Costs and terms from the Form D

Selling commissions
$1,527,708 · 8.9% of offering
Finders’ fees
$0
Paid to officers, directors and promoters
$0 · 0.0% of offering
Form D Item 16
Broker-dealers named in the Form D
1 named in the Form D
Show the firms

Individual representatives named in Item 12 are not listed.

Date of first sale
Not in the Form D
Minimum investment
$100,000

Form D Item 15 and Item 16 amounts may be the issuer’s estimates; each percentage is Top1031’s arithmetic on two Form D figures. Item 16 can overlap Item 15, so Top1031 does not add them together.

What does the SEC record show?

One Form D covers the whole raise, and it was never amended — so the SEC file was never refreshed after the sponsor said in August 2024 that the offering was complete. 1 The exemption claimed bars general advertising, meaning interests were placed through pre-existing relationships with accredited investors rather than public marketing.

Legal Trust name
LRT LEESBURG DST
SEC CIK
1952557
First Form D
Nov 8, 2022
Latest Form D
Nov 8, 2022
Filings on record
1
Offered under
Rule 506(b)
General advertising and solicitation are not permitted under this exemption.
Source filing
Read the filings on SEC EDGAR

SEC Form D filings, newest first

FiledFormOffering amountAmount sold
Form D$16,974,560
$0
EDGAR

Amounts, investor counts and minimums are as filed with the SEC on Form D. The change lines are Top1031’s arithmetic between consecutive filings; a new Form D notice starts a new count.

A Form D is the notice a sponsor files when it starts raising money. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.

Common questions

What happened to Leesburg Senior Housing (ground-lease DST)?
Leesburg Senior Housing (ground-lease DST) is a Historical offering. The record lists the offering as fully subscribed; the last Form D was filed Nov 8, 2022.
What does the Trust actually own — the building or the land?
The land. The Trust owns a 10.3-acre parcel in Leesburg, Florida and leases it out; the senior housing improvements are being built by the tenant. Investors hold beneficial interests in a landowner, not in an operating senior housing business.
Who is the tenant, and is it independent of the sponsor?
The tenant is LRT Development Company, under a 50-year triple-net ground lease reported by LRT Company in its August 5, 2024 announcement. It shares the sponsor's LRT name and is described as an affiliate, so this is not an arm's-length lease to an unrelated third party.
Why do sources give different unit counts?
LRT Company's August 5, 2024 announcement and Senior Housing News on August 8, 2024 both described a 152-unit community with 75 independent-living, 55 assisted-living and 22 memory-care units. The sponsor's 2026 website lists 154 units. No source reconciles the two figures.
What is the debt on this Trust?
No lender, loan amount or leverage has been disclosed in the SEC filing or in any located public source. Anyone reviewing this record should look to the offering documents for the capital structure.
Does the SEC file reflect the completed raise?
No. Only one Form D was filed, on November 8, 2022, and it was never amended, so the SEC record captures the offering as of that first filing rather than the sponsor's later August 2024 statement that it was fully subscribed.

In the news

Sources

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These links support the record as a whole; individual details may come from different sources.

DST interests are illiquid private securities. You may lose some or all of your investment. Distributions, tax treatment, and exit timing are not guaranteed. Review the current offering documents before investing.