GREENWICH, Conn., Oct. 25,
2022 /PRNewswire/ -- Belpointe PREP, LLC (NYSE
American: OZ) ("Belpointe OZ" or the "Company"), a publicly traded
qualified opportunity fund, announced today that it has completed
the acquisition of 1750 Storrs Road, Storrs, Connecticut ("1750 Storrs"). 1750 Storrs is a 19-acre development
site located near the University of
Connecticut in Storrs ("UCONN"),
where the Company anticipates building a 120-unit Class A
multifamily mixed-use development. The project is located in a
designated Opportunity Zone and is situated within a 5-minute drive
of the UCONN campus. The development
site is located inside the town's designated mixed-use development
district, commonly known as the Four Corners.
According to the University's official statistics, total
enrollment at UCONN has increased over
14% between 2013 and 2021, to over 31,000 students. The University
expects enrollment to continue to increase over the next few years
as application trends continue to rise, further exacerbating the
current housing issues. UCONN only has
the capacity to house approximately 12,000 students on the
Storrs campus. Affordable
off-campus housing supply is not sufficient to satisfy the
The 1750 Storrs development will feature approximately 120
one- and two-bedroom apartments and three-bedroom townhomes in five
3-story buildings situated on 19 acres of undeveloped land.
Amenities are anticipated to include a clubhouse, with
state-of-the-art fitness center, chef's kitchen and more. The
development will also include approximately 48,000 square feet of
retail and office.
"This investment presents a tremendous opportunity due to the
extreme disparity between student demand and supply of available
housing units," said Brandon Lacoff,
Chief Executive Officer of Belpointe OZ. "We are excited to begin
construction on this development so we can provide desirable rental
housing to the growing student population."
About Belpointe OZ
Belpointe OZ is a publicly traded qualified opportunity fund,
listed on NYSE American under the symbol "OZ." To date, Belpointe
OZ has raised more than $345 Million
of equity capital in its ongoing qualified opportunity fund
offering, with over 2,500 units in its development pipeline
throughout four cities, representing an approximate total project
cost of over $1.3 billion.
Belpointe OZ has filed a registration statement (including a
prospectus) with the U.S. Securities and Exchange Commission
("SEC") for the offer and sale of up to $750,000,000 of Class A units representing
limited liability interests in Belpointe OZ (the "Class A units").
Before you invest, you should read Belpointe OZ's most recent
prospectus and the other documents that it has filed with the SEC
for more complete information about Belpointe OZ and the offering.
Investing in Belpointe OZ's Class A units involves a high degree of
risk, including a complete loss of investment. Prior to making an
investment decision, you should carefully consider Belpointe OZ's
investment objectives and strategy, risk factors, fees and expenses
and any tax consequences that may results from an investment in
Belpointe OZ's Class A units. To view Belpointe OZ's most recent
prospectus containing this and other important information visit
sec.gov or belpointeoz.com. Alternatively, you may request
Belpointe OZ send you the prospectus by calling (203) 883-1944 or
emailing firstname.lastname@example.org. Read the prospectus in its
entirety before making an investment decision.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release may be considered
forward-looking, such as statements containing estimates,
projections and other forward-looking information. Forward-looking
statements are typically identified by words and phrases such as
"anticipate," "estimate," "believe," "continue," "could," "intend,"
"may," "plan," "potential," "predict," "seek," "should," "will,"
"would," "expect," "objective," "projection," "forecast," "goal,"
"guidance," "outlook," "effort," "target" or the negative of such
words and other comparable terminology. However, the absence of
these words does not mean that a statement is not forward-looking.
Any forward-looking statements expressing an expectation or belief
as to future events is expressed in good faith and believed to be
reasonable at the time such forward-looking statement is made.
However, these statements are not guarantees of future events and
involve risks, uncertainties and other factors beyond our control.
Therefore, we caution you against relying on any of these
forward-looking statements. Actual outcomes and results may differ
materially from what is expressed in any forward-looking statement.
Except as required by applicable law, including federal securities
laws, we do not intend to update any of the forward-looking
statements to conform them to actual results or revised
Investor and Media Relations Contact:
Cody H. Laidlaw
Belpointe PREP, LLC
255 Glenville Road
Greenwich, Connecticut 06831
SOURCE Belpointe PREP, LLC