Document:

EX-10.13

THIRD AMENDED AND RESTATED PLEDGE AGREEMENT

(MEMBERSHIP AND PARTNERSHIP INTERESTS)

THIS THIRD AMENDED AND RESTATED PLEDGE AGREEMENT (MEMBERSHIP AND PARTNERSHIP INTERESTS) (as
amended, modified, replaced, renewed, restated or extended from time to time, this “Agreement”),
dated as of the 26th day of June, 2008, by and between WACHOVIA BANK, N.A., a national banking
association (“Lender”), and GRUBB & ELLIS APARTMENT REIT HOLDINGS, LP, a Virginia limited
partnership (formerly known as NNN Apartment REIT Holdings, L.P.) (“Pledgor”).

RECITALS

WHEREAS: Pursuant to that certain Loan Agreement dated as of November 1, 2007 by and between
GRUBB & ELLIS APARTMENT REIT, INC. (formerly known as NNN Apartment REIT, Inc.), a Maryland
corporation (“Borrower”) and Lender, as amended by that certain First Amendment to and Waiver of
Loan Agreement dated as of December 21, 2007 and by that certain Second Amendment to and Waiver of
Loan Agreement dated as of March 31, 2008 (as so amended and as otherwise amended, modified,
renewed, restated, extended or replaced from time to time, the “Existing Loan Agreement”), Lender
agreed to extend credit to Borrower on the terms and subject to the conditions set forth therein;
and

WHEREAS: Pledgor owns one hundred percent (100%) of (i) the limited partnership interests in
each of APARTMENT REIT WALKER RANCH, L.P., a Texas limited partnership (“Walker Ranch”), APARTMENT
REIT HIDDEN LAKES, L.P., a Texas limited partnership (“Hidden Lakes”), APARTMENT REIT PARK AT NORTH
GATE, L.P., a Texas limited partnership (“North Gate”) and APARTMENT REIT TOWNE CROSSING, L.P., a
Texas limited partnership (“Towne Crossing”) (collectively, the “Owned LP’s”), (ii) the membership
interests in each of Apartment REIT Walker Ranch GP, LLC, a Delaware limited liability company,
Apartment REIT Hidden Lakes GP, LLC, a Delaware limited liability company, Apartment REIT Park at
North Gate GP, LLC, a Delaware limited liability company and Apartment REIT Towne Crossing GP, LLC,
a Delaware limited liability company (collectively, the “Property Owner GP’s”), each of which
Property Owner GP’s is the sole general partner of the respective Owned LP, and (iii) the
membership interests in each of G&E APARTMENT REIT THE HEIGHTS AT OLDE TOWNE, LLC, a Delaware
limited liability company (“The Heights”), G&E APARTMENT REIT THE MYRTLES AT OLDE TOWNE, LLC, a
Delaware limited liability company (“The Myrtles”) and G&E APARTMENT REIT ARBOLEDA, LLC, a Delaware
limited liability company (“Arboleda”) (collectively, the “Existing Owned LLC’s”); and

WHEREAS: As consideration for the credit facilities made available to Borrower pursuant to
the Existing Loan Agreement, Pledgor agreed, as required pursuant to Paragraph 3 of the Existing
Loan Agreement, to pledge as security for Borrower’s obligations under the Existing Loan Agreement
certain of the Partnership Interests Pledgor owns in the Owned LP’s and certain of the Membership
Interests Pledgor owns in the Existing Owned LLC’s; and

WHEREAS: Pledgor agreed not to sell, convey, transfer or encumber in any way any of the
general or limited partnership interests, or membership interests, as applicable, owned by Pledgor
in any of the Property Owner GP’s, the Owned LP’s or the Existing Owned LLC’s, so long as the
Existing Loan Agreement remained in effect; and

WHEREAS, in furtherance of the above-referenced agreements of Pledgor, Pledgor executed that
certain Pledge Agreement (Partnership Interests) dated as of November 1, 2007 between Pledgor and
Lender, as amended and restated pursuant to that certain First Amended and Restated Pledge
Agreement (Membership and Partnership Interests) dated as of December 21, 2007 and as further
amended and restated pursuant to that certain Second Amended and Restated Pledge Agreement
(Membership and Partnership Interests) dated as of March 31, 2008 (as so amended and restated and
as otherwise amended, modified, renewed, restated, extended or replaced from time to time, the
“Existing Pledge Agreement”), pursuant to which Pledgor granted a security interest in favor of
Lender, in certain of the Partnership Interests Pledgor owns in the Owned LP’s and certain of the
Membership Interests Pledgor owns in the Existing Owned LLC’s; and

WHEREAS, Pledgor owns one hundred percent (100%) of the membership interests in each of G&E
APARTMENT REIT CREEKSIDE CROSSING, LLC, a Delaware limited liability company (“Creekside Crossing”)
and G&E APARTMENT REIT KEDRON VILLAGE, LLC, a Delaware limited liability company (“Kedron Village”;
Kedron Village, together with Creekside Crossing, the “New Owned LLC’s” and each a “New Owned LLC”;
the New Owned LLC’s, together with the Existing Owned LLC’s, the “Owned LLC’s” and each an “Owned
LLC”; the Owned LLC’s, together with the Owned LP’s, the “Owned Companies” and each an “Owned
Company”); and

WHEREAS, Borrower and Lender have agreed to amend the Existing Loan Agreement pursuant to that
certain Third Amendment to and Waiver of Loan Agreement of even date herewith between Borrower and
Lender (the “Third Amendment,” and the Existing Loan Agreement, as amended by the Third Amendment,
and as the same may be further amended, modified, renewed, restated, extended or replaced from time
to time, the “Loan Agreement”); and

WHEREAS, as consideration for the credit facilities continuing to be made available to
Borrower pursuant to the Loan Agreement, Pledgor has agreed, as required pursuant to Paragraph 3 of
the Loan Agreement, to pledge as security for Borrower’s obligations under the Loan Agreement
certain of the Membership Interests Pledgor owns in each of the New Owned LLC’s; and

WHEREAS, Pledgor has agreed not to sell, convey, transfer or encumber in any way any of the
Membership Interests owned by Pledgor in either of the New Owned LLC’s so long as the Loan
Agreement remains in effect; and

WHEREAS, in connection with the amendment of the Existing Loan Agreement pursuant to the Third
Amendment, Pledgor and Lender have agreed to amend and restate the Existing Pledge Agreement
pursuant to this Agreement. The parties hereto agree that from and after the date hereof, this
Agreement shall supersede the Existing Pledge Agreement in all respects and shall constitute the
entire agreement among the parties hereto with respect to the subject matter contained therein; and

WHEREAS, one hundred percent (100%) of the general partnership interests in Pledgor are owned
by Borrower, and one hundred percent (100%) of the limited partnership interests in Pledgor are
owned by NNN Apartment REIT Advisor, LLC, a limited liability company which is under common
ownership with Borrower, and Pledgor will derive benefit from the credit facilities to be made
available to Borrower by Lender pursuant to the Loan Agreement;

NOW, THEREFORE, in consideration of the credit facilities continuing to be made available
pursuant to the Loan Agreement and other good and valuable consideration, the receipt of which is
hereby acknowledged by the parties hereto, the parties do hereby agree as follows:

1. Definitions. All capitalized undefined terms used herein shall have the respective
meanings assigned thereto in the Loan Agreement. In addition, the following terms, when used
herein, shall have the following meanings:

“Collateral” means, collectively, (i) with respect to each of the Owned LLC’s one hundred
percent (100%) of those Membership Interests of Pledgor in such Owned LLC which are designated as
“Class B Interests” in the operating agreement of such Owned LLC, whether now owned or hereafter
acquired, (ii) with respect to each of Walker Ranch, Hidden Lakes and Towne Crossing, forty-nine
percent (49%) of the Partnership Interests of Pledgor in such Owned LP, whether now owned or
hereafter acquired, (iii) with respect to North Gate, one hundred percent (100%) of the Partnership
Interests of Pledgor in such Owned LP, whether now owned or hereafter acquired, and (iv) all
proceeds of the property described in each of items (i), (ii) and (iii) above, including, without
limitation, proceeds from any permitted sale or other disposition thereof (including without
limitation all payment intangibles relating thereto).

“Membership Interests” means the entire membership interests of Pledgor in each of the Owned
LLC’s, including, without limitation, Pledgor’s capital account, its interest as a member in the
net cash flow, net profit and net loss, and items of income, gain, loss, deduction and credit of
each of the Owned LLC’s, its interest in all distributions made or to be made by any of the Owned
LLC’s to Pledgor and all of the other rights, titles and interests of Pledgor as a member of each
of the Owned LLC’s, whether set forth in the operating agreement of such Owned LLC, by separate
agreement or otherwise.

“Partnership Interests” means the entire limited partnership interests of Pledgor in each of
the Owned LP’s, including, without limitation, Pledgor’s capital account, its interest as a limited
partner in the net cash flow, net profit and net loss, and items of income, gain, loss, deduction
and credit of each of the Owned LP’s, its interest in all distributions made or to be made by any
of the Owned LP’s to Pledgor and all of the other rights, titles and interests of Pledgor as a
limited partner of each of the Owned LP’s, whether set forth in the partnership agreement of such
Owned LP, by separate agreement or otherwise.

“UCC” means the North Carolina Uniform Commercial Code, or as to any matter governed by the
Uniform Commercial Code of another jurisdiction, the Uniform Commercial Code of such other
jurisdiction.

2. Pledge and Security Interest. As collateral security for the due and punctual
payment and performance by Borrower of all of its obligations under the Loan Agreement and the
other Loan Documents (collectively, the “Obligations”), Pledgor hereby pledges and assigns to
Lender a continuing first priority security interest in and to the Collateral.

3. Pledgor Remains Liable. Anything herein to the contrary notwithstanding, (a)
Pledgor shall remain liable to perform all of its duties and obligations as a member of each of the
Owned LLC’s, and all of its duties and obligations as a limited partner of each of the Owned LP’s,
to the same extent as if this Agreement had not been executed, (b) the exercise by Lender of any of
its rights hereunder shall not release Pledgor from any of its duties or obligations as a member or
limited partner, as applicable, of any Owned Company, and (c) Lender shall not have any obligation
or liability as a member or limited partner, as applicable, of any Owned Company by reason of this
Agreement.

4. Representations and Warranties. Pledgor represents and warrants that:

(a) Pledgor owns one hundred percent (100%) of the membership interests in, and is the sole
member of, each of the Owned LLC’s.

(b) Pledgor (i) owns one hundred percent (100%) of the limited partnership interests in, and
is the sole limited partner of, each of the Owned LP’s, and (ii) owns one hundred percent (100%) of
the membership interests in, and is the sole member of, each of the Property Owner GP’s, each of
which owns one hundred percent (100%) of the general partnership interests in, and is the sole
general partner of, the respective Owned LP.

(c) Pledgor is the legal and beneficial owner of the Collateral free and clear of all liens
and encumbrances.

(d) The jurisdiction in which Pledgor is located for purposes of Section 9-307 of the UCC is
the State of Virginia.

(e) Pledgor conducts business only under the name “GRUBB & ELLIS APARTMENT REIT HOLDINGS, LP,”
and does not use and has not used any trade name, fictitious name or similar name.

(f) Properly completed financing or other statements have been filed in all necessary
jurisdictions with respect to the Collateral, and certificates representing the Collateral have
been delivered as may be required, so that the pledge and security interest granted pursuant to
this Agreement constitutes a valid, continuing and perfected security interest in and lien on the
Collateral under the UCC.

(g) Pledgor has full power and authority to execute this Agreement and to perform its
obligations hereunder, and the execution and delivery of this Agreement, and the performance of
Pledgor’s obligations hereunder, have been duly authorized by all necessary corporate or other
action of Pledgor.

(h) The execution, delivery and performance by Pledgor of this Agreement does not conflict
with, or result in a breach or violation of, (i) any law, regulation or court order applicable to
Pledgor or its property, (ii) any document or instrument to which Pledgor is a party or by which
its assets may be bound, (iii) the operating agreement of any of the Owned LLC’s, (iv) the
partnership agreement of any of the Owned LP’s, or (v) any document, instrument or agreement
evidencing or relating to any credit facility or loan to which any of the Owned Companies is a
party.

(i) No authorization, approval or other action by, and no notice to or filing with, any
governmental authority (other than as set forth in Section 4(f) above) is required (i) for the
execution, delivery and performance of this Agreement by Pledgor, or (ii) for the exercise by the
Lender of any rights or remedies in respect of the Collateral hereunder.

(j) None of the Partnership Interests in North Gate, Towne Crossing or Walker Ranch, and none
of the Membership Interests in any of the Owned LLC’s, are dealt in or traded on securities
markets, and neither the terms of the respective partnership agreements governing the Partnership
Interests in North Gate, Towne Crossing and Walker Ranch nor the terms of the respective operating
agreements governing the Membership Interests in the Owned LLC’s, provide that such interests are
securities governed by Article 8 of the UCC. None of the Partnership Interests in North Gate,
Towne Crossing or Walker Ranch, and none of the Membership Interests in any of the Owned LLC’s, is
evidenced by a certificate of ownership.

(j) None of the Partnership Interests in Hidden Lakes are dealt in or traded on securities
markets; however, the terms of the partnership agreement governing the Partnership Interests in
Hidden Lakes provide that such interests are securities governed by Article 8 of the UCC. The
Partnership Interests in Hidden Lakes are evidenced by a certificate of ownership.

5. Protection of Security Interest. Pledgor covenants that:

(a) Pledgor will, at all times the Loan Agreement remains in full force and effect, remain
the legal and beneficial owner of the Collateral free and clear of all liens and encumbrances
except for liens and encumbrances in favor of Lender. In furtherance of the foregoing, Pledgor
will not sell, convey, transfer, assign or encumber in any way, all or any portion of the
Collateral.

(b) Pledgor will, at all times the Loan Agreement remains in full force and effect, remain the
legal and beneficial owner of (i) all Membership Interests in each Owned LLC, (ii) all Partnership
Interests in each Owned LP, and (iii) all membership interests in each Property Owner GP, each of
which in turn will remain the beneficial owner of all general partnership interests in the
respective Owned LP, in each case free and clear of all liens and encumbrances except for, as to
the Collateral, liens and encumbrances in favor of Lender. In furtherance of the foregoing,
Pledgor will not sell, convey, transfer, assign or encumber in any way, all or any portion of any
Membership Interests, any Partnership Interests, or any membership interests in the Property Owner
GP’s, and will not permit the sale, conveyance, transfer, assignment or encumbrance, in any way, of
any general partnership interests owned by any Property Owner GP in any Owned LP, in each case
except in favor of Lender.

(c) Except upon thirty (30) days prior written notice to the Lender, Pledgor will not (i)
change its name, identity, or corporate structure or jurisdiction of incorporation so as to make
any financing or other statement filed as provided herein become seriously misleading, (ii) with
respect to Hidden Lakes, opt out of Article 8 for purposes of classifying the Partnership Interests
therein as securities or (iii) with respect to any Owned LLC or any Owned LP other than Hidden
Lakes, opt into Article 8 for purposes of classifying the Membership Interests or Partnership
Interests therein as securities.

(d) Pledgor will, upon request of Lender, prepare and deliver such financing statements,
notices of lien, notices of assignment and continuations or amendments to any of the foregoing, and
other documents (and pay the costs of filing or recording the same in all public offices deemed
necessary by Lender) and do such other acts and things, all as Lender may from time to time request
to establish and maintain a valid perfected first priority pledge and security interest in the
Collateral to secure the payment of the Obligations. Pledgor hereby constitutes and appoints
Lender (and any of its officers) as its attorney-in-fact with full power and authority to execute
and deliver all documents necessary to perfect and keep perfected the security interests created
hereby. This power of attorney hereby granted is a special power of attorney coupled with an
interest and shall be irrevocable by Pledgor.

(e) Pledgor will pay or cause to be paid, prior to delinquency, all taxes, charges, liens and
assessments against the Collateral, except to the extent and so long as (i) the same are being
contested in good faith by appropriate proceedings, and (ii) the effect of any lien, charge or
encumbrance is stayed pending final resolution.

(f) Pledgor will pay promptly on demand by Lender all advances, charges, costs and expenses,
including reasonable attorneys’ fees, incurred or paid by Lender in protecting and preserving the
Collateral or in exercising any right, power or remedy conferred by this Agreement.

(g) Without the prior written consent of the Lender, the Pledgor will not (i) vote to enable,
or take any other action to permit, any Owned Company to issue any additional Membership Interests
or Partnership Interests, as applicable, except for such additional Membership Interests or
Partnership Interests that will be subject to the security interest granted herein in favor of the
Lender or (ii) vote to enable, or take any other action to permit, any Owned LLC to recharacterize
its Membership Interests into classes other than those existing as of the date hereof, or
discontinue any classes existing as of the date hereof, or transfer Membership Interests among
classes, or (iii) enter into any agreement or undertaking restricting the right or ability of the
Pledgor or the Lender to sell, assign or transfer any Collateral. The Pledgor will defend the
right, title and interest of the Lender in and to the Collateral against the claims and demands of
all Persons whomsoever.

(h) The Pledgor will deliver to the Lender all Partnership Interests or Membership Interests
evidenced by a certificate (including, without limitation, certificates evidencing the Partnership
Interests in Hidden Lakes), together with such effective endorsements and assignments as may be
required. If the Pledgor shall become entitled to receive or shall receive (i) any certificate
evidencing any Collateral, whether in addition to, in substitution of, or as a conversion of, or in
exchange for, any Collateral, or otherwise in respect thereof or (ii) any sums paid upon or in
respect of any Collateral upon the liquidation or dissolution of any Owned Company, the Pledgor
shall accept the same as the agent for the Lender, hold the same in trust for the Lender,
segregated from other funds of the Pledgor, and promptly deliver the same to the Lender in
accordance with the terms hereof.

6. Events of Default. The occurrence of an “Event of Default” (as defined in the Loan
Agreement) which has not been cured during the applicable cure period, if any, provided for
therein, shall constitute an event of default (an “Event of Default”) hereunder.

7. Lender’s Rights and Remedies Upon Default. Upon the occurrence of any Event of
Default, Lender shall be entitled, at its option, to exercise all such rights and remedies with
respect to the Collateral as (i) are available under the UCC and (ii) are otherwise available at
law or in equity. Without limiting the foregoing, the Lender shall have the right to receive any
and all cash dividends, payments or distributions made in respect of any Membership Interests
and/or Partnership Interests or other proceeds paid in respect of any Membership Interests and/or
Partnership Interests, and any or all of any Membership Interests and/or Partnership Interests
shall be registered in the name of the Lender or its nominee, and the Lender or its nominee may
thereafter exercise (A) all voting, corporate and other rights pertaining to such Membership
Interests and/or Partnership Interests at any meeting of partners or members, as applicable, of the
relevant Owned Companies and (B) any and all rights of conversion, exchange and subscription and
any other rights, privileges or options pertaining to such Membership Interests and/or Partnership
Interests as if it were the absolute owner thereof (including, without limitation, the right to
exchange at its discretion any and all of the Membership Interests and/or Partnership Interests
upon the merger, consolidation, reorganization, recapitalization or other fundamental change in the
limited liability company or partnership structure of any Owned Company or upon the exercise by the
Pledgor or the Lender of any right, privilege or option pertaining to such Membership Interests
and/or Partnership Interests, and in connection therewith, the right to deposit and deliver any and
all of the Membership Interests and/or Partnership Interests with any committee, depositary,
transfer agent, registrar or other designated agency upon such terms and conditions as the Lender
may determine), all without liability except to account for property actually received by it; but
the Lender shall have no duty to the Pledgor to exercise any such right, privilege or option and
the Lender shall not be responsible for any failure to do so or delay in so doing. In furtherance
thereof, the Pledgor hereby authorizes and instructs each Owned Company to (i) comply with any
instruction received by it from the Lender in writing that (A) states that an Event of Default has
occurred and is continuing and (B) is otherwise in accordance with the terms of this Agreement,
without any other or further instructions from the Pledgor, and the Pledgor agrees that each Owned
Company shall be fully protected in so complying following receipt of such notice and prior to
notice that such Event of Default is no longer continuing, and (ii) except as otherwise expressly
permitted hereby, pay any dividends, distributions or other payments with respect to any Membership
Interests and/or Partnership Interests directly to the Lender.

8. Miscellaneous.

(a) Lender shall have the right at all times to enforce the provisions of this Agreement in
strict accordance with the terms hereof, notwithstanding any conduct or custom on its part in
refraining from so doing at any time. No amendment or waiver of any provision of this Agreement
shall be effective unless the same shall be in writing and executed by the parties hereto (subject
to the provisions of the Loan Agreement), and no waiver or omission to act by Lender as to any
Event of Default shall operate as a waiver of any other Event of Default or of the same Event of
Default at a future time, and no single or partial exercise by Lender of any right or remedy shall
preclude any other or future exercise of that or of any other right or remedy. The provisions,
rights and remedies hereof are cumulative to and concurrent with those of all other agreements and
documents held by Lender in connection with the Obligations.

(b) This Agreement shall create a continuing security interest in the Collateral and shall
remain in full force and effect until payment in full of the Obligations.

(c) This Agreement, unless otherwise expressly set forth herein, shall be governed by, and
construed in accordance with, the laws of the State of North Carolina.

(d) TO THE EXTENT PERMITTED BY LAW, PLEDGOR HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY
WAIVES ANY RIGHTS IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR
ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT. THIS PROVISION IS A MATERIAL
INDUCEMENT FOR LENDER TO ENTER INTO THIS AGREEMENT AND INTO THE LOAN AGREEMENT.

(e) Any and all notices, elections or demands permitted or required to be made under this
Agreement shall be in writing, signed by the party giving such notice, election or demand and shall
be delivered personally, or sent by overnight courier or by certified mail, postage prepaid, to the
other party at the address set forth below, or at such other address within the continental United
States of America as may have theretofore been designated in writing in accordance with the terms
and conditions hereof:

	 	 	 	 	 
	PLEDGOR:
	 	Grubb & Ellis Apartment REIT Holdings, LP
	 
	 	c/o Grubb & Ellis Apartment REIT, Inc.
	 
	 	1551 N. Tustin Ave., Suite 200
	 
	 	Santa Ana, CA 92705
	 
	 	Attention: Andrea Biller, Esq.
	LENDER:
	 	Wachovia Bank, National Association
	 
	 	One Wachovia Center, 16th Floor
	 
	 	301 South College Street
	 
	 	Charlotte, NC  28288-0172
	 
	 	Attention:  Chris Troutman

(f) In case any one or more of the provisions contained in this Agreement should be invalid,
illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining
provisions contained herein and therein shall not in any way be affected or impaired thereby.

(g) This Agreement may be executed in any number of counterparts and all the counterparts
taken together shall be deemed to constitute one and the same instrument.

(h) This Agreement constitutes the final, exclusive and complete statement of the agreement of
the parties hereto with respect to the subject matter hereof and all other prior or contemporaneous
agreements with respect to the subject matter hereof are superseded hereby.

(i) The Pledgor hereby waives and releases any rights, demands, and defenses the Pledgor may
have with respect to the Lender pursuant to any law or statute that requires that the Lender make
demand upon, assert claims against, or collect from Borrower or other persons or entities,
foreclose any security interest, sell collateral, exhaust any remedies, or take any other action
against Borrower or other persons or entities prior to making demand upon, collecting from or
taking action against the Pledgor under this Agreement, including any such rights the Pledgor might
otherwise have had under N.C.G.S. §§ 26-7, et seq. and any successor statute and any other
applicable law.

1

IN WITNESS WHEREOF, Pledgor and Lender have duly executed this Agreement, or caused this
Agreement to be duly executed, as of the day and year first above written.

PLEDGOR:

GRUBB & ELLIS APARTMENT REIT

HOLDINGS, L.P. (formerly known as

NNN Apartment REIT Holdings, LP), a Virginia

limited partnership

By: GRUBB & ELLIS APARTMENT REIT, INC. (formerly known as NNN Apartment REIT, Inc.), a
Maryland corporation, its sole general partner

By: /s/ Gus G. Remppies

Name: Gus G. Remppies

Title: Chief Investment Officer

LENDER:

WACHOVIA BANK, N.A., a national banking association

By: /s/ Chris B. Troutman

Name: Chris Troutman

Title: Managing Director

2EX-10.14

UNSECURED PROMISSORY NOTE (this “Note”)

$3,700,000

June 27, 2008 (the “Note Date”)

FOR VALUE RECEIVED, Grubb & Ellis Apartment REIT Holdings, LP, a Virginia limited partnership
(“Borrower”), unconditionally promises to pay NNN Realty Advisors, Inc., a Delaware corporation
(“Lender”), in the manner and at the place hereinafter provided, the principal amount of Three
Million Seven Hundred Dollars ($3,700,000).

Borrower also promises to pay interest on the unpaid principal amount hereof from the Note
Date until paid in full at a rate per annum equal to the Interest Rate (capitalized terms used
herein and not otherwise defined herein shall have the meanings provided in Schedule A
attached hereto), provided that any principal amount not paid when due and, to the extent permitted
by applicable law, any interest not paid when due, in each case whether at stated maturity,
declaration, acceleration, demand or otherwise (both before as well as after judgment), shall bear
interest payable upon demand at a rate per annum equal to the Default Interest Rate. Interest on
this Note shall be payable in arrears on the first day of each month beginning on the Commencement
Date, each date on which an installment of principal is due and payable hereunder, upon any
prepayment of this Note (to the extent accrued on the amount being prepaid) and at maturity. All
computations of interest shall be made by Lender on the basis of a 365-day year, for the actual
number of days elapsed in the relevant period (including the first day but excluding the last day).
In no event shall the interest rate payable on this Note exceed the maximum rate of interest
permitted to be charged under applicable law.

1. Maturity Date. The outstanding principal amount of the Note, and any accrued but
unpaid interest thereon, shall be automatically due and payable on the Maturity Date;
provided, that Borrower may not make any payment of the principal of this Note in whole or
in part on any date on which there is any principal amount outstanding under the Loan (as such term
is defined below).

2. Payments. All payments of principal and interest in respect of this Note
shall be made in lawful money of the United States of America in same day funds at the office of
Lender located at 1551 N. Tustin Avenue, Suite 300, Santa Ana, California 92705, or at such other
place as Lender may direct. Whenever any payment on this Note is stated to be due on a day that is
not a Business Day (as defined herein), such payment shall instead be made on the next Business Day
and such extension of time shall be included in the computation of interest payable on this Note.
Each payment made hereunder shall be credited first to interest then due and the remainder of such
payment shall be credited to principal, and interest shall thereupon cease to accrue upon the
principal so credited. Each of Lender and any subsequent holder of this Note agrees, by its
acceptance hereof, that before disposing of this Note or any part hereof the Lender and any
subsequent holder of this Note will mutually agree on the amount of all principal payments
previously made hereunder and of the date to which interest hereon has been paid; provided,
however, that the failure to make a notation of any payment made on this Note shall not
limit or otherwise affect the obligation of Borrower hereunder with respect to payments of
principal or interest on this Note. “Business Day” means any day other than a Saturday, Sunday or
legal holiday under the laws of the State of California or any other day on which banking
institutions located in such state are authorized or required by law or other governmental action
to close.

3. Prepayments. Borrower shall have the right at any time and from time to time on or
prior to the Maturity Date to prepay the principal of this Note in whole or in part, without
premium or penalty; provided, that Borrower may not make any payment of the principal of
this Note in whole or in part on any date on which there is any principal amount outstanding under
the Loan (as such term is defined below). Any prepayment hereunder shall be accompanied
by the payment of accrued interest on the principal amount of this Note being prepaid to the date
of prepayment.

4. Covenants. Borrower covenants and agrees that until this Note is paid in full it
will:

(a) promptly provide to Lender financial and operational information with respect to
Borrower or any of its subsidiaries as Lender may reasonably request;

(b) promptly after the occurrence of an Event of Default (as defined herein) or an
event, act or condition that, with notice or lapse of time or both, would constitute an
Event of Default, provide Lender with a certificate of the chief executive officer, chief
financial officer or general partner(s) of Borrower specifying the nature thereof and
Borrower’s proposed response thereto; and

(c) not merge or consolidate with any other Person (as defined herein), or sell, lease
or otherwise dispose of all or any substantial part of its property or assets to any other
Person.

“Person” means any individual, partnership, limited liability company, joint venture, firm,
corporation, association, bank, trust or other enterprise, whether or not a legal entity, or any
government or political subdivision or any agency, department or instrumentality thereof.

5. Representations and Warranties. Borrower hereby represents and warrants to Lender
that:

(a) it is a duly organized and validly existing corporation in good standing under the
laws of the jurisdiction of its organization and has the corporate power and authority to
own and operate its properties, to transact the business in which it is now engaged and to
execute and deliver this Note;

(b) this Note constitutes the duly authorized, legally valid and binding obligation of
Borrower, enforceable against Borrower in accordance with its terms;

(c) all consents and grants of approval required to have been granted by any Person in
connection with the execution, delivery and performance of this Note have been granted;

(d) the execution, delivery and performance by Borrower of this Note do not and will
not violate any law, governmental rule or regulation, court order or agreement to which it
is subject or by which its properties are bound or the charter documents or bylaws of
Borrower;

(e) there is no action, suit, proceeding or governmental investigation pending or, to
the knowledge of Borrower, threatened against Borrower or any of its subsidiaries or any of
their respective assets which, if adversely determined, would have a material adverse effect
on the business, operations, properties, assets, condition (financial or otherwise) or
prospects of Borrower and its subsidiaries, taken as a whole, or the ability of Borrower to
comply with its obligations hereunder; and

(f) the proceeds of the loan evidenced by this Note shall be used by Borrower for the
purpose of acquiring real property.

6. Events of Default. The occurrence of any of the following events shall constitute
an “Event of Default”:

(a) failure of Borrower to pay any Installment Payment or interest thereon due under
this Note within five business days after the date due, or failure of Borrower to pay any
principal, interest or other amount due under this Note when otherwise due, whether at
stated maturity, declaration, acceleration, demand or otherwise; or

(b) failure of Borrower to perform or observe any other term, covenant or agreement to
be performed or observed by it pursuant to this Note; or

(c) any representation or warranty made by Borrower to Lender in connection with this
Note shall prove to have been false in any material respect when made; or

(d) any order, judgment or decree shall be entered against Borrower decreeing the
liquidation, dissolution or split-up of Borrower; or

(e) suspension of the usual business activities of Borrower or the complete or partial
liquidation of Borrower’s business; or

(f) (i) a court having jurisdiction in the premises shall enter a decree or order for
relief in respect of Borrower in an involuntary case under Title 11 of the United States
Code entitled “Bankruptcy” (as now and hereinafter in effect, or any successor thereto, the
“Bankruptcy Code”) or any applicable bankruptcy, insolvency or other similar law now or
hereafter in effect, which decree or order is not stayed, or any other similar relief shall
be granted under any applicable federal or state law, or (ii) an involuntary case shall be
commenced against Borrower under any applicable bankruptcy, insolvency or other similar law
now or hereafter in effect, or a decree or order of a court having jurisdiction in the
premises for the appointment of a receiver, liquidator, sequestrator, trustee, custodian or
other officer having similar powers over Borrower or over all or a substantial part of its
property shall have been entered, or the involuntary appointment of an interim receiver,
trustee or other custodian of Borrower for all or a substantial part of its property shall
have occurred, or a warrant of attachment, execution or similar process shall have been
issued against any substantial part of the property of Borrower and, in the case of any
event described in this clause (ii), such event shall have continued for 60 days unless
dismissed, bonded or discharged; or

(g) an order for relief shall be entered with respect to Borrower or Borrower shall
commence a voluntary case under the Bankruptcy Code or any applicable bankruptcy, insolvency
or other similar law now or hereafter in effect, or shall consent to the entry of an order
for relief in an involuntary case, or to the conversion of an involuntary case to a
voluntary case, under any such law, or shall consent to the appointment of or taking
possession by a receiver, trustee or other custodian for all or a substantial part of its
property, or Borrower shall make an assignment for the benefit of creditors, or Borrower
shall be unable or fail, or shall admit in writing its inability, to pay its debts as such
debts become due, or the board of directors or general partner(s) of Borrower (or any
committee thereof) shall adopt any resolution or otherwise authorize action to approve any
of the foregoing; or

(h) Borrower shall challenge, or institute any proceedings to challenge, the validity,
binding effect or enforceability of this Note or any endorsement of this Note or any other
obligation to Lender; or

(i) any provision of this Note or any provision hereof or thereof shall cease to be in
full force or effect or shall be declared to be null or void or otherwise unenforceable in
whole or in part.

7. Remedies. Upon the occurrence of any Event of Default specified in Section
6(g) or 6(h) above, and upon Borrower’s receipt of written notice of any Event of
Default from Lender, the principal amount of this Note, together with accrued interest thereon,
shall become immediately due and payable. Upon the occurrence and during the continuance of any
other Event of Default, Lender may, by written notice to Borrower, declare the principal amount of
this Note, together with accrued interest thereon, to be due and payable, and the principal amount
of this Note, together with such interest, shall thereupon immediately become due and payable
without presentment, further notice, protest or other requirements of any kind (all of which are
hereby expressly waived by Borrower). From and after any Event of Default until such time as the
Event of Default has been cured, the Default Interest Rate shall be applicable.

8. Subordination.

(a) Borrower and Lender agree that Borrower’s obligations hereunder shall be
subordinated to the prior repayment in full in cash of the “Obligations”, as defined in that
certain Loan Agreement dated as of November 1, 2007 by and between Borrower and Wachovia
Bank, National Association (“Senior Lender"), as modified by that certain First Amendment to
and Waiver of Loan Agreement dated as of December 21, 2007, that certain Second Amendment to
and Waiver of Loan Agreement dated as of March 31, 2008 and by that certain Third Amendment
to and Waiver of Loan Agreement dated as of June 26, 2008 (as so modified and as it may be
further amended, restated, supplemented or otherwise modified, the “Credit Agreement”),
pursuant to which Credit Agreement Senior Lender has made available to Borrower certain
credit facilities as more particularly provided therein (advances of proceeds under such
credit facilities, the “Loan”).

(b) Lender agrees that, for as long as, and at any time that, any Obligations remain
outstanding, without the consent of Senior Lender, Lender (i) will not take, demand or
receive, or take any action to accelerate or collect, any payment of all or any part of this
Note and (ii) will not commence or voluntarily join with or facilitate any other person,
corporation, partnership or other entity in commencing any proceeding against Borrower or
any other person, corporation, partnership or other entity under any bankruptcy,
reorganization, readjustment of debt, dissolution, receivership, liquidation or insolvency
law or statute now or hereafter in effect in any jurisdiction, nor shall Lender, in its
capacity as holder of this Note, voluntarily participate in any assignment for benefit of
creditors, compositions, or arrangements with respect to Borrower’s debts.

(c) Senior Lender shall be deemed to be a third party beneficiary of the subordination
provisions contained herein.

9. Miscellaneous.

(a) All notices and other communications provided for hereunder shall be in writing
(including telefacsimile communication) and mailed, telecopied or delivered by overnight
courier as follows: if to Borrower, at its address specified opposite its signature below
and, if to Lender, at Lender’s address in Section 2 above or, in each case, at such
other address as shall be designated by Lender or Borrower. All such notices and
communications shall, when mailed, telecopied or delivered by overnight courier, be
effective when deposited in the mails, sent by telecopier or delivered to the overnight
courier, as the case may be.

(b) Borrower shall indemnify Lender against any losses, claims, damages and liabilities
and related expenses, including counsel fees and expenses, incurred by Lender arising out of
or in connection with or as a result of the transactions contemplated by this Note. In
particular, Borrower shall pay all costs and expenses, including reasonable attorneys’ fees,
incurred in connection with the collection and enforcement of this Note.

(c) No failure or delay on the part of Lender or any other holder of this Note to
exercise any right, power or privilege under this Note and no course of dealing between
Borrower and Lender shall impair such right, power or privilege or operate as a waiver of
any default or an acquiescence therein, nor shall any single or partial exercise of any such
right, power or privilege preclude any other or further exercise thereof or the exercise of
any other right, power or privilege. The rights and remedies expressly provided in this
Note are cumulative to, and not exclusive of, any rights or remedies that Lender would
otherwise have. No notice to or demand on Borrower in any case shall entitle Borrower to
any other or further notice or demand in similar or other circumstances or constitute a
waiver of the right of Lender to any other or further action in any circumstances without
notice or demand.

(d) Borrower and any endorser of this Note hereby consent to renewals and extensions of
time at or after the Maturity Date, without notice, and hereby waive diligence, presentment,
protest, demand and notice of every kind and, to the full extent permitted by law, the right
to plead any statute of limitations as a defense to any demand hereunder.

(e) THIS NOTE AND THE RIGHTS AND OBLIGATIONS OF BORROWER AND LENDER HEREUNDER SHALL BE
GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF
THE STATE OF CALIFORNIA, WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES.

(f) ALL JUDICIAL PROCEEDINGS BROUGHT AGAINST BORROWER ARISING OUT OF OR RELATING TO
THIS NOTE MAY BE BROUGHT IN ANY STATE OR FEDERAL COURT OF COMPETENT JURISDICTION IN THE
STATE OF CALIFORNIA, AND BY EXECUTION AND DELIVERY OF THIS NOTE BORROWER ACCEPTS FOR ITSELF
AND IN CONNECTION WITH ITS PROPERTIES, GENERALLY AND UNCONDITIONALLY, THE NONEXCLUSIVE
JURISDICTION OF THE AFORESAID COURTS AND WAIVES ANY DEFENSE OF FORUM NON CONVENIENS AND
IRREVOCABLY AGREES TO BE BOUND BY ANY JUDGMENT RENDERED THEREBY IN CONNECTION WITH THIS
NOTE. Borrower hereby agrees that service of all process in any such proceeding in any such
court may be made by registered or certified mail, return receipt requested, to Borrower at
its address set forth below its signature hereto, such service being hereby acknowledged by
Borrower to be sufficient for personal jurisdiction in any action against Borrower in any
such court and to be otherwise effective and binding service in every respect. Nothing
herein shall affect the right to serve process in any other manner permitted by law or shall
limit the right of Lender to bring proceedings against Borrower in the courts of any other
jurisdiction.

(g) BORROWER AND, BY THEIR ACCEPTANCE OF THIS NOTE, LENDER AND ANY SUBSEQUENT HOLDER OF
THIS NOTE HEREBY IRREVOCABLY AGREE TO WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY
CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS NOTE OR ANY DEALINGS BETWEEN THEM
RELATING TO THE SUBJECT MATTER OF THIS NOTE AND THE LENDER/BORROWER RELATIONSHIP THAT IS
BEING ESTABLISHED. The scope of this waiver is intended to be all-encompassing of any and
all disputes that may be filed in any court and that relate to the subject matter of this
transaction, including, without limitation, contract claims, tort claims, breach of duty
claims and all other common law and statutory claims. Borrower and, by their acceptance of
this Note, Lender and any subsequent holder of this Note each (i) acknowledges that this
waiver is a material inducement to enter into a business relationship, that each has already
relied on this waiver in entering into this relationship and that each will continue to rely
on this waiver in their related future dealings, and (ii) further warrants and represents
that each has reviewed this waiver with its legal counsel and that each knowingly and
voluntarily waives its jury trial rights following consultation with legal counsel. THIS
WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND
THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS
OF THIS NOTE. In the event of litigation, this provision may be filed as a written consent
to a trial by the court.

(h) Borrower hereby waives the benefit of any statute or rule of law or judicial
decision, including without limitation California Civil Code § 1654, which would otherwise
require that the provisions of this Note be construed or interpreted most strongly against
the party responsible for the drafting thereof.

[Remainder of page intentionally left blank]

1

IN WITNESS WHEREOF, Borrower has executed and
delivered this Note as of the Note Date at Lender’s address.

“Borrower”

GRUBB & ELLIS APARTMENT REIT HOLDINGS, LP, a
Virginia limited partnership

	 	 	 	By:
GRUBB & ELLIS APARTMENT REIT, INC., a
Maryland corporation, its general partner

	 	 	 
	By:

	 	/s/ Shannon K S Johnon

Shannon K S Johnson
	Its:

	 	Chief Financial Officer

	 	 	Address: 1551 N. Tustin Avenue, Suite 300

Santa Ana, CA 92705

“Lender”

NNN REALTY ADVISORS, INC., a Delaware
corporation

	 	 	 
	By:

	 	/s/Francence LaPoint

Francene LaPoint

	 	 	Its: Chief Financial Officer

2

SCHEDULE A

DEFINED TERMS

The following terms used in the Note shall have the following meanings (and any of such terms
may, unless the context otherwise requires, be used in the singular or the plural depending on the
reference):

	 	 	 
	Defined Term	 	Definition
	Commencement Date

	 	August 1, 2008
	 

	 	 
	Maturity Date

	 	December 27, 2008
	 

	 	 
	Interest Rate

	 	4.95% per annum.
	 

	 	 
	Default Interest Rate

	 	The rate that is 2% per annum in excess of the Interest

Rate.
	 

	 	 

3

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