Tiffany Laurel Reserve
Land / 50-yr NNN ground lease under senior housing development property in Coventry, RI — sponsor not disclosed
Sponsor LRT Company; all-cash (no debt); fully subscribed Apr 2026; IL/AL/memory care campus
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These links support the public record as a whole; individual details may come from different sources.
What is this, in one paragraph?
Tiffany Laurel Reserve is a Delaware statutory trust (DST) — fractional, passive property ownership that can qualify for 1031 exchange treatment — holding undeveloped land in Coventry, Rhode Island under a 50-year triple-net ground lease.1 LRT Company launched the $20.55 million offering to accredited investors, meaning those meeting SEC income or net-worth tests, in August 2025 and announced on April 20, 2026 that it was fully subscribed.1
Minimum investment
$100k
Offering size
$20.6M
How much has sold
4.0%
Financing
All cash. This offering reports no 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 Trust's asset is dirt, not a building. Providence Business News reported in December 2024 that LRT Co. had closed on 12.38 acres in Coventry to develop the planned $65 million Tiffany Laurel Reserve campus.2 LRT said the purchase followed final site approval and entitlements that took the company more than three years to obtain.3 Its April 20, 2026 release still described the land as undeveloped and the campus as yet to be designed and built.1
- Property address
- 2 Tiffany Road, Coventry, RI
- Property size
- 14 ac; 204-unit / 157k SF campus planned
Who is the tenant, and what's the lease?
The Trust is the landowner, not the operator. Sponsor materials name LRT Coventry ST, LLC as lessee under the 50-year ground lease and LRT Company, LLC as guarantor, and describe the lease as triple-net — the lessee, not the Trust, carries taxes, insurance and upkeep on top of ground rent.4 No senior-living operator is named.
How are sales going?
These are the sponsor’s own numbers. They can lag what has actually sold, and they do not confirm that interests are still available.
4.0% reported sold
- Amount sold
- $857,659
- Reported unsold
- $19,692,341
- Investors reported
- 1
- Total offering
- $20,550,000
Not enough filings yet to show a trend.
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How is it financed, and what does it pay?
There is no mortgage lender here and no loan maturity to work around; the reviewed records identify no property-level debt. Under a ground lease the cost of building the planned campus sits with the lessee rather than the landowner, so the Trust's economics run on ground rent rather than on construction or senior-living operations.
- Financing
- All cash. This offering reports no mortgage debt.
Who's behind it?
LRT Company identifies itself in its own releases and brochure as the sponsor of this Trust, and describes itself as an opportunistic development company founded in 2019 that sponsors Delaware statutory trust offerings.4 The Form D reports that $18,495,000 attributed to the property was contributed by an affiliate of the sponsor.5 The April 20, 2026 announcement that the offering was fully subscribed came from LRT Company rather than from an amended SEC filing.1
- 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?
The Trust's exempt-offering notice is an issuer filing, not an SEC review or approval, and nothing has been filed since, so the public record predates the sponsor's April 20, 2026 full-subscription announcement.1 The exemption relied on permits public advertising of the offering while requiring the sponsor to verify each buyer's accredited status.
- Form D filedFirst and latest filing on record.
- Legal Trust name
- LRT Coventry RI DST
- Filings on record
- 1
- How it may be offered
- Rule 506(c)May be advertised publicly. Every buyer’s accredited status must be verified.
- 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
Is Tiffany Laurel Reserve still raising money?
Sold out: the source record identifies this offering as Fully Subscribed. The sponsor’s SEC filings show the offering raising money within the past 15 months. A filing does not by itself confirm you can still buy in.
Where does Top1031 get the data for Tiffany Laurel Reserve?
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.
Is the senior housing campus actually built?
No located source shows it built. LRT Company's own release dated April 20, 2026 described the Coventry property as undeveloped land and said Tiffany Laurel Reserve was still to be designed, developed and constructed on it. The reviewed materials report no construction start, no licensing, no completion and no occupancy. An investor here owns land and the ground lease over it, not a running senior-living business.
Who is the tenant on the ground lease?
LRT Company's offering brochure names LRT Coventry ST, LLC as the lessee under the 50-year triple-net ground lease and LRT Company, LLC as lease guarantor — both sponsor-affiliated entities rather than an unrelated third party. No senior-living operator is named in the reviewed materials. The rent schedule, the terms of the guaranty, and what happens to the land and improvements at the end of the 50-year term are set out in the PPM, the private placement memorandum that governs the offering.
What does a ground-lease DST mean for me as an investor?
The Trust owns land, not a building. Under a triple-net ground lease the lessee pays property taxes, insurance and maintenance, so the Trust's income comes from ground rent rather than from senior-living operating revenue. The Trust does not fund construction directly, but it depends on the lessee performing on rent whether or not the campus gets built and filled, and on what the lease says about ownership of the improvements when the term ends.
Is there any debt on this Trust?
LRT Company described the offering as all-cash, and no property-level debt, lender or loan schedule appears in the reviewed Trust records. The research run did not resolve whether construction financing for the planned campus could attach to the land the Trust holds — a question for the PPM and for the sponsor.
Why do sources give different acreage for this site?
A December 2024 sponsor announcement and local trade coverage described a 12.38-acre purchase in Coventry for the Tiffany Laurel Reserve project, while the 2025–2026 offering materials describe approximately 14 acres under the ground lease. Both figures trace to sponsor statements, and no located source reconciles them against a deed or recorded lease. The legal description in the PPM governs what the Trust actually holds.
Can I still invest?
LRT Company announced on April 20, 2026 that the $20.55 million offering was fully subscribed, which would mean no new interests are available. That is a sponsor statement: the one Form D on record, filed August 25, 2025, has never been amended, so the public filing snapshot predates the announcement. Current availability is a question for the sponsor or your broker-dealer.
Chapter 9LRT Company Fully Subscribes $20.55 Million All-Cash, Ground-Lease Based DST Offering Near Providence, Rhode IslandLRT Company announced the full subscription of its all-cash Regulation D private placement DST offering near Providence, RI, consisting of a 50-year triple net ground lease on 14 acres. LRT Company Fully Subscribes $20.55 Million Rhode Island DST for Senior Housing DevelopmentLRT Company announced the full subscription of its $20.55 million LRT Coventry RI DST, a 50-year ground lease offering financing the Tiffany Laurel Reserve senior housing campus in Coventry, Rhode Island. LRT Company launches trust to raise $20.5 million for senior living communityMcKnight's Senior Living trade coverage of the LRT Coventry RI DST launch and LRT's broader Tiffany Laurel Reserve 204-unit IL/AL/memory care campus plans in Coventry, RI. LRT Company Launches $20.55 Million All-Cash DST Offering Near Providence, R.I.Original launch press release from LRT Company announcing the LRT Coventry RI DST, an all-cash Delaware statutory trust raising $20.55 million against a 50-year ground lease on 14 acres in Coventry, RI for Tiffany Laurel Reserve.