Document:

EX-10.10

PROMISSORY NOTE

November 1, 2007

FOR VALUE RECEIVED, NNN APARTMENT REIT, INC., a Maryland corporation (the “Company”) hereby
unconditionally promises to pay to the order of WACHOVIA BANK, NATIONAL ASSOCIATION, a national
banking association (the “Lender”), at the office of WACHOVIA BANK, located at One Wachovia Center,
TW-16, 301 South College Street, Charlotte, North Carolina 28288-0172, in lawful money of the
United States and in immediately available funds, on the dates required under that certain Loan
Agreement dated as of November 1, 2007 by and between the Company and the Lender (as the same may
be amended, extended or replaced from time to time, the “Agreement” and with the capitalized terms
not otherwise defined herein used with the meanings given such terms in the Agreement), the sum of
$10,000,000.00, the principal amount of the Loan made under the Agreement, or such lesser amount as
has been actually disbursed to the Company by the Lender from time to time pursuant to the
Agreement.

The Company further agrees to pay interest in like money and funds at the office of the Lender
referred to above, on the unpaid principal balance hereof from the date advanced until paid in full
on the dates and at the applicable rates set forth in the Agreement. The holder of this Note is
hereby authorized to record the date and amount of each payment of principal and interest, and
applicable interest rates and other information with respect thereto, on the schedules annexed to
and constituting a part of this Note (or by any analogous method the holder hereof may elect
consistent with its customary practices) and any such recordation shall, absent manifest error,
constitute prima facie evidence of the accuracy of the information so recorded;
provided, however, that the failure to make a notation or the inaccuracy of any notation shall not
limit or otherwise affect the obligations of the Company under the Note, the Agreement or any other
documents which may evidence or govern this indebtedness.

This Note is the Note referred to in, and is entitled to all the benefits of, the Agreement.
Reference is hereby made to the Agreement for rights and obligations of payment and prepayment,
Events of Default and the rights of acceleration of the maturity hereof upon the occurrence of an
Event of Default.

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This Note shall be governed by, and construed in accordance with, the laws of the State of
North Carolina, and is being executed by the duly authorized officers of the Company as of the day
and year first above written.

NNN APARTMENT REIT, INC.,

a Maryland corporation

By: /s/ Stanley J. Olander, Jr.

Name: Stanley J. Olander, Jr.

Title: CEO and President

2EX-10.11

PLEDGE AGREEMENT

(PARTNERSHIP INTERESTS)

THIS PLEDGE AGREEMENT (PARTNERSHIP INTERESTS) (as amended, modified, replaced, renewed,
restated or extended from time to time, this “Agreement”), dated as of the 1st day of
November, 2007, by and between WACHOVIA BANK, N.A., a national banking association (“Lender”), and
NNN APARTMENT REIT HOLDINGS, L.P., a Virginia limited partnership (“Pledgor”).

RECITALS

WHEREAS: Pursuant to that certain Loan Agreement of even date herewith by and between NNN
APARTMENT REIT, INC., a Maryland corporation (“Borrower”) and Lender (as the same may be amended,
modified, renewed, restated, extended or replaced from time to time, the “Loan Agreement”), Lender
has 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” or the “Owned
Companies” and each an “Owned Company”), (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) [INTENTIONALLY OMITTED]; and

WHEREAS: As consideration for the credit facilities 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
Partnership Interests Pledgor owns in the Owned Companies; 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 Companies so long as the Loan remains in effect; 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 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) [INTENTIONALLY OMITTED], (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).

[INTENTIONALLY OMITTED]

“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 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 limited partner of any Owned Company, and (c) Lender shall not have any
obligation or liability as a limited partner of any Owned Company by reason of this Agreement.

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

(a) [INTENTIONALLY OMITTED.]

(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 “NNN 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) [INTENTIONALLY OMITTED], (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 are dealt
in or traded on securities markets, and the terms of the respective partnership agreements
governing the Partnership Interests in North Gate, Towne Crossing and Walker Ranch do not 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 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) [INTENTIONALLY OMITTED], (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 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 other Owned LP, opt into Article 8 for purposes
of classifying the 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 Partnership
Interests, except for such additional Partnership Interests that will be subject to the security
interest granted herein in favor of the Lender or (ii) 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 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 Partnership Interests or
other proceeds paid in respect of any Partnership Interests, and any or all of any 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
Partnership Interests at any meeting of partners 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 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 Partnership
Interests upon the merger, consolidation, reorganization, recapitalization or other fundamental
change in the 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 Partnership Interests, and in
connection therewith, the right to deposit and deliver any and all of the 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 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:
	 	NNN Apartment REIT Holdings, L.P.
	 
	 	c/o NNN 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:

NNN APARTMENT REIT HOLDINGS, L.P.,

a Virginia limited partnership

By: NNN APARTMENT REIT, INC.,

a Maryland corporation, its sole

general partner

By: /s/ Stanley J. Olander, Jr.

Name: Stanley J. Olander, Jr.

Title: CEO and President

LENDER:

WACHOVIA BANK, N.A.,

a national banking association

By: /s/ Bradford Chatigny

Name: Bradford Chatigny

Title: Vice President

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