Company: BHM
Filing Date: 2025-03-20
Form Type: 424B3
Source: 0001104659-25-026164
Chunk: 141

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-03-20
Form: 424B3
Chunk 141
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Table of Contents

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 unaffiliated third parties in The Woods
at Forest Hill. The Woods Loan was fully paid off in the principal amount of $8.3 million, and our preferred equity investment in the
principal amount of $5.6 million was fully redeemed. In addition, our remaining $1.7 million of preferred equity investment