Bluerock Homes Trust Inc
For the period ended Dec 31, 2023. Filed Mar 12, 2024.
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FY2023 · Filed Mar 12, 2024
BHM$7.44-3.7%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 2. Investments
As of December 31, 2023, we held eighteen real estate investments, consisting of eleven consolidated investments and seven held through preferred equity and loan investments. The following tables provide summary information regarding our consolidated investments and preferred equity and loan investments.
Consolidated Investments
| | | | | | | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| · · · · Number of · · Average Year · · Ownership · · Average · · % · | ||||||||||||||
| Operating Investment Name · Market / Location · Units (1) · Built · Interest · Rent (2) · Occupied (3) · | ||||||||||||||
| Ballast | AZ / CO / WA | 84 | 1998 | 95% | $2,104 | 90.5% | ||||||||
| Golden Pacific | IN / KS / MO | 169 | 1977 | 97% | 1,715 | 92.3% | ||||||||
| ILE | TX / SE US | 482 | 1991 | 95% | 1,838 | 95.8% | ||||||||
| Indy-Springfield, formerly Peak JV 1 | | IN / MO | | 334 | | 1999 | | 100% | | 1,266 | | 95.3% | ||
| Navigator Villas | Pasco, WA | 176 | 2013 | 90% | 1,587 | 97.7% | ||||||||
| Peak JV 2 | Various / TX | 596 | 1980 | 80% | 1,292 | 89.3% | ||||||||
| Peak JV 3 | Dallas-Fort Worth, TX | 150 | 1961 | 56% | 1,112 | 100.0% | ||||||||
| Savannah-84, formerly Peak JV 4 | Savannah, GA | 84 | 2022 | 100% | 1,749 | 97.6% | ||||||||
| Wayford at Concord | Concord, NC | 150 | 2019 | 83% | 2,176 | 97.3% | ||||||||
| Yauger Park Villas | Olympia, WA | 80 | 2010 | 95% | 2,400 | 95.0% | ||||||||
| Total Operating Units / Average | | 2,305 | | | | $1,597 | 94.1% | |||||||
| | | | | | | | | | ||||||
| Development Investment Name | | | | | | | | | | | | | | |
| Abode Wendell Falls (4) | | Wendell, NC | | 170 | | — | | 100% | | — | | — | | |
| Total Development Units | | | 170 | | | | | | | | ||||
| Total Units | | | | 2,475 | | | | | | | | | | |
| (1) | Total operating units includes an aggregate of 118 units classified as held for sale and includes the following portfolios: 35 units in Indy-Springfield, 13 units in Peak JV 2, and 70 units in Peak JV 3. |
| (2) | Represents the average of the ending average effective rent per occupied unit as of the last day of each month in the three months ended December 31, 2023. |
| (3) | Percent occupied is calculated as (i) the number of units occupied as of December 31, 2023 divided by (ii) total number of units, expressed as a percentage. Percent occupied excludes an aggregate of 60 down/renovation units. |
| (4) | Abode Wendell Falls is a build to rent development project expected to commence construction in the second quarter 2024. The total estimated project cost is $56.0 million, of which $6.5 million was incurred as of December 31, 2023. |
Preferred Equity and Loan Investments
| | | | | | | | | | | | | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| · · · · · · Total Actual/ · · · · · · · · · · · · · | ||||||||||||||||||||
| · · · · Actual/ · · Estimated · · · · · Actual/ · · Actual/ · · Actual/ · · · | ||||||||||||||||||||
| · · · · Planned · · Construction · · · · · Estimated · · Estimated · · Estimated · · · Estimated | ||||||||||||||||||||
| · · · · Number · · Cost · · Cost to Date · · Construction · · Initial · · Construction · · · Average | ||||||||||||||||||||
| Lease-up Investment Name · Location / Market · of Units · (in millions) · (in millions) · Cost Per Unit · Occupancy · Completion · Rent (1) | ||||||||||||||||||||
| The Woods at Forest Hill | | Forest Hill, TX | | 76 | | $17.1 | | $17.1 | | $225,000 | | 4Q 2022 | | 3Q 2023 | | $1,625 | ||||
| Willow Park | | Willow Park, TX | | 58 | | | 17.1 | | | 17.1 | | | 294,828 | | 2Q 2022 | | 3Q 2023 | | | 2,362 |
| The Cottages at Myrtle Beach | | Myrtle Beach, SC | | 294 | | 63.2 | | | 61.7 | | | 214,966 | | 2Q 2023 | | 4Q 2023 | | | 1,743 | |
| The Cottages of Port St. Lucie | | Port St. Lucie, FL | | 286 | | | 69.6 | | | 63.8 | | | 243,357 | | 2Q 2023 | | 1Q 2024 | | | 2,133 |
| Wayford at Innovation Park | Charlotte, NC | 210 | | 62.0 | | 40.4 | | 295,238 | 3Q 2023 | 3Q 2024 | | 1,994 | ||||||||
| Total Lease-up Units | | 924 | | | | | | | | | | | ||||||||
| | | | | | | | | | | | | | ||||||||
| Development Investment Name | | | | | | | | | | | | | ||||||||
| Chandler | Chandler, AZ | 208 | | 48.2 | | 39.6 | | 231,731 | 2Q 2024 | 3Q 2024 | | 1,920 | ||||||||
| Total Development Units | | 208 | | | | | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | | |
| Operating Investment Name | | Number of Units | | | | | Average Rent (1) | |||||||||||||
| Peak Housing (2) | IN / MO / TX | 452 | | | | | | | $1,009 | |||||||||||
| Total Operating Units | | 452 | | | | | ||||||||||||||
| Total Units / Average | | | 1,584 | | | | | $1,687 | ||||||||||||
| (1) | For lease-up and development investments, represents the average pro forma effective monthly rent per occupied unit for all expected occupied units upon stabilization. For operating investments, represents the average effective monthly rent per occupied unit for the three months ended December 31, 2023. |
| (2) | Peak Housing is a stabilized operating portfolio and the number of units shown represents those collateralizing our preferred equity investment in the Peak REIT OP as of December 31,2023 (refer to Note 8 of our combined consolidated financial statements for further information). Unit count excludes units presented in the consolidated investments table above. |
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