ASSIGNMENT OF CONTRACT

Exhibit 10.8

ASSIGNMENT OF CONTRACT

     THIS ASSIGNMENT OF CONTRACT (the “Assignment”) is made as of the 28th day of December 2006, by Triple Net Properties, LLC, a Virginia limited liability company (“Assignor”) to Apartment REIT Hidden Lakes, LP., a Texas limited partnership (“Assignee”).

RECITALS

     TR Hidden Lake Partners, LTD., a Texas limited partnership (“Seller”) and Assignor entered into that certain Contract of Sale, dated as of May 4, 2006, as amended from time to time (the “Contract”) with respect to certain property known as Hidden Lake Apartments located at 8910 N. Loop 1604 West, San Antonio, Bexar 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, transfers, conveys and sets over all of Assignor’s 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. Notwithstanding such assignment and assumption, Assignor shall continue to be liable under the Contract.

     WITNESS the following signatures:

ASSIGNOR:

Triple Net Properties, LLC, a Virginia limited liability company

By:

/s/ Richard Hutton

Name:

Richard Hutton

Title:

Executive Vice President

ASSIGNEE:

APARTMENT REIT HIDDEN LAKES, LP, a Texas limited partnership

By:

APARTMENT REIT HIDDEN LAKES GP, LLC, a Delaware limited liability company

Its:

General Partner

By:

NNN Apartment REIT Holdings, L.P., a Virginia limited partnership

Its:

Manager

By:

NNN Apartment REIT, Inc., a Maryland corporation,

Its:

General Partner

By: Name:

/s/ Shannon K S Johnson   Shannon K S Johnson

Title:

Chief Financial Officer