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Acquisition of Real Estate
 12 Months Ended
Dec. 31, 2025
Acquisition of Real Estate  
Acquisition of Real Estate

Note 3 – Acquisition of Real Estate

Acquisition of Villas at Huffmeister

On March 25, 2024, the Company, through a 95% owned joint venture entity, acquired a 294-unit residential community located in Houston, Texas known as Villas at Huffmeister. The purchase price of $41.2 million was funded with a $24.3 million senior loan assumption secured by Villas at Huffmeister, along with cash of $18.1 million funded by the Company, inclusive of certain adjustments typical in such real estate transactions.

Acquisition of Avenue at Timberlin Park

On July 31, 2024, the Company acquired a 200-unit residential community located in Jacksonville, Florida known as Avenue at Timberlin Park. The Company has a full ownership interest in the community, and the purchase price of $33.8 million was funded with a $23.7 million senior loan secured by Avenue at Timberlin Park, along with cash of $12.9 million funded by the Company, inclusive of certain adjustments typical in such real estate transactions.

Acquisition of Allure at Southpark

On December 6, 2024, the Company, through a 98.05% owned joint venture entity, acquired a 350-unit residential community located in Charlotte, North Carolina known as Allure at Southpark. The purchase price of $92.0 million was funded with a $55.2 million senior loan secured by Allure at Southpark, along with cash of $39.3 million funded by the Company, inclusive of certain adjustments typical in such real estate transactions.

Acquisition of Residential Communities through Delaware Statutory Trusts

The Company acquired the following four properties through separate Delaware statutory trusts (each, a “DST”) to be part of private placement offerings through which interests in each DST are issued to third party accredited investors therein. Refer to Note 9 for further information on the Company’s DST Program.

Amira at Westly – 408-unit residential community located in Tampa, Florida acquired on October 31, 2024 known as Amira at Westly. The purchase price of $103.0 million was funded with (i) a $56.7 million senior loan secured by Amira at Westly, (ii) borrowings of $36.0 million through a credit facility with KeyBank National Association (the “KeyBank Credit Facility”), and (iii) cash of $14.5 million funded by the Company, inclusive of certain adjustments typical in such real estate transactions.

Southern Pines Reserve – 272-unit residential community located in Aberdeen, North Carolina acquired on April 28, 2025 known as Southern Pines Reserve, aka Hawthorne. The purchase price of $56.6 million was funded with (i) a $30.7 million senior loan secured by Southern Pines Reserve, (ii) borrowings of $20.0 million through the KeyBank Credit Facility, and (iii) cash of $8.9 million funded by the Company, inclusive of certain adjustments typical in such real estate transactions.

Skytop Apartments – 361-unit residential community located in Cincinnati, Ohio acquired on September 29, 2025 known as Skytop Apartments. The purchase price of $88.5 million was funded with (i) a $57.5 million senior loan secured by Skytop Apartments, (ii) borrowings of $22.0 million through the KeyBank Credit Facility, and (iii) cash of $13.0 million funded by the Company, inclusive of certain adjustments typical in such real estate transactions.

District at Parkview – 264-unit residential community located in Stone Mountain, Georgia acquired on December 18, 2025 known as District at Parkview. The purchase price of $66.6 million was funded with (i) a $38.6 million senior loan secured by District at Parkview, (ii) cash of $21.3 million funded by the Company, and (iii) cash of $9.7 million funded by an affiliate of Bluerock Homes Manager, LLC, an entity affiliated with the Company, inclusive of certain adjustments typical in such real estate transactions.

Harmony at Clear Creek Development

On September 30, 2025, the Company, through a joint venture with an unaffiliated third party (the “Harmony JV”), in which the Company holds an 85% interest, acquired land located in Shawnee, Kansas for a purchase price of $2.3 million for the development of an approximately 188-unit residential community to be known as Harmony at Clear Creek. In connection with the acquisition and planned development, the Harmony JV entered into a construction loan agreement providing for borrowings of up to $46.5 million. At December 31, 2025, the outstanding balance under the construction loan was negligible and is included in mortgages payable on the Company’s consolidated balance sheets. The interest rate cap associated with the construction loan, and any capitalized interest, is recorded within construction in process on the consolidated balance sheets. The Company accounts for Harmony at Clear Creek as a consolidated investment.

Parkside at Summers Corner

On November 26, 2025, the Company entered into an agreement with an unaffiliated third party to acquire full interest in a total of 100 residential community units in Summerville, South Carolina to be known as Parkside at Summers Corner. Units are to be acquired in tranches as construction is completed, and as of December 31, 2025, the Company had acquired 12 of the total 100 units for an aggregate purchase price of $3.1 million.

Purchase Price Allocation

The real estate acquisitions above have been accounted for as asset acquisitions. The purchase prices were allocated to the acquired assets based on their estimated fair values at the dates of acquisition.

​

The following table summarizes the assets acquired and mortgage assumed at the acquisition dates for the Company’s acquisitions made during the years ended December 31, 2025 and 2024 (amounts in thousands):

​

​

​

​

​

​

​

​

​

​

Purchase Price Allocation

​

  ​ ​ ​

2025

  ​ ​ ​

2024

Land

​

$

22,762

​

$

38,440

Building

​

​

159,168

​

​

200,794

Building improvements

​

 

5,817

​

 

4,861

Land improvements

​

 

22,090

​

 

20,376

Furniture and fixtures

​

 

6,185

​

 

4,818

Construction in process

​

​

1,002

​

​

—

Other intangible assets, net

​

​

9,439

​

​

5,309

Total assets acquired (1)

​

$

226,463

​

$

274,598

​

​

 

​

​

 

​

Mortgage assumed

​

$

—

​

$

27,440

Fair value adjustment

​

 

—

​

 

(3,107)

Total liabilities assumed

​

$

—

​

$

24,333

(1)

For 2025, the $226.5 million of total assets acquired includes $9.4 million of acquisition expenses that have been capitalized as the acquisitions have been accounted for as asset acquisitions. For 2024, the $274.6 million of total assets acquired includes $4.7 million of acquisition expenses that have been capitalized as the acquisitions have been accounted for as asset acquisitions.

Acquisition of Additional Interests in Investments

On July 11, 2025, the Company purchased the noncontrolling partner’s interest in each of the Peak JV 2 and Peak JV 3 portfolios for $0.2 million and $0.9 million, respectively. The Company increased its interest in (i) the Peak JV 2 portfolio from 80% to 100% and (ii) the Peak JV 3 portfolio from 56% to 100%.