Company: BHM
Filing Date: 2025-04-09
Form Type: 424B3
Source: 0001104659-25-033384
Chunk: 163

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-04-09
Form: 424B3
Chunk 163
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 major universities, technology, healthcare, trade, next-generation
high value-add manufacturing or government industries as well as right to work laws, growing populations, and strong household formations.
Currently we have properties in and around Orlando, Dallas-Fort Worth, Seattle, Tucson, Colorado Springs and Charlotte and are targeting
acquisitions in and around a variety of markets, including Tampa, Salt Lake City, San Antonio, Raleigh, Atlanta, Nashville and Huntsville.
Within each metropolitan area, we typically focus on first-ring suburban markets, which are areas within close proximity to downtown amenities,
including restaurants and retail shopping.

The Sunbelt is a substantial part of our target market. The Sunbelt holds 50% of the nation’s population (335 million) and is expected to rise to 55% by 2040.1 Over the past decade, the region accounted for 80% of
U.S. population growth (12 million of the total 15 million increase). Over the next decade, Sunbelt population growth is expected to accelerate
by 11 million (+6.7%), whereas non-Sunbelt state population is forecasted to increase by only 475,000 (+0.3%).2
This large population increase in our target markets is expected to provide for strong fundamentals into the future.

| (1) | Source: Clarion, April 2024. There are 27 markets with a population over or near 1 million, and the seven largest cities are Los Angeles, Houston, Atlanta, Dallas, Phoenix, San Francisco, and Riverside. |

| (2) | Source: Clarion. Through 2033, Texas, Florida, and California, followed by Arizona, North Carolina, and Georgia, have been each been forecasted to grow by 4.9 million, 3.4 million, 2.4 million, 1.6 million, 1.6 million, and 1.5 million, respectively. |

We believe our approach of
focusing on Knowledge/Quality markets with employment and income growth should not only contribute to achieving strong rental demand and
occupancy but should also enable us to achieve revenue growth to deliver attractive risk-adjusted returns within our portfolio.

Geographically, the majority
of our existing portfolio is positioned in the Sunbelt (see map below). According to a study by John Burns Real Estate Consulting conducted
in 2021 and a study by the Cooper Center at the University of Virginia published in 2018, the Sunbelt is home to approximately 40% of