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HOUSTON-Triple Net Properties LLC has added a second multifamily property in the region to its portfolio in an off-market deal with the Lynd Co. If all goes as planned, the tenants-in-common buyer will have a third complex earmarked to buy in 60 to 90 days in a stepped-up focus to expand its Greater Houston footprint.

The Santa Ana, CA-based Triple Net secured a $12.45-million loan to close on the 243-unit Chartwell Court at 15100 Ella Blvd. in the northwest submarket about eight miles from the Texas Medical Center and five miles north of Bush Intercontinental Airport. The 92%-leased asset is collateralizing a 10-year loan with a fixed rate and five years of interest-only payments, says Gus Remppies, senior vice president of acquisitions for Triple Net. The Charlotte, NC-based Wachovia Bank is the lender.

"If we could find the right deals, we'd like to buy three or four in Houston this year," Remppies tells GlobeSt.com. "We're seeing a lot coming to market. Within 60 to 90 days, we'll identify our next piece of property." Triple Net broke into the region's multifamily market in July 2005, acquiring the 252-unit Park at Spring Creek Apartments at 29807 Tomball Pkwy. in Tomball.