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Bluerock Homes Trust
R. Ramin Kamfar founded Bluerock Homes Trust as a spinoff from Bluerock Residential Growth REIT, completing the separation in October 2022.
Bluerock Homes Trust
R. Ramin Kamfar founded Bluerock Homes Trust as a spinoff from Bluerock Residential Growth REIT, completing the separation in October 2022. The move carved out a pure-play single-family rental vehicle from a broader multifamily platform, giving public-market investors a direct line into the institutionalization of scattered-site home portfolios. Kamfar built the predecessor firm over two decades, establishing a track record of aggregating and operating residential assets across the United States before structuring the Homes Trust as a stand-alone entity. The firm invests in and operates single-family rental homes, targeting stabilized properties in Sun Belt and Western U.S. markets such as Atlanta, Phoenix, and Denver. Its holdings include both wholly owned communities and joint-venture interests that pool capital with institutional co-investors including large public pension funds. The portfolio spans more than 3,000 homes, concentrated in suburban locations with strong population growth and employment anchors — a strategy designed to capture demand from households priced out of homeownership. The Homes Trust participates in direct acquisitions and asset management, while external management agreements with Bluerock entities govern day-to-day operations. Bluerock Homes Trust went public on the NYSE American exchange under the ticker BHM in 2022, inheriting a portfolio valued at roughly $800 million at the time of the spin-off. Kamfar remains Chairman and CEO, running the trust alongside a senior team that managed the predecessor REIT's residential portfolio for over a decade. The firm maintains an external management structure with Bluerock Residential Growth REIT, which itself was taken private by Blackstone in 2022 — a transaction that underscores institutional appetite for the asset class Bluerock Homes Trust now occupies. In July 2023, the firm expanded its ground lease exposure by closing a $36 million acquisition of a build-to-rent community in Phoenix (per the firm, July 2023). Bluerock Homes Trust's external management model distinguishes it from self-managed SFR platforms like Invitation Homes or AMH. The structure allows the trust to access operational infrastructure built over Bluerock's two-decade history without carrying the overhead of an in-house management workforce. This creates a pure asset-level investment vehicle with portfolio composition driven by capital allocation decisions rather than operational scale requirements, positioning the trust to pursue joint ventures and co-investment structures that self-managed peers may find harder to accommodate.
General information
Firm type
Asset Manager
Year founded
—
AUM
Undisclosed
Location
Region
North America
Country
United States
City
New York
Corporate office
New York, NY, United States
Principals
R. Ramin Kamfar
Chairman and Chief Executive Officer
Sector focus
Frequently asked questions
What is Bluerock Homes Trust's relationship to Bluerock Residential Growth REIT?
Bluerock Homes Trust was spun off from Bluerock Residential Growth REIT in October 2022 as a pure-play single-family rental vehicle. The predecessor REIT was taken private by Blackstone in a 2022 transaction that valued the multifamily portfolio separately, leaving the Homes Trust as an independent public company. R. Ramin Kamfar founded both entities and serves as Chairman and CEO of the Homes Trust.
How does Bluerock Homes Trust's external management structure work?
The trust is externally managed by an affiliate of Bluerock, meaning it pays fees to a related management company rather than employing its own executive and operational staff. This structure concentrates the trust's expenses on asset-level acquisition and management decisions while drawing on the Bluerock platform's operational capacity. External management is common among smaller public REITs but differs from the self-managed model used by larger SFR peers.
Where does Bluerock Homes Trust own properties?
The trust concentrates its portfolio in high-growth Sun Belt and Western U.S. markets including Atlanta, Phoenix, Denver, and other suburban locations with strong population growth and employment anchors. These markets are selected for in-migration trends and the widening gap between renting costs and homeownership affordability. The firm targets stabilized single-family homes in communities designed for institutional-scale management.
Does Bluerock Homes Trust develop homes or acquire existing properties?
Bluerock Homes Trust primarily acquires stabilized single-family homes and communities, including build-to-rent developments purchased from merchant developers. The July 2023 acquisition of a Phoenix build-to-rent community for $36 million illustrates the trust's approach to buying newly constructed rental communities. The firm does not operate as a homebuilder but rather as an aggregator and operator of finished rental housing.
Who are Bluerock Homes Trust's co-investors?
The trust participates in joint ventures with institutional capital partners, including large public pension funds. These co-investment structures allow the trust to scale its portfolio beyond its public equity capital base. Specific partner identities, allocation sizes, and deal-level economics are disclosed in the trust's SEC filings and earnings materials.
How does Bluerock Homes Trust compare to larger SFR REITs like Invitation Homes?
Bluerock Homes Trust operates at a smaller scale — roughly 3,000 homes compared to Invitation Homes' 80,000-plus — and uses an external management structure rather than self-managing properties. The trust's portfolio also skews toward build-to-rent communities acquired from developers, whereas larger peers run integrated acquisition, renovation, and leasing operations. This makes the trust a concentrated bet on institutional SFR in specific Sun Belt markets rather than a national platform.
What led to the creation of Bluerock Homes Trust as a standalone company?
The separation was triggered by Blackstone's acquisition of Bluerock Residential Growth REIT in 2022. Blackstone bought the multifamily business — focused on apartment communities — while the single-family rental portfolio and its associated ground leases were spun off to existing Bluerock shareholders as Bluerock Homes Trust. The transaction created a pure-play SFR vehicle that went public on NYSE American as a standalone REIT.
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