Company: BHM
Filing Date: 2025-03-28
Form Type: POS AM
Source: 0001104659-25-029225
Chunk: 130

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-03-28
Form: POS AM
Chunk 130
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 as part of a private placement offering. Amira at Westly is subject to a Master Lease Agreement
with BHM Amira Leaseco, LLC, a Delaware limited liability company and a wholly owned subsidiary of the Operating Partnership (“BHM
Amira Leaseco”), pursuant to which we, through BHM Amira Leaseco, receive and are obligated to pay rent received from Amira at
Westly to the Amira DST.

Acquisition of Residential Communities

In addition to the acquisition
of Amira at Westly presented above, we acquired three operating residential communities as follows: Villas at Huffmeister with 294 units
located in Houston, Texas and acquired through a 95% owned joint venture entity, Avenue at Timberlin Park with 200 units located in Jacksonville,
Florida and acquired with full ownership interests, and Allure at Southpark with 350 units located in Charlotte, North Carolina and acquired
through a 98.05% owned joint venture entity. The aggregate purchase price of these three communities was approximately $167.0 million.

Preferred Equity and Loan Investment Summary

We entered into three new joint venture agreements with unaffiliated third parties to develop build-to-rent, single-family residential units. We made commitments to invest capital for preferred equity interests in the three joint ventures as follows: (i) $5.3 million for 82 units located in Bluffton, South Carolina known as Indigo Cove, (ii) $7.0 million for 170 units located in Brunswick, Georgia known as River Ford, and (iii) $14.6 million for 224 units located in Wildwood, Florida known as Canvas at Wildwood. Of our aggregate commitment to invest approximately $26.9 million in the three joint ventures, $9.3 million had been funded as of December 31, 2024.

In addition, we entered
into an agreement with an unaffiliated third party to provide capital in the maximum aggregate amount of $30.1 million, all of which
was funded during 2024, for 102 build-to-rent, single-family residential units in Charlotte, North Carolina known as Wayford at Pringle.
Our investment in Wayford at Pringle is comprised of the following: (i) a debt security investment in the aggregate amount of $7.8
million, and (ii) a loan investment in the aggregate amount of $22.3 million.

We held both a loan investment
(the “Woods Loan”) and a preferred equity investment with