Core Viewpoint - Belpointe PREP, LLC has entered into an agreement for a development site in Darien, Connecticut, aiming to capitalize on the affluent and supply-constrained residential market in the region [1][2]. Company Overview - Belpointe OZ is a publicly traded qualified opportunity fund listed on NYSE American under the symbol "OZ" [4]. - The company has over 2,000 units in its development pipeline across four cities, with a total project cost exceeding $1.0 billion [4]. Transaction Details - The property at 100 Tokeneke Road is being contributed by the seller to an indirect subsidiary of Belpointe OZ in exchange for equity in the project entity, with no upfront cash consideration required [2]. - Future capital will be provided by Belpointe OZ for the project's development or financing through an affiliated investment vehicle [2]. - The agreement includes a mechanism for Belpointe OZ to buy out the seller at a pre-agreed valuation, payable in Class A units, aligning long-term incentives and preserving balance-sheet flexibility [3]. Market Context - Darien is consistently ranked among the wealthiest towns in America, characterized by limited multifamily inventory and strong long-term demand due to its proximity to New York City and a highly affluent resident base [3]. - The demographic profile and supply constraints in Darien create a compelling backdrop for long-term value creation in residential development [4].
Belpointe OZ Enters Into Agreement for Darien, Connecticut, Luxury Multifamily Development Site