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H&R REIT has created a real estate development trust to develop two Florida multi-family properties.

Lantower Raises US$52M, Acquires Stake in Two Florida MF Projects

An H&R REIT subsidiary has secured the maximum US$52 million through a development trust initial public offering designed to fund two Florida multi-family real estate projects.

Immediately following the offering, Lantower Residential Development Trust acquired an indirect 70.9% stake in the two projects. Their development is expected to commence shortly.

Toronto-based H&R plans to buy the projects once they are developed and retained an option to do so.

The units sold for US$10 and C$10, based on their respective classes.

The trust was created by H&R’s Texas-based subsidiary Lantower Residential LP to expedite the development of the two Florida multi-family projects, which have a budgeted cost of US$210 million. The projects are located in Largo, which is part of the Tampa market, and Kissimmee in the Orlando area.

Altogether, the projects will comprise 601 units.

H&R has agreed to provide two land parcels for the projects and invest up to an additional US$10 million if the minimum offering size of US$42 million is achieved. Thomas Hofstedter, H&R’s executive chairman and CEO, said previously that the REIT expects to acquire the properties after they are developed.

Toronto-based CIBC World Markets served as the sole agent for the offering. H&R will not receive any proceeds from the deal.

Lease-up is expected to commence in the first and second quarters 2026 for the Largo and Kissimmee projects, respectively.


Inside The Story

H&R REITLantower Residential

About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

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