LRT Company, an opportunistic development firm, acquired 12.38 acres of land in the Providence, RI suburb of Coventry, where it plans to develop Tiffany Laurel Reserve, a 204-unit senior housing campus. The firm completed its acquisition of the property to develop the $65-million senior housing campus project after receiving final site approval and all associated entitlements, which took more than three years to complete.

Groundbreaking on Tiffany Laurel Reserve, located off the New London Turnpike, is expected next summer. The senior housing campus will include 127 independent living units and 77 assisted living and memory care units. Approximately 25% of the independent living units will be reserved for low-income seniors.

“LRT Company is excited to expand into Rhode Island with our new senior housing project, which has been over three years in the making,” said Lawrence LaBonte, founder and CEO. “We are thankful to the city and state for working with us to earn entitlements for the project, and glad to be a part of the solution of limited housing supply available to mid- to low-market seniors.”