Bluerock Residential Growth REIT, Inc. announced today that it intends to redeem 1,393,294 shares of its 8.250% Series A Cumulative Redeemable Preferred Stock, representing approximately 25% of the total outstanding shares of Series A Preferred Stock, on October 21, 2020. The shares of Series A Preferred Stock will be redeemed at a redemption price of $25.00 per share, plus accrued and unpaid dividends up to, and including, the Redemption Date in an amount equal to $0.120313 per share, for total proceeds of $25.120313 per share (the "Redemption Price"). Payment of the Redemption Price will be made in cash. As previously announced, on October 5, 2020, the Company will pay the cash dividend on the Series A Preferred Stock of $0.515625 for the period from July 1, 2020 to September 30, 2020 to each holder of record on September 25, 2020. Such payment will be separate and distinct from the payment of the Redemption Price.

Dividends on the shares of Series A Preferred Stock that are to be redeemed will cease to accrue on the Redemption Date. Upon redemption, the redeemed shares of Series A Preferred Stock will no longer be outstanding, and all rights of the holders of such shares will terminate, except the right of the holders to receive the cash payable upon such redemption, without interest.

All shares of Series A Preferred Stock are held in book-entry form and will be redeemed on a pro rata basis from the holders of record of such shares. As specified in the notice of partial redemption, shares of Series A Preferred Stock held in book-entry form through the Depository Trust Company ("DTC") will be redeemed according to DTC's procedures and shares of Series A Preferred Stock held through the records of Computershare Trust Company, N.A. (the "Redemption Agent") will be automatically redeemed by the Redemption Agent.

About Bluerock Residential Growth REIT, Inc.

Bluerock Residential Growth REIT, Inc. (NYSE American: BRG) is a real estate investment trust that focuses on developing and acquiring a diversified portfolio of institutional-quality highly amenitized live/work/play apartment communities in demographically attractive knowledge economy 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 value-add improvements to properties and to operations. The Company is included in the Russell 2000 and Russell 3000 Indexes. The Company has elected to be taxed as a real estate investment trust (REIT) for U.S. federal income tax purposes.