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SPRING, TX-NNN Apartment REIT Inc. has acquired the 248-unit Park at Northgate. The $16.6-million transaction represents the first of three Texas multifamily assets that the Santa Ana, CA-based investment group plans to pick up from Parkwood Management Co.

Situated on 17 acres at 26325 Northgate Crossing Blvd., the four-year old Park at Northgate appealed to Triple Net because it is fairly new and has a low density per acre. Gus Remppies, senior vice president and chief investment officer for Triple Net Properties LLC, says there are no plans to change the name nor will Triple Net make a huge capital investment in upgrades. “The property itself is in good condition and the current ownership did a great job of maintaining the property,” he tells GlobeSt.com. “Additional landscaping might be necessary, but that would be it.”

The 94%-leased Park at Northgate has one-, two- and three-bedroom units, ranging from 707 sf to 1,383 sf. The monthly rents are $725 to $1,199. Carbon Thompson Residential Management of Great Falls, VA will take over management from the Fountain Green, UT-based seller, which could not be reached for comment about the transaction.

The REIT also is under contract to buy Parkwood’s other two Texas properties, the 268-unit Towne Crossing at 1601 Towne Crossing Blvd. in Mansfield and Villas at El Dorado at 3250 Hudson Crossing in McKinney. Closing dates and other details are being kept under wraps for now.

Remppies says NNN Apartment REIT is looking for more Texas multifamily properties. “We’re looking in areas where we think there’ll be good long-term plays, but don’t have specific goals in mind,” he adds.

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