Company: BHM
Filing Date: 2025-10-08
Form Type: S-11
Source: 0001104659-25-097905
Chunk: 166

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-10-08
Form: S-11
Chunk 166
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          | 94.3 | % |     |           | 1,994 |
| Total                         
 Operating Units               |     |                    |     |          |   496 |     |               |      |     |               |      |     |              |         |     |           |     |              |     |          |      |   |     |           |       |
| Total                         
 Units/Average                 |     |                    |     |          | 1,398 |     |               |      |     |               |      |     |              |         |     |           |     |              |     |          |      |   |     | $         | 1,992 |

| (1) | Represents the average pro forma effective monthly rent per occupied unit for all expected occupied units during the first full quarter of stabilization. |
| (2) | None of the development investments had commenced lease-up as of June 30, 2025.                                                                           |
| (3) | Operating investments represent stabilized operating properties.                                                                                          |

Our Target Markets

We focus on Knowledge/Quality
markets with strong job growth, expanding populations and favorable quality of life characteristics. These Knowledge/Quality markets are
typically non-gateway regions, with access to good healthcare, highly-rated school systems, lower crime rates, robust infrastructure,
good affordability and a growing economic base. They are generally anchored by 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.

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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.
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-Sun