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 eligible 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 all-cash offering to accredited investors — those meeting SEC income or net-worth tests — on August 12, 2025.1 The sponsor announced it fully subscribed on April 20, 2026.2
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. LRT Company announced on December 19, 2024 that it had bought the Coventry parcel — then 12.38 acres — after more than three years of entitlements, for a senior housing campus budgeted at $65 million.3 The same report said roughly 25% of the independent-living residences were allotted to low-income seniors.3 As of April 23, 2026 the land was still undeveloped, with the campus to be designed, developed and constructed.4
- Property address
- Off the New London Turnpike, Coventry, RI
- Property size
- 14 ac; 204-unit / 157k SF campus planned
Who is the tenant, and what's the lease?
The land is ground leased for 50 years on a triple-net basis, meaning the lessee — not the Trust — carries taxes, insurance and upkeep on top of ground rent.1 The sponsor's brochure names LRT Coventry ST, LLC as lessee and LRT Company, LLC as lease guarantor, both carrying the sponsor's LRT name.5
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 refinance around; the reviewed records identify no property-level debt. Under a ground lease, construction costs for the planned campus sit with the lessee rather than with the landowner. LRT Company offered the Trust as a Regulation D private placement — the SEC exemption permitting unregistered private sales.1
- Financing
- All cash. This offering reports no mortgage debt.
Who's behind it?
LRT Company presents itself in its own releases as the sponsor of this offering and as the land-entitlement and ground-lease finance company behind the Coventry campus.1 The Form D was signed by Lawrence LaBonte as President, listed Lawrence LaBonte and Jon Bartholomew as related persons, and gave a principal address in Charlotte, North Carolina.6 The April 20, 2026 full-subscription announcement came from the sponsor, not from an amended filing.2
- 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 it has never been amended, so its figures predate the sponsor's April 20, 2026 full-subscription announcement.2 The exemption relied on permits public advertising while requiring the sponsor to verify each buyer's accredited status. The issuer reported a first sale on July 23, 2025.6
- 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. Reporting dated April 23, 2026 still described the Coventry land as undeveloped and said Tiffany Laurel Reserve would 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 on it, not a running senior-living business.
Who is the tenant on the ground lease?
The sponsor's offering brochure identifies LRT Coventry ST, LLC as the lessee under the 50-year triple-net ground lease, with LRT Company, LLC named as lease guarantor. Both names carry the sponsor's LRT branding, and no third-party senior-living operator was identified in the reviewed records. The rent schedule, the guaranty terms, and what happens to the land and improvements when the 50-year term ends 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 economics run on ground rent rather than on senior-living operating income. The Trust does not carry construction costs 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 at the end of the term.
Is there any debt on this Trust?
LRT Company described the offering as all-cash, and no property-level debt, lender or loan schedule was identified 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 — that is a question for the PPM and for the sponsor.
Why do sources give different acreage for this site?
December 2024 reporting described a 12.38-acre purchase in Coventry for the Tiffany Laurel Reserve project, while the 2025 offering materials describe approximately 14 acres under the ground lease. Both figures trace to sponsor statements, and no located source reconciles them. The recorded deed and the legal description in the PPM govern what the Trust actually holds. The street address is also unsettled: the sponsor brochure gives 0 New London Turnpike, while a secondary project listing gives 2 Tiffany Road.
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 single 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.