Triple Net Properties Acquires The Retreat at Stonecrest in Lithonia, Georgia 

SANTA ANA, Calif., July 5 /PRNewswire/ -- Chief Investment Officer Jeff Hanson announced today that Triple Net Properties, LLC has acquired The Retreat at Stonecrest on behalf of tenant-in-common investors. The acquisition closed on July 02, 2007.

   The Retreat at Stonecrest is a 276-unit Class A apartment community in the Atlanta suburb of Lithonia, Georgia. Located on more than 15 landscaped acres, the property is comprised of 10 residential buildings totaling approximately 288,000 square feet. The Retreat at Stonecrest provides a spacious average unit size of 1,044 square feet and offers many high-end features, including full-size washer/dryer connections, oversized closets, ceiling fans, and air conditioning. Community amenities include a swimming pool with sun deck, fitness center, playground, and business center with high speed internet. The Retreat at Stonecrest enjoys ready access to Interstate 20, Covington Highway and Klondike Road, affording its residents convenient accessibility to all of Greater Atlanta. The property is 96 percent occupied and features a generous parking ratio of 1.8 spaces per unit.

   Triple Net Properties purchased The Retreat at Stonecrest from Jeffrey E. Smith Companies. Financing was provided by Wachovia Bank, National Association.