ASSIGNMENT OF CONTRACT

EXHIBIT 10.8

ASSIGNMENT OF CONTRACT

     THIS ASSIGNMENT OF CONTRACT (the “Assignment”) is made as of the 30th day of October 2006, by Triple Net Properties, LLC, a Virginia limited liability company (“Assignor”) to Apartment REIT Walker Ranch, LP., a Texas limited partnership (“Assignee”).

RECITALS

     TR Walker Ranch Partners, LTD., a Texas limited partnership (“Seller”) and Assignor entered into that certain Contract of Sale, dated as of May 4, 2006 (the “Contract”) with respect to certain property known as Walker Ranch Apartments located at 14500 Blanco Road, San Antonio, Bexar County, Texas, as more particularly described in the Contract. Assignor desires to assign all of its rights, title and interest in and to the Contract to Assignee.

AGREEMENT

     FOR and in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Assignor hereby assigns, transfers, conveys and sets over all of Assignor’s rights, title and interest in and to the Contract to Assignee.

     Assignee, by its execution of this Assignment, hereby assumes all of Assignor’s obligations under the Contract. Notwithstanding such assignment and assumption, Assignor shall continue to be liable under the Contract.

     WITNESS the following signatures: