Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 172

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 172
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     | $         | 1,918 |

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

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.

<div align='center'>110</div>

| (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, Texas, Florida,