Leesburg Senior Housing (ground-lease DST)
Senior housing (land/ground lease) property in Leesburg, FL — sponsor not disclosed
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These links support the historical public record; individual details may come from different sources.
What is this, in one paragraph?
LRT Leesburg DST is a land-only Delaware statutory trust — a structure whose beneficial interests can serve as replacement property in a 1031 exchange. It owns a parcel in Leesburg, Florida leased for 50 years, triple-net, to LRT Development Company, which is building a senior housing community on it.1 Sponsor LRT Company announced on August 5, 2024 that the offering was fully subscribed at nearly $17 million.1
Minimum investment
$100k
Offering size
$17.0M
How much has sold
None sold yet
Financing
Not stated. The filings for this offering do not say whether it carries mortgage debt.
Sponsor-reported, from SEC filings and cited sources.
On a 45-day clock? Find day 45 and day 180 from the sale date, then come back to this record.
What exactly is the property?
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)
Who is the tenant, and what's the lease?
The ground tenant is LRT Development Company, an entity affiliated with the sponsor rather than an unrelated operator.1 Triple-net means the tenant, not the Trust, carries taxes, insurance, upkeep and the construction risk; the Trust's role for the 50-year term is landowner.1
How did it end?
Still operating
LRT Company’s current website lists the Leesburg senior-housing development as “2026 Under Construction,” and JRW’s DST-specific profile lists LRT Leesburg with Full Cycle Status “Active”; neither source reports a completed disposition, conversion, distress event, or investor-return metrics.
Land-based DST owning 10.3 acres on a 50-year triple-net ground lease to LRT Development for a planned 152-unit senior housing community (75 IL, 55 AL, 22 memory care) in Leesburg, FL (Lake County, near The Villages). Sponsor: LRT Company (Bluffton, SC). Fully subscribed at nearly $17M as of Aug 5, 2024.
10.3 acres; planned 152 units (75 IL, 55 AL, 22 memory care)Supporting evidence
Counted on the sponsor’s Record Card as: No outcome recorded · under 7 years Document
How is it financed, and what does it pay?
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
Who's behind it?
Public records tie the Trust to LRT Company, a developer based in Bluffton, South Carolina; the Florida corporate registry lists LRT Leesburg, DST as active with a principal address at 110 Traders Cross, Bluffton.3 LRT Company issued the subscription announcement on August 5, 2024, and its affiliate LRT Development Company is the ground tenant building the community.1 The SEC filing itself names no sponsor, and no separate 1031 platform scale figures were located.
- Sponsor
- Sponsor not disclosedThe filing does not identify a sponsor we can confirm.
- May convert to a REIT
- No
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
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.
- Form D filedFirst and latest filing on record.
- Legal Trust name
- LRT LEESBURG DST
- Filings on record
- 1
- How it may be offered
- Rule 506(b)General advertising and solicitation are not permitted under this exemption.
- Source filing
- Read the filings on SEC EDGAR
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.
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 Private Placement Memorandum before investing.
Common questions
What happened to Leesburg Senior Housing (ground-lease DST)?
Leesburg Senior Housing (ground-lease DST) is a Historical offering: its latest SEC filing is outside the Active window. The outcome and source documents are shown separately.
Where does Top1031 get the data for Leesburg Senior Housing (ground-lease DST)?
Top1031 builds this record from the sponsor’s own SEC filings and cited sponsor disclosures. Filings can lag what is happening now. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.
Can I still invest in LRT Leesburg DST?
No. LRT Company announced on August 5, 2024 that the offering was fully subscribed, so the Trust is closed to new investors. It is listed here as a historical record.
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 private placement memorandum — the offering document delivered to investors — 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.
Chapter 9In the Pipeline: Oakmont Continues Construction; LRT Co. Announces Florida 152-Unit ProjectPipeline item describing LRT Company's planned 152-unit senior housing community in Leesburg, FL. LRT Company Fully Subscribes Nearly $17 Million DST Offering of 50-Year Ground Lease in Orlando, Fla. SuburbAnnounces full subscription of LRT Leesburg DST, a 10.3-acre 50-year triple-net ground lease in Lake County, FL for a planned 152-unit senior housing community.