Lantower Residential Real Estate Development Trust (No. 1) launched a $52 million public offering on March 27, 2024, with an expected close by April 2024 and no later than May 31, 2024. Proceeds will fund two multifamily developments: Bayside (271 units) in Tampa and Sunrise (330 units) in Orlando, with total costs estimated at $221 million.

The offering, underwritten by CIBC World Markets Inc. with legal counsel from Blake, Cassels & Graydon LLP and Stikeman Elliott LLP, offers Class A, E, F, and U Units at $10 each, targeting an 8% preferred return and 18-20% total annual return. Managed by subsidiaries of H&R REIT, the projects benefit from additional financing and cost overrun guarantees provided by H&R REIT.