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  <TITLE> NNN Apartment REIT, Inc. (Form: 8-K) </TITLE>
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  		UNITED STATES<BR>
  	SECURITIES AND EXCHANGE COMMISSION
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  	WASHINGTON, D.C. 20549
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  	FORM 8-K
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  	CURRENT REPORT
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  	Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934
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  	Date of Report (Date of Earliest Event Reported):
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  	&nbsp;
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  	October 5, 2006
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  	NNN Apartment REIT, Inc.
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  <BR>__________________________________________<BR>
  	(Exact name of registrant as specified in its charter)
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  	&nbsp;
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  	Maryland
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  	333-130945
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  	20-3975609
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  _____________________<BR>
  	(State or other jurisdiction
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  _____________<BR>
  	(Commission
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  ______________<BR>
  	(I.R.S. Employer
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  	of incorporation)
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  	File Number)
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  	Identification No.)
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  	&nbsp;&nbsp;
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  	1551 N. Tustin Avenue, Suite 200, Santa Ana, California
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  	92705
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  _________________________________<BR>
  	(Address of principal executive offices)
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  	&nbsp;
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  ___________<BR>
  	(Zip Code)
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  	Registrant&#146;s telephone number, including area code:
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  	714-667-8252
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  	Not Applicable
  <BR>______________________________________________<BR>
  	Former name or former address, if changed since last report
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  	&nbsp;
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  <!-- CoverPageRegistrant END --><P><FONT SIZE="2">
  Check the appropriate box below if the Form 8-K filing is intended to
  simultaneously satisfy the filing obligation of the registrant under any
  of the following provisions:</FONT>
  </P>
  <P><FONT SIZE="2">
  [&nbsp;&nbsp;]&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<br>
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  <B>
  	Item 8.01 Other Events.
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  As of October 5, 2006, NNN Apartment REIT, Inc., or the Company, has received and accepted subscriptions for 204,107 shares of common stock, or $2,036,560, thereby exceeding the minimum offering of 200,000 shares required to be sold in its public offering of up to 100,000,000 shares.  Having reached the minimum offering amount, the offering proceeds were released by the escrow agent to the Company and are available for acquisition of properties and other purposes disclosed in our prospectus.  <br><br>Until subscriptions for at least the minimum offering of 200,000 shares had been received and accepted by the Company, subscription proceeds were placed in an interest-bearing account with the Company&#x2019;s escrow agent.  Shares purchased by our advisor, its officers or employees or its affiliates or shares issued to or purchased by officers or directors were not counted in meeting the minimum offering amount.<br><br>On August 15, 2006, the Company&#x2019;s Board of Directors authorized our officers to take the necessary actions to acquire the Walker Ranch Apartment Homes property located in San Antonio, Texas, or the Walker Ranch property, for a purchase price of $30,750,000, contingent upon the following: (i) the minimum sale of 200,000 shares of our common stock required to release offering proceeds from the escrow account in accordance with our public offering prospectus, of which the Company has now achieved; (ii) the sale of sufficient shares of our common stock and receipt of debt financing to provide the funds necessary to purchase the Walker Ranch property; and (iii) receipt of a satisfactory Phase I Environmental Report. At the meeting held on August 15, 2006, the Board of Directors also approved the payment of an initial distribution rate of 6.0% per annum paid monthly to stockholders of record as of one business day following the close of the acquisition of the Walker Ranch property. However, there can be no assurance that we will be able to complete the acquisition of the Walker Ranch property.<br>
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  	SIGNATURES
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  	Pursuant to the requirements of the Securities Exchange Act of 1934, the
  	registrant has duly caused this report to be signed on its behalf by the
  	undersigned hereunto duly authorized.
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  	NNN Apartment REIT, Inc.
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  	&nbsp;&nbsp;
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  <I>
  	October 6, 2006
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  	By:
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  <I>
  	/s/ Stanley J. Olander
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  	&nbsp;
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  <I>
  	Name: Stanley J. Olander
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  	Title: Chief Executive Officer
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metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "htm_15402.htm", "description": "LIVE FILING", "secsgml_size_bytes": 10261}]
metadata_filer: {"company-data": {"conformed-name": "NNN Apartment REIT, Inc.", "cik": "0001347523", "assigned-sic": "6798", "irs-number": "000000000", "state-of-incorporation": "MD", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "333-130945", "film-number": "061134211"}, "business-address": {"street1": "1551 N. TUSTIN AVENUE", "street2": "SUITE 200", "city": "SANTA ANA", "state": "CA", "zip": "92705", "phone": "714-667-8252"}, "mail-address": {"street1": "1551 N. TUSTIN AVENUE", "street2": "SUITE 200", "city": "SANTA ANA", "state": "CA", "zip": "92705"}}
text: NNN Apartment REIT, Inc. (Form: 8-K)
  UNITED STATES
  SECURITIES AND EXCHANGE COMMISSION
  WASHINGTON, D.C. 20549
  FORM 8-K
  CURRENT REPORT
  Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
  Date of Report (Date of Earliest Event Reported):
  October 5, 2006
  NNN Apartment REIT, Inc.
  __________________________________________
  (Exact name of registrant as specified in its charter)
  Maryland
  333-130945
  20-3975609
  _____________________
  (State or other jurisdiction
  _____________
  (Commission
  ______________
  (I.R.S. Employer
  of incorporation)
  File Number)
  Identification No.)
  1551 N. Tustin Avenue, Suite 200, Santa Ana, California
  92705
  _________________________________
  (Address of principal executive offices)
  ___________
  (Zip Code)
  Registrant's telephone number, including area code:
  714-667-8252
  Not Applicable
  ______________________________________________
  Former name or former address, if changed since last report
  Check the appropriate box below if the Form 8-K filing is intended to
  simultaneously satisfy the filing obligation of the registrant under any
  of the following provisions:
  [  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
  [  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
  [  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
  [  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
  Top of the Form
  Item 8.01 Other Events.
  As of October 5, 2006, NNN Apartment REIT, Inc., or the Company, has received and accepted subscriptions for 204,107 shares of common stock, or $2,036,560, thereby exceeding the minimum offering of 200,000 shares required to be sold in its public offering of up to 100,000,000 shares.  Having reached the minimum offering amount, the offering proceeds were released by the escrow agent to the Company and are available for acquisition of properties and other purposes disclosed in our prospectus.
  Until subscriptions for at least the minimum offering of 200,000 shares had been received and accepted by the Company, subscription proceeds were placed in an interest-bearing account with the Company's escrow agent.  Shares purchased by our advisor, its officers or employees or its affiliates or shares issued to or purchased by officers or directors were not counted in meeting the minimum offering amount.
  On August 15, 2006, the Company's Board of Directors authorized our officers to take the necessary actions to acquire the Walker Ranch Apartment Homes property located in San Antonio, Texas, or the Walker Ranch property, for a purchase price of $30,750,000, contingent upon the following: (i) the minimum sale of 200,000 shares of our common stock required to release offering proceeds from the escrow account in accordance with our public offering prospectus, of which the Company has now achieved; (ii) the sale of sufficient shares of our common stock and receipt of debt financing to provide the funds necessary to purchase the Walker Ranch property; and (iii) receipt of a satisfactory Phase I Environmental Report. At the meeting held on August 15, 2006, the Board of Directors also approved the payment of an initial distribution rate of 6.0% per annum paid monthly to stockholders of record as of one business day following the close of the acquisition of the Walker Ranch property. However, there can be no assurance that we will be able to complete the acquisition of the Walker Ranch property.
  Top of the Form
  SIGNATURES
  Pursuant to the requirements of the Securities Exchange Act of 1934, the
  	registrant has duly caused this report to be signed on its behalf by the
  	undersigned hereunto duly authorized.
  NNN Apartment REIT, Inc.
  October 6, 2006
  By:
  /s/ Stanley J. Olander
  Name: Stanley J. Olander
  Title: Chief Executive Officer