76603766030001442626--12-312021FYBluerock Residential Growth REIT, Inc.022015473591975134892295845229584522958459717917282721342774338277433827743382202095027257586290.07017100000P24MP3YP3YP3Y30P3YP3YP3YP3YP3YP3YP3YP3YP3YP3YP3YP3YP3YP3YP3YP3YP3YP3YP3YP3YP3YP3YP3YP3YP3YP3YP3Yfalse0001442626brg:SeriesDMemberus-gaap:CumulativePreferredStockMember2021-12-200001442626brg:SeriesCMemberus-gaap:CumulativePreferredStockMember2021-12-200001442626us-gaap:SeriesBMemberus-gaap:RedeemablePreferredStockMember2021-12-310001442626us-gaap:SeriesAMemberus-gaap:CumulativePreferredStockMember2021-12-310001442626brg:SeriesTMemberus-gaap:RedeemablePreferredStockMember2021-12-310001442626brg:SeriesCMemberus-gaap:CumulativePreferredStockMember2021-12-310001442626us-gaap:SeriesBMemberus-gaap:RedeemablePreferredStockMember2020-12-310001442626us-gaap:SeriesAMemberus-gaap:CumulativePreferredStockMember2020-12-310001442626brg:SeriesTMemberus-gaap:RedeemablePreferredStockMember2020-12-310001442626brg:SeriesCMemberus-gaap:CumulativePreferredStockMember2020-12-310001442626srt:MaximumMemberbrg:ClassCommonStock8.250SeriesCumulativeRedeemablePreferredStock7.625SeriesCCumulativeRedeemablePreferredStockAndOr7.125SeriesDCumulativePreferredStockMember2021-02-090001442626brg:ClassCommonStock8.250SeriesCumulativeRedeemablePreferredStock7.625SeriesCCumulativeRedeemablePreferredStockAndOr7.125SeriesDCumulativePreferredStockMember2021-02-090001442626brg:NewPlanMemberus-gaap:CommonClassAMember2020-10-310001442626brg:ClassCommonStock8.250SeriesCumulativeRedeemablePreferredStock7.625SeriesCCumulativeRedeemablePreferredStockAndOr7.125SeriesDCumulativePreferredStockMember2020-05-310001442626brg:ShareRepurchasePlanMember2021-01-012021-12-310001442626brg:ShareRepurchasePlanMemberus-gaap:CommonClassAMember2020-01-012020-12-310001442626brg:ShareRepurchasePlanMember2020-01-012020-12-310001442626us-gaap:CommonClassAMember2021-01-012021-12-310001442626us-gaap:SeriesDPreferredStockMember2020-01-012020-12-310001442626us-gaap:SeriesCPreferredStockMember2020-01-012020-12-310001442626us-gaap:SeriesAPreferredStockMember2020-01-012020-12-310001442626us-gaap:CommonClassAMember2020-01-012020-12-310001442626brg:LongtermIncentivePlanUnitsMember2021-11-092021-11-090001442626brg:LongtermIncentivePlanUnitsMember2021-01-012021-12-310001442626brg:StockActivityMemberus-gaap:CommonClassAMemberus-gaap:SubsequentEventMember2022-02-282022-02-280001442626us-gaap:NoncontrollingInterestMember2021-12-310001442626us-gaap:AdditionalPaidInCapitalMember2021-12-310001442626us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2021-12-310001442626brg:NetIncomeLossMember2021-12-310001442626us-gaap:NoncontrollingInterestMember2020-12-310001442626us-gaap:AdditionalPaidInCapitalMember2020-12-310001442626us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2020-12-310001442626brg:NetIncomeLossMember2020-12-310001442626us-gaap:NoncontrollingInterestMember2019-12-310001442626us-gaap:AdditionalPaidInCapitalMember2019-12-310001442626us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2019-12-310001442626brg:NetIncomeLossMember2019-12-310001442626us-gaap:NoncontrollingInterestMember2018-12-310001442626us-gaap:AdditionalPaidInCapitalMember2018-12-310001442626us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2018-12-310001442626brg:NetIncomeLossMember2018-12-310001442626us-gaap:SeriesDPreferredStockMemberus-gaap:PreferredStockMember2021-12-310001442626us-gaap:CommonClassCMemberus-gaap:CommonStockMember2021-12-310001442626us-gaap:CommonClassAMemberus-gaap:CommonStockMember2021-12-310001442626us-gaap:SeriesDPreferredStockMemberus-gaap:PreferredStockMember2020-12-310001442626us-gaap:CommonClassCMemberus-gaap:CommonStockMember2020-12-310001442626us-gaap:CommonClassAMemberus-gaap:CommonStockMember2020-12-310001442626us-gaap:SeriesDPreferredStockMemberus-gaap:PreferredStockMember2019-12-310001442626us-gaap:CommonClassCMemberus-gaap:CommonStockMember2019-12-310001442626us-gaap:CommonClassAMemberus-gaap:CommonStockMember2019-12-310001442626us-gaap:SeriesDPreferredStockMemberus-gaap:PreferredStockMember2018-12-310001442626us-gaap:CommonClassCMemberus-gaap:CommonStockMember2018-12-310001442626us-gaap:CommonClassAMemberus-gaap:CommonStockMember2018-12-310001442626us-gaap:RestrictedStockMemberus-gaap:CommonClassAMember2021-12-310001442626us-gaap:RestrictedStockMemberus-gaap:CommonClassAMember2020-12-310001442626brg:LongtermIncentivePlanUnitsMemberbrg:FourthAmended2014IncentivePlansMember2022-03-252022-03-250001442626brg:LongtermIncentivePlanUnitsMemberbrg:TimebasedLtipUnitsMemberbrg:TwoThousandFourteenIndividualsPlanMemberus-gaap:SubsequentEventMember2022-01-012022-01-010001442626brg:LongtermIncentivePlanUnitsMemberbrg:PerformanceBasedLtipUnitsMemberbrg:TwoThousandFourteenIndividualsPlanMemberus-gaap:SubsequentEventMember2022-01-012022-01-010001442626brg:LongtermIncentivePlanUnitsMemberbrg:FourthAmended2014IncentivePlansMember2021-11-092021-11-090001442626brg:LongtermIncentivePlanUnitsMemberbrg:FourthAmended2014IncentivePlansMember2021-08-032021-08-030001442626brg:LongtermIncentivePlanUnitsMemberbrg:FourthAmended2014IncentivePlansMember2021-05-112021-05-110001442626brg:LongtermIncentivePlanUnitsMemberbrg:FourthAmended2014IncentivePlansMember2021-03-252021-03-250001442626brg:LongtermIncentivePlanUnitsMemberbrg:FourthAmended2014IncentivePlansMember2020-11-052020-11-050001442626brg:LongtermIncentivePlanUnitsMemberbrg:IncentivePlanMember2020-08-112020-08-110001442626brg:LongtermIncentivePlanUnitsMemberbrg:TwoThousandFourteenIndividualsPlanMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2020-04-152020-04-150001442626us-gaap:RestrictedStockMemberus-gaap:CommonClassAMember2021-01-012021-12-310001442626us-gaap:RestrictedStockMemberus-gaap:CommonClassAMember2020-01-012020-12-310001442626brg:LongtermIncentivePlanUnitsMemberbrg:TwoThousandFourteenIndividualsPlanMemberus-gaap:SubsequentEventMember2022-01-012022-01-010001442626brg:LongtermIncentivePlanUnitsMemberbrg:FourthAmended2014IncentivePlansMember2021-04-012021-04-010001442626us-gaap:RestrictedStockMember2021-01-012021-12-310001442626brg:LongtermIncentivePlanUnitsMemberbrg:TimebasedLtipUnitsMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2021-01-012021-01-010001442626brg:LongtermIncentivePlanUnitsMemberbrg:PerformanceBasedLtipUnitsMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2021-01-012021-01-010001442626brg:LongtermIncentivePlanUnitsMemberbrg:IncentivePlanMember2020-04-152020-04-150001442626brg:LongtermIncentivePlanUnitsMemberbrg:TimebasedLtipUnitsMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2020-01-012020-01-010001442626brg:LongtermIncentivePlanUnitsMemberbrg:PerformanceBasedLtipUnitsMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2020-01-012020-01-010001442626brg:LongtermIncentivePlanUnitsMemberbrg:TimebasedLtipUnitsMember2021-01-012021-12-310001442626brg:LongtermIncentivePlanUnitsMemberbrg:PerformanceBasedLtipUnitsMember2021-01-012021-12-310001442626brg:LongtermIncentivePlanUnitsMemberbrg:TimebasedLtipUnitsMember2020-01-012020-12-310001442626brg:LongtermIncentivePlanUnitsMemberbrg:PerformanceBasedLtipUnitsMember2020-01-012020-12-310001442626us-gaap:RestrictedStockMember2020-01-012020-12-310001442626brg:LongtermIncentivePlanUnitsMemberbrg:TimebasedLtipUnitsMember2019-01-012019-12-310001442626brg:LongtermIncentivePlanUnitsMemberbrg:PerformanceBasedLtipUnitsMember2019-01-012019-12-310001442626srt:AffiliatedEntityMember2021-12-310001442626brg:YaugerParkVillasMemberbrg:SupplementalLoanMember2021-12-310001442626brg:NavigatorVillasMemberbrg:SupplementalLoanMember2021-12-310001442626brg:ElanMemberbrg:SupplementalLoanMember2021-12-310001442626brg:DenimMemberbrg:SupplementalLoanMember2021-12-310001442626brg:CarringtonAtPerimeterParkMemberbrg:SupplementalLoanMember2021-12-310001442626brg:Avenue25Memberbrg:SupplementalLoanMember2021-12-310001442626us-gaap:LineOfCreditMember2021-12-310001442626brg:YaugerParkVillasMember2021-12-310001442626brg:NavigatorVillasMember2021-12-310001442626brg:ElanMember2021-12-310001442626brg:DenimMember2021-12-310001442626brg:CreditAgreementsTwoMember2021-12-310001442626brg:CreditAgreementsThreeMember2021-12-310001442626brg:CarringtonAtPerimeterParkMember2021-12-310001442626brg:Avenue25Member2021-12-310001442626brg:AriumGrandeLakesMemberus-gaap:SubsequentEventMember2022-01-200001442626brg:HeldForSaleMemberbrg:GrandeLakesAtOnePointFiveFivePercentageMemberus-gaap:MortgagesMember2021-12-310001442626brg:HeldForSaleMemberbrg:AriumGrandeLakesMemberus-gaap:MortgagesMember2021-12-310001442626brg:FloatingInterestRateMemberbrg:MarquisAtCascadesIMemberus-gaap:MortgagesMember2021-12-310001442626brg:FloatingInterestRateMemberbrg:MarquisAtCascadesIiMemberus-gaap:MortgagesMember2021-12-310001442626brg:FloatingInterestRateMemberbrg:DistrictAtScottsdaleMemberus-gaap:MortgagesMember2021-12-310001442626brg:FixedInterestRateMemberbrg:ReserveAtPalmerRanchMemberus-gaap:MortgagesMember2021-12-310001442626brg:FixedInterestRateMemberbrg:PlantationParkLakeJacksonTXMemberus-gaap:MortgagesMember2021-12-310001442626brg:FixedInterestRateMemberbrg:ParkKingstonCharlotteMemberus-gaap:MortgagesMember2021-12-310001442626brg:FixedInterestRateMemberbrg:JamesOnSouthFirstMemberus-gaap:MortgagesMember2021-12-310001442626brg:FixedInterestRateMemberbrg:FannieFacilityAdvanceMemberus-gaap:MortgagesMember2021-12-310001442626brg:FixedInterestRateMemberbrg:ChevyChaseMemberus-gaap:MortgagesMember2021-12-310001442626brg:FloatingInterestRateMemberus-gaap:MortgagesMember2021-12-310001442626brg:FloatingInterestRateMemberbrg:AriumGrandeLakesMember2021-12-310001442626brg:FixedInterestRateMemberus-gaap:MortgagesMember2021-12-310001442626brg:FixedInterestRateMemberbrg:AriumGrandeLakesMember2021-12-310001442626brg:StrategicPortfolioInterestsMember2021-12-310001442626brg:FloatingInterestRateMemberbrg:FannieFacilitySecondAdvanceMember2021-02-180001442626brg:HeldForSaleMemberbrg:GrandeLakesAtOnePointFiveFivePercentageMemberus-gaap:MortgagesMember2020-12-310001442626brg:HeldForSaleMemberbrg:AriumGrandeLakesMemberus-gaap:MortgagesMember2020-12-310001442626brg:FloatingInterestRateMemberbrg:VillagesOfCypressCreekMemberus-gaap:MortgagesMember2020-12-310001442626brg:FloatingInterestRateMemberbrg:VerandaAtCenterfieldMemberus-gaap:MortgagesMember2020-12-310001442626brg:FloatingInterestRateMemberbrg:PineLakesPreserveMemberus-gaap:MortgagesMember2020-12-310001442626brg:FloatingInterestRateMemberbrg:MarquisAtCascadesIMemberus-gaap:MortgagesMember2020-12-310001442626brg:FloatingInterestRateMemberbrg:MarquisAtCascadesIiMemberus-gaap:MortgagesMember2020-12-310001442626brg:FloatingInterestRateMemberbrg:IleMemberus-gaap:MortgagesMember2020-12-310001442626brg:FloatingInterestRateMemberbrg:FannieFacilitySecondAdvanceMemberus-gaap:MortgagesMember2020-12-310001442626brg:FloatingInterestRateMemberbrg:FannieFacilityAdvanceMemberus-gaap:MortgagesMember2020-12-310001442626brg:FloatingInterestRateMemberbrg:FallsAtForsythMemberus-gaap:MortgagesMember2020-12-310001442626brg:FloatingInterestRateMemberbrg:DistrictAtScottsdaleMemberus-gaap:MortgagesMember2020-12-310001442626brg:FloatingInterestRateMemberbrg:AriumGlenridgeMemberus-gaap:MortgagesMember2020-12-310001442626brg:FixedInterestRateMemberbrg:YaugerParkVillasMemberus-gaap:MortgagesMember2020-12-310001442626brg:FixedInterestRateMemberbrg:WindsorFallsMemberus-gaap:MortgagesMember2020-12-310001442626brg:FixedInterestRateMemberbrg:WesleyVillageMemberus-gaap:MortgagesMember2020-12-310001442626brg:FixedInterestRateMemberbrg:TheLinksAtPlumCreekMemberus-gaap:MortgagesMember2020-12-310001442626brg:FixedInterestRateMemberbrg:SanctuaryMemberus-gaap:MortgagesMember2020-12-310001442626brg:FixedInterestRateMemberbrg:RosewellCityWalkMemberus-gaap:MortgagesMember2020-12-310001442626brg:FixedInterestRateMemberbrg:ReserveAtPalmerRanchMemberus-gaap:MortgagesMember2020-12-310001442626brg:FixedInterestRateMemberbrg:ProvidenceTrailMemberus-gaap:MortgagesMember2020-12-310001442626brg:FixedInterestRateMemberbrg:PreserveAtHendersonBeachDestinFlMemberus-gaap:MortgagesMember2020-12-310001442626brg:FixedInterestRateMemberbrg:PlantationParkLakeJacksonTXMemberus-gaap:MortgagesMember2020-12-310001442626brg:FixedInterestRateMemberbrg:ParkKingstonCharlotteMemberus-gaap:MortgagesMember2020-12-310001442626brg:FixedInterestRateMemberbrg:OutlookAtGreystoneBirminghamAlMemberus-gaap:MortgagesMember2020-12-310001442626brg:FixedInterestRateMemberbrg:NavigatorVillasMemberus-gaap:MortgagesMember2020-12-310001442626brg:FixedInterestRateMemberbrg:MillsGreenvilleScMemberus-gaap:MortgagesMember2020-12-310001442626brg:FixedInterestRateMemberbrg:JamesOnSouthFirstMemberus-gaap:MortgagesMember2020-12-310001442626brg:FixedInterestRateMemberbrg:GulfshoreApartmentHomesMemberus-gaap:MortgagesMember2020-12-310001442626brg:FixedInterestRateMemberbrg:FannieFacilityAdvanceMemberus-gaap:MortgagesMember2020-12-310001442626brg:FixedInterestRateMemberbrg:FallsAtForsythMemberus-gaap:MortgagesMember2020-12-310001442626brg:FixedInterestRateMemberbrg:ElementMemberus-gaap:MortgagesMember2020-12-310001442626brg:FixedInterestRateMemberbrg:ElanMemberus-gaap:MortgagesMember2020-12-310001442626brg:FixedInterestRateMemberbrg:DenimMemberus-gaap:MortgagesMember2020-12-310001442626brg:FixedInterestRateMemberbrg:DebraMetrowestMemberus-gaap:MortgagesMember2020-12-310001442626brg:FixedInterestRateMemberbrg:CitrusTowerOrlandoFlMemberus-gaap:MortgagesMember2020-12-310001442626brg:FixedInterestRateMemberbrg:ChevyChaseMemberus-gaap:MortgagesMember2020-12-310001442626brg:FixedInterestRateMemberbrg:ChattahoocheeRidgeMemberus-gaap:MortgagesMember2020-12-310001442626brg:FixedInterestRateMemberbrg:CarringtonAtPerimeterParkMemberus-gaap:MortgagesMember2020-12-310001442626brg:FixedInterestRateMemberbrg:BuranoHunterSCreekMemberus-gaap:MortgagesMember2020-12-310001442626brg:FixedInterestRateMemberbrg:BrodieAustinTxMemberus-gaap:MortgagesMember2020-12-310001442626brg:FixedInterestRateMemberbrg:Avenue25Memberus-gaap:MortgagesMember2020-12-310001442626brg:FixedInterestRateMemberbrg:AshfordBelmarMemberus-gaap:MortgagesMember2020-12-310001442626brg:FixedInterestRateMemberbrg:AriumWestsideAtlantaGaMemberus-gaap:MortgagesMember2020-12-310001442626brg:FloatingInterestRateMemberus-gaap:MortgagesMember2020-12-310001442626brg:FixedInterestRateMemberus-gaap:MortgagesMember2020-12-310001442626brg:FloatingInterestRateMemberbrg:FannieFacilityAdvanceMember2020-05-270001442626brg:BrPerimeterJvllcMember2017-11-272017-12-290001442626brg:RealEstateHeldForInvestmentMembersrt:MinimumMemberbrg:YaugerParkVillasMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MinimumMemberbrg:WindsorFallsMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MinimumMemberbrg:WesleyVillageMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MinimumMemberbrg:WayfordAtConcordMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MinimumMemberbrg:VerandaAtCenterfieldMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MinimumMemberbrg:TheLinksAtPlumCreekMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MinimumMemberbrg:TexasPortfolio183Member2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MinimumMemberbrg:TexarkanaMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MinimumMemberbrg:SpringtownTwoMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MinimumMemberbrg:SpringtownMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MinimumMemberbrg:SpringfieldMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MinimumMemberbrg:SandsParcDaytonaBeachFLMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MinimumMemberbrg:SanctuaryMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MinimumMemberbrg:RoswellCityWalkMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MinimumMemberbrg:ProvidenceTrailMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MinimumMemberbrg:PreserveAtHendersonBeachDestinFlMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MinimumMemberbrg:PineLakesPreserveMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MinimumMemberbrg:OutlookAtGreystoneBirminghamAlMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MinimumMemberbrg:NavigatorVillasMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MinimumMemberbrg:MillsGreenvilleScMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MinimumMemberbrg:LynnwoodTwoMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MinimumMemberbrg:LynnwoodMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MinimumMemberbrg:LubbockTwoMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MinimumMemberbrg:LubbockThreeMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MinimumMemberbrg:LubbockMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MinimumMemberbrg:IndyMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MinimumMemberbrg:IleMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MinimumMemberbrg:GulfshoreApartmentHomesMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MinimumMemberbrg:GranburyMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MinimumMemberbrg:GoldenPacificMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MinimumMemberbrg:FallsAtForsythMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MinimumMemberbrg:ElementMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MinimumMemberbrg:ElanMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MinimumMemberbrg:Dfw189Member2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MinimumMemberbrg:DenimMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MinimumMemberbrg:DebraMetrowestMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MinimumMemberbrg:CypressCreekVillagesMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MinimumMemberbrg:CitrusTowerOrlandoFlMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MinimumMemberbrg:CieloOnGilbertMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MinimumMemberbrg:ChevyChaseMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MinimumMemberbrg:ChattahoocheeRidgeMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MinimumMemberbrg:CarringtonAtPerimeterParkMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MinimumMemberbrg:BuranoHunterSCreekMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MinimumMemberbrg:AxelrodMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MinimumMemberbrg:Avenue25Member2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MinimumMemberbrg:AshfordBelmarMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MinimumMemberbrg:AriumWestsideAtlantaGaMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MinimumMemberbrg:AriumGlenridgeMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MaximumMemberbrg:YaugerParkVillasMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MaximumMemberbrg:WindsorFallsMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MaximumMemberbrg:WesleyVillageMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MaximumMemberbrg:WayfordAtConcordMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MaximumMemberbrg:VerandaAtCenterfieldMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MaximumMemberbrg:TheLinksAtPlumCreekMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MaximumMemberbrg:TexasPortfolio183Member2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MaximumMemberbrg:TexarkanaMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MaximumMemberbrg:SpringtownTwoMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MaximumMemberbrg:SpringtownMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MaximumMemberbrg:SpringfieldMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MaximumMemberbrg:SandsParcDaytonaBeachFLMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MaximumMemberbrg:SanctuaryMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MaximumMemberbrg:RoswellCityWalkMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MaximumMemberbrg:ProvidenceTrailMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MaximumMemberbrg:PreserveAtHendersonBeachDestinFlMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MaximumMemberbrg:PineLakesPreserveMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MaximumMemberbrg:OutlookAtGreystoneBirminghamAlMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MaximumMemberbrg:NavigatorVillasMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MaximumMemberbrg:MillsGreenvilleScMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MaximumMemberbrg:LynnwoodTwoMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MaximumMemberbrg:LynnwoodMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MaximumMemberbrg:LubbockTwoMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MaximumMemberbrg:LubbockThreeMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MaximumMemberbrg:LubbockMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MaximumMemberbrg:IndyMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MaximumMemberbrg:IleMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MaximumMemberbrg:GulfshoreApartmentHomesMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MaximumMemberbrg:GranburyMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MaximumMemberbrg:GoldenPacificMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MaximumMemberbrg:FallsAtForsythMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MaximumMemberbrg:ElementMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MaximumMemberbrg:ElanMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MaximumMemberbrg:Dfw189Member2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MaximumMemberbrg:DenimMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MaximumMemberbrg:DebraMetrowestMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MaximumMemberbrg:CypressCreekVillagesMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MaximumMemberbrg:CitrusTowerOrlandoFlMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MaximumMemberbrg:CieloOnGilbertMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MaximumMemberbrg:ChevyChaseMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MaximumMemberbrg:ChattahoocheeRidgeMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MaximumMemberbrg:CarringtonAtPerimeterParkMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MaximumMemberbrg:BuranoHunterSCreekMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MaximumMemberbrg:BrodieAustinTxMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MaximumMemberbrg:AxelrodMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MaximumMemberbrg:Avenue25Member2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MaximumMemberbrg:AshfordBelmarMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MaximumMemberbrg:AriumWestsideAtlantaGaMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMembersrt:MaximumMemberbrg:AriumGlenridgeMember2021-01-012021-12-310001442626brg:PropertyUnderDevelopmentMembersrt:MinimumMemberbrg:BrodieAustinTxMember2021-01-012021-12-310001442626srt:MinimumMemberus-gaap:LandImprovementsMember2021-01-012021-12-310001442626srt:MinimumMemberus-gaap:FurnitureAndFixturesMember2021-01-012021-12-310001442626srt:MinimumMemberus-gaap:BuildingMember2021-01-012021-12-310001442626srt:MinimumMemberus-gaap:BuildingImprovementsMember2021-01-012021-12-310001442626srt:MaximumMemberus-gaap:LandImprovementsMember2021-01-012021-12-310001442626srt:MaximumMemberus-gaap:FurnitureAndFixturesMember2021-01-012021-12-310001442626srt:MaximumMemberus-gaap:BuildingMember2021-01-012021-12-310001442626srt:MaximumMemberus-gaap:BuildingImprovementsMember2021-01-012021-12-310001442626brg:InPlaceLeaseMember2021-01-012021-12-310001442626brg:MarquisAtCascadesMemberbrg:ProRataMember2021-03-012021-03-010001442626brg:CadeBocaRatonMemberbrg:ProRataMember2020-10-262020-10-260001442626brg:DistrictAtScottsdaleMemberbrg:ProRataMember2021-07-072021-07-070001442626brg:PlantationParkMemberbrg:ProRataMember2021-04-262021-04-260001442626brg:JamesAtSouthFirstMemberbrg:ProRataMember2021-02-242021-02-240001442626brg:EndersPlaceAtBaldwinParkMemberbrg:ProRataMember2020-04-212020-04-210001442626brg:MarquisAtTpcMemberbrg:ProRataMember2020-04-172020-04-170001442626brg:HeliosInterestsMemberbrg:ProRataMember2020-01-082020-01-080001442626brg:AlexanSouthsidePlaceMember2021-04-012021-04-300001442626brg:DividendReinvestmentPlanMemberbrg:SeriesTPreferredStockMemberbrg:StockOfferingMember2021-01-012021-12-310001442626brg:SeriesDMemberus-gaap:CumulativePreferredStockMember2021-12-310001442626us-gaap:PreferredStockMember2021-12-310001442626brg:SeriesDMemberus-gaap:CumulativePreferredStockMember2020-12-310001442626us-gaap:PreferredStockMember2020-12-310001442626us-gaap:CommonClassAMember2019-09-300001442626brg:SeriesTPreferredStockMember2021-12-310001442626brg:SeriesCumulativeRedeemablePreferredStock8.250Member2021-12-310001442626brg:SeriesCCumulativeRedeemablePreferredStockMember2021-12-310001442626brg:SeriesTMemberus-gaap:RedeemablePreferredStockMember2021-12-200001442626brg:SeriesDCumulativeRedeemablePreferredStockMemberMember2021-10-130001442626brg:SeriesCCumulativeRedeemablePreferredStockMember2021-07-190001442626brg:SeriesCumulativeRedeemablePreferredStock8.250Member2021-02-260001442626us-gaap:SeriesBMemberus-gaap:RedeemablePreferredStockMember2021-12-200001442626us-gaap:SeriesAMemberus-gaap:CumulativePreferredStockMember2020-05-310001442626brg:SeriesDMemberus-gaap:CumulativePreferredStockMember2020-05-310001442626brg:SeriesCMemberus-gaap:CumulativePreferredStockMember2020-05-310001442626brg:PaymentDateTwoMemberus-gaap:DividendDeclaredMemberus-gaap:SeriesBPreferredStockMemberus-gaap:SubsequentEventMember2022-01-142022-01-140001442626brg:PaymentDateTwoMemberus-gaap:DividendDeclaredMemberbrg:SeriesTPreferredStockMemberus-gaap:SubsequentEventMember2022-01-142022-01-140001442626brg:PaymentDateThreeMemberus-gaap:DividendDeclaredMemberus-gaap:SeriesBPreferredStockMemberus-gaap:SubsequentEventMember2022-01-142022-01-140001442626brg:PaymentDateThreeMemberus-gaap:DividendDeclaredMemberbrg:SeriesTPreferredStockMemberus-gaap:SubsequentEventMember2022-01-142022-01-140001442626brg:PaymentDateOneMemberus-gaap:DividendDeclaredMemberus-gaap:SeriesBPreferredStockMemberus-gaap:SubsequentEventMember2022-01-142022-01-140001442626brg:PaymentDateOneMemberus-gaap:DividendDeclaredMemberbrg:SeriesTPreferredStockMemberus-gaap:SubsequentEventMember2022-01-142022-01-140001442626brg:SeriesDMemberus-gaap:CumulativePreferredStockMember2021-12-202021-12-200001442626brg:SeriesCMemberus-gaap:RedeemablePreferredStockMember2021-12-202021-12-200001442626us-gaap:SeriesAMemberus-gaap:CumulativePreferredStockMember2021-01-012021-12-310001442626brg:SeriesDCumulativeRedeemablePreferredStockMemberMember2021-01-012021-12-310001442626brg:SeriesCumulativeRedeemablePreferredStock8.250Member2021-01-012021-12-310001442626us-gaap:SeriesAMemberus-gaap:CumulativePreferredStockMember2020-05-012020-05-310001442626brg:SeriesDMemberus-gaap:CumulativePreferredStockMember2020-05-012020-05-310001442626brg:SeriesCMemberus-gaap:CumulativePreferredStockMember2020-05-012020-05-310001442626us-gaap:SeriesBMemberus-gaap:RedeemablePreferredStockMember2020-01-012020-12-310001442626us-gaap:SeriesAMemberus-gaap:CumulativePreferredStockMember2020-01-012020-12-310001442626brg:SeriesTMemberus-gaap:RedeemablePreferredStockMember2020-01-012020-12-310001442626brg:SeriesDMemberus-gaap:CumulativePreferredStockMember2020-01-012020-12-310001442626brg:SeriesCMemberus-gaap:CumulativePreferredStockMember2020-01-012020-12-310001442626brg:WhetstoneMember2020-01-222020-01-220001442626brg:WhetstoneMember2020-01-222020-01-220001442626us-gaap:SubsequentEventMember2022-01-052022-01-0500014426262021-02-242021-02-240001442626brg:MotifMezzLoanMember2021-03-292021-03-290001442626brg:OpUnitHoldersMember2021-12-310001442626brg:AlexanSouthsidePlaceInterestsMemberus-gaap:AccountingStandardsUpdate201602Member2019-01-010001442626brg:WhetstoneApartmentPropertyMemberus-gaap:CommonClassAMember2021-12-310001442626brg:RiversideApartmentsInterestsMemberus-gaap:CommonClassAMember2021-12-310001442626brg:AlexanSouthsidePlaceInterestsMemberus-gaap:CommonClassAMember2021-12-310001442626brg:NorthCreekApartmentsInterestsMember2018-10-290001442626brg:AlexanCityMemberus-gaap:CommonClassAMember2014-07-010001442626us-gaap:ConsolidatedPropertiesMember2021-12-310001442626brg:PropertiesHeldThroughPreferredEquityMezzanineLoanOrGroundLeaseInvestmentsMember2021-12-310001442626srt:MaximumMemberbrg:SecondAmendedJuniorCreditFacilityMemberus-gaap:LineOfCreditMemberus-gaap:BaseRateMember2021-09-212021-09-210001442626srt:MinimumMemberbrg:EquityCreditFacilityMember2021-09-212021-09-210001442626srt:MinimumMemberbrg:AmendedSeniorCreditFacilityMember2020-03-062020-03-060001442626srt:MaximumMemberbrg:AmendedSeniorCreditFacilityMember2020-03-062020-03-060001442626us-gaap:RevolvingCreditFacilityMember2021-12-310001442626srt:MaximumMemberbrg:EquityCreditFacilityMember2021-09-210001442626brg:SecondAmendedJuniorCreditFacilityMember2021-09-210001442626brg:AmendedSeniorCreditFacilityMemberus-gaap:RevolvingCreditFacilityMember2020-03-060001442626brg:AmendedSeniorCreditFacilityMemberbrg:FallsAtForsythMember2021-12-310001442626brg:SandsParcDaytonaBeachFLMember2021-12-310001442626brg:EquityCreditFacilityMember2020-12-310001442626brg:AmendedSeniorCreditFacilityMember2020-12-310001442626brg:OpUnitHoldersMember2021-01-012021-12-310001442626brg:OpAndLtipUnitHoldersMember2021-01-012021-12-310001442626brg:LtipUnitHoldersMember2021-01-012021-12-310001442626brg:OpUnitMember2021-01-012021-12-310001442626brg:OpLtipUnitMember2021-01-012021-12-310001442626brg:LtipUnitMember2021-01-012021-12-310001442626brg:ZoeyMember2021-01-012021-12-310001442626brg:ReunionApartmentsMember2021-01-012021-12-310001442626brg:JolinMember2021-01-012021-12-310001442626brg:HartleyAtBlueHillFormerlyParkAtChapelHillMember2021-01-012021-12-310001442626brg:DomainAtTheOneFortyMember2021-01-012021-12-310001442626brg:CorpusMember2021-01-012021-12-310001442626brg:AvondaleHillsMember2021-01-012021-12-310001442626brg:ZoeyMember2020-01-012020-12-310001442626brg:VickersHistoricRoswellMember2020-01-012020-12-310001442626brg:ReunionApartmentsMember2020-01-012020-12-310001442626brg:NovelPerimeterMember2020-01-012020-12-310001442626brg:MotifMember2020-01-012020-12-310001442626brg:HartleyAtBlueHillFormerlyParkAtChapelHillMember2020-01-012020-12-310001442626brg:DomainAtTheOneFortyMember2020-01-012020-12-310001442626brg:AvondaleHillsMember2020-01-012020-12-310001442626brg:ArloMember2020-01-012020-12-310001442626brg:WoodsAtForestHillMember2021-01-012021-12-310001442626brg:WillowParkMember2021-01-012021-12-310001442626brg:WayfordAtConcordMember2021-01-012021-12-310001442626brg:ThorntonFlatsMember2021-01-012021-12-310001442626brg:StrategicPortfolioMember2021-01-012021-12-310001442626brg:SpringParcMember2021-01-012021-12-310001442626brg:RileyMember2021-01-012021-12-310001442626brg:Renew3030Member2021-01-012021-12-310001442626brg:PeakHousingMember2021-01-012021-12-310001442626brg:MiraVistaMember2021-01-012021-12-310001442626brg:LowerBroadwayMember2021-01-012021-12-310001442626brg:EncoreChandlerMember2021-01-012021-12-310001442626brg:DeerwoodApartmentsMember2021-01-012021-12-310001442626brg:DeercrossMember2021-01-012021-12-310001442626brg:CrossingsOfDawsonvilleMember2021-01-012021-12-310001442626brg:CottagesOfPortSt.LucieMember2021-01-012021-12-310001442626brg:CottagesAtMyrtleBeachMember2021-01-012021-12-310001442626brg:ConleyFormerlyNorthCreekApartmentsMember2021-01-012021-12-310001442626brg:AlexanCitycentreMember2021-01-012021-12-310001442626brg:WhetstOneApartmentsMember2020-01-012020-12-310001442626brg:WayfordAtConcordMember2020-01-012020-12-310001442626brg:ThorntonFlatsMember2020-01-012020-12-310001442626brg:StrategicPortfolioMember2020-01-012020-12-310001442626brg:RiversideApartmentsMember2020-01-012020-12-310001442626brg:MiraVistaMember2020-01-012020-12-310001442626brg:LeighHouseMember2020-01-012020-12-310001442626brg:ConleyFormerlyNorthCreekApartmentsMember2020-01-012020-12-310001442626brg:AlexanCitycentreMember2020-01-012020-12-310001442626brg:WhetstOneApartmentsMember2019-01-012019-12-310001442626brg:WayfordAtConcordMember2019-01-012019-12-310001442626brg:ThorntonFlatsMember2019-01-012019-12-310001442626brg:StrategicPortfolioMember2019-01-012019-12-310001442626brg:RiversideApartmentsMember2019-01-012019-12-310001442626brg:MiraVistaMember2019-01-012019-12-310001442626brg:LeighHouseMember2019-01-012019-12-310001442626brg:ConleyFormerlyNorthCreekApartmentsMember2019-01-012019-12-310001442626brg:CheshireBridgeMember2019-01-012019-12-310001442626brg:AlexanSouthsidePlaceMember2019-01-012019-12-310001442626brg:AlexanCitycentreMember2019-01-012019-12-310001442626brg:ThorntonFlatsInterestsMember2021-08-262021-08-260001442626brg:PeakHousingInterestsMember2021-07-012021-12-310001442626brg:HeliosInterestsMemberbrg:FundThreeMember2021-12-310001442626brg:WhetstoneApartmentPropertyMember2021-12-310001442626brg:RiversideApartmentsInterestsMember2021-12-310001442626brg:NorthCreekApartmentsInterestsMember2021-12-310001442626brg:HeliosInterestsMember2021-12-310001442626brg:AlexanSouthsidePlaceInterestsMember2021-12-310001442626brg:StrategicPortfolioInterestsMember2021-12-290001442626brg:ThorntonFlatsInterestsMember2021-08-260001442626brg:StrategicPortfolioInterestsMember2021-06-100001442626brg:AlexanSouthsidePlaceMember2021-04-300001442626brg:StrategicPortfolioInterestsMember2020-12-310001442626brg:StrategicPortfolioInterestsMember2019-12-310001442626brg:ThorntonFlatsMember2019-09-300001442626brg:MiraVistaMember2019-09-170001442626brg:LongtermIncentivePlanUnitsMemberbrg:IncentivePlanMember2021-01-012021-12-310001442626us-gaap:RestrictedStockMember2021-01-012021-12-310001442626brg:LongtermIncentivePlanUnitsMemberbrg:IncentivePlanMember2021-12-310001442626us-gaap:RestrictedStockMember2021-12-310001442626brg:BreEntitiesMemberbrg:ReimbursableOperatingExpensesMember2021-12-310001442626brg:BreEntitiesMemberbrg:ReimbursableOperatingExpensesLeaseholdCostSharingAgreementMember2021-12-310001442626brg:BreEntitiesMemberbrg:OfferingExpenseReimbursementsMemberMember2021-12-310001442626brg:BreEntitiesMemberbrg:AmountsPayableToBreUnderLeaseholdCostSharingAgreementMember2021-12-310001442626brg:BreEntitiesMemberbrg:AmountsPayableToBreUnderAdministrativeServicesAgreementNetMember2021-12-310001442626brg:BreEntitiesMemberbrg:ReimbursableOperatingExpensesMember2020-12-310001442626brg:BreEntitiesMemberbrg:ReimbursableOperatingExpensesLeaseholdCostSharingAgreementMember2020-12-310001442626brg:BreEntitiesMemberbrg:OfferingExpenseReimbursementsMemberMember2020-12-310001442626brg:BreEntitiesMemberbrg:AmountsPayableToBreUnderLeaseholdCostSharingAgreementMember2020-12-310001442626brg:BreEntitiesMemberbrg:AmountsPayableToBreUnderAdministrativeServicesAgreementNetMember2020-12-310001442626brg:MezzanineTypeLoanMemberbrg:BrMoreheadJvLlcMember2020-12-310001442626srt:MaximumMemberbrg:TheParkAtChapelHillFinancingMember2021-12-310001442626brg:MezzanineTypeLoanMemberbrg:FlaglerMezzLoanMember2021-12-310001442626brg:PropertyOwnerOneMember2021-12-310001442626brg:MezzanineTypeLoanMemberbrg:TexasPortfolio183Member2021-12-220001442626brg:BrPerimeterJvllcMember2017-12-290001442626us-gaap:SeriesDPreferredStockMember2021-10-012021-12-310001442626us-gaap:SeriesCPreferredStockMember2021-10-012021-12-310001442626us-gaap:SeriesBPreferredStockMember2021-10-012021-12-310001442626us-gaap:CommonClassCMember2021-10-012021-12-310001442626us-gaap:CommonClassAMember2021-10-012021-12-310001442626brg:SeriesTPreferredStockMember2021-10-012021-12-310001442626brg:OperatingPartnershipUnitsMember2021-10-012021-12-310001442626brg:LongtermIncentivePlanUnitsMember2021-10-012021-12-310001442626us-gaap:SeriesDPreferredStockMember2021-07-012021-09-300001442626us-gaap:SeriesCPreferredStockMember2021-07-012021-09-300001442626us-gaap:SeriesBPreferredStockMember2021-07-012021-09-300001442626us-gaap:CommonClassCMember2021-07-012021-09-300001442626us-gaap:CommonClassAMember2021-07-012021-09-300001442626brg:SeriesTPreferredStockMember2021-07-012021-09-300001442626brg:OperatingPartnershipUnitsMember2021-07-012021-09-300001442626brg:LongtermIncentivePlanUnitsMember2021-07-012021-09-300001442626us-gaap:SeriesDPreferredStockMember2021-04-012021-06-300001442626us-gaap:SeriesCPreferredStockMember2021-04-012021-06-300001442626us-gaap:SeriesBPreferredStockMember2021-04-012021-06-300001442626us-gaap:CommonClassCMember2021-04-012021-06-300001442626us-gaap:CommonClassAMember2021-04-012021-06-300001442626brg:SeriesTPreferredStockMember2021-04-012021-06-300001442626brg:OperatingPartnershipUnitsMember2021-04-012021-06-300001442626brg:LongtermIncentivePlanUnitsMember2021-04-012021-06-3000014426262021-04-012021-06-300001442626us-gaap:SeriesDPreferredStockMember2021-01-012021-03-310001442626us-gaap:SeriesCPreferredStockMember2021-01-012021-03-310001442626us-gaap:SeriesBPreferredStockMember2021-01-012021-03-310001442626us-gaap:SeriesAPreferredStockMember2021-01-012021-03-310001442626us-gaap:CommonClassCMember2021-01-012021-03-310001442626us-gaap:CommonClassAMember2021-01-012021-03-310001442626brg:SeriesTPreferredStockMember2021-01-012021-03-310001442626brg:OperatingPartnershipUnitsMember2021-01-012021-03-310001442626brg:LongtermIncentivePlanUnitsMember2021-01-012021-03-3100014426262021-01-012021-03-310001442626brg:MotifMezzanineFinancingMember2020-06-300001442626brg:AccountsReceivablePrepaidsAndOtherAssetsMemberus-gaap:InterestRateCapMember2021-12-310001442626brg:AccountsReceivablePrepaidsAndOtherAssetsMemberus-gaap:InterestRateCapMember2020-12-310001442626brg:HeldForSaleMemberus-gaap:MortgagesMember2021-12-310001442626brg:HeldForSaleMemberus-gaap:MortgagesMember2020-12-310001442626brg:AlexanCityMemberbrg:MezzanineLoanMember2019-04-262019-04-260001442626brg:AlexanCityMemberus-gaap:ConstructionLoanPayableMember2016-06-012016-06-070001442626brg:FloatingInterestRateMemberbrg:VillagesOfCypressCreekMemberus-gaap:MortgagesMember2021-12-310001442626brg:FloatingInterestRateMemberbrg:VerandaAtCenterfieldMemberus-gaap:MortgagesMember2021-12-310001442626brg:FloatingInterestRateMemberbrg:PineLakesPreserveMemberus-gaap:MortgagesMember2021-12-310001442626brg:FloatingInterestRateMemberbrg:IleMemberus-gaap:MortgagesMember2021-12-310001442626brg:FloatingInterestRateMemberbrg:FannieFacilitySecondAdvanceMemberus-gaap:MortgagesMember2021-12-310001442626brg:FloatingInterestRateMemberbrg:FannieFacilityAdvanceMemberus-gaap:MortgagesMember2021-12-310001442626brg:FloatingInterestRateMemberbrg:FallsAtForsythMemberus-gaap:MortgagesMember2021-12-310001442626brg:FloatingInterestRateMemberbrg:CieloOnGilbertMemberus-gaap:MortgagesMember2021-12-310001442626brg:FloatingInterestRateMemberbrg:ChevyChaseMemberus-gaap:MortgagesMember2021-12-310001442626brg:FloatingInterestRateMemberbrg:AriumGlenridgeMemberus-gaap:MortgagesMember2021-12-310001442626brg:FixedInterestRateMemberbrg:YaugerParkVillasMemberus-gaap:MortgagesMember2021-12-310001442626brg:FixedInterestRateMemberbrg:WindsorFallsMemberus-gaap:MortgagesMember2021-12-310001442626brg:FixedInterestRateMemberbrg:WesleyVillageMemberus-gaap:MortgagesMember2021-12-310001442626brg:FixedInterestRateMemberbrg:TheLinksAtPlumCreekMemberus-gaap:MortgagesMember2021-12-310001442626brg:FixedInterestRateMemberbrg:SanctuaryMemberus-gaap:MortgagesMember2021-12-310001442626brg:FixedInterestRateMemberbrg:RosewellCityWalkMemberus-gaap:MortgagesMember2021-12-310001442626brg:FixedInterestRateMemberbrg:ProvidenceTrailMemberus-gaap:MortgagesMember2021-12-310001442626brg:FixedInterestRateMemberbrg:PreserveAtHendersonBeachDestinFlMemberus-gaap:MortgagesMember2021-12-310001442626brg:FixedInterestRateMemberbrg:OutlookAtGreystoneBirminghamAlMemberus-gaap:MortgagesMember2021-12-310001442626brg:FixedInterestRateMemberbrg:NavigatorVillasMemberus-gaap:MortgagesMember2021-12-310001442626brg:FixedInterestRateMemberbrg:MillsGreenvilleScMemberus-gaap:MortgagesMember2021-12-310001442626brg:FixedInterestRateMemberbrg:GulfshoreApartmentHomesMemberus-gaap:MortgagesMember2021-12-310001442626brg:FixedInterestRateMemberbrg:FallsAtForsythMemberus-gaap:MortgagesMember2021-12-310001442626brg:FixedInterestRateMemberbrg:ElementMemberus-gaap:MortgagesMember2021-12-310001442626brg:FixedInterestRateMemberbrg:ElanMemberus-gaap:MortgagesMember2021-12-310001442626brg:FixedInterestRateMemberbrg:DenimMemberus-gaap:MortgagesMember2021-12-310001442626brg:FixedInterestRateMemberbrg:DebraMetrowestMemberus-gaap:MortgagesMember2021-12-310001442626brg:FixedInterestRateMemberbrg:CitrusTowerOrlandoFlMemberus-gaap:MortgagesMember2021-12-310001442626brg:FixedInterestRateMemberbrg:ChattahoocheeRidgeMemberus-gaap:MortgagesMember2021-12-310001442626brg:FixedInterestRateMemberbrg:CarringtonAtPerimeterParkMemberus-gaap:MortgagesMember2021-12-310001442626brg:FixedInterestRateMemberbrg:BuranoHunterSCreekMemberus-gaap:MortgagesMember2021-12-310001442626brg:FixedInterestRateMemberbrg:BrodieAustinTxMemberus-gaap:MortgagesMember2021-12-310001442626brg:FixedInterestRateMemberbrg:Avenue25Memberus-gaap:MortgagesMember2021-12-310001442626brg:FixedInterestRateMemberbrg:AshfordBelmarMemberus-gaap:MortgagesMember2021-12-310001442626brg:FixedInterestRateMemberbrg:AriumWestsideAtlantaGaMemberus-gaap:MortgagesMember2021-12-310001442626brg:PeakHousingReitMemberbrg:CorpusBridgeLoanMember2021-12-310001442626brg:MezzanineTypeLoanMemberbrg:BrMoreheadJvLlcMember2021-12-310001442626brg:EncoreChandlerMemberus-gaap:LondonInterbankOfferedRateLIBORMember2021-12-310001442626brg:VickersHistoricRoswellMember2021-12-310001442626brg:PerimeterMezzLoanMember2021-12-310001442626brg:BrChapelHillJvLlcMember2021-12-310001442626brg:CrossingsOfDawsonvilleInterestsMemberbrg:CrossingsOfDawsonvilleInterestsMember2021-07-140001442626brg:DeercrossInterestsMember2021-06-250001442626brg:WoodsAtForestHillInterestsMember2021-12-200001442626brg:CottagesOfPortSt.LucieInterestsMember2021-08-260001442626brg:WayfordAtInnovationParkInterestsMember2021-06-170001442626brg:CrossingsOfDawsonvilleInterestsMemberbrg:RileyInterestsMember2021-03-010001442626brg:MotifConstructionLoanMember2021-01-270001442626srt:MinimumMemberbrg:SecondAmendedJuniorCreditFacilityMemberus-gaap:LineOfCreditMemberus-gaap:LondonInterbankOfferedRateLIBORMember2021-09-212021-09-210001442626srt:MaximumMemberbrg:SecondAmendedJuniorCreditFacilityMemberus-gaap:LineOfCreditMemberus-gaap:LondonInterbankOfferedRateLIBORMember2021-09-212021-09-210001442626srt:MinimumMemberbrg:SecondAmendedJuniorCreditFacilityMemberus-gaap:LineOfCreditMemberus-gaap:BaseRateMember2021-09-212021-09-210001442626brg:CottagesAtMyrtleBeachInterestsMemberus-gaap:LondonInterbankOfferedRateLIBORMember2021-09-092021-09-090001442626brg:CottagesOfPortSt.LucieInterestsMemberus-gaap:LondonInterbankOfferedRateLIBORMember2021-08-262021-08-260001442626brg:OrangeCityApartmentsInterestsMemberus-gaap:LondonInterbankOfferedRateLIBORMember2021-07-262021-07-260001442626brg:LowerBroadwayInterestsMemberus-gaap:LondonInterbankOfferedRateLIBORMember2021-07-152021-07-150001442626brg:DeerwoodApartmentsInterestsMemberus-gaap:LondonInterbankOfferedRateLIBORMember2021-06-162021-06-160001442626brg:FannieFacilitySecondAdvanceMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2021-02-182021-02-180001442626brg:AlexanCityMembersrt:MinimumMemberus-gaap:SeniorLoansMemberus-gaap:LondonInterbankOfferedRateLIBORMember2021-01-012021-12-310001442626brg:AlexanCityMembersrt:MinimumMemberbrg:MezzanineLoanMemberus-gaap:LondonInterbankOfferedRateLIBORMember2021-01-012021-12-310001442626brg:AlexanCityMembersrt:MaximumMemberus-gaap:SeniorLoansMemberus-gaap:LondonInterbankOfferedRateLIBORMember2021-01-012021-12-310001442626brg:AlexanCityMembersrt:MaximumMemberbrg:MezzanineLoanMemberus-gaap:LondonInterbankOfferedRateLIBORMember2021-01-012021-12-310001442626srt:MaximumMemberbrg:MezzanineTypeLoanMemberbrg:DomainAtTheOneFortyMember2021-01-012021-12-310001442626srt:MinimumMemberus-gaap:LondonInterbankOfferedRateLIBORMember2021-01-012021-12-310001442626srt:MaximumMemberus-gaap:LondonInterbankOfferedRateLIBORMember2021-01-012021-12-310001442626srt:MaximumMemberbrg:MotifConstructionLoanMember2021-01-012021-12-310001442626brg:YaugerParkVillasMemberbrg:SupplementalLoanMember2021-01-012021-12-310001442626brg:WayforthAtConcordMemberus-gaap:LondonInterbankOfferedRateLIBORMember2021-01-012021-12-310001442626brg:NavigatorVillasMemberbrg:SupplementalLoanMember2021-01-012021-12-310001442626brg:MezzanineTypeLoanMemberbrg:DomainAtTheOneFortyMember2021-01-012021-12-310001442626brg:FannieFacilitySecondAdvanceMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2021-01-012021-12-310001442626brg:EncoreChandlerMemberus-gaap:LondonInterbankOfferedRateLIBORMember2021-01-012021-12-310001442626brg:ElanMemberbrg:SupplementalLoanMember2021-01-012021-12-310001442626brg:DenimMemberbrg:SupplementalLoanMember2021-01-012021-12-310001442626brg:CieloOnGilbertLoanMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2021-01-012021-12-310001442626brg:CarringtonAtPerimeterParkMemberbrg:SupplementalLoanMember2021-01-012021-12-310001442626brg:Avenue25Memberbrg:SupplementalLoanMember2021-01-012021-12-310001442626brg:YaugerParkVillasMember2021-01-012021-12-310001442626brg:NavigatorVillasMember2021-01-012021-12-310001442626brg:MotifConstructionLoanMember2021-01-012021-12-310001442626brg:ElanMember2021-01-012021-12-310001442626brg:DenimMember2021-01-012021-12-310001442626brg:CarringtonAtPerimeterParkMember2021-01-012021-12-310001442626brg:Avenue25Member2021-01-012021-12-310001442626srt:MinimumMemberbrg:AmendedSeniorCreditFacilityMemberus-gaap:LineOfCreditMemberus-gaap:LondonInterbankOfferedRateLIBORMember2020-03-062020-03-060001442626srt:MinimumMemberbrg:AmendedSeniorCreditFacilityMemberus-gaap:LineOfCreditMemberus-gaap:BaseRateMember2020-03-062020-03-060001442626srt:MaximumMemberbrg:AmendedSeniorCreditFacilityMemberus-gaap:LineOfCreditMemberus-gaap:LondonInterbankOfferedRateLIBORMember2020-03-062020-03-060001442626srt:MaximumMemberbrg:AmendedSeniorCreditFacilityMemberus-gaap:LineOfCreditMemberus-gaap:BaseRateMember2020-03-062020-03-060001442626brg:WoodsAtForestHillInterestsMember2021-12-310001442626brg:WillowParkInterestsMember2021-12-310001442626brg:WayforthAtConcordMember2021-12-310001442626brg:WayfordAtInnovationParkInterestsMember2021-12-310001442626brg:CottagesAtWarnerRobinsInterestsMember2021-12-310001442626brg:CottagesAtMyrtleBeachInterestsMember2021-12-310001442626brg:OrangeCityApartmentsInterestsMember2021-07-260001442626brg:LowerBroadwayInterestsMember2021-07-150001442626brg:CrossingsOfDawsonvilleInterestsMember2021-07-140001442626brg:DeercrossInterestsMember2021-06-250001442626brg:DeerwoodApartmentsInterestsMember2021-06-160001442626brg:RileyInterestsMember2021-03-010001442626brg:AlexanCityMemberus-gaap:ConstructionLoanPayableMember2016-06-070001442626brg:StockActivityMemberus-gaap:CommonClassAMemberus-gaap:SubsequentEventMember2022-02-280001442626brg:AtMarketOfferingsMember2021-12-310001442626us-gaap:CommonClassCMember2021-12-310001442626us-gaap:CommonClassAMember2021-12-310001442626brg:FloatingInterestRateMemberus-gaap:SeriesBMemberbrg:FannieFacilityAdvanceMemberus-gaap:RedeemablePreferredStockMember2021-12-200001442626brg:AgreementAndPlanOfMergerMember2021-12-200001442626us-gaap:CommonClassCMember2020-12-310001442626us-gaap:CommonClassAMember2020-12-310001442626us-gaap:SeriesDPreferredStockMember2021-01-012021-12-310001442626us-gaap:SeriesCPreferredStockMember2021-01-012021-12-310001442626us-gaap:CommonClassCMember2021-01-012021-12-310001442626brg:SeriesTPreferredStockTwoMember2021-01-012021-12-310001442626brg:SeriesTPreferredStockTwelveMember2021-01-012021-12-310001442626brg:SeriesTPreferredStockThreeMember2021-01-012021-12-310001442626brg:SeriesTPreferredStockThirteenMember2021-01-012021-12-310001442626brg:SeriesTPreferredStockTenMember2021-01-012021-12-310001442626brg:SeriesTPreferredStockSixMember2021-01-012021-12-310001442626brg:SeriesTPreferredStockSevenMember2021-01-012021-12-310001442626brg:SeriesTPreferredStockOneMember2021-01-012021-12-310001442626brg:SeriesTPreferredStockNineMember2021-01-012021-12-310001442626brg:SeriesTPreferredStockFourMember2021-01-012021-12-310001442626brg:SeriesTPreferredStockFiveMember2021-01-012021-12-310001442626brg:SeriesTPreferredStockElevenMember2021-01-012021-12-310001442626brg:SeriesTPreferredStockEightMember2021-01-012021-12-310001442626brg:SeriesPreferredStockOneMember2021-01-012021-12-310001442626brg:SeriesDPreferredStockTwoMember2021-01-012021-12-310001442626brg:SeriesDPreferredStockThreeMember2021-01-012021-12-310001442626brg:SeriesDPreferredStockOneMember2021-01-012021-12-310001442626brg:SeriesDPreferredStockFourMemberMember2021-01-012021-12-310001442626brg:SeriesCPreferredStockTwoMember2021-01-012021-12-310001442626brg:SeriesCPreferredStockThreeMember2021-01-012021-12-310001442626brg:SeriesCPreferredStockOneMember2021-01-012021-12-310001442626brg:SeriesCPreferredStockFourMemberMember2021-01-012021-12-310001442626brg:SeriesBPreferredStockTwoMember2021-01-012021-12-310001442626brg:SeriesBPreferredStockTwelveMemberMember2021-01-012021-12-310001442626brg:SeriesBPreferredStockThreeMember2021-01-012021-12-310001442626brg:SeriesBPreferredStockTenMemberMember2021-01-012021-12-310001442626brg:SeriesBPreferredStockSixMember2021-01-012021-12-310001442626brg:SeriesBPreferredStockSevenMember2021-01-012021-12-310001442626brg:SeriesBPreferredStockOneMember2021-01-012021-12-310001442626brg:SeriesBPreferredStockNineMember2021-01-012021-12-310001442626brg:SeriesBPreferredStockFourMember2021-01-012021-12-310001442626brg:SeriesBPreferredStockFiveMember2021-01-012021-12-310001442626brg:SeriesBPreferredStockElevenMemberMember2021-01-012021-12-310001442626brg:SeriesBPreferredStockEightMember2021-01-012021-12-310001442626brg:CommonClassOneMember2021-01-012021-12-310001442626brg:CommonClassCTwoMember2021-01-012021-12-310001442626brg:CommonClassCThreeMember2021-01-012021-12-310001442626brg:CommonClassCOneMemberMember2021-01-012021-12-310001442626brg:CommonClassCOneMember2021-01-012021-12-310001442626brg:CommonClassATwoMember2021-01-012021-12-310001442626brg:CommonClassAThreeMember2021-01-012021-12-310001442626brg:CommonClassAFourMemberMember2021-01-012021-12-310001442626srt:MinimumMemberus-gaap:SeriesBPreferredStockMember2021-12-310001442626srt:MinimumMemberus-gaap:CommonClassAMember2021-12-310001442626srt:MaximumMemberus-gaap:CommonClassAMember2021-12-310001442626us-gaap:WarrantMemberus-gaap:CommonClassAMember2021-01-012021-12-310001442626us-gaap:RestrictedStockMemberus-gaap:CommonClassAMember2021-01-012021-12-310001442626us-gaap:RestrictedStockMemberus-gaap:CommonClassAMember2020-01-012020-12-310001442626us-gaap:WarrantMemberus-gaap:CommonClassAMember2019-01-012019-12-310001442626us-gaap:RestrictedStockMemberus-gaap:CommonClassAMember2019-01-012019-12-310001442626brg:LongtermIncentivePlanUnitsMemberbrg:FourthAmended2014IncentivePlansMember2021-01-012021-01-010001442626brg:LongtermIncentivePlanUnitsMemberbrg:TwoThousandFourteenIndividualsPlanMember2020-01-012020-01-010001442626us-gaap:SeriesBMemberus-gaap:RedeemablePreferredStockMember2021-01-012021-12-310001442626brg:SeriesTMemberus-gaap:RedeemablePreferredStockMember2021-01-012021-12-310001442626brg:WarrantsToPurchaseSharesOfClassCommonStockMember2021-01-012021-12-310001442626brg:SeriesDMemberus-gaap:CumulativePreferredStockMember2021-01-012021-12-310001442626brg:SeriesCMemberus-gaap:CumulativePreferredStockMember2021-01-012021-12-3100014426262021-06-300001442626us-gaap:CommonClassCMember2022-03-070001442626us-gaap:CommonClassAMember2022-03-070001442626brg:StockActivityMemberus-gaap:SubsequentEventMember2022-02-280001442626brg:WillowParkInterestsMember2021-01-012021-12-310001442626brg:CottagesAtWarnerRobinsInterestsMember2021-01-012021-12-310001442626brg:SeriesCumulativeRedeemablePreferredStock8.250Member2020-12-210001442626brg:SeriesCumulativeRedeemablePreferredStock8.250Member2020-10-210001442626us-gaap:RestrictedStockMemberus-gaap:CommonClassAMember2020-04-152020-04-150001442626brg:RealEstateHeldForInvestmentMemberbrg:YaugerParkVillasMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:WindsorFallsMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:WesleyVillageMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:WayfordAtConcordMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:VerandaAtCenterfieldMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:TheLinksAtPlumCreekMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:TexasPortfolio183Member2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:TexarkanaMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:SpringtownTwoMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:SpringtownMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:SpringfieldMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:SandsParcDaytonaBeachFLMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:SanctuaryMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:RoswellCityWalkMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:ProvidenceTrailMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:PreserveAtHendersonBeachDestinFlMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:PineLakesPreserveMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:OutlookAtGreystoneBirminghamAlMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:NavigatorVillasMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:MillsGreenvilleScMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:LynnwoodTwoMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:LynnwoodMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:LubbockTwoMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:LubbockThreeMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:LubbockMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:IndyMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:IleMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:GulfshoreApartmentHomesMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:GranburyMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:GoldenPacificMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:FallsAtForsythMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:ElementMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:ElanMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:Dfw189Member2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:DenimMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:DebraMetrowestMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:CypressCreekVillagesMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:CitrusTowerOrlandoFlMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:CieloOnGilbertMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:ChevyChaseMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:ChattahoocheeRidgeMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:CarringtonAtPerimeterParkMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:BuranoHunterSCreekMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:BrodieAustinTxMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:AxelrodMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:Avenue25Member2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:AshfordBelmarMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:AriumWestsideAtlantaGaMember2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:AriumGlenridgeMember2021-01-012021-12-310001442626brg:PropertyUnderDevelopmentMemberbrg:REITOperatorMember2021-01-012021-12-310001442626brg:PropertyUnderDevelopmentMemberbrg:FannieFacilityMember2021-01-012021-12-310001442626us-gaap:SeriesAPreferredStockMember2021-01-012021-12-310001442626us-gaap:SeriesBPreferredStockMember2020-01-012020-12-310001442626us-gaap:SeriesAPreferredStockMember2020-01-012020-12-310001442626us-gaap:SeriesBPreferredStockMember2019-01-012019-12-310001442626us-gaap:SeriesAPreferredStockMember2019-01-012019-12-310001442626brg:SeriesTPreferredStockMember2019-01-012019-12-310001442626brg:VickersHistoricRoswellMember2021-06-292021-06-290001442626brg:ArloMember2020-12-152020-12-150001442626brg:NovelPerimeterMember2020-12-092020-12-090001442626brg:PeakHousingInterestsMember2021-04-1200014426262021-07-012021-09-300001442626us-gaap:GeneralAndAdministrativeExpenseMember2021-01-012021-12-310001442626us-gaap:GeneralAndAdministrativeExpenseMember2020-01-012020-12-310001442626us-gaap:GeneralAndAdministrativeExpenseMember2019-01-012019-12-310001442626brg:SeriesTPreferredStockMember2020-01-012020-12-310001442626us-gaap:CommonClassAMember2021-01-012021-12-310001442626us-gaap:SeriesBPreferredStockMemberbrg:StockOfferingMember2021-01-012021-12-310001442626us-gaap:CommonClassAMemberbrg:StockOfferingMember2021-01-012021-12-310001442626us-gaap:SeriesBPreferredStockMember2019-11-012019-11-300001442626us-gaap:CommonClassAMember2019-11-012019-11-300001442626brg:StockOfferingMember2021-01-012021-12-310001442626brg:YaugerParkVillasMembersrt:SingleFamilyMember2021-01-012021-12-310001442626brg:WindsorFallsMembersrt:MultifamilyMember2021-01-012021-12-310001442626brg:WesleyVillageMembersrt:MultifamilyMember2021-01-012021-12-310001442626brg:WayfordAtConcordMembersrt:SingleFamilyMember2021-01-012021-12-310001442626brg:VillagesOfCypressCreekHoustonTxMembersrt:MultifamilyMember2021-01-012021-12-310001442626brg:VerandaAtCenterfieldMembersrt:MultifamilyMember2021-01-012021-12-310001442626brg:TheLinksAtPlumCreekMembersrt:MultifamilyMember2021-01-012021-12-310001442626brg:TexasPortfolio183Membersrt:SingleFamilyMember2021-01-012021-12-310001442626brg:TexarkanaMembersrt:SingleFamilyMember2021-01-012021-12-310001442626brg:SpringtownTwoMembersrt:SingleFamilyMember2021-01-012021-12-310001442626brg:SpringtownMembersrt:SingleFamilyMember2021-01-012021-12-310001442626brg:SpringfieldMembersrt:SingleFamilyMember2021-01-012021-12-310001442626brg:SandsParcDaytonaBeachFLMembersrt:MultifamilyMember2021-01-012021-12-310001442626brg:SanctuaryMembersrt:MultifamilyMember2021-01-012021-12-310001442626brg:RoswellCityWalkMembersrt:MultifamilyMember2021-01-012021-12-310001442626brg:ProvidenceTrailMembersrt:MultifamilyMember2021-01-012021-12-310001442626brg:PreserveAtHendersonBeachDestinFlMembersrt:MultifamilyMember2021-01-012021-12-310001442626brg:PineLakesPreserveMembersrt:MultifamilyMember2021-01-012021-12-310001442626brg:OutlookAtGreystoneBirminghamAlMembersrt:MultifamilyMember2021-01-012021-12-310001442626brg:NavigatorVillasMembersrt:SingleFamilyMember2021-01-012021-12-310001442626brg:MillsGreenvilleScMembersrt:MultifamilyMember2021-01-012021-12-310001442626brg:LynnwoodTwoMembersrt:SingleFamilyMember2021-01-012021-12-310001442626brg:LynnwoodMembersrt:SingleFamilyMember2021-01-012021-12-310001442626brg:LubbockTwoMembersrt:SingleFamilyMember2021-01-012021-12-310001442626brg:LubbockThreeMembersrt:SingleFamilyMember2021-01-012021-12-310001442626brg:LubbockMembersrt:SingleFamilyMember2021-01-012021-12-310001442626brg:IndyMembersrt:SingleFamilyMember2021-01-012021-12-310001442626brg:IleMembersrt:SingleFamilyMember2021-01-012021-12-310001442626brg:GulfshoreApartmentHomesNaplesFlMembersrt:MultifamilyMember2021-01-012021-12-310001442626brg:GranburyMembersrt:SingleFamilyMember2021-01-012021-12-310001442626brg:GoldenPacificMembersrt:SingleFamilyMember2021-01-012021-12-310001442626brg:FallsAtForsythMembersrt:MultifamilyMember2021-01-012021-12-310001442626brg:ElementMembersrt:MultifamilyMember2021-01-012021-12-310001442626brg:ElanMembersrt:MultifamilyMember2021-01-012021-12-310001442626brg:Dfw189Membersrt:SingleFamilyMember2021-01-012021-12-310001442626brg:DenimMembersrt:MultifamilyMember2021-01-012021-12-310001442626brg:DebraMetrowestFormerlyAriumMetrowestMembersrt:MultifamilyMember2021-01-012021-12-310001442626brg:CitrusTowerOrlandoFlMembersrt:MultifamilyMember2021-01-012021-12-310001442626brg:CieloOnGilbertMembersrt:MultifamilyMember2021-01-012021-12-310001442626brg:ChevyChaseMembersrt:MultifamilyMember2021-01-012021-12-310001442626brg:ChattahoocheeRidgeMembersrt:MultifamilyMember2021-01-012021-12-310001442626brg:CarringtonAtPerimeterParkMembersrt:MultifamilyMember2021-01-012021-12-310001442626brg:BuranoHuntersCreekFormerlyAriumHuntersCreekMembersrt:MultifamilyMember2021-01-012021-12-310001442626brg:BrodieAustinTxMembersrt:MultifamilyMember2021-01-012021-12-310001442626brg:AxelrodMembersrt:SingleFamilyMember2021-01-012021-12-310001442626brg:Avenue25Membersrt:MultifamilyMember2021-01-012021-12-310001442626brg:AshfordBelmarMembersrt:MultifamilyMember2021-01-012021-12-310001442626brg:AriumWestsideAtlantaGaMembersrt:MultifamilyMember2021-01-012021-12-310001442626brg:AriumGlenridgeAtlantaGaMembersrt:MultifamilyMember2021-01-012021-12-310001442626brg:YaugerParkVillasMember2021-01-012021-12-310001442626brg:WindsorFallsMember2021-01-012021-12-310001442626brg:WayfordAtConcordMember2021-01-012021-12-310001442626brg:TexasPortfolio183Member2021-01-012021-12-310001442626brg:TexarkanaMember2021-01-012021-12-310001442626brg:SpringtownTwoMember2021-01-012021-12-310001442626brg:SpringtownMember2021-01-012021-12-310001442626brg:SpringfieldMember2021-01-012021-12-310001442626brg:LynnwoodTwoMember2021-01-012021-12-310001442626brg:LynnwoodMember2021-01-012021-12-310001442626brg:LubbockTwoMember2021-01-012021-12-310001442626brg:LubbockThreeMember2021-01-012021-12-310001442626brg:LubbockMember2021-01-012021-12-310001442626brg:IndyMember2021-01-012021-12-310001442626brg:IleMember2021-01-012021-12-310001442626brg:GranburyMember2021-01-012021-12-310001442626brg:GoldenPacificMember2021-01-012021-12-310001442626brg:FallsAtForsythMember2021-01-012021-12-310001442626brg:ElanMember2021-01-012021-12-310001442626brg:Dfw189Member2021-01-012021-12-310001442626brg:CieloOnGilbertMember2021-01-012021-12-310001442626brg:ChevyChaseMember2021-01-012021-12-310001442626brg:CarringtonAtPerimeterParkMember2021-01-012021-12-310001442626brg:AxelrodMember2021-01-012021-12-310001442626brg:Avenue25Member2021-01-012021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:YaugerParkVillasMember2021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:WindsorFallsMember2021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:WesleyVillageMember2021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:WayfordAtConcordMember2021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:VerandaAtCenterfieldMember2021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:TheLinksAtPlumCreekMember2021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:TexasPortfolio183Member2021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:TexarkanaMember2021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:SubtotalMember2021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:SpringtownTwoMember2021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:SpringtownMember2021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:SpringfieldMember2021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:SandsParcDaytonaBeachFLMember2021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:SanctuaryMember2021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:RoswellCityWalkMember2021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:ProvidenceTrailMember2021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:PreserveAtHendersonBeachDestinFlMember2021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:PineLakesPreserveMember2021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:OutlookAtGreystoneBirminghamAlMember2021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:NavigatorVillasMember2021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:MillsGreenvilleScMember2021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:LynnwoodTwoMember2021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:LynnwoodMember2021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:LubbockTwoMember2021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:LubbockThreeMember2021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:LubbockMember2021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:IndyMember2021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:IleMember2021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:GulfshoreApartmentHomesMember2021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:GranburyMember2021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:GoldenPacificMember2021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:FallsAtForsythMember2021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:ElementMember2021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:ElanMember2021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:Dfw189Member2021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:DenimMember2021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:DebraMetrowestMember2021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:CypressCreekVillagesMember2021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:CitrusTowerOrlandoFlMember2021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:CieloOnGilbertMember2021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:ChevyChaseMember2021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:ChattahoocheeRidgeMember2021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:CarringtonAtPerimeterParkMember2021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:BuranoHunterSCreekMember2021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:BrodieAustinTxMember2021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:AxelrodMember2021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:Avenue25Member2021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:AshfordBelmarMember2021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:AriumWestsideAtlantaGaMember2021-12-310001442626brg:RealEstateHeldForInvestmentMemberbrg:AriumGlenridgeMember2021-12-310001442626brg:PropertyUnderDevelopmentMemberbrg:SubtotalMember2021-12-310001442626brg:PropertyUnderDevelopmentMemberbrg:REITOperatorMember2021-12-310001442626brg:PropertyUnderDevelopmentMemberbrg:FannieFacilityMember2021-12-3100014426262019-12-3100014426262018-12-310001442626brg:AlexanSouthsidePlaceMember2021-01-012021-12-310001442626brg:AlexanSouthsidePlaceMember2020-10-012020-12-310001442626brg:PreferredEquityInvestmentsMember2020-01-012020-12-310001442626brg:AlexanSouthsidePlaceMember2020-01-012020-12-310001442626brg:AriumGrandeLakesMemberus-gaap:SubsequentEventMember2022-01-202022-01-200001442626brg:StrategicPortfolioInterestsMember2021-12-292021-12-290001442626brg:ThorntonFlatsInterestsMember2021-12-142021-12-140001442626brg:MiraVistaInterestsMember2021-09-232021-09-230001442626brg:WayfordAtConcordInterestsMember2021-06-042021-06-040001442626brg:ConleyFormerlyNorthCreekApartmentsMember2021-03-182021-03-180001442626brg:RiversideApartmentsMember2020-12-222020-12-220001442626brg:SaleOfHartleyAtBlueHillMemberus-gaap:SubsequentEventMember2022-02-282022-02-280001442626brg:ReunionApartmentsMezzanineFinancingMemberus-gaap:SubsequentEventMember2022-02-252022-02-250001442626brg:SeriesCumulativeRedeemablePreferredStock8.250Member2021-02-262021-02-260001442626brg:SeriesCumulativeRedeemablePreferredStock8.250Member2020-12-212020-12-210001442626brg:SeriesCumulativeRedeemablePreferredStock8.250Member2020-10-212020-10-210001442626brg:SeriesTRedeemablePreferredStockMember2021-12-310001442626brg:SeriesTPreferredStockMemberbrg:StockOfferingMember2021-01-012021-12-310001442626srt:MaximumMemberbrg:SeriesCCumulativeRedeemablePreferredStockMember2021-01-012021-12-310001442626brg:SeriesCCumulativeRedeemablePreferredStockMember2021-01-012021-12-310001442626brg:WayfordAtConcordInterestsMember2021-01-012021-12-310001442626brg:StrategicPortfolioInterestsMember2020-01-012020-12-310001442626brg:StrategicPortfolioInterestsMember2019-01-012019-12-310001442626brg:MiraVistaMember2019-09-172019-09-170001442626brg:StrategicPortfolioMember2020-01-012020-12-310001442626brg:StrategicPortfolioMember2019-01-012019-12-310001442626brg:StrategicPortfolioInterestsMember2021-12-292021-12-290001442626srt:MinimumMemberbrg:CorpusAndJolinBridgeLoanMember2021-12-222021-12-220001442626srt:MaximumMemberbrg:CorpusAndJolinBridgeLoanMember2021-12-222021-12-220001442626brg:PeakHousingInterestsMember2021-08-062021-08-060001442626brg:RileyInterestsMember2021-03-012021-03-010001442626brg:WhetstoneApartmentPropertyMember2021-01-012021-12-310001442626brg:WayforthAtConcordMember2021-01-012021-12-310001442626brg:StrategicPortfolioInterestsMember2021-01-012021-12-310001442626brg:RiversideApartmentsInterestsMember2021-01-012021-12-310001442626brg:NorthCreekApartmentsInterestsMember2021-01-012021-12-310001442626brg:AlexanSouthsidePlaceInterestsMember2020-01-012020-12-310001442626brg:ThorntonFlatsMember2019-09-012019-09-300001442626brg:AlexanSouthsidePlaceInterestsMember2019-01-012019-12-310001442626brg:Renew3030Member2021-08-310001442626brg:SpringParcMember2021-07-130001442626brg:LtipUnitHoldersMember2021-12-3100014426262021-12-2000014426262021-10-012021-12-310001442626brg:MotifMezzLoanMember2021-12-310001442626brg:Brg1Member2017-03-030001442626brg:PreferredStockHoldersMember2019-01-012019-12-310001442626brg:WatersEdgeMember2021-12-310001442626brg:SpringParcMember2021-12-310001442626brg:RileyMember2021-12-310001442626brg:ReserveAtPalmerRanchMember2021-12-310001442626brg:Renew3030Member2021-12-310001442626brg:PeakHousingMember2021-12-310001442626brg:ParkOnSquareMember2021-12-310001442626brg:HuntersPointeMember2021-12-310001442626brg:GeorgetownCrossingMember2021-12-310001442626brg:DeercrossMember2021-12-310001442626brg:CrossingsOfDawsonvilleMember2021-12-310001442626brg:CommonsMember2021-12-310001442626brg:AlexanCityMember2021-12-310001442626brg:WatersEdgeMember2020-12-310001442626brg:ParkOnSquareMember2020-12-310001442626brg:HuntersPointeMember2020-12-310001442626brg:GeorgetownCrossingMember2020-12-310001442626brg:CommonsMember2020-12-310001442626brg:AlexanCityMember2020-12-310001442626brg:FlaglerMezzLoanMember2021-12-310001442626brg:SeriesTPreferredStockMember2021-01-012021-12-310001442626brg:CommonStockAndPreferredHoldersMember2021-01-012021-12-310001442626brg:PreferredStockHoldersMember2020-01-012020-12-310001442626brg:CommonStockHoldersMember2020-01-012020-12-310001442626brg:CommonStockHoldersMember2019-01-012019-12-310001442626brg:HeliosInterestsMember2020-01-082020-01-080001442626brg:MarquisAtTpcMember2020-04-172020-04-170001442626brg:WhetstoneMember2020-01-242020-01-240001442626brg:ParkAndKingstonMember2021-07-072021-07-070001442626brg:DistrictAtScottsdaleMember2021-07-072021-07-070001442626brg:ReserveAtPalmerRanchMember2021-06-102021-06-100001442626brg:PlantationParkMember2021-04-262021-04-260001442626brg:MarquisAtCascadesMember2021-03-012021-03-010001442626brg:JamesAtSouthFirstMember2021-02-242021-02-240001442626brg:AriumGrandeLakesMember2021-01-282021-01-280001442626brg:CadeBocaRatonMember2020-10-262020-10-260001442626brg:EndersPlaceAtBaldwinParkMember2020-04-212020-04-210001442626brg:AshtonReserveMember2020-04-142020-04-140001442626brg:MotifMezzanineFinancingMember2020-05-012020-05-310001442626brg:MotifMezzLoanMember2020-03-012020-03-310001442626brg:WayfordAtConcordInterestsMember2021-06-040001442626srt:SingleFamilyMemberbrg:PeakHousingInterestsMember2021-01-012021-12-310001442626srt:MultifamilyMemberbrg:WatersEdgeMember2021-01-012021-12-310001442626srt:MultifamilyMemberbrg:SpringParcMember2021-01-012021-12-310001442626srt:MultifamilyMemberbrg:RileyMember2021-01-012021-12-310001442626srt:MultifamilyMemberbrg:ReserveAtPalmerRanchFormerlyAriumAtPalmerRanchMember2021-01-012021-12-310001442626srt:MultifamilyMemberbrg:Renew3030Member2021-01-012021-12-310001442626srt:MultifamilyMemberbrg:ParkOnSquareMember2021-01-012021-12-310001442626srt:MultifamilyMemberbrg:MotifMember2021-01-012021-12-310001442626srt:MultifamilyMemberbrg:HuntersPointeMember2021-01-012021-12-310001442626srt:MultifamilyMemberbrg:GeorgetownCrossingMember2021-01-012021-12-310001442626srt:MultifamilyMemberbrg:DomainAtTheOneFortyMember2021-01-012021-12-310001442626srt:MultifamilyMemberbrg:DeercrossMember2021-01-012021-12-310001442626srt:MultifamilyMemberbrg:CrossingsOfDawsonvilleMember2021-01-012021-12-310001442626srt:MultifamilyMemberbrg:CommonsMember2021-01-012021-12-310001442626srt:MultifamilyMemberbrg:AlexanCitycentreMember2021-01-012021-12-310001442626brg:EncoreChandlerMemberbrg:ClassApartmentPropertyMember2021-01-012021-12-310001442626brg:WeatherfordMezzLoanMemberus-gaap:SubsequentEventMember2022-02-152022-02-150001442626brg:CottagesAtWarnerRobinsInterestsMember2021-12-082021-12-080001442626brg:PeakHousingReitMemberbrg:JolinBridgeLoanMember2021-08-062021-08-060001442626brg:PeakHousingReitMemberbrg:CorpusBridgeLoanMember2021-07-092021-07-090001442626brg:DeercrossInterestsMember2021-06-252021-06-250001442626brg:StrategicPortfolioInterestsMember2021-06-102021-06-100001442626brg:MezzanineTypeLoanMemberbrg:BrMoreheadJvLlcMember2021-01-012021-12-310001442626brg:VickersHistoricRoswellMember2021-01-012021-12-310001442626brg:HeliosInterestsMember2021-01-012021-12-310001442626brg:AmendedSeniorCreditFacilityMember2021-12-310001442626brg:ZoeyMember2021-01-012021-12-310001442626brg:ReunionApartmentsMember2021-01-012021-12-310001442626brg:LongtermIncentivePlanUnitsMemberbrg:FourthAmended2014IncentivePlansMember2021-02-162021-02-160001442626brg:LongtermIncentivePlanUnitsMemberbrg:IncentivePlanMember2020-05-222020-05-220001442626us-gaap:RestrictedStockMemberus-gaap:CommonClassAMember2020-04-152020-04-150001442626brg:PreferredEquityInvestmentsMember2021-01-012021-12-310001442626srt:SingleFamilyMemberbrg:WoodsAtForestHillMember2021-01-012021-12-310001442626srt:SingleFamilyMemberbrg:WillowParkMember2021-01-012021-12-310001442626srt:SingleFamilyMemberbrg:WayfordAtInnovationParkMember2021-01-012021-12-310001442626srt:SingleFamilyMemberbrg:CottagesOfWarnerRobinsMember2021-01-012021-12-310001442626srt:SingleFamilyMemberbrg:CottagesOfPortSt.LucieMember2021-01-012021-12-310001442626srt:SingleFamilyMemberbrg:CottagesAtMyrtleBeachMember2021-01-012021-12-310001442626srt:MultifamilyMemberbrg:OrangeCityApartmentsMember2021-01-012021-12-310001442626srt:MultifamilyMemberbrg:LowerBroadwayMember2021-01-012021-12-310001442626srt:MultifamilyMemberbrg:HartleyAtBlueHillFormerlyParkAtChapelHillMember2021-01-012021-12-310001442626srt:MultifamilyMemberbrg:EncoreChandlerMember2021-01-012021-12-310001442626srt:MultifamilyMemberbrg:DeerwoodApartmentsMember2021-01-012021-12-310001442626srt:MultifamilyMemberbrg:AvondaleHillsMember2021-01-012021-12-310001442626srt:SingleFamilyMember2021-01-012021-12-310001442626srt:MultifamilyMember2021-01-012021-12-310001442626brg:PropertyOwnerOneMember2021-01-012021-12-310001442626brg:MotifMezzLoanMember2021-01-012021-12-310001442626brg:HartleyAtBlueHillFormerlyParkAtChapelHillMember2021-12-310001442626brg:AvondaleHillsMember2021-12-310001442626brg:VickersHistoricRoswellMember2020-12-310001442626brg:ReunionApartmentsMember2020-12-310001442626brg:HartleyAtBlueHillFormerlyParkAtChapelHillMember2020-12-310001442626brg:AvondaleHillsMember2020-12-310001442626brg:SingleFamilySegmentMember2021-12-310001442626brg:MultifamilySegmentMember2021-12-310001442626brg:SingleFamilySegmentMember2020-12-310001442626brg:MultifamilySegmentMember2020-12-310001442626brg:SingleFamilySegmentMember2021-01-012021-12-310001442626brg:MultifamilySegmentMember2021-01-012021-12-310001442626brg:SingleFamilySegmentMember2020-01-012020-12-310001442626brg:MultifamilySegmentMember2020-01-012020-12-310001442626brg:SingleFamilySegmentMember2019-01-012019-12-310001442626brg:MultifamilySegmentMember2019-01-012019-12-310001442626us-gaap:MortgagesMember2021-12-310001442626us-gaap:MortgagesMember2020-12-310001442626srt:MinimumMember2021-01-012021-12-310001442626srt:MaximumMember2021-01-012021-12-310001442626brg:SaleOfHartleyAtBlueHillMemberus-gaap:SeniorLoansMemberus-gaap:SubsequentEventMember2022-02-280001442626brg:PeakHousingReitMemberbrg:JolinBridgeLoanMember2021-08-060001442626brg:PeakHousingReitMemberbrg:CorpusBridgeLoanMember2021-07-090001442626brg:WeatherfordMezzLoanMemberus-gaap:SubsequentEventMember2022-02-150001442626brg:PropertyOwnerOneMember2021-06-290001442626brg:MotifMezzLoanMember2021-03-290001442626brg:TheParkAtChapelHillFinancingMember2020-08-182020-08-180001442626brg:AvondaleHillsMezzanineFinancingMember2020-09-300001442626brg:TheParkAtChapelHillFinancingMember2020-08-180001442626brg:AmendedChapelHillMezzLoanMember2020-08-180001442626brg:ReunionApartmentsMezzanineFinancingMember2020-07-010001442626brg:AvondaleHillsMezzanineFinancingMember2020-09-012020-09-300001442626brg:ReunionApartmentsMezzanineFinancingMember2020-07-012020-07-010001442626brg:CottagesAtMyrtleBeachInterestsMember2021-09-092021-09-090001442626brg:CottagesOfPortSt.LucieInterestsMember2021-08-262021-08-260001442626brg:OrangeCityApartmentsInterestsMember2021-07-262021-07-260001442626brg:LowerBroadwayInterestsMember2021-07-152021-07-150001442626brg:PeakHousingInterestsMember2021-04-122021-04-120001442626brg:CrossingsOfDawsonvilleInterestsMemberbrg:RileyInterestsMember2021-03-012021-03-010001442626brg:AlexanCityMember2021-01-012021-12-310001442626brg:TheParkAtChapelHillFinancingMember2020-03-012020-03-310001442626brg:MotifMember2021-01-012021-12-310001442626srt:MinimumMemberbrg:BrodieAustinTxMember2020-04-240001442626srt:MaximumMemberbrg:BrodieAustinTxMember2020-04-240001442626brg:AlexanSouthsidePlaceInterestsMember2021-01-012021-12-310001442626brg:OrangeCityApartmentsInterestsMember2021-12-310001442626brg:LowerBroadwayInterestsMember2021-12-310001442626brg:EncoreChandlerMember2021-12-310001442626brg:DeerwoodApartmentsInterestsMember2021-12-310001442626brg:CottagesOfPortSt.LucieInterestsMember2021-12-310001442626brg:CottagesAtMyrtleBeachInterestsMember2021-09-090001442626brg:WillowParkInterestsMember2021-06-170001442626brg:TheParkAtChapelHillFinancingMember2020-06-300001442626brg:MotifMezzLoanMember2020-06-300001442626us-gaap:InterestRateCapMemberus-gaap:InterestExpenseMember2021-01-012021-12-310001442626us-gaap:InterestRateCapMemberus-gaap:InterestExpenseMember2020-01-012020-12-310001442626us-gaap:InterestRateCapMemberus-gaap:InterestExpenseMember2019-01-012019-12-310001442626brg:AgreementAndPlanOfMergerMember2021-12-202021-12-200001442626brg:AlexanCityMemberbrg:TwentyPercentPreferredStockMember2021-12-310001442626brg:AlexanCityMemberbrg:FifteenPercentPreferredStockMember2021-12-310001442626brg:AlexanSouthsidePlaceMember2021-03-250001442626brg:EncoreChandlerMemberbrg:ClassApartmentPropertyMember2021-12-310001442626brg:WhetstoneMember2020-01-220001442626brg:WhetstoneMember2020-01-220001442626brg:HeliosInterestsMember2019-12-100001442626srt:OtherPropertyMember2021-12-310001442626brg:WoodsAtForestHillMember2021-12-310001442626brg:WillowParkMember2021-12-310001442626brg:StrategicPortfolioMember2021-12-310001442626brg:SpringParcMember2021-12-310001442626brg:RileyMember2021-12-310001442626brg:Renew3030Member2021-12-310001442626brg:PeakHousingMember2021-12-310001442626brg:LowerBroadwayMember2021-12-310001442626brg:EncoreChandlerMember2021-12-310001442626brg:DeerwoodApartmentsMember2021-12-310001442626brg:DeercrossMember2021-12-310001442626brg:CrossingsOfDawsonvilleMember2021-12-310001442626brg:CottagesOfPortSt.LucieMember2021-12-310001442626brg:CottagesAtMyrtleBeachMember2021-12-310001442626brg:AlexanCitycentreMember2021-12-310001442626srt:OtherPropertyMember2020-12-310001442626brg:WayfordAtConcordFormerlyWayforthAtConcordMember2020-12-310001442626brg:ThorntonFlatsMember2020-12-310001442626brg:StrategicPortfolioMember2020-12-310001442626brg:MiraVistaMember2020-12-310001442626brg:ConleyFormerlyNorthCreekApartmentsMember2020-12-310001442626brg:AlexanSouthsidePlaceMember2020-12-310001442626brg:AlexanCitycentreMember2020-12-310001442626brg:MotifConstructionLoanMember2021-12-310001442626brg:MezzanineTypeLoanMemberbrg:DomainAtTheOneFortyMember2019-12-120001442626brg:MezzanineTypeLoanMemberbrg:DomainAtTheOneFortyMember2017-03-030001442626brg:TheParkAtChapelHillFinancingMember2021-01-012021-12-310001442626us-gaap:SeriesBPreferredStockMemberus-gaap:SubsequentEventMember2022-03-042022-03-040001442626brg:SeriesTPreferredStockMemberus-gaap:SubsequentEventMember2022-03-042022-03-040001442626brg:SeriesTPreferredStockTwoMemberus-gaap:SubsequentEventMember2022-02-042022-02-040001442626brg:SeriesBPreferredStockOneMemberus-gaap:SubsequentEventMember2022-02-042022-02-040001442626us-gaap:SeriesDPreferredStockMemberus-gaap:SubsequentEventMember2022-01-052022-01-050001442626us-gaap:SeriesCPreferredStockMemberus-gaap:SubsequentEventMember2022-01-052022-01-050001442626us-gaap:SeriesBPreferredStockMemberus-gaap:SubsequentEventMember2022-01-052022-01-050001442626us-gaap:CommonClassCMemberus-gaap:SubsequentEventMember2022-01-052022-01-050001442626us-gaap:CommonClassAMemberus-gaap:SubsequentEventMember2022-01-052022-01-050001442626brg:SeriesTPreferredStockMemberus-gaap:SubsequentEventMember2022-01-052022-01-050001442626brg:OperatingPartnershipUnitsMemberus-gaap:SubsequentEventMember2022-01-052022-01-050001442626brg:LongtermIncentivePlanUnitsMemberus-gaap:SubsequentEventMember2022-01-052022-01-050001442626brg:YaugerParkVillasMembersrt:SingleFamilyMember2021-12-310001442626brg:WindsorFallsMembersrt:MultifamilyMember2021-12-310001442626brg:WesleyVillageMembersrt:MultifamilyMember2021-12-310001442626brg:WayfordAtConcordMembersrt:SingleFamilyMember2021-12-310001442626brg:VillagesOfCypressCreekHoustonTxMembersrt:MultifamilyMember2021-12-310001442626brg:VerandaAtCenterfieldMembersrt:MultifamilyMember2021-12-310001442626brg:TheLinksAtPlumCreekMembersrt:MultifamilyMember2021-12-310001442626brg:TexasPortfolio183Membersrt:SingleFamilyMember2021-12-310001442626brg:TexarkanaMembersrt:SingleFamilyMember2021-12-310001442626brg:SpringtownTwoMembersrt:SingleFamilyMember2021-12-310001442626brg:SpringtownMembersrt:SingleFamilyMember2021-12-310001442626brg:SpringfieldMembersrt:SingleFamilyMember2021-12-310001442626brg:SandsParcDaytonaBeachFLMembersrt:MultifamilyMember2021-12-310001442626brg:SanctuaryMembersrt:MultifamilyMember2021-12-310001442626brg:RoswellCityWalkMembersrt:MultifamilyMember2021-12-310001442626brg:ProvidenceTrailMembersrt:MultifamilyMember2021-12-310001442626brg:PreserveAtHendersonBeachDestinFlMembersrt:MultifamilyMember2021-12-310001442626brg:PineLakesPreserveMembersrt:MultifamilyMember2021-12-310001442626brg:OutlookAtGreystoneBirminghamAlMembersrt:MultifamilyMember2021-12-310001442626brg:NavigatorVillasMembersrt:SingleFamilyMember2021-12-310001442626brg:MillsGreenvilleScMembersrt:MultifamilyMember2021-12-310001442626brg:LynnwoodTwoMembersrt:SingleFamilyMember2021-12-310001442626brg:LynnwoodMembersrt:SingleFamilyMember2021-12-310001442626brg:LubbockTwoMembersrt:SingleFamilyMember2021-12-310001442626brg:LubbockThreeMembersrt:SingleFamilyMember2021-12-310001442626brg:LubbockMembersrt:SingleFamilyMember2021-12-310001442626brg:IndyMembersrt:SingleFamilyMember2021-12-310001442626brg:IleMembersrt:SingleFamilyMember2021-12-310001442626brg:GulfshoreApartmentHomesNaplesFlMembersrt:MultifamilyMember2021-12-310001442626brg:GranburyMembersrt:SingleFamilyMember2021-12-310001442626brg:GoldenPacificMembersrt:SingleFamilyMember2021-12-310001442626brg:FallsAtForsythMembersrt:MultifamilyMember2021-12-310001442626brg:ElementMembersrt:MultifamilyMember2021-12-310001442626brg:ElanMembersrt:MultifamilyMember2021-12-310001442626brg:Dfw189Membersrt:SingleFamilyMember2021-12-310001442626brg:DenimMembersrt:MultifamilyMember2021-12-310001442626brg:DebraMetrowestFormerlyAriumMetrowestMembersrt:MultifamilyMember2021-12-310001442626brg:CitrusTowerOrlandoFlMembersrt:MultifamilyMember2021-12-310001442626brg:CieloOnGilbertMembersrt:MultifamilyMember2021-12-310001442626brg:ChevyChaseMembersrt:MultifamilyMember2021-12-310001442626brg:ChattahoocheeRidgeMembersrt:MultifamilyMember2021-12-310001442626brg:CarringtonAtPerimeterParkMembersrt:MultifamilyMember2021-12-310001442626brg:BuranoHuntersCreekFormerlyAriumHuntersCreekMembersrt:MultifamilyMember2021-12-310001442626brg:BrodieAustinTxMembersrt:MultifamilyMember2021-12-310001442626brg:AxelrodMembersrt:SingleFamilyMember2021-12-310001442626brg:AverageMembersrt:MultifamilyMember2021-12-310001442626brg:Avenue25Membersrt:MultifamilyMember2021-12-310001442626brg:AshfordBelmarMembersrt:MultifamilyMember2021-12-310001442626brg:AriumWestsideAtlantaGaMembersrt:MultifamilyMember2021-12-310001442626brg:AriumGlenridgeAtlantaGaMembersrt:MultifamilyMember2021-12-310001442626srt:SingleFamilyMember2021-12-310001442626brg:ReunionApartmentsMember2021-12-310001442626brg:MotifMember2021-12-310001442626brg:DomainAtTheOneFortyMember2021-12-310001442626brg:MotifMember2020-12-310001442626brg:DomainAtTheOneFortyMember2020-12-310001442626us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2021-01-012021-12-310001442626brg:OtherThanCieloOnGilbertAndDistrictAtScottsdaleMemberus-gaap:MortgagesMember2021-01-012021-12-310001442626brg:DistrictAtScottsdaleMember2021-12-310001442626brg:AmendedSeniorCreditFacilityMember2020-03-060001442626brg:MotifMezzLoanMember2021-01-012021-12-310001442626brg:MezzanineTypeLoanMemberbrg:DomainAtTheOneFortyMember2021-12-310001442626brg:DistrictAtScottsdaleMember2021-01-012021-12-310001442626brg:AmendedSeniorCreditFacilityMember2020-03-062020-03-060001442626brg:WoodsAtForestHillInterestsMember2021-12-202021-12-200001442626brg:Renew3030Member2021-08-312021-08-310001442626brg:CrossingsOfDawsonvilleInterestsMember2021-07-142021-07-140001442626brg:SpringParcMember2021-07-132021-07-130001442626brg:DeercrossInterestsMember2021-06-252021-06-250001442626brg:WillowParkInterestsMember2021-06-172021-06-170001442626brg:WayfordAtInnovationParkInterestsMember2021-06-172021-06-170001442626brg:DeerwoodApartmentsInterestsMember2021-06-162021-06-160001442626brg:EncoreChandlerMember2021-01-012021-12-310001442626brg:FloatingInterestRateMemberbrg:FannieFacilityAdvanceMemberus-gaap:LondonInterbankOfferedRateLIBORMember2020-05-272020-05-270001442626brg:CheshireBridgeMember2020-01-012020-12-3100014426262020-12-310001442626us-gaap:SeriesBPreferredStockMember2021-12-310001442626us-gaap:SeriesBPreferredStockMember2021-01-012021-12-3100014426262021-12-310001442626brg:YaugerParkVillasMember2021-12-310001442626brg:WindsorFallsMember2021-12-310001442626brg:WayfordAtConcordMember2021-12-310001442626brg:TexasPortfolio183Member2021-12-310001442626brg:TexarkanaMember2021-12-310001442626brg:SpringtownTwoMember2021-12-310001442626brg:SpringtownMember2021-12-310001442626brg:SpringfieldMember2021-12-310001442626brg:LynnwoodTwoMember2021-12-310001442626brg:LynnwoodMember2021-12-310001442626brg:LubbockTwoMember2021-12-310001442626brg:LubbockThreeMember2021-12-310001442626brg:LubbockMember2021-12-310001442626brg:IndyMember2021-12-310001442626brg:IleMember2021-12-310001442626brg:GranburyMember2021-12-310001442626brg:GoldenPacificMember2021-12-310001442626brg:FallsAtForsythMember2021-12-310001442626brg:ElanMember2021-12-310001442626brg:Dfw189Member2021-12-310001442626brg:CieloOnGilbertMember2021-12-310001442626brg:ChevyChaseMember2021-12-310001442626brg:CarringtonAtPerimeterParkMember2021-12-310001442626brg:AxelrodMember2021-12-310001442626brg:Avenue25Member2021-12-310001442626brg:BrodieAustinTxMember2020-04-240001442626us-gaap:InterestRateCapMember2021-12-310001442626srt:MaximumMemberus-gaap:CommonClassAMemberbrg:FourthAmended2014IncentivePlansMember2020-09-080001442626us-gaap:SeriesDPreferredStockMemberus-gaap:PreferredStockMember2021-01-012021-12-310001442626us-gaap:CommonClassCMemberus-gaap:CommonStockMember2021-01-012021-12-310001442626us-gaap:CommonClassAMemberus-gaap:CommonStockMember2021-01-012021-12-310001442626us-gaap:NoncontrollingInterestMember2021-01-012021-12-310001442626us-gaap:AdditionalPaidInCapitalMember2021-01-012021-12-310001442626us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2021-01-012021-12-310001442626brg:NetIncomeLossMember2021-01-012021-12-310001442626us-gaap:SeriesDPreferredStockMemberus-gaap:PreferredStockMember2020-01-012020-12-310001442626us-gaap:CommonClassCMemberus-gaap:CommonStockMember2020-01-012020-12-310001442626us-gaap:CommonClassAMemberus-gaap:CommonStockMember2020-01-012020-12-310001442626us-gaap:NoncontrollingInterestMember2020-01-012020-12-310001442626us-gaap:AdditionalPaidInCapitalMember2020-01-012020-12-310001442626us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2020-01-012020-12-310001442626brg:NetIncomeLossMember2020-01-012020-12-310001442626us-gaap:SeriesDPreferredStockMemberus-gaap:PreferredStockMember2019-01-012019-12-310001442626us-gaap:CommonClassCMemberus-gaap:CommonStockMember2019-01-012019-12-310001442626us-gaap:CommonClassAMemberus-gaap:CommonStockMember2019-01-012019-12-310001442626us-gaap:NoncontrollingInterestMember2019-01-012019-12-310001442626us-gaap:AdditionalPaidInCapitalMember2019-01-012019-12-310001442626us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2019-01-012019-12-310001442626brg:NetIncomeLossMember2019-01-012019-12-3100014426262021-01-012021-12-3100014426262020-01-012020-12-3100014426262019-01-012019-12-31brg:segmentiso4217:USDxbrli:sharesxbrli:purebrg:Dbrg:itemiso4217:USDxbrli:sharesbrg:propertybrg:personbrg:home

Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM 10-K

(Mark One)

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2021

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to _______

Commission file number 001-36369

BLUEROCK RESIDENTIAL GROWTH REIT, INC.

(Exact name of registrant as specified in its charter)

Maryland

    

26-3136483

(State or other jurisdiction of incorporation or organization)

 

(I.R.S. Employer Identification No.)

 

1345 Avenue of the Americas, 32nd Floor, New York, NY

 

10105

(Address or principal executive offices)

 

(Zip Code)

(212) 843-1601

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Exchange Act:

Title of each class

    

Trading Symbol(s)

    

Name of each exchange on which registered

Class A Common Stock, $0.01 par value per share

BRG

NYSE American

7.625% Series C Cumulative Redeemable Preferred Stock, $0.01 par value per share

BRG-PrC

NYSE American

7.125% Series D Cumulative Preferred Stock, $0.01 par value per share

BRG-PrD

NYSE American

Securities registered pursuant to Section 12(g) of the Exchange Act:

Title of each class

Series B Redeemable Preferred Stock, $0.01 par value per share

Warrants to Purchase Shares of Class A Common Stock, $0.01 par value per share

Series T Redeemable Preferred Stock, $0.01 par value per share

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes   No

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes No

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes   No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

Accelerated Filer

Non-Accelerated Filer

Smaller reporting company

Emerging growth company

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

The aggregate market value of the registrant’s Class A common stock held by non-affiliates of the registrant as of June 30, 2021, the last business day of registrant’s most recently completed second fiscal quarter, was $293,427,966 based on the closing price of the Class A common stock on the NYSE American on such date.

Number of shares outstanding of the registrant’s

classes of common stock, as of March 7, 2022:

Class A Common Stock: 29,260,629 shares

Class C Common Stock: 76,603 shares

Table of Contents

BLUEROCK RESIDENTIAL GROWTH REIT, INC.

FORM 10-K

December 31, 2021

PART I

Item 1.

Business

8

Item 1A.

Risk Factors

18

Item 1B.

Unresolved Staff Comments

63

Item 2.

Properties

63

Item 3.

Legal Proceedings

66

Item 4.

Mining Safety Disclosures

66

PART II

Item 5.

Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

67

Item 6.

[Reserved]

71

Item 7.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

71

Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

106

Item 8.

Financial Statements and Supplementary Data

107

Item 9.

Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

107

Item 9A.

Controls and Procedures

107

Item 9B.

Other Information

108

Item 9C.

Disclosure Regarding Foreign Jurisdictions That Prevent Inspections

109

PART III

Item 10.

Directors, Executive Officers and Corporate Governance

109

Item 11.

Executive Compensation

116

Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

144

Item 13.

Certain Relationships and Related Transactions, and Director Independence

147

Item 14.

Principal Accounting Fees and Services

153

PART IV

Item 15.

Exhibits, Financial Statement Schedules

155

Item 16.

Form 10-K Summary

155

SIGNATURES

156

2

Table of Contents

Forward-Looking Statements

Statements included in this Annual Report on Form 10-K that are not historical facts (including any statements concerning investment objectives, other plans and objectives of management for future operations or economic performance, or assumptions or forecasts related thereto) are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”); and pursuant to the Private Securities Litigation Reform Act of 1995 (the “PSLRA”), including statements regarding the completion of the proposed Merger (as hereinafter defined). These statements are only predictions. We caution that forward-looking statements are not guarantees. Actual events or our investments and results of operations could differ materially from those expressed or implied in any forward-looking statements. Forward-looking statements are typically identified by the use of terms such as “may,” “should,” “expect,” “could,” “intend,” “plan,” “anticipate,” “estimate,” “believe,” “continue,” “predict,” “potential” or the negative of such terms and other comparable terminology. We intend for these forward-looking statements to be covered by the applicable safe harbor provisions created by Section 27A of the Securities Act and Section 21E of the Exchange Act and the PSLRA.

The forward-looking statements included herein are based upon our current expectations, plans, estimates, assumptions and beliefs that involve numerous risks and uncertainties. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond our control. Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, our actual results and performance could differ materially from those set forth in the forward-looking statements.

On December 20, 2021, we entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Badger Parent LLC (“Parent”) and Badger Merger Sub LLC (“Merger Sub”). The Merger Agreement provides that, upon the terms and subject to the conditions set forth therein, the Company will be merged with and into Merger Sub (the “Merger”), with Merger Sub surviving the Merger. The Merger and the other transactions contemplated by the Merger Agreement were unanimously approved by the Board. Parent and Merger Sub are affiliates of Blackstone Real Estate Partners IX L.P., an affiliate of Blackstone Inc.

Currently, one of the most significant factors, however, is the potential adverse effect of the ongoing pandemic of the novel coronavirus (“COVID-19”) on the financial condition, results of operations, cash flows and performance of the Company and its tenants of our properties, business partners within our network and service providers, as well as the real estate market and the global economy and financial markets. The extent to which COVID-19 impacts the Company and its tenants will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact (including governmental actions that may vary by jurisdiction, such as mandated business closing; “stay-at-home” orders; limits on group activity; and actions to protect residential tenants from eviction), and the direct and indirect economic effects of the pandemic and containment measures, among others. Moreover, you should interpret many of the risks identified in this Annual Report on Form 10-K, as well as the risks set forth below, as being heightened as a result of the ongoing and numerous adverse impacts of COVID-19.

Additional factors that could have a material adverse effect on our operations and future prospects include, but are not limited to:

the competitive environment in which we operate;
the use of proceeds of the Company’s securities offerings;
the occurrence of any event, change or other circumstances that could delay the completion of the Merger or give rise to the termination of the Merger Agreement with Badger Parent and Badger Merger Sub, and the risk that the Merger Agreement may be terminated in circumstances that require us to pay a termination fee of $60 million;
the inability to complete the Merger due to the failure to obtain stockholder approval for the Merger or the failure to satisfy other conditions to completion of the Merger;
risks related to disruption of management’s attention from our ongoing business operations due to the proposed Merger transaction;

3

Table of Contents

the incurrence of substantial costs relating to the Merger;
the effect of the pendency of the Merger on our business relationships, operating results and business generally
any legal proceedings that may be initiated against us related to the Merger Agreement or any of the transactions contemplated by the Merger Agreement, and the outcome thereof;
real estate risks, including fluctuations in real estate values and the general economic climate in local markets and competition for tenants in such markets;
decreased rental rates or increasing vacancy rates;
our ability to lease units in newly acquired or newly constructed apartment or single-family properties;
potential defaults on or non-renewal of leases by tenants;
creditworthiness of tenants;
our ability to obtain financing for and complete acquisitions under contract under the contemplated terms, or at all;
development and acquisition risks, including rising and unanticipated costs and failure of such acquisitions and developments to perform in accordance with projections;
the timing of acquisitions and dispositions;
the performance of our network of leading regional apartment or single-family owner/operators with which we invest, including through controlling positions in joint ventures;
potential natural disasters such as hurricanes, tornadoes and floods;
potential adverse effects of laws, regulations or other issues related to climate change;
national, international, regional and local economic conditions;
Board determination as to timing and payment of dividends, and our ability to pay future distributions at the dividend rates we have paid historically;
the general level of interest rates;
potential changes in the law or governmental regulations that affect us and interpretations of those laws and regulations, including changes in real estate and zoning or tax laws, and potential increases in real property tax rates;
financing risks, including the risks that our cash flows from operations may be insufficient to meet required payments of principal and interest and we may be unable to refinance our existing debt upon maturity or obtain new financing on attractive terms or at all;
lack of or insufficient amounts of insurance;
our ability to maintain our qualification as a REIT;
litigation, including costs associated with prosecuting or defending claims and any adverse outcomes; and

4

Table of Contents

possible environmental liabilities, including costs, fines or penalties that may be incurred due to necessary remediation of contamination of properties presently owned or previously owned by us or a subsidiary owned by us or acquired by us.

Forward-looking statements are found throughout this Annual Report on Form 10-K, including under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and elsewhere in this Annual Report on Form 10-K. We caution investors not to place undue reliance on forward-looking statements, which reflect our management’s view only as of the date of this Annual Report on Form 10-K. We undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.

Cautionary Note

The representations, warranties, and covenants made by us in any agreement filed as an exhibit to this Annual Report on Form 10-K are made solely for the benefit of the parties to the agreement, including, in some cases, for the purpose of allocating risk among the parties to the agreement, and should not be deemed to be representations, warranties, or covenants to or with any other parties. Moreover, these representations, warranties, or covenants should not be relied upon as accurately describing or reflecting the current state of our affairs.

Risk Factor Summary

An investment in our securities involves various risks. Some of the material risks include those set forth below. You should consider carefully these risks, and those discussed under “Risk Factors,” before purchasing our securities.

The risk of the occurrence of any event, change or other circumstances that could delay the completion of the Merger or give rise to the termination of the Merger Agreement, and the risk that the Merger Agreement may be terminated in circumstances that require us to pay a termination fee of $60 million.
The risk that we may be unable to complete the Merger due to the failure to obtain stockholder approval for the Merger or to satisfy other conditions to completion of the Merger.
The risk that failure to complete the Merger could negatively impact the value of our Class A common stock and our business, our future financial results.
Risks related to disruption of management’s attention from our ongoing business operations due to the proposed Merger transaction.
Risks related to the incurrence of substantial costs relating to the Merger.
The risk that the pendency of the Merger could adversely affect our business relationships, operating results and business generally.
Risks related to the outcome of any legal proceedings that may be instituted against us related to the Merger Agreement or any of the transactions contemplated by the Merger Agreement.
The risk that certain provisions of the Merger Agreement could discourage a potential competing acquirer of the Company, or result in any competing acquisition proposal being at a lower price than it might otherwise be.
The ongoing pandemic of the novel coronavirus (“COVID-19”) and new variants thereof, or the future outbreak of other highly infectious or contagious diseases, could materially and adversely impact or disrupt our financial condition, results of operations, cash flows and performance.
Our current portfolio consists primarily of multifamily apartment communities and single-family residential homes concentrated in certain markets, and we expect that our portfolio going forward will consist primarily of the same. Any adverse developments in local economic conditions or the demand for apartment or single-family units in these markets may negatively impact our operating results.

5

Table of Contents

If we are unable to identify suitable investments, then we may not be able to achieve our investment objectives or pay distributions.
Adverse economic conditions may negatively affect our returns and profitability, and, as a result, our ability to make distributions to our stockholders.
We have very limited sources of capital other than cash from property operations and the proceeds of offerings of our securities to meet our primary liquidity requirements. As a result, we may not be able to pay our short-term debt upon maturity or other liabilities and obligations when they come due other than with the net proceeds of an offering, which may limit our ability to fully consummate our business plan and diversify our portfolio.
We may be limited in our ability to diversify our investments.
We have used and will continue to use mortgage and other indebtedness to partially finance our company, which increases the risk to our business. Our leverage policy has been adopted by our board of directors (the “Board”) and is therefore subject to change without stockholder consent.
During certain periods of our operations, we have funded distributions from offering proceeds, borrowings and the sale of assets to the extent distributions exceeded our earnings or cash flows from operations, and may do so in the future if we are unable to make distributions with our cash flows from our operations. There is no limit on the amount of offering proceeds we may use to fund distributions. Distributions paid from sources other than cash flow or funds from operations may constitute a return of capital to our stockholders. Rates of distribution may not be indicative of our operating results.
We depend on our key employees. In particular, our success depends to a significant degree upon the contributions of Messrs. Kamfar, Babb, MacDonald, Ruddy, Vohs, and DiFranco, as well as Mr. Konig. There is no guarantee that our key employees will remain employed with us for any specified period of time, and will not engage in competitive activities if they cease to be employed with us. The departure or the loss of the services of any such key employee could have a material adverse effect on our business, financial condition, results of operations and ability to effectively operate our business.
While we expect to maintain control over our properties, we will rely on members of our network for the day-to-day management and development of our real estate investments.
Stockholders will have limited control over changes in our policies and day-to-day operations, which increases the uncertainty and risks you face as a stockholder. In addition, our Board may approve changes to our policies without your approval.
The market price and trading volume of our Class A common stock has been volatile at times following our initial public offering (the “IPO”) and has frequently traded at a discount to the IPO price at times since the IPO, and these trends may continue following an offering.
There is no public market for our Series B Preferred Stock or Warrants, or for the Series T Preferred Stock, and we currently have no plan to list the Series B Preferred Stock, the Warrants, or the Series T Preferred Stock on a securities exchange. If holders are able to sell the Series B Preferred Stock, Warrants, or Series T Preferred Stock, they may have to be sold at a substantial discount.
Holders of Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock and/or Series T Preferred Stock should not expect us to redeem all or any such shares on the date they first become redeemable or on any particular date after they become redeemable. Any decision to propose a redemption will depend upon, among other things, our evaluation of our capital position and general market conditions at the time. We would likely choose to exercise our optional redemption right only when prevailing interest rates have declined, which would adversely affect the ability of holders of shares of the applicable series of preferred stock to reinvest proceeds from the redemption in a comparable investment with an equal or greater yield to the yield on such series of preferred stock had their shares not been redeemed.

6

Table of Contents

There are numerous conflicts of interest between the interests of stockholders and our interests or the interests of Bluerock and its affiliates, including conflicts arising out of (a) competing demands for the time and services of certain of our officers, and of Bluerock personnel that work for us and our affiliates under the Administrative Services Agreement, to our activities, (b) allocation of investment opportunities between us and investment vehicles affiliated with Bluerock, (c) purchase or sale of apartment properties, including from or to Bluerock or its affiliates and (d) determinations of rental expense sharing between Bluerock and us under the Leasehold Cost-Sharing Agreement.
We have invested and anticipate that we will continue to invest in the redevelopment of existing properties and the development of new properties. These investments involve risks beyond those presented by stabilized, income-producing properties. These risks may diminish the return to our stockholders.
We may fail to maintain our qualification as a REIT for federal income tax purposes. We would then be subject to corporate level taxation and we would not be required to pay any distributions to our stockholders.

If we are unable to effectively manage the impact of these and other risks, our ability to meet our investment objectives would be substantially impaired. In turn, the value of our securities and our ability to make distributions would be materially reduced.

7

Table of Contents

PART I

Item 1.     Business

Organization

Bluerock Residential Growth REIT, Inc. (“we,” “us,” or the “Company”) was incorporated on July 25, 2008 under the laws of the state of Maryland.

We have elected to be treated, and currently qualify, as a real estate investment trust (or “REIT”) for federal income tax purposes. As a REIT, we generally are not subject to corporate-level income taxes. To maintain our REIT status, we are required, among other requirements, to distribute annually at least 90% of our “REIT taxable income,” as defined by the Internal Revenue Code of 1986, as amended (the “Code”), to our stockholders. If we fail to qualify as a REIT in any taxable year, we would be subject to federal income tax on our taxable income at regular corporate tax rates. We were incorporated to raise capital and acquire a diverse portfolio of residential real estate assets.

Unless otherwise indicated or the context requires otherwise, all references to “the Company,” “we,” “us” and “our” mean Bluerock Residential Growth REIT, Inc., a Maryland corporation, together with its consolidated subsidiaries, including, without limitation, Bluerock Residential Holdings, L.P., a Delaware limited partnership of which we are the sole general partner, which we refer to as our Operating Partnership. We refer to Bluerock Real Estate, L.L.C., a Delaware limited liability company, and its affiliate, Bluerock Real Estate Holdings, LLC, together as Bluerock or BRE, and we refer to our former external manager, BRG Manager, LLC, a Delaware limited liability company, as our former Manager. Both Bluerock and our former Manager are affiliated with the Company. References to our shares of Class A common stock on a “fully diluted basis” includes all outstanding shares of our Class A common stock, shares of our Class C common stock, units of limited partnership interest in our Operating Partnership, or OP Units, and long-term incentive plan units in our Operating Partnership, or LTIP Units, whether vested or unvested.

On October 31, 2017, we became an internally-managed REIT as a result of the completion of the management internalization transactions (the “Internalization”), and we are no longer externally managed by our former Manager. The owners of the former Manager are referred to as the Contributors.

Substantially all our business is conducted through our Operating Partnership.

The principal executive offices of our Company and the former Manager are located at 1345 Avenue of the Americas, 32nd Floor, New York, New York 10105. Our telephone number is (212) 843-1601.

Investments in Real Estate

As of December 31, 2021, we held an aggregate of 20,263 units, comprised of 16,837 multifamily units and 3,426 single-family residential units. The aggregate number of units are held through seventy-eight real estate investments, consisting of forty-nine consolidated operating investments and twenty-nine investments held through preferred equity, loan or ground lease investments. As of December 31, 2021, our consolidated operating investments were approximately 95.9% occupied. For more information regarding our investments, see “Item 2. Properties”.

Proposed Merger

On December 20, 2021, we entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Badger Parent LLC (“Parent”) and Badger Merger Sub LLC (“Merger Sub”). The Merger Agreement provides that, upon the terms and subject to the conditions set forth therein, the Company will be merged with and into Merger Sub (the “Merger”), with Merger Sub surviving the Merger. The Merger and the other transactions contemplated by the Merger Agreement were unanimously approved by the Board. Parent and Merger Sub are affiliates of Blackstone Real Estate Partners IX L.P., an affiliate of Blackstone Inc.

Pursuant to the terms and conditions in the Merger Agreement, at the effective time of the Merger (the “Effective Time”), each share of common stock, par value $0.01 per share, of the Company (the “Company Common Stock”), that is issued and outstanding immediately prior to the Effective Time will automatically be converted into the right to receive $24.25 in cash, without interest (the “Per Share Merger Consideration”).

8

Table of Contents

We will deliver a notice of redemption (the “Preferred Stock Redemption Notice”) to the holders of our Series B Redeemable Preferred Stock, par value $0.01 per share (“Series B Preferred Stock”), 7.625% Series C Cumulative Redeemable Preferred Stock, par value $0.01 per share (“Series C Preferred Stock”), 7.125% Series D Cumulative Preferred Stock, par value $0.01 per share (“Series D Preferred Stock”), and Series T Redeemable Preferred Stock, par value $0.01 per share (“Series T Preferred Stock”), in accordance with their respective Articles Supplementary, in order to provide that such preferred stock will be redeemed effective as of the Effective Time. Each share of Series C Preferred Stock, Series D Preferred Stock and Series T Preferred Stock will be redeemed for an amount equal to $25.00 plus an amount equal to all accrued and unpaid dividends to and including the redemption date set forth in the Preferred Stock Redemption Notice, without interest. Each share of Series B Preferred Stock will be redeemed for an amount equal to $1,000.00 plus an amount equal to all accrued and unpaid dividends to and including the redemption date set forth in the Preferred Stock Redemption Notice, without interest.

The outstanding warrants to purchase Class A common stock of the Company (the “Company Warrants”) will remain outstanding following the Effective Time in accordance with their terms, but the Exercise Price (as defined in the Warrant Agreements with respect to the Company Warrants) will be adjusted so that the holder of any Company Warrant exercised after the Effective Time will be entitled to receive in cash the amount of the Per Share Merger Consideration which, if the Company Warrant had been exercised immediately prior to the Closing, such holder would have been entitled to receive upon the consummation of the Merger.

In addition, each award of shares of restricted Class A common stock of the Company that is outstanding immediately prior to the Effective Time will be cancelled in exchange for a cash payment in an amount equal to (i) the number of shares of Company Common Stock subject to such award immediately prior to the Effective Time multiplied by (ii) the Per Share Merger Consideration, without interest and less any applicable withholding taxes.

Prior to the consummation of the Merger, we will complete the separation of our single-family residential real estate business (the “SFR Business”) from our multi-family residential real estate business (the “Separation”). Following the Separation, the SFR Business will be indirectly held by Bluerock Homes Trust, Inc. (“BHM”), a Maryland corporation, and the Operating Partnership, and, prior to the consummation of the Merger, we will distribute the common stock of BHM to our stockholders as of the record date for such distribution in a taxable distribution (the “Distribution”).

In connection with the Separation, the Operating Partnership will exchange its interests in an entity holding its multi-family residential real estate business with the Company as consideration for a redemption of all of our preferred interests in the Operating Partnership and a portion of our common units in the Operating Partnership (the “Redemption”). As a result, following the Redemption, the Operating Partnership will cease to hold interests in the Company’s multi-family residential real estate business, and will hold the assets related to the SFR Business. Most members of our senior management, along with certain entities related to them, have agreed to retain their interests in the Operating Partnership until the earlier of the Effective Time and the termination of the Merger Agreement, rather than redeeming their interests for cash or shares of Company Common Stock that will receive the Per Share Merger Consideration. As a result, following the Separation and the Distribution, our stockholders who receive shares of BHM in the Distribution are expected to indirectly own approximately 35% of the SFR Business, with holders of units in the Operating Partnership (other than BHM) expected to indirectly own an interest of approximately 65% of the SFR Business. In connection with the Separation and the Distribution, BHM and the Operating Partnership will enter into a management agreement with an affiliate of Bluerock providing for it to be externally managed thereby.

The Merger Agreement contains customary representations, warranties and covenants, including, among others, covenants by the Company to use commercially reasonable efforts to conduct its business in all material respects in the ordinary course, subject to certain exceptions, during the period between the execution of the Merger Agreement and the consummation of the Merger. The obligations of Parent and Merger Sub to consummate the Merger are not subject to any financing condition or the receipt of any financing by Parent or Merger Sub.

The consummation of the Merger is conditioned on the consummation of the Separation and the Distribution, as well as certain customary closing conditions, including, among others, approval of the Merger by the affirmative vote of the stockholders entitled to cast a majority of all the votes entitled to be cast on the Merger by the holders of issued and outstanding Company Common Stock (the “Company Requisite Vote”). The Merger Agreement requires the Company to convene a stockholders’ meeting for purposes of obtaining the Company Requisite Vote.

9

Table of Contents

The Company has agreed not to solicit or enter into an agreement regarding a Company Takeover Proposal (as defined in the Merger Agreement), and, subject to certain exceptions, is not permitted to enter into discussions or negotiations concerning, or provide information to a third party in connection with, any Company Takeover Proposal. However, the Company may, prior to obtaining the Company Requisite Vote, engage in discussions or negotiations and provide information to a third party which has made an unsolicited bona fide written Company Takeover Proposal that did not result from a breach of the non-solicit provisions of the Merger Agreement if the Board determines in good faith, after consultation with its independent financial advisors and outside legal counsel, that such Company Takeover Proposal constitutes or could reasonably be expected to lead to a Company Superior Proposal (as defined in the Merger Agreement).

Prior to the time the Company Requisite Vote is obtained, the Board may, in certain circumstances, effect a Company Adverse Recommendation Change (as defined in the Merger Agreement), subject to complying with specified notice and other conditions set forth in the Merger Agreement.

The Merger Agreement may be terminated under certain circumstances by the Company, including prior to obtaining the Company Requisite Vote, if, after following certain procedures and adhering to certain restrictions, the Board effects a Company Adverse Recommendation Change in connection with a Company Superior Proposal and the Company enters into a definitive agreement providing for the implementation of a Company Superior Proposal. In addition, Parent may terminate the Merger Agreement under certain circumstances and subject to certain restrictions, including if the Board effects a Company Adverse Recommendation Change. The Merger Agreement also may be terminated by either the Company or Parent if the Merger has not been completed on or prior to the date that is nine months after the date of the Merger Agreement, which date may be extended to complete the Separation and the Distribution, by the Company, up to the date that is ten months after the date of the Merger Agreement, or by Parent, up to the date that is twelve months after the date of the Merger Agreement.

Upon a termination of the Merger Agreement, under certain circumstances, the Company will be required to pay a termination fee to Parent of $60 million. Upon termination of the Merger Agreement in certain other circumstances, Parent will be required to pay the Company a termination fee of $200 million.

The foregoing description of the Merger Agreement is only a summary, does not purport to be complete and is qualified in its entirety by reference to the full text of the Merger Agreement, which is filed as Exhibit 2.1 to our current report on Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on December 21, 2021, and is incorporated herein by reference.

Business and Growth Strategies

We are currently diversified through investments in both infill first-ring suburban single-family residential and high-quality multifamily properties.

The Separation of the Bluerock Homes Business from Bluerock Residential and the Distribution of shares of Bluerock Homes common stock is expected to enable Bluerock Homes to pursue our distinct business strategy focused on our single-family properties. Bluerock Homes and Bluerock Residential expect that the Separation and the Distribution will provide an opportunity for our experienced management team to implement and execute our growth strategy and for us to enhance investor transparency and better highlight our attributes by concentrating on investments in single-family residential.

Single-family residential

With respect to our investments in single-family residential properties, our principal business objective is to generate attractive risk-adjusted investment returns by assembling a portfolio of pre-existing single-family rental homes and developing build-to-rent communities located across a diverse group of growth markets. Our single-family rental properties will target a growing pool of middle-income renters seeking the single-family lifestyle without the upfront and ongoing investments associated with home ownership.  By implementing our investment strategies and our institutional-quality management, we expect to be able to achieve sustainable long-term growth in both our FFO and NAV.

10

Table of Contents

Value Creation Execution.  We acquire single-family rental properties with potential for long-term value creation for our stockholders. We utilize the following internal and external growth strategies to drive growth in FFO and NAV for our investors:

Scattered-Site Aggregation.  Currently, there is a high level of fragmentation in the single-family rental home market. We believe we can generate economies of scale and enable transaction efficiencies by targeting individual or small portfolios of quality, scattered, single-family rental homes with strong and stable cash flows and aggregate them into larger portfolios. We look for middle-market rents that deliver attractive unlevered yields relative to private market portfolio and public market dividend yields. To date, we have acquired scattered-site homes at year one nominal cap rates exceeding 5% and gross rental yields exceeding 9%. We see an opportunity to replicate this strategy across our markets utilizing our network as a force multiplier on the sourcing and execution fronts.
Build-to-Rent.  We develop build-to-rent communities at attractive stabilized unlevered yields, investing selectively in target markets that we believe will enable us to capture development premiums on completion. We may use a convertible loan or convertible preferred equity structure to provide income during the development stage and/or the ability to capture development premiums at completion by exercising our conversion rights to take ownership.
Value-Add Renovation.  We see significant potential for capital appreciation through renovation of existing assets. Our value-add strategy focuses on working with our local experts to reposition lower-quality, less current assets and drive rent growth and expand margins, increasing NOI and maximizing our return on investment.
Institutional Property Management / NOI Margin Expansion.  We expect to improve margins at our operating properties by deploying institutional management approaches across the portfolio —including professional management, investment in technology platforms, and leveraging economies of scale — to best position the portfolio for optimal rental growth. Through the aggregation of multiple scattered homes, we seek to address operational inefficiencies, revenue management and deferred capital maintenance at scale and to grow underlying cashflow through substantial NOI margin expansion at stabilized properties. We will also provide an aggressive asset management presence, working alongside our network partners to ensure optimal execution of the asset management plan, enabling us to drive rent growth and values.
Technology-Aided Platform.  We have implemented a data warehouse, which provides us with real-time visibility into leasing, inventory, maintenance and renovation metrics allowing us to quickly react to changes in current operational performance and monitor trends across our portfolio. Further, we believe we will be able to utilize our data warehouse technology as a building block in the design and implementation of a portfolio-wide revenue management system to further drive NOI and margin expansion. In addition, we utilize various PropTech solutions to both acquire and maximize operational efficiency. Operational PropTech solutions include focus on streamlining value-add initiatives, integrating smart-home technology, automating the lease process and providing robust and coordinated maintenance services.

Harvest and Redeploy Capital Selectively. On an opportunistic basis and subject to compliance with REIT restrictions, we intend to sell properties when we have executed our value creation plans and when we believe the investment has limited additional upside relative to other opportunities. This allows us to harvest profits and reinvest proceeds to maximize stockholder value.

Multifamily communities

With respect to our investments in multifamily residential communities, our principal business objective is to generate attractive risk-adjusted investment returns by assembling a high-quality portfolio of apartment properties located in demographically attractive growth markets and by implementing our investment strategies and our “Live/Work/Play Initiatives” to achieve sustainable long-term growth in both our core funds from operations and net asset value.

Invest in Institutional-Quality Apartment Properties.  We acquire institutional-quality apartment properties where we believe we can create long-term value for our stockholders utilizing the following investment strategies.

Value-Add.  We invest in well-located institutional-quality apartment properties with strong and stable cash flows in demographically attractive knowledge economy growth markets where we believe there exists significant potential for medium-term capital appreciation through renovation or redevelopment, to reposition the asset and drive future rental growth.

11

Table of Contents

Opportunistic.  We invest in properties available at opportunistic prices (i.e., at prices we believe are below those available in an otherwise efficient market) that exhibit some characteristics of distress, such as operational inefficiencies, significant deferred capital maintenance or broken capital structures providing an opportunity for a substantial portion of total return attributable to appreciation in value.
Invest-to-Own.  We selectively invest in development of Class A properties in target markets where we believe we can capture significant development premiums upon completion. We generally use a mezzanine loan or convertible preferred equity structure which provides income during the development stage and/or the ability to capture development premiums at completion by exercising our conversion rights to take ownership.

Invest in Class A Apartment Properties.  We intend to continue to acquire primarily Class A apartment properties targeting the high disposable income renter by choice, where we believe we can create long-term value growth for our stockholders.

Focus on Growth Markets.  We intend to continue to focus on demographically attractive growth markets, which we define as markets with strong employment drivers in industries creating high disposable income jobs over the long term. Employment growth is highly correlated with apartment demand; therefore, we believe that selecting markets with job growth significantly above the national average will provide high potential for increased rental demand leading to revenue growth and attractive risk-adjusted returns.

Implement our Value Creation Strategies.  We intend to continue to focus on creating value at our properties utilizing our Value-Add, Opportunistic and Invest-to-Own investment strategies in order to maximize our return on investment. We work with each member of our network to evaluate property needs along with value-creation opportunities and create an asset-specific business plan to best position or reposition each property to drive rental growth and asset values. We then provide an aggressive asset management presence to manage our network partner and ensure execution of the plan, with the goal of driving rental growth and values.

Implement our Live/Work/Play Initiatives.  We intend to continue to implement our amenities and attributes to transform the apartment community from a purely functional product (i.e., as solely a place to live), to a lifestyle product (i.e., as a place to live, interact, and socialize). Our Live/Work/Play initiatives are property specific, and generally consist of attributes that go beyond traditional features, including highly amenitized common areas, cosmetic and architectural improvements, technology, music and other community-oriented activities to appeal to our residents’ desire for a “sense of community” by creating places to gather, socialize and interact in an amenity-rich environment. We believe this creates an enhanced perception of value among residents, allowing for premium rental rates and improved resident retention.

Diversify Across Markets, Strategies and Investment Size.  We will seek to grow our high-quality portfolio of apartment properties diversified by geography and by investment strategy and by size (typically ranging from $50 to $100 million), in order to manage concentration risk, while driving both current income and capital appreciation throughout the portfolio. Our network enables us to diversify across multiple markets and multiple strategies efficiently, without the logistical burden and time delay of building operating infrastructure in multiple markets and across multiple investment strategies.

Selectively Harvest and Redeploy Capital.  On an opportunistic basis and subject to compliance with certain REIT restrictions, we intend to sell properties in cases where we have successfully executed our value creation plans and where we believe the investment has limited additional upside relative to other opportunities, in order to harvest profits and to reinvest proceeds to maximize stockholder value.

12

Table of Contents

Summary of Investments and Dispositions

The following table presents a summary of our investments during the years ended December 31, 2021, 2020 and 2019:

Date

Ownership

Number

Properties Acquired

    

Location

    

Acquired

    

Interest

    

of Units

Multifamily

The Hartley at Blue Hill, formerly The Park at Chapel Hill(1)

 

Chapel Hill, NC

 

1/23/2019

 

 

414

Element

 

Las Vegas, NV

 

6/27/2019

 

100

%  

200

Providence Trail

 

Mount Juliet, TN

 

6/27/2019

 

100

%  

334

Denim

 

Scottsdale, AZ

 

7/24/2019

 

100

%  

645

The Sanctuary

 

Las Vegas, NV

 

7/31/2019

 

100

%  

320

Mira Vista (2)

 

Austin, TX

 

9/17/2019

 

 

200

Thornton Flats (2)

 

Austin, TX

 

9/25/2019

 

 

104

Chattahoochee Ridge

 

Atlanta, GA

 

11/12/2019

 

90

%  

358

The District at Scottsdale

 

Scottsdale, AZ

 

12/11/2019

 

100

%  

332

Belmont Crossing (2)

 

Smyrna, GA

 

12/20/2019

 

 

192

Sierra Terrace (2)

 

Atlanta, GA

 

12/20/2019

 

 

135

Sierra Village (2)

 

Atlanta, GA

 

12/20/2019