EXHIBIT 10.2

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 4th day of August in the year Two Thousand and Five. This contract is being entered into in accordance with the Resolution of the Board of Directors of Roberts Realty Investors, Inc., dated August 3, 2005. At said meeting of the Board of Directors, the Directors specifically authorized by a 5-0 vote for Roberts Realty Investors, Inc. to retain Roberts Properties Construction, Inc. to construct the 154-residential unit SawMill Village Community for its costs plus 10% in accordance with this contract:

The Owner and Contractor agree as set forth below.

AIA DOCUMENT A117 • ABBREVIATED COST-PLUS OWNER-CONTRACTOR AGREEMENT • SECOND EDITION • AIA®
©1987 • THE AMERICAN INSTITUTE OF ARCHITECTS, 1735 NEW YORK AVENUE, N. W., WASHINGTON, D.C. 20006

A117-1987      1