Company: BHM
Filing Date: 2025-07-08
Form Type: DRS
Source: 0001104659-25-066400
Chunk: 164

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-07-08
Form: DRS
Chunk 164
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      |     |           |      |     |              |         |     |           |     |              |     |          |      |   |     | $         | 2,055 |

(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) Chandler commenced lease-up in June 2024.

(3) None of the development investments had commenced lease-up as of March 31, 2025.

(4) 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.

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-Sunbelt state population is forecasted
to increase by only 475,000 (+0.3%). 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