Exhibit 10.2

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”), and ROBERTS PROPERTIES, INC., a Georgia corporation (the “Developer”),

W I T N E S S E T H

        WHEREAS, the Partnership has acquired approximately 9.84 acres located in Land Lot 21 of the 17 ^th District, Fulton County, Georgia, fronting on Peachtree Dunwoody Road, and the Partnership intends to develop, construct, own and operate on the Property a 236-unit apartment community and a 120-unit condominium community (“Peachtree Dunwoody”); and

        WHEREAS, the Partnership desires that the Developer perform certain advisory, administrative and supervisory services relating to the Partnersh