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SAN ANTONIO-Triple Net Apartment REIT Inc. has placed its second area property under contract. If all goes according to plan, the Richmond, VA-based REIT will close on the 380-unit Hidden Lake Apartments for $32 million in January.

The class A apartment complex at 8910 N. Loop 1604 W. is 98% leased, which was one of the main attractions. “It had an incredible lease-up in a short period and what we’ve seen of this property bears out what we’re seeing in the marketplace in terms of job growth and fundamentals,” says Gus Remppies, senior vice president and chief investment officer for Triple Net Apartment REIT.

The Hidden Lake Apartments’ contract closely follows a $30.75-million closing on the 325-unit class A Walker Ranch at 14500 Blanco Rd. Thompson Realty Corp. in Richardson, TX was the seller of both complexes, but continue to lease and manage them.

Remppies tells GlobeSt.com that while Triple Net Apartment REIT, sponsored by Santa Ana, CA-based Triple Net Properties LLC, is impressed with San Antonio, the REIT is not limiting its efforts simply to the region. “We’re looking to diversify the portfolio across the board,” he says. “We typically look for areas that will show above-average population growth and above-average job growth.” San Antonio fits into those parameters because of the economic drivers such as population growth and corporate relocation and expansion, he adds.

To fund its acquisitions, the REIT plans to raise $1 billion in equity funding during the next 18 to 24 months. Remppies estimates that with 50% to 60% leverage, it could allow Triple Net Apartment REIT to acquire $2.2 billion in real estate.

Hidden Lake Apartments’ unit mix is one-, two- and three-bedroom. The average unit is 800 sf.

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