Document:

EX-10.11

FHLMC Loan No. 487791347

The Myrtles at Olde Towne

GUARANTY

MULTISTATE

(for use in all Property jurisdictions except California)

REVISION DATE 05/06/2005

This Guaranty (“Guaranty”) is entered into to be effective as of December 21, 2007, by the
undersigned person(s) (the “Guarantor” jointly and severally if more than one), for the benefit of
CAPMARK BANK, a Utah industrial bank (the “Lender”).

RECITALS

A. G&E Apartment REIT The Myrtles at Olde Towne, LLC, a Delaware limited liability company
(the “Borrower”) has requested that Lender make a loan to Borrower in the amount of $20,100,000.00
(the “Loan”). The Loan will be evidenced by a Multifamily Note from Borrower to Lender dated
effective as of the effective date of this Guaranty (the “Note”). The Note will be secured by a
Multifamily Mortgage, Deed of Trust, or Deed to Secure Debt dated effective as of the effective
date of the Note (the “Security Instrument”), encumbering the Mortgaged Property described in the
Security Instrument.

B. As a condition to making the Loan to Borrower, Lender requires that the Guarantor execute
this Guaranty.

NOW, THEREFORE, in order to induce Lender to make the Loan to Borrower, and in consideration
thereof, Guarantor agrees as follows:

1. Defined Terms. "Indebtedness,” “Loan Documents” and "Property Jurisdiction” and other
capitalized terms used but not defined in this Guaranty shall have the meanings assigned to them in
the Security Instrument.

2. Scope of Guaranty.

(a) Guarantor hereby absolutely, unconditionally and irrevocably guarantees to Lender:

	 	(i)	 	the full and prompt payment when due, whether
at the Maturity Date or earlier, by reason of acceleration or
otherwise, and at all times thereafter, of each of the following:

	 	(A)	 	a portion of the Indebtedness
equal to zero percent (0%) of the original principal balance of
the Note (the “Base Guaranty”); and

	 	(B)	 	in addition to the Base Guaranty,
all other amounts for which Borrower is personally liable under
Sections 9(c), 9(d) and 9(f) of the Note; and

	 	(C)	 	all costs and expenses, including
reasonable Attorneys’ Fees and Costs incurred by Lender in
enforcing its rights under this Guaranty; and

	 	(ii)	 	the full and prompt payment and performance
when due of all of Borrower’s obligations under Section 18 of the
Security Instrument.

(b) If the Base Guaranty stated in Section 2(a)(i)(A) is 100 percent of the original principal
balance of the Note, then (i) the Base Guaranty shall mean and include the full and complete
guaranty of payment of the entire Indebtedness and the performance of all Borrower’s obligations
under the Loan Documents; and (ii) for so long as the Base Guaranty remains in effect (there being
no limit to the duration of the Base Guaranty unless otherwise expressly provided in this
Guaranty), the obligations guaranteed pursuant to Sections 2(a)(i)(B), 2(a)(i)(C) and Section 3
shall be part of, and not in addition to or in limitation of, the Base Guaranty.

If the Base Guaranty stated in Section 2(a)(i)(A) is less than 100 percent of the original
principal balance of the Note, then this Section 2(b) shall be completely inapplicable and shall be
treated as if not a part of this Guaranty.

(c) If Guarantor is not liable for the entire Indebtedness, then all payments made by Borrower
with respect to the Indebtedness and all amounts received by Lender from the enforcement of its
rights under the Security Instrument and the other Loan Documents (except this Guaranty) shall be
applied first to the portion of the Indebtedness for which neither Borrower nor Guarantor has
personal liability.

3. Additional Guaranty Relating to Bankruptcy.

(a) Notwithstanding any limitation on liability provided for elsewhere in this Guaranty,
Guarantor hereby absolutely, unconditionally and irrevocably guarantees to Lender the full and
prompt payment when due, whether at the Maturity Date or earlier, by reason of acceleration or
otherwise, and at all times thereafter, the entire Indebtedness, in the event that:

	 	(i)	 	Borrower voluntarily files for bankruptcy
protection under the United States Bankruptcy Code; or

	 	(ii)	 	Borrower voluntarily becomes subject to any
reorganization, receivership, insolvency proceeding, or other similar
proceeding pursuant to any other federal or state law affecting debtor
and creditor rights; or

	 	(iii)	 	an order of relief is entered against Borrower
pursuant to the United States Bankruptcy Code or other federal or state
law affecting debtor and creditor rights in any involuntary bankruptcy
proceeding initiated or joined in by a “Related Party.”

(b) For purposes of this Section, the term “Related Party” means:

	 	(i)	 	Borrower or Guarantor; and

	 	(ii)	 	any person or entity that holds, directly or
indirectly, any ownership interest in or right to manage Borrower or
Guarantor, including without limitation, any shareholder, member or
partner of Borrower or Guarantor; and

	 	(iii)	 	any person or entity in which any ownership
interest (direct or indirect) or right to manage is held by Borrower,
Guarantor or any partner, shareholder or member of, or any other person
or entity holding an interest in, Borrower or Guarantor; and

	 	(iv)	 	any other creditor of Borrower that is related
by blood, marriage or adoption to Borrower, Guarantor or any partner,
shareholder or member of, or any other person or entity holding an
interest in, Borrower or Guarantor.

(c) If Borrower, Guarantor or any Related Party has solicited creditors to initiate or
participate in any proceeding referred to in this Section, regardless of whether any of the
creditors solicited actually initiates or participates in the proceeding, then such proceeding
shall be considered as having been initiated by a Related Party.

4. Guarantor’s Obligations Survive Foreclosure. The obligations of Guarantor under this
Guaranty shall survive any foreclosure proceeding, any foreclosure sale, any delivery of any deed
in lieu of foreclosure, and any release of record of the Security Instrument, and, in addition, the
obligations of Guarantor relating to Borrower’s obligations under Section 18 of the Security
Instrument shall survive any repayment or discharge of the Indebtedness. Notwithstanding the
foregoing, if Lender has never been a mortgagee-in-possession of or held title to the Mortgaged
Property, Guarantor shall have no obligation under this Guaranty relating to Borrower’s obligations
under Section 18 of the Security Instrument after the date of the release of record of the lien of
the Security Instrument as a result of the payment in full of the Indebtedness on the Maturity Date
or by voluntary prepayment in full.

5. Guaranty of Payment and Performance. Guarantor’s obligations under this Guaranty
constitute an unconditional guaranty of payment and performance and not merely a guaranty of
collection.

6. No Demand by Lender Necessary; Waivers by Guarantor. The obligations of Guarantor under
this Guaranty shall be performed without demand by Lender and shall be unconditional regardless of
the genuineness, validity, regularity or enforceability of the Note, the Security Instrument, or
any other Loan Document, and without regard to any other circumstance which might otherwise
constitute a legal or equitable discharge of a surety, a guarantor, a borrower or a mortgagor.
Guarantor hereby waives, to the fullest extent permitted by applicable law:

(a) the benefit of all principles or provisions of law, statutory or otherwise, which are or
might be in conflict with the terms of this Guaranty and agrees that Guarantor’s obligations shall
not be affected by any circumstances, whether or not referred to in this Guaranty, which might
otherwise constitute a legal or equitable discharge of a surety, a guarantor, a borrower or a
mortgagor;

(b) the benefits of any right of discharge under any and all statutes or other laws relating
to a guarantor, a surety, a borrower or a mortgagor, and any other rights of a surety, a guarantor,
a borrower or a mortgagor under such statutes or laws;

(c) diligence in collecting the Indebtedness, presentment, demand for payment, protest, all
notices with respect to the Note and this Guaranty which may be required by statute, rule of law or
otherwise to preserve Lender’s rights against Guarantor under this Guaranty, including, but not
limited to, notice of acceptance, notice of any amendment of the Loan Documents, notice of the
occurrence of any default or Event of Default, notice of intent to accelerate, notice of
acceleration, notice of dishonor, notice of foreclosure, notice of protest, and notice of the
incurring by Borrower of any obligation or indebtedness;

(d) all rights to cause a marshalling of the Borrower’s assets or to require Lender to:

	 	(i)	 	proceed against Borrower or any other guarantor
of Borrower’s payment or performance under the Loan Documents (an
“Other Guarantor”);

	 	(ii)	 	proceed against any general partner of Borrower
or any Other Guarantor if Borrower or any Other Guarantor is a
partnership;

	 	(iii)	 	proceed against or exhaust any collateral held
by Lender to secure the repayment of the Indebtedness; or

	 	(iv)	 	pursue any other remedy it may now or hereafter
have against Borrower, or, if Borrower is a partnership, any general
partner of Borrower;

(e) any right to object to the timing, manner or conduct of Lender’s enforcement of its rights
under any of the Loan Documents; and

(f) any right to revoke this Guaranty as to any future advances by Lender under the terms of
the Security Instrument to protect Lender’s interest in the Mortgaged Property.

7. Modification of Loan Documents. At any time or from time to time and any number of times,
without notice to Guarantor and without affecting the liability of Guarantor, Lender may:

(a) extend the time for payment of the principal of or interest on the Indebtedness or renew
the Indebtedness in whole or in part;

(b) extend the time for Borrower’s performance of or compliance with any covenant or agreement
contained in the Note, the Security Instrument or any other Loan Document, whether presently
existing or hereinafter entered into, or waive such performance or compliance;

(c) accelerate the Maturity Date of the Indebtedness as provided in the Note, the Security
Instrument, or any other Loan Document;

(d) with Borrower, modify or amend the Note, the Security Instrument, or any other Loan
Document in any respect, including, but not limited to, an increase in the principal amount; and/or

(e) modify, exchange, surrender or otherwise deal with any security for the Indebtedness or
accept additional security that is pledged or mortgaged for the Indebtedness.

8. Joint and Several Liability. The obligations of Guarantor (and each party named as a
Guarantor in this Guaranty) and any Other Guarantor shall be joint and several. Lender, in its
sole and absolute discretion, may:

(a) bring suit against Guarantor, or any one or more of the parties named as a Guarantor in
this Guaranty, and any Other Guarantor, jointly and severally, or against any one or more of them;

(b) compromise or settle with Guarantor, any one or more of the parties named as a Guarantor
in this Guaranty, or any Other Guarantor, for such consideration as Lender may deem proper;

(c) release one or more of the parties named as a Guarantor in this Guaranty, or any Other
Guarantor, from liability; and

(d) otherwise deal with Guarantor and any Other Guarantor, or any one or more of them, in any
manner, and no such action shall impair the rights of Lender to collect from Guarantor any amount
guaranteed by Guarantor under this Guaranty.

9. Subordination of Borrower’s Indebtedness to Guarantor. Any indebtedness of Borrower held
by Guarantor now or in the future is and shall be subordinated to the Indebtedness and Guarantor
shall collect, enforce and receive any such indebtedness of Borrower as trustee for Lender, but
without reducing or affecting in any manner the liability of Guarantor under the other provisions
of this Guaranty.

10. Waiver of Subrogation. Guarantor shall have no right of, and hereby waives any claim for,
subrogation or reimbursement against Borrower or any general partner of Borrower by reason of any
payment by Guarantor under this Guaranty, whether such right or claim arises at law or in equity or
under any contract or statute, until the Indebtedness has been paid in full and there has expired
the maximum possible period thereafter during which any payment made by Borrower to Lender with
respect to the Indebtedness could be deemed a preference under the United States Bankruptcy Code.

11. Preference. If any payment by Borrower is held to constitute a preference under any
applicable bankruptcy, insolvency, or similar laws, or if for any other reason Lender is required
to refund any sums to Borrower, such refund shall not constitute a release of any liability of
Guarantor under this Guaranty. It is the intention of Lender and Guarantor that Guarantor’s
obligations under this Guaranty shall not be discharged except by Guarantor’s performance of such
obligations and then only to the extent of such performance.

12. Financial Statements. Guarantor, from time to time upon written request by Lender, shall
deliver to Lender such financial statements as Lender may reasonably require.

13. Assignment. Lender may assign its rights under this Guaranty in whole or in part and upon
any such assignment, all the terms and provisions of this Guaranty shall inure to the benefit of
such assignee to the extent so assigned. The terms used to designate any of the parties herein
shall be deemed to include the heirs, legal representatives, successors and assigns of such
parties, and the term “Lender” shall also include any lawful owner, holder or pledgee of the Note.
Reference in this Guaranty to “person” or “persons” shall be deemed to include individuals and
entities.

14. Complete and Final Agreement. This Guaranty and the other Loan Documents represent the
final agreement between the parties and may not be contradicted by evidence of prior,
contemporaneous or subsequent oral agreements. There are no unwritten oral agreements between the
parties. All prior or contemporaneous agreements, understandings, representations, and statements,
oral or written, are merged into this Guaranty and the other Loan Documents. Guarantor
acknowledges that Guarantor has received a copy of the Note and all other Loan Documents. Neither
this Guaranty nor any of its provisions may be waived, modified, amended, discharged, or terminated
except by a writing signed by the party against which the enforcement of the waiver, modification,
amendment, discharge, or termination is sought, and then only to the extent set forth in that
writing.

15. Governing Law. This Guaranty shall be governed by and enforced in accordance with the
laws of the Property Jurisdiction, without giving effect to the choice of law principles of the
Property Jurisdiction that would require the application of the laws of a jurisdiction other than
the Property Jurisdiction.

16. Jurisdiction; Venue. Guarantor agrees that any controversy arising under or in relation
to this Guaranty may be litigated in the Property Jurisdiction, and that the state and federal
courts and authorities with jurisdiction in the Property Jurisdiction shall have jurisdiction over
all controversies which shall arise under or in relation to this Guaranty. Guarantor irrevocably
consents to service, jurisdiction and venue of such courts for any such litigation and waives any
other venue to which it might be entitled by virtue of domicile, habitual residence or otherwise.
However, nothing herein is intended to limit Lender’s right to bring any suit, action or proceeding
relating to matters arising under this Guaranty against Guarantor or any of Guarantor’s assets in
any court of any other jurisdiction.

17. Guarantor’s Interest in Borrower. Guarantor represents to Lender that Guarantor has a
direct or indirect ownership or other financial interest in Borrower and/or will otherwise derive a
material financial benefit from the making of the Loan.

18. STATE-SPECIFIC PROVISIONS: Guarantor waives the benefit of the provisions of
Sections 49-25 and 49-26 of the Code of Virginia (1950), as amended.

19. Residence; Community Property Provision.

(a) Guarantor represents and warrants that his/her state of residence is N/A.

(b) Guarantor warrants and represents that s/he is: N/A

[     ] single

[     ] married

20. GUARANTOR AND LENDER EACH (A) AGREES NOT TO ELECT A TRIAL BY JURY WITH RESPECT TO ANY
ISSUE ARISING OUT OF THIS GUARANTY OR THE RELATIONSHIP BETWEEN THE PARTIES AS GUARANTOR AND LENDER
THAT IS TRIABLE OF RIGHT BY A JURY AND (B) WAIVES ANY RIGHT TO TRIAL BY JURY WITH RESPECT TO SUCH
ISSUE TO THE EXTENT THAT ANY SUCH RIGHT EXISTS NOW OR IN THE FUTURE. THIS WAIVER OF RIGHT TO TRIAL
BY JURY IS SEPARATELY GIVEN BY EACH PARTY, KNOWINGLY AND VOLUNTARILY WITH THE BENEFIT OF COMPETENT
LEGAL COUNSEL.

ATTACHED EXHIBIT. The following Exhibit is attached to this Guaranty:

	 	 	 
	Exhibit A

	 	Modifications to Guaranty

IN WITNESS WHEREOF, Guarantor has signed and delivered this Guaranty under seal or has caused this
Guaranty to be signed and delivered under seal by its duly authorized representative. Guarantor
intends that this Guaranty shall be deemed to be signed and delivered as a sealed instrument.

1

	 	 	 	GRUBB
& ELLIS APARTMENT REIT, INC., a Maryland
corporation

By: /s/ Gus G. Remppies (SEAL)

Gus G. Remppies

Chief Investment Officer

STATE OF Virginia

CITY of Richmond, to-wit:

The foregoing instrument was acknowledged before me in the above-stated jurisdiction this 20th
day of December, 2007 by Gus G. Remppies who is Chief Investment Officer of Grubb & Ellis Apartment
REIT, Inc., a Maryland corporation, for and on behalf of the corporation.

/s/ Lois Eschinger Sisk

Notary Public

My commission expires: [SEAL] 8/31/11

2

Name and Address of Guarantor:

	 	 	 	 	 
	Name:
	 	Grubb & Ellis Apartment REIT, Inc.
	Address:
	 	c/o Triple Net Properties, LLC
	 
	 	1606 Santa Rosa Road, Suite 109
	 
	 	Richmond, Virginia  23229

3EX-10.12

FIRST AMENDED AND RESTATED PLEDGE AGREEMENT

(MEMBERSHIP AND PARTNERSHIP INTERESTS)

THIS FIRST 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 21st day of December, 2007, by and between WACHOVIA BANK, N.A., a
national banking association (“Lender”), and GRUBB & ELLIS APARTMENT REIT HOLDINGS, L.P., 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 the same has been 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”), and (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

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

WHEREAS: Pledgor has 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 or the Owned LP’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 the same has been 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

WHEREAS, Pledgor has acquired one hundred percent (100%) of the membership interests in each
of G & E APARTMENT REIT THE HEIGHTS AT OLDE TOWNE, LLC, a Delaware limited liability company (“The
Heights”) and G & E APARTMENT REIT THE MYRTLES AT OLDE TOWNE, LLC, a Delaware limited liability
company (“The Myrtles”) (collectively, the “Owned LLC’s” and, 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 First Amendment to and Waiver of Loan Agreement of even date herewith between Borrower and
Lender (the “First Amendment,” and the Existing Loan Agreement, as amended by the First 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 the Owned LLC’s; and

WHEREAS, Pledgor has agreed not to sell, convey, transfer or encumber in any way any of the
membership interest owned by Pledgor in any of the 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 First
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;

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,
L.P.,” 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 either 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 either 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, L.P.
	 
	 	c/o Grubb & Ellis Apartment REIT, Inc.
	 
	 	1551 N. Tustin Ave., Suite 200
	 
	 	Santa Ana, CA 92705
	 
	 	Attention: ________________
	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.

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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, L.P.), 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/ Bradford Chatigny Name: Bradford Chatigny

Title: Vice President

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