Document:

EX-10.1

ASSIGNMENT AND ACCEPTANCE AGREEMENT

THIS ASSIGNMENT AND ACCEPTANCE AGREEMENT dated as of November 22, 2006 (the “Agreement”) by
and among WACHOVIA BANK, NATIONAL ASSOCIATION (the “Assignor”), LASALLE BANK NATIONAL ASSOCIATION
(the “Assignee”), and WACHOVIA BANK, NATIONAL ASSOCIATION, as Agent (the “Agent”).

WHEREAS, the Assignor is a Lender under that certain Credit Agreement dated as of October 31,
2006 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”), by and among NNN Apartment REIT Holdings, L.P., a Virginia limited partnership (the
“Borrower”), the financial institutions party thereto and their assignees under Section 12.5
thereof (the “Lenders”), the Agent, and the other parties thereto;

WHEREAS, the Assignor desires to assign to the Assignee, among other things, all or a portion
of the Assignor’s Commitment under the Credit Agreement, all on the terms and conditions set forth
herein; and

WHEREAS, the Agent and, if required by the Credit Agreement, the Borrower consents to such
assignment on the terms and conditions set forth herein;

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which
hereby are acknowledged by the parties hereto, the parties hereto hereby agree as follows:

Section 1. Assignment.

(a) Subject to the terms and conditions of this Agreement and in consideration of the payment
to be made by the Assignee to the Assignor pursuant to Section 2 of this Agreement, effective as of
November 22, 2006 (the “Assignment Date”), the Assignor hereby irrevocably sells, transfers and
assigns to the Assignee, without recourse, the following (such interest being assigned, the
“Assigned Commitment”):

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Commitment
	 	 	 	 	 	 	 	 	 	 	Percentage of
	Assigned Facility	 	Amount Assigned	 	Amount Retained	 	Interest Assigned
	Revolving Loan
	 	$	37,500,000.00	 	 	$	37,500,000.00	 	 	 	50	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 

and all voting rights of the Assignor associated with the Assigned Commitment, all rights to
receive interest on such amount of such Loans and all commitment and other Fees with respect to the
Assigned Commitment and other rights of the Assignor under the Credit Agreement and the other Loan
Documents with respect to the Assigned Commitment, all as if the Assignee were an original Lender
under and signatory to the Credit Agreement having a Commitment as set forth above equal to the
amount of the Assigned Commitment. The Assignee, subject to the terms and conditions hereof,
hereby assumes all obligations of the Assignor with respect to the Assigned Commitment as if the
Assignee were an original Lender under and signatory to the Credit Agreement having a Commitment as
set forth above equal to the Assigned Commitment, which obligations shall include, but shall not be
limited to, the obligation of the Assignor to make Revolving Loans to the Borrower with respect to
the Assigned Commitment, the obligation to pay amounts due in respect of Swing Loans as required
under Section  2.2 of the Credit Agreement, the obligation to pay amounts due in respect of draws
under Letters of Credit as required under Section 2.3 of the Credit Agreement, and in any case the
obligation to indemnify the Agent as provided therein (the foregoing enumerated obligations,
together with all other similar obligations more particularly set forth in the Credit Agreement and
the other Loan Documents, shall be referred to hereinafter, collectively, as the “Assigned
Obligations”). The Assignor shall have no further duties or obligations with respect to, and shall
have no further interest in, the Assigned Obligations or the Assigned Commitment from and after the
Assignment Date.

(b) The assignment by the Assignor to the Assignee hereunder is without recourse to the
Assignor. The Assignee makes and confirms to the Agent, the Assignor, and the other Lenders all of
the representations, warranties and covenants of a Lender under Article XI of the Credit Agreement.
Not in limitation of the foregoing, the Assignee acknowledges and agrees that, except as set forth
in Section 4 below, the Assignor is making no representations or warranties with respect to, and
the Assignee hereby releases and discharges the Assignor for any responsibility or liability for:
(i) the present or future solvency or financial condition of the Borrower, any other Obligor or any
of their respective Subsidiaries or the Collateral, (ii) any representations, warranties,
statements or information made or furnished by the Borrower, any other Obligor or any of their
respective Subsidiaries in connection with the Credit Agreement or otherwise, (iii) the validity,
efficacy, sufficiency, or enforceability of the Credit Agreement, any other Loan Document or any
other document or instrument executed in connection therewith, or the collectability of the
Assigned Obligations, (iv) the perfection, priority or validity of any Lien with respect to any
collateral at any time securing the Obligations or the Assigned Obligations under the Notes or the
Credit Agreement and (v) the performance or failure to perform by the Borrower or any other Obligor
of any obligation under the Credit Agreement or any other Loan Document to which it is a party.
Further, the Assignee acknowledges that it has, independently and without reliance upon the Agent,
or on any affiliate or subsidiary thereof, the Assignor or any other Lender and based on the
financial statements supplied by the Borrower and such other documents and information as it has
deemed appropriate, made its own credit analysis and decision to become a Lender under the Credit
Agreement. The Assignee also acknowledges that it will, independently and without reliance upon
the Agent, the Assignor or any other Lender and based on such documents and information as it shall
deem appropriate at the time, continue to make its own credit decisions in taking or not taking
action under the Credit Agreement or any other Loan Documents or pursuant to any other obligation.
Except as expressly provided in the Credit Agreement, the Agent shall have no duty or
responsibility whatsoever, either initially or on a continuing basis, to provide the Assignee with
any credit or other information with respect to the Borrower or any other Obligor or to notify the
Assignee of any Default or Event of Default. The Assignee has not relied on the Agent as to any
legal or factual matter in connection therewith or in connection with the transactions contemplated
thereunder.

Section 2. Payment by Assignee. In consideration of the assignment made pursuant to
Section 1 of this Agreement, the Assignee agrees to pay to the Assignor on the Assignment Date, an
amount equal to $11,060,000.00 representing (i) the aggregate principal amount outstanding of the
Loans owing to the Assignor under the Credit Agreement and the other Loan Documents being assigned
hereby plus (ii) if applicable, the aggregate amount of payments previously made by Assignor to
fund participations in Swing Loans and Letters of Credit under Sections 2.2 and 2.3 of the Credit
Agreement which have not been repaid and which are being assigned hereby.

Section 3. Payments by Assignor. The Assignor agrees to pay to the Agent on the
Assignment Date the administration fee, if any, payable under the applicable provisions of the
Credit Agreement.

Section 4. Representations and Warranties of Assignor. The Assignor hereby represents
and warrants to the Assignee that (a) as of the Assignment Date (i) the Assignor is a Lender under
the Credit Agreement having a Commitment under the Credit Agreement (without reduction by any
assignments thereof which have not yet become effective), equal to $75,000,000.00 and that the
Assignor is not in default of its obligations under the Credit Agreement; and (ii) the outstanding
balance of Revolving Loans owing to the Assignor (without reduction by any assignments thereof
which have not yet become effective) is $22,120,000.00; and (b) it is the legal and beneficial
owner of the Assigned Commitment which is free and clear of any adverse claim created by the
Assignor.

Section 5. Representations, Warranties and Agreements of Assignee. The Assignee
(a) represents and warrants that it is (i) legally authorized to enter into this Agreement, (ii) an
“accredited investor” (as such term is used in Regulation D of the Securities Act) and (iii) an
Eligible Assignee; (b) confirms that it has received a copy of the Credit Agreement, together with
copies of the most recent financial statements delivered pursuant thereto and such other documents
and information (including without limitation the Loan Documents) as it has deemed appropriate to
make its own credit analysis and decision to enter into this Agreement; (c) appoints and authorizes
the Agent to take such action as contractual representative on its behalf and to exercise such
powers under the Loan Documents as are delegated to the Agent by the terms thereof together with
such powers as are reasonably incidental thereto; and (d) agrees that it will become a party to and
shall be bound by the Credit Agreement and the other Loan Documents to which the other Lenders are
a party on the Assignment Date and will perform in accordance therewith all of the obligations
which are required to be performed by it as a Lender.

Section 6. Recording and Acknowledgment by the Agent. Following the execution of this
Agreement, the Assignor will deliver to the Agent (a) a duly executed copy of this Agreement for
acknowledgment and recording by the Agent and (b) the Assignor’s Revolving Note. Upon such
acknowledgment and recording, from and after the Assignment Date, the Agent shall make all payments
in respect of the interest assigned hereby (including payments of principal, interest, Fees and
other amounts) to the Assignee. The Assignor and Assignee shall make all appropriate adjustments
in payments under the Credit Agreement for periods prior to the Assignment Date directly between
themselves.

Section 7. Addresses. The Assignee specifies as its address for notices and its
Lending Office for all Loans, the offices set forth below:

	 	 	 
	Notice Address:

Lending Office:

	 	On File with Agent

On File with Agent

Section 8. Payment Instructions. All payments to be made to the Assignee under this
Agreement by the Assignor, and all payments to be made to the Assignee under the Credit Agreement,
shall be made as provided in the Credit Agreement in accordance with the following instructions:

Section 9. Effectiveness of Assignment. This Agreement, and the assignment and
assumption contemplated herein, shall not be effective until (a) this Agreement is executed and
delivered by each of the Assignor, the Assignee, the Agent, and if required under Section 12.5(d)
of the Credit Agreement, the Borrower, and (b) the payment to the Assignor of the amounts, if any,
owing by the Assignee pursuant to Section 2 hereof and (c) the payment to the Agent of the amounts,
if any, owing by the Assignor pursuant to Section 3 hereof. Upon recording and acknowledgment of
this Agreement by the Agent, from and after the Assignment Date, (i) the Assignee shall be a party
to the Credit Agreement and, to the extent provided in this Agreement, have the rights and
obligations of a Lender thereunder and (ii) the Assignor shall, to the extent provided in this
Agreement, relinquish its rights (except as otherwise provided in Section 12.10 of the Credit
Agreement) and be released from its obligations under the Credit Agreement; provided,
however, that if the Assignor does not assign its entire interest under the Loan Documents,
it shall remain a Lender entitled to all of the benefits and subject to all of the obligations
thereunder with respect to its retained Commitment.

Section 10. Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF GEORGIA APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY
PERFORMED, IN SUCH STATE.

Section 11. Counterparts. This Agreement may be executed in any number of
counterparts each of which, when taken together, shall constitute one and the same agreement.

Section 12. Headings. Section headings have been inserted herein for convenience only
and shall not be construed to be a part hereof.

Section 13. Amendments; Waivers. This Agreement may not be amended, changed, waived
or modified except by a writing executed by the Assignee and the Assignor and, to the extent
Borrower’s approval is required under Section 12.5(d) of the Credit Agreement, the identity of the
Assignee may not be changed without the approval of Borrower; provided, however,
any amendment, waiver or consent which shall affect the rights or duties of the Agent under this
Agreement shall not be effective unless signed by the Agent.

Section 14. Entire Agreement. This Agreement embodies the entire agreement between
the Assignor and the Assignee with respect to the subject matter hereof and supersedes all other
prior arrangements and understandings relating to the subject matter hereof.

Section 15. Binding Effect. This Agreement shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and permitted assigns.

Section 16. Definitions. Terms not otherwise defined herein are used herein with the
respective meanings given them in the Credit Agreement.

Section 17. Agreements of the Borrower. Borrower hereby agrees that the Assignee
shall be a Lender under the Credit Agreement having a Commitment equal to the Assigned Commitment.
Borrower agrees that the Assignee shall have all of the rights and remedies of a Lender under the
Credit Agreement and the other Loan Documents as if the Assignee were an original Lender under and
signatory to the Credit Agreement, including, but not limited to, the right of a Lender to receive
payments of principal and interest with respect to the Assigned Obligations, and to the Revolving
Loans made after the date hereof and to receive the commitment and other Fees payable to the
Revolving Lenders as provided in the Credit Agreement. Further, the Assignee shall be entitled to
the indemnification provisions from the Borrower in favor of the Lenders as provided in the Credit
Agreement and the other Loan Documents. Borrower further agrees, upon the execution and delivery
of this Agreement, to execute in favor of the Assignee a Revolving Note as required by
Section 12.5(d) of the Credit Agreement. Upon receipt by the Assignor of the amounts due the
Assignor under Section 2, the Assignor agrees to surrender to the Borrower such Assignor’s
Revolving Note as required by the Credit Agreement (subject to the Borrower’s obligations to
deliver replacement Notes to the extent that Assignor is retaining a Commitment).

[Signatures on Following Pages]

1

IN WITNESS WHEREOF, the parties hereto have duly executed this Assignment and Acceptance
Agreement as of the date and year first written above.

ASSIGNOR:

WACHOVIA BANK, NATIONAL ASSOCIATION

By: /s/Cathy A. Casey

Name: Cathy A. Casey

Title: Managing Director

ASSIGNEE:

LASALLE BANK NATIONAL ASSOCIATION

By: /s/ A. Brad Feine

Name: A. Brad Feine

Title: AVP

Agreed and consented to as of the

date first written above.

BORROWER:

NNN APARTMENT REIT HOLDINGS, L.P., a Virginia

limited partnership

	 	 	 
	By:

	 	NNN Apartment REIT, Inc., its sole General Partner

By: /s/ Louis J. Rogers
	
 
	 	 
	
 
	 	Name: Louis J. Rogers
	
 
	 	 
	
 
	 	Title: President
	
 
	 	 

[Signatures Continued on Following Page]

2

Accepted as of the date first written above.

AGENT:

WACHOVIA BANK, NATIONAL ASSOCIATION, as Agent

By: /s/Cathy A. Casey

Name: Cathy A. Casey

Title: Managing Director

3EX-10.2

FIRST AMENDMENT TO CREDIT AGREEMENT

THIS FIRST AMENDMENT TO CREDIT AGREEMENT (this “First Amendment”) is dated as of the 22nd day
of November, 2006, among NNN APARTMENT REIT HOLDINGS, L.P. (“Borrower”), NNN APARTMENT REIT, INC.,
APARTMENT REIT WALKER RANCH, LP and APARTMENT REIT WALKER RANCH GP, LLC (collectively, the
“Guarantors”), WACHOVIA BANK, NATIONAL ASSOCIATION, as Agent (the “Agent”), and the lenders a party
hereto (collectively, the “Lenders”).

W I T N E S S E T H:

WHEREAS, the Borrower, the Agent and the Lenders are party to that certain Credit Agreement,
dated as of October 31, 2006 (the “Credit Agreement”);

WHEREAS, the Borrower has requested, and the Agent and the Lenders have agreed to, certain
amendments to the Credit Agreement, subject to the terms and conditions hereof;

NOW, THEREFORE, for and in consideration of the above premises and other good and valuable
consideration, the receipt and sufficiency of which hereby is acknowledged by the parties hereto,
the Borrower, the Guarantors, the Agent and the Lenders hereby covenant and agree as follows:

1. Definitions. Unless otherwise specifically defined herein, each term used herein
which is defined in the Credit Agreement shall have the meaning assigned to such term in the Credit
Agreement. Each reference to “hereof”, “hereunder”, “herein” and “hereby” and each other similar
reference and each reference to “this Agreement” and each other similar reference contained in the
Credit Agreement shall from and after the date hereof refer to the Credit Agreement as amended
hereby.

2. Modification of the Credit Agreement. The Borrower, the Agent and the Lenders do
hereby modify and amend the Credit Agreement as follows:

(a) By deleting the definition of “Interest Period” in Section 1.1 of the Credit Agreement in
its entirety, and inserting in lieu thereof the following language:

““Interest Period” means with respect to any LIBOR Loan, each period
commencing on the date such LIBOR Loan is made or the last day of
the next preceding Interest Period for such Loan and ending one,
two, three or six months (or, with the approval of all Lenders, less
than thirty (30) days) thereafter, as the Borrower may select in a
Notice of Borrowing, Notice of Continuation or Notice of Conversion,
as the case may be, except that each Interest Period of one, two,
three or six months that commences on the last Business Day of a
calendar month shall end on the last Business Day of the appropriate
subsequent calendar month. Notwithstanding the foregoing: (i) no
Interest Period for a Revolving Loan shall end after the Revolving
Loan Termination Date; and (ii) each Interest Period that would
otherwise end on a day which is not a Business Day shall end on the
next succeeding Business Day (or, if such next succeeding Business
Day falls in the next succeeding calendar month, on the next
preceding Business Day).”

(b) By deleting the language appearing in Section 11.8 of the Credit Agreement in its
entirety, and inserting in lieu thereof the following language:

“The Agent may resign at any time as Agent under the Loan Documents
by giving written notice thereof to the Lenders and the Borrower.
In the event that Wachovia Bank shall assign all or any portion of
its Commitment and (a) as a result thereof, its Commitment is less
than $15,000,000.00 and (b) immediately after giving effect to such
assignment LaSalle Bank National Association has a Commitment of
$15,000,000.00 or greater, then Wachovia Bank shall promptly provide
written notice to the Lenders and the Requisite Lenders (excluding
Wachovia Bank) shall have the right (so long as LaSalle Bank
National Association has a Commitment of $15,000,000.00 or greater),
to be exercised within fifteen (15) days of delivery of such notice
by Wachovia Bank, to elect to remove Wachovia Bank as Agent and
replace Wachovia Bank as Agent, subject to the terms of this Section
11.8. Any such resignation or removal shall also constitute Agent’s
resignation as Swingline Lender and may, at such Agent’s option,
also constitute its resignation as Issuing Lender. Upon any such
resignation or removal, the Requisite Lenders shall have the right
to appoint a successor Agent, Swingline Lender and Issuing Lender,
as applicable, which shall be a Lender, if any Lender shall be
willing to serve, and otherwise shall be a commercial bank having
total combined assets of at least $5,000,000,000.00, which
appointment shall, provided no Default or Event of Default shall
have occurred and be continuing, be subject to the Borrower’s
approval, which approval shall not be unreasonably withheld or
delayed (except that the Borrower shall, in all events, be deemed to
have approved each Lender and its affiliates as a successor Agent,
Swingline Lender and Issuing Lender). If no successor Agent shall
have been so appointed in accordance with the immediately preceding
sentence, and shall have accepted such appointment, within thirty
(30) days after the resigning Agent’s giving of notice of
resignation, then the resigning Agent may, on behalf of the Lenders,
appoint a successor Agent, which shall be a Lender, if any Lender
shall be willing to serve, and otherwise shall be a commercial bank
having total combined assets of at least $5,000,000,000.00. Upon
the acceptance of any appointment as Agent, Swingline Lender and/or
Issuing Lender hereunder by a successor Agent, such Successor Agent,
Swingline Lender and Issuing Lender, as applicable, shall thereupon
succeed to and become vested with all the rights, powers, privileges
and duties of the retiring or removed Agent, and the retiring or
removed Agent shall be discharged from its duties and obligations
under the Loan Documents as Agent, Swingline Lender and Issuing
Lender, as applicable. After any Agent’s resignation or removal
hereunder as Agent, the provisions of this Article XI and all
provisions of this Agreement relating to Swingline Loans or Letters
of Credit shall continue to inure to its benefit as to any actions
taken or omitted to be taken by it while it was Agent, Swingline
Lender or Issuing Lender under the Loan Documents. If the resigning
or removed Agent shall also resign as the Issuing Lender, such
successor Agent shall issue letters of credit in substitution for
the Letters of Credit, if any, outstanding at the time of such
succession or shall make other arrangements satisfactory to the
current Issuing Lender, in either case, to assume effectively the
obligations of the current Agent with respect to such Letters of
Credit. Upon any change in the Agent under this Agreement, the
resigning or removed Agent shall execute such assignments of and
amendments to the Loan Documents as may be necessary to substitute
the successor Agent for the resigning or removed Agent.”

3. Restatement of Representations and Warranties. The Borrower and Guarantors hereby
restate and renew each and every representation and warranty heretofore made by them in the Credit
Agreement and the other Loan Documents as fully as if made on the date hereof (except to the extent
such representations and warranties expressly relate to an earlier date) and with specific
reference to this First Amendment and all other loan documents executed and/or delivered in
connection herewith.

4. References to Credit Agreement. All references in the Loan Documents to the Credit
Agreement shall be deemed a reference to the Credit Agreement, as modified and amended herein.

5. Acknowledgment of the Borrower and Guarantors. The Borrower and Guarantors hereby
acknowledge, represent and agree that the Loan Documents, as modified and amended herein, remain in
full force and effect and constitute the valid and legally binding obligation of the Borrower and
Guarantors enforceable against the Borrower and Guarantors in accordance with their respective
terms, and that the execution and delivery of this First Amendment does not constitute, and shall
not be deemed to constitute, a release, waiver or satisfaction of the Borrower’s or any Guarantors’
obligations under the Loan Documents.

6. Acknowledgment of Agent, Lenders, Borrower and Guarantors. The Borrower and
Guarantors, the Agent, and the Lenders hereby acknowledge, represent and agree that the Commitment
of Wachovia Bank, National Association, as of the date of this First Amendment, shall be
THIRTY-SEVEN MILLION FIVE HUNDRED THOUSAND AND NO/100 DOLLARS ($37,500,000.00), and that the
Commitment of LaSalle Bank National Association, as of the date of this First Amendment, shall be
THIRTY-SEVEN MILLION FIVE HUNDRED THOUSAND AND NO/100 DOLLARS ($37,500,000.00).

7. No Default. By execution hereof, the Borrower and Guarantors certify that each of
them is and will be in compliance with all covenants under the Loan Documents after the execution
and delivery of this First Amendment, and that no Default or Event of Default has occurred and is
continuing.

8. Waiver of Claims. The Borrower and Guarantors acknowledge, represent and agree that
none of the Borrower or any Guarantor has any defenses, setoffs, claims, counterclaims or causes of
action of any kind or nature whatsoever with respect to the Loan Documents, the administration or
funding of the Loan or with respect to any acts or omissions of the Agent or any Lender, or any
past or present officers, agents or employees of the Agent or any Lender, and the Borrower and each
Guarantor does hereby expressly waive, release and relinquish any and all such defenses, setoffs,
claims, counterclaims and causes of action, if any.

9. Ratification. Except as hereinabove set forth, all terms, covenants and provisions
of the Credit Agreement remain unaltered and in full force and effect, and the parties hereto do
hereby expressly ratify and confirm the Loan Documents and the Credit Agreement as modified and
amended herein. Nothing in this First Amendment shall be deemed or construed to constitute, and
there has not otherwise occurred, a novation, cancellation, satisfaction, release, extinguishment
or substitution of the indebtedness evidenced by the Notes or the other obligations of the Borrower
and Guarantors under the Loan Documents.

10. Counterparts. This First Amendment may be executed in any number of counterparts
and by different parties hereto in separate counterparts, each of which when so executed and
delivered (which may be by telecopier pursuant to Section 14 below) shall be deemed to be an
original and all of which counterparts, taken together, shall constitute but one and the same
instrument.

11. Section References. Section titles and references used in this First Amendment
shall be without substantive meaning or content of any kind whatsoever and are not a part of the
agreements among the parties hereto evidenced hereby.

12. Further Assurances. The Borrower and Guarantors agree to take such further
actions as the Agent shall reasonably request in connection herewith to evidence the amendments
herein contained.

13. Governing Law. This First Amendment shall be governed by and construed and
interpreted in accordance with, the laws of the State of Georgia.

14. Conditions Precedent. This First Amendment shall become effective only upon (i)
execution hereof by the Agent, and (ii) execution and return to counsel for the Agent at the
telecopier number set forth below of a copy hereof by the Borrower, the Guarantors and the
Requisite Lenders. Executed copies hereof shall be sent by facsimile to counsel for the Agent,
McKenna Long & Aldridge, LLP, Attention: William F. Timmons, at Telecopier number 404-527-4198,
Confirmation number 404-527-8380.

[SIGNATURES COMMENCE ON NEXT PAGE]

1

IN WITNESS WHEREOF, the Borrower, the Guarantors, the Agent, and the Lenders have
caused this First Amendment to be duly executed, under seal, by their duly authorized officers as
of the day and year first above written.

BORROWER:

NNN APARTMENT REIT HOLDINGS, L.P., a Virginia limited
partnership

	 	 	 	By: NNN Apartment
REIT, Inc., a Maryland corporation, its sole general
partner

By: /s/ Louis J. Rogers

Name: Louis J. Rogers

Title: President

[SEAL]

GUARANTORS:

NNN APARTMENT REIT, INC., a Maryland corporation

By: /s/ Louis J. Rogers

Name: Louis J. Rogers

Title: President

[SEAL]

2

[Signatures Continued on Next Page]

[Signature Page to First Amendment to Credit Agreement with NNN Apartment REIT

Holdings, L.P.]

NNN APARTMENT REIT WALKER, LP, a Texas limited
partnership

	 	 	 	By: NNN Apartment
REIT Walker Ranch GP, LLC, a Delaware limited liability
company, its General Partner

	 	 	 	By:
NNN Apartment REIT Holdings, L.P., a Virginia
limited partnership, its Manager

	 	 	 	By:
NNN Apartment REIT, Inc., a Maryland
corporation, its General Partner

By: /s/ Louis J. Rogers
 

	 	 	Name: Louis J.Rogers

Title: President

[SEAL]

3

[Signatures Continued on Next Page]

[Signature Page to First Amendment to Credit Agreement with NNN Apartment REIT

Holdings, L.P.]

NNN APARTMENT REIT WALKER RANCH GP, LLC, a Delaware
limited liability company

	 	 	 	By: NNN Apartment
REIT Holdings, L.P., a Virginia limited partnership, its
Manager

	 	 	 	By:
NNN Apartment REIT, Inc., a Maryland
corporation, its General Partner

By: /s/ Louis J. Rogers

Name: Louis J. Rogers

Title: President

[SEAL]

4

[Signature Page to First Amendment to Credit Agreement with NNN Apartment REIT

Holdings, L.P.]

WACHOVIA BANK, NATIONAL ASSOCIATION, as Agent and as a
Lender

By: /s/Cathy A. Casey

Name: Cathy A. Casey

Title: Managing Director

LASALLE BANK NATIONAL ASSOCIATION, as a Lender

By: /s/ A. Brad Feine

Name: A. Brad Feine

Title: AVP

5

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