Situated on 17 acres at 26325 Northgate Crossing Blvd., thefour-year old Park at Northgate appealed to Triple Net because itis fairly new and has a low density per acre. Gus Remppies, seniorvice president and chief investment officer for Triple NetProperties LLC, says there are no plans to change the name nor willTriple Net make a huge capital investment in upgrades. "Theproperty itself is in good condition and the current ownership dida great job of maintaining the property," he tells GlobeSt.com."Additional landscaping might be necessary, but that would beit."

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

The REIT also is under contract to buy Parkwood's other twoTexas properties, the 268-unit Towne Crossing at 1601 TowneCrossing Blvd. in Mansfield and Villas at El Dorado at 3250 HudsonCrossing in McKinney. Closing dates and other details are beingkept under wraps for now.