NNN Apartment REIT Inc. recently added a second property to its holdings with the acquisition of the newly built Hidden Lake Apartment Homes in San Antonio, Texas.
NNN Apartment REIT, which has raised more than $16 million through its initial public offering as of Dec. 31, 2006, purchased the multifamily complex from Thompson Realty for more than $32 million.
Hidden Lake Apartment Homes is comprised of 19 individual buildings, totaling 380 units and 304,000 rentable square feet, as well as a 1,500-square-foot community clubhouse. The property offers one-, two- and three-bedroom floor plans and includes a 900-square-foot fitness center.
The property was 99.5 percent leased at the time of purchase.