Exhibit 10.3

THE AMERICAN INSTITUTE OF ARCHITECTS

AIA DOCUMENT A117-1987
Abbreviated Form of Agreement Between
Owner and Contractor
for
CONSTRUCTION PROJECTS OF LIMITED SCOPE
where the basis of payment is the
COST OF THE WORK PLUS A FEE
without a Guaranteed Maximum Price

1987     EDITION

THIS DOCUMENT HAS IMPORTANT LEGAL CONSEQUENCES; CONSULTATION WITH AN
ATTORNEY IS ENCOURAGED WITH RESPECT TO ITS COMPLETION OR MODIFICATION.

This document includes abbreviated General Conditions and should not be used with other General Conditions.
It has been approved and endorsed by The Associated General Contractors of America.

AGREEMENT

made as of the 14th day of April in the year Two Thousand and Five. This contract is being entered into in accordance with the Restrictive Covenant, dated October 29, 2004. The Restrictive Covenant requires the Owners of the Peachtree Parkway Property to retain Roberts Properties Construction, Inc. to construct the 292-unit Peachtree Parkway Community for its costs plus 10% in accordance with this contract:

BETWEEN the Owners:			Roberts Properties Residential, L.P.
			450 Northridge Parkway, Suite 302
			Atlanta, Georgia 30350
			Georgiannia Jean K. Valentino
			c/o Control Equipment Company
			605 Commerce Park Drive
			Marietta, Georgia 30060
and the Contractor:			Roberts Properties Construction, Inc.
			450 Northridge Parkway, Suite 301
			Atlanta, Georgia 30350
The Project is:			The Peachtree Parkway Community
			23.547 Acres Fronting on Peachtree Parkway
			3773 Peachtree Corners Circle
			Norcross, Georgia 30092
The Architect is:			Cooper Carry
			3520 Piedmont Road, N.E.
			Atlanta, GA 30305-1595