2017 PROPERTY PORTFOLIO. Arium Pine Lakes Port St. Lucie, FL. Park and Kingston Charlotte, NC. Whetstone Durham, NC

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Lorraine Elliott
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1 Arium Pine Lakes Port St. Lucie, FL Park and Kingston Charlotte, NC Whetstone Durham, NC Roswell City Walk Roswell (Atlanta), GA 2017 PROPERTY PORTFOLIO

Alexan CityCentre Alexan Southside APOK Townhomes

Houston, TX 77024 4139 Bellaire Boulevard

Road Boca Raton, FL 33431 3701 Grandewood

Built: 2017 Under Construction Preferred Equity

Units: 90 Units: 306 Year Built: 2005 Arium

Arium Westside 5301 Summer Wind Drive Naples, FL

30318 Units: 368 Year Built: 1986 Renovated: 2016

2 Alexan CityCentre Alexan Southside APOK Townhomes Arium Grandewood Town and Country Boulevard Houston, TX Bellaire Boulevard Houston, TX Broken Sound Parkway & Yamoto Road Boca Raton, FL Grandewood Boulevard Orlando, FL Units: 340 Year Built: 2017 Under Construction Preferred Equity Investment Units: 270 Preferred Equity Investment Units: 90 Units: 306 Year Built: 2005 Arium Gulfshore Arium Palmer Ranch Arium Pine Lakes Arium Westside 5301 Summer Wind Drive Naples, FL Winners Circle Sarasota, FL Pine Lakes Boulevard Port St. Lucie, FL Northside Drive Atlanta, GA Units: 368 Year Built: 1986 Renovated: 2016 Year Built: 1989 Renovated: 2016 Year Built: 2003 BRG Ownership: 85.0% Units: 336 Year Built: 2008 Arium Palms at World Gateway 9000 Avenue Pointe Circle Orlando, FL Units: 252 Year Built: 2008

Ashton Reserve 10320 Grobie Way Charlotte, NC

78745 Crescent Perimeter 5765 Glendridge Drive

GWB Turnpike Garland, TX 75048 Units: 473 Year

0% Units: 324 Year Built: 2001 BRG Ownership:

2019 Under Construction Flagler Village N.

33304 Units: 384 Year Built: 2020 Development

Atlanta, GA 30324 Units: 285 Year Built: 2017

Leigh House 2515 Landmark Drive Raleigh, NC

Babcock Road San Antonio, TX 78255 Units: 352

Wilderness Oak San Antonio, TX 78258 Units: 335

Hogan Drive Tyler, TX 75709 Units: 328 Year

Hogan Drive Tyler, TX 75709 Units: 254 Year

Antonio, TX 78261 Units: 139 Year Built: 2008

Street Orlando, FL 32814 Units: 220 Year Built:

3 Ashton Reserve Grobie Way Charlotte, NC The Brodie 8700 Brodie Lane Austin, TX Crescent Perimeter 5765 Glendridge Drive Atlanta, GA Domain, Phase I Miles Road & GWB Turnpike Garland, TX Units: 473 Year Built: BRG Ownership: 100.0% Units: 324 Year Built: 2001 BRG Ownership: 92.5% Under Construction Units: 301 Year Built: 2019 Under Construction Flagler Village N. Andrews & NE 6th Street Fort Lauderdale, FL Units: 384 Year Built: 2020 Development Approved Helios 2124 Cheshire Bridge Road NE Atlanta, GA Units: 285 Year Built: 2017 Under Construction Preferred Equity Investment Leigh House 2515 Landmark Drive Raleigh, NC Units: 245 Marquis at Crown Ridge Babcock Road San Antonio, TX Units: 352 Year Built: 2009 Marquis at Stone Oak Wilderness Oak San Antonio, TX Units: 335 Year Built: 2007 Marquis at the Cascades I 4055 Hogan Drive Tyler, TX Units: 328 Year Built: 2007 Marquis at the Cascades II 4085 Hogan Drive Tyler, TX Units: 254 Year Built: 2009 Marquis at TPC 5505 TPC Parkway San Antonio, TX Units: 139 Year Built: 2008 Enders Place at Baldwin Park 4248 New Broad Street Orlando, FL Units: 220 Year Built: 2003 BRG Ownership: 89.5% James on South First 8800 South 1st Street Austin, TX Units: 250 Year Built: 2016

Nevadan 5501 Glenridge Drive Atlanta, GA

Commons Drive Destin, FL 32541 Units: 340

View 1000 Stony Court Morrisville, NC 27560

100% Roswell City Walk 3000 Forest Street

0% Sorrel at Phillips Creek Ranch 5050 FM423

Villages of Cypress Creek 10300 Cypresswood

4 Nevadan 5501 Glenridge Drive Atlanta, GA Units: 480 Year Built: 1990 Park and Kingston 125 W. Park Avenue Charlotte, NC Units: 168 Year Built: 2014 BRG Ownership: 96.0% The Preserve at Henderson Beach 4131 Commons Drive Destin, FL Units: 340 Year Built: 2009 BRG Ownership: 100% Preston View 1000 Stony Court Morrisville, NC Units: 382 Year Built: 2000 BRG Ownership: 100% Roswell City Walk 3000 Forest Street Roswell, GA BRG Ownership: 98.0% Sorrel at Phillips Creek Ranch 5050 FM423 Frisco, TX Units: 352 Sovereign Apts 5301 N. Tarrant Parkway Fort Worth, TX Units: 322 Vickers Village Canton Street and Woodstock Street Roswell, GA Units: 79 Villages of Cypress Creek Cypresswood Drive Houston, TX Units: 384 Year Built: 2001 BRG Ownership: 80% Wesley Village 2715 Wet Stone Way Charlotte, NC Units: 301 Year Built: 2010 BRG Ownership: 100% West Morehead Morehead & Summit Charlotte, NC Units: 287 Year Built: 2019 Under Construction Whetstone Apts 501 Willard Street Durham, NC Units: 204

5 RISKS TO CONSIDER An investment in Bluerock Residential Growth REIT, Inc. ( BRG ) involves a high degree of risk. You should purchase our securities only if you can afford a complete loss of your investment. See the Risk Factors sections of the Prospectus Supplement and the accompanying Prospectus for a discussion of material risks related to an investment in our Series B Redeemable Preferred Stock and Warrants, which include, but are not limited to, the following: There is limited liquidity and no public market for the Series B Redeemable Preferred Stock or Warrants and we do not intend to list them on a securities exchange. If our Class A common stock is no longer listed on the NYSE MKT or another national securities exchange, we would be required to terminate the offering and could result in our raising gross proceeds substantially less than if the maximum offering is sold. Dividends have been paid on our Class A and Class B common stock since May 5, 2014 through the quarter ended June 30, To date, such dividends have been declared quarterly and paid on a monthly basis at a quarterly rate of $0.29 per share. From May 5, 2014 through June 30, 2017, we have paid total common stock dividends, including dividends reinvested through our dividend reinvestment plan, of $64,677,988, of which on a cumulative basis, approximately 16% of which were paid from sources other than cash flows from operations, including from the proceeds of our equity offerings. In addition, the Company has issued Series A preferred stock, Series B preferred stock, Series C preferred stock and Series D preferred stock. The Series A preferred stock carries an 8.25% stated dividend rate, the Series B preferred stock carries a 6.00% stated dividend rate, the Series C preferred stock carries a 7.625% stated dividend rate and the Series D preferred stock carries a 7.125% stated dividend rate. From May 5, 2014 through June 30, 2017, we have paid total preferred stock dividends of $21,379,948, all of which were paid from cash flows from operations. Distributions paid from sources other than cash flow or funds from operations may constitute a return of capital and reduce investor returns. Rates of distribution to you may not be indicative of our operating results. We make no guarantee that we will make distributions. We established the offering price for the Units pursuant to negotiations among us and our affiliated dealer manager. As a result, the actual value of your investment may be substantially less than what you pay. Our manager has broad discretion over the use of proceeds from the offering of the Series B Redeemable Preferred Stock and Warrants, and investors will not be able to evaluate the economic or other merits of our investments made with such proceeds prior to our making them. We are dependent on our external manager to select investments and conduct our operations and adverse changes in the financial condition of our manager or our relationship with our manager could adversely affect us and our stockholders. There are substantial conflicts of interest between us and our manager and other affiliates, including conflicts arising out of allocation of personnel to our activities, allocation of investment opportunities between us and investment vehicles of our affiliates, the purchase or sale of apartment properties, and fee arrangements with our manager that might induce our manager to make investment decisions that are not in the best interests of our stockholders. Upon the sale of any individual property, holders of Series B Redeemable Preferred Stock do not have a priority over holders of our common stock regarding return of capital. Our charter contains various restrictions on the ownership and transfer of our securities. After two years from the date of original issuance, we will be able to redeem the outstanding shares of Series B Redeemable Preferred Stock, without your consent, at 100% of the Stated Value per share, plus any accrued and unpaid dividends. If we experience significant liquidity problems, we may not be able to fulfill our obligation to redeem Series B preferred stock when submitted for redemption. Maintenance of our exemption from registration under the Investment Company Act of 1940 and our REIT qualification impose significant limitations on our operations. Holders of the Series B Redeemable Preferred Stock will have no voting rights or control over changes in our policies and operations. Our board of directors may approve changes to our policies without your approval. Our qualification as a REIT depends upon our satisfaction of numerous regulatory limitations and qualifications. We may fail to maintain our qualification as a REIT, which would result in higher taxes for us and reduced cash available for distribution to our stockholders.

6 About BRG Bluerock Residential Growth REIT, Inc. (NYSE MKT: BRG) is a real estate investment trust that focuses on acquiring a diversified portfolio of Class A institutional-quality apartment properties in demographically attractive growth markets to appeal to the renter by choice. The Company s objective is to generate value through off-market/relationship-based transactions and, at the asset level, through improvements to operations and properties. BRG generally invests with strategic regional partners, including some of the best-regarded private owner-operators in the United States, making it possible to operate as a local sharpshooter in each of its markets while enhancing off-market sourcing capabilities. The Company is included in the Russell 2000 and Russell 3000 Indexes. BRG has elected to be taxed as a real estate investment trust (REIT) for U.S. federal income tax purposes. BRG owns interests in the properties pictured in this brochure; they are included as examples of the type of properties intended to be acquired by BRG in the future. Securities offered through: Bluerock Capital Markets LLC Member FINRA/SIPC Affiliated with Bluerock Real Estate, L.L.C. Bluerock Real Estate. All Rights Reserved. For more information, please visit the Company s website at: V-17-6

Table of Contents. Third Quarter Earnings Release 3. Financial and Operating Highlights 15. Share and Dividend Information 16

Table of Contents. Third Quarter Earnings Release 3. Financial and Operating Highlights 15. Share and Dividend Information 16 1 Third Quarter 2017 Supplemental Financial Information (Unaudited) Table of Contents Third Quarter Earnings Release 3 Financial and Operating Highlights 15 Share and Dividend Information 16 EBITDA and