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JONESBORO, GA-Triple Net Properties LLC, a Santa Ana, CA-based investor in tenant-in-common transactions, has added the three-year-old, 256-unit Villas Apartments in this Atlanta suburb to its portfolio of over 30.9 million sf of commercial properties.

Triple Net paid Ohio-based Villas by the Lake LLC $19.9 million, or $77,734 per unit, for the 94%-leased complex located about 16 miles south of Downtown Atlanta and 10 miles from Hartsfeld-Jackson Atlanta International Airport.

The 12-building property consists of one-bedroom and two-bedroom apartments housed in two-story and three-story structures, according to Triple Net president Louis Rogers. In a prepared statement, he says the company's $4.2-billion portfolio includes 3.4 million sf of multifamily properties. Triple Net and its affiliates continue to scout for properties throughout the US, Rogers says.