LRT to Build $65M Senior Housing Project
Some 25 percent of the independent living residences will be allocated for low-income seniors.
LRT Co. has announced plans to develop a $65 million senior housing campus, Tiffany Laurel Reserve, in Coventry, R.I., a suburb of Providence. The company has acquired 12.38 acres of land for the 204-unit project, which took over three years to gain site approval and all associated entitlements.
Located off the New London Turnpike, the Tiffany Laurel Reserve will feature 127 independent living units, 77 assisted living units and 77 memory care units. Low-income seniors have been allotted approximately 25 percent of the independent living residences.
The project’s ground breaking is anticipated to take place next summer. Upon completion, it will be a 157,000-square-foot campus featuring 56 structured parking garage spaces.
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At approximately 60 square miles, Coventry is the largest town in Rhode Island by land size. Part of Kent County, the town’s population is nearly 36,000.
Tiffany Laurel Reserve adds to the company’s more than $156 million of development projects underway. The pipeline of developments are also located in South Carolina and Florida.
Also this month, Morgan Stanley Real Estate Investing has expanded its footprint in the senior housing market, acquiring a portfolio of eight properties from Harrison Street. Among the 1,186 beds, the portfolio includes communities in the Boston-Providence, R.I., area, as well as in Baltimore, Philadelphia, and Danvers, Mass. Harrison Street initially acquired these properties in a joint venture with Brightview Senior Living in July 2014.
