ASSIGNMENT OF CONTRACT

ASSIGNMENT OF CONTRACT

THIS ASSIGNMENT OF CONTRACT (the “Assignment”) is made as of the 12^th day of

June, 2007 by Triple Net Properties, LLC, a Virginia limited liability company (“Assignor”) to
Apartment REIT Park at North Gate, LP, a Texas limited partnership (“Assignee”).

RECITALS

Assignor and North Spring Park, LLC, a Utah limited liability company entered into that certain Purchase and Sale Agreement, dated February 21, 2007, as amended (as amended, the “Contract”) with respect to certain property known as Parks at Northgate Apartments, located in Xxxxxx County, Texas, as more particularly described in the Contract. Assignor desires to assign all of its rights, title and interest in and to the Contract to Assignee.

AGREEMENT

FOR and in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Assignor hereby assigns all of its rights, title and interest in and to the Contract to Assignee.

Assignee by its execution of this Assignment hereby assumes all of Assignor’s obligations under the Contract.

WITNESS the following signatures:

ASSIGNOR:		Triple Net Properties, LLC,
		a Virginia limited liability company
		By: /s/ Xxxx Xxxxxx
		Name:		Xxxx Xxxxxx

Title: Executive Vice President

		ASSIGNEE:		Apartment REIT Park at North Gate, LP,
				a Texas limited partnership
				By:		Apartment REIT Park at North Gate GP, LLC,
						a Delaware limited liability company
				Its:		General Partner
						By: Its:		NNN Apartment REIT Holdings, L.P.,  a Virginia limited partnership Manager

By: NNN Apartment REIT, Inc., a Maryland corporation

Its:		General Partner
By:		/s/ Xxx X. Remppies
Name:		Xxx X. Remppies
Title:		Executive Vice President

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