Exhibit 10.1

DESIGN AND DEVELOPMENT AGREEMENT

        This Agreement made as of the 14th day of April, 2005, by and between ROBERTS PROPERTIES RESIDENTIAL, L.P., a Georgia limited partnership (the “Partnership”), GEORGIANNA JEAN K. VALENTINO, an individual resident of the State of Georgia (“Valentino”) and ROBERTS PROPERTIES, INC., a Georgia corporation (the “Developer”),

        W I T N E S S E T H:

        WHEREAS, the Partnership has acquired an 82% undivided interest and Valentino has acquired an 18% undivided interest in approximately 23.547 acres located in Land Lot 301 of the 6 ^th District, Gwinnett County, Georgia, fronting on Peachtree Parkway, and the Partnership and Valentino intend as Tenants-in-Common to develop, construct, own and operate on the Property a 292-unit apartment community (“Peachtree Parkway”); and

        WHEREAS, the Partnership and Valentino desire that the Dev