Company: BHM
Filing Date: 2025-03-28
Form Type: POS AM
Source: 0001104659-25-029225
Chunk: 165

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-03-28
Form: POS AM
Chunk 165
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           |       |
| Total Units/Average            |     |                    |     |    1,634 |     |               |      |     |               |      |     |              |         |     |           |     |              |     |          |      |   | $         | 2,072 |

| (1) | Represents the average pro forma effective monthly rent per occupied unit for all expected occupied units upon stabilization. |
| (2) | Chandler commenced lease-up in June 2024.                                                                                     |
| (3) | Wayford at Innovation Park commenced lease-up in August 2023.                                                                 |
| (4) | None of the development investments had commenced lease-up as of December 31, 2024.                                           |

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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.

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