Belpointe PREP, LLC (NYSE American: OZ) entered into a purchase agreement on January 6, 2026 to acquire the luxury multifamily development site at 100 Tokeneke Road in Darien, Connecticut. The company announced the agreement on January 13, 2026. Under the deal, the seller, Daniel Suozzi, contributed the property to an indirect subsidiary of Belpointe in exchange for equity in the project entity, with no cash paid by Belpointe at closing.
The transaction positions Belpointe in one of the country’s most affluent and supply‑constrained markets. Darien’s proximity to New York City and its top‑tier schools create a strong demand environment for high‑end residential units. The acquisition expands Belpointe’s pipeline—already exceeding $1 billion in project costs across four cities—into a high‑barrier market that complements its existing portfolio.
Belpointe’s financial profile underscores the strategic nature of the deal. The company reported a negative EBITDA of $8.97 million over the last twelve months and its stock had declined roughly 16 % year‑to‑date. By structuring the transaction as an equity‑for‑property exchange, Belpointe preserves balance‑sheet flexibility while gaining a foothold in a lucrative market, with the potential to accelerate lease‑up activity once development permits are secured.
The Letter Agreement, signed on January 6, 2026, details that Suozzi’s ownership interest in the Darien property was exchanged for Class B units in Tokeneke Partners, an indirect subsidiary of Belpointe. The agreement includes put and call options for both parties, with payments to be made in Belpointe PREP Class A units. Belpointe retains an option to buy out the seller at a pre‑agreed valuation using Class A units, providing a clear exit path if the project’s economics improve.
Brandon Lacoff, Chairman and CEO of Belpointe, said the transaction “provides exposure to a rare ground‑up residential development opportunity in one of the highest‑barrier‑to‑entry markets in the country. We believe Darien’s demographic profile, supply constraints, and proximity to New York City create a compelling backdrop for long‑term value creation.”
No significant market reaction has been reported following the announcement. The deal is viewed as a growth initiative amid ongoing profitability challenges, and it signals Belpointe’s confidence in the long‑term upside of high‑end multifamily development in affluent New England markets.
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