Belpointe OZ REIT
Managed by Belpointe PREP, LLC · Multifamily, Mixed-use, Office, Retail, Student housing · Opportunity Zones in Connecticut, Florida, Tennessee
The only publicly traded Qualified Opportunity Zone REIT on a major exchange (NYSE American: OZ). $100 minimum, accepts non-accredited investors — by far the most accessible OZ investment available, where most funds require $50K–$250K and accreditation. Flagship assets (Aster & Links in Sarasota ~70% leased, VIV in St. Petersburg ~50% leased) are already in lease-up, reducing pure-construction risk. As of late 2025, Class A units trade at a discount to NAV.
Overview
Belpointe OZ REIT (NYSE American: OZ) is the first publicly traded Qualified Opportunity Zone REIT. The fund develops and acquires multifamily, retail, office, and mixed-use projects using an acquisition-plus-co-investment platform.
What makes this fund structurally different: it is publicly traded, has a $100 minimum investment, and accepts NON-accredited investors — by far the most accessible OZ investment available. Most OZ funds require accreditation and minimums of $50K–$250K+. As of December 1, 2025, Class A units traded at a discount to NAV per sponsor materials.
At a glance
Targets are sponsor-stated and not guaranteed.
Investment thesis
Public REIT structure provides daily liquidity that traditional OZ funds cannot — important for retail investors who may need optionality.
Near-term revenue comes from assets already in lease-up (Aster & Links ~70% leased, VIV ~50%) — reduced construction risk compared with pure-ground-up funds.
Discount-to-NAV entry point as of late 2025 provides an entry valuation cushion that private OZ funds typically don't offer.
Accessibility: $100 minimum + non-accredited acceptance opens OZ investing to a much broader investor base.
Geographic focus
Active developments in Connecticut, Florida (Sarasota, St. Petersburg), and Tennessee.
Investor timeline
Sponsor
Belpointe PREP, LLC — $1B+ total project costs AUM . First publicly traded Opportunity Zone REIT, listed on NYSE American under the ticker 'OZ'. Greenwich, CT-based platform that builds and acquires rental communities for long-term dividends and appreciation. As of April 2026, sponsor reports $500M+ in lease-up and $1B+ in total project costs across two flagship developments: Aster & Links (424-unit mixed-use, downtown Sarasota, ~70% leased, anchored by Sprouts Farmers Market) and VIV (two 15-story towers, 269 apartments + retail, St. Petersburg, ~50% leased). As of December 1, 2025, Class A units traded at a discount to NAV.
Key risks
- Illiquid for ~10 years. No public market for shares; plan to leave capital invested for a decade.
- Returns are targets, not guarantees. Real estate can underperform; you could receive less than invested.
- Tax benefit requires the full hold. The appreciation exclusion applies only at 10+ years.
- Publicly traded shares experience daily price volatility — different return profile from private OZ funds.
- Public REIT structure may trade at a discount to NAV for extended periods (currently the case as of late 2025).
- Geographic concentration in CT, FL, and TN multifamily/mixed-use markets.
- Reliance on lease-up completion at Aster & Links and VIV for near-term revenue.
- Continued QOF qualification depends on REIT meeting OZ asset-test requirements; failure could reduce or eliminate tax benefits.
- Single-sponsor execution risk. Outcomes depend on Belpointe PREP, LLC's acquisition and management. Past performance does not guarantee future results.
Model your return
Compare this fund's after-tax outcome against paying the tax and investing elsewhere.
Hypothetical scenarios. Not a forecast. Past performance does not predict future results. Target IRR is sponsor-stated; actual returns may differ materially. S&P 500 baseline uses 10% historical nominal; T-bills 4% nominal. State tax: California 13.30%. Federal LTCG 20% + 3.8% NIIT applied to appreciation at exit on non-OZ paths. QROF appreciation tax-free after 10-year hold per IRC § 1400Z-2. Not investment advice; not an offer to sell securities.
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About this profile
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