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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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SCHEDULE 13G/A
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULES 13d-1(b), (c) AND (d) AMENDMENTS THERETO FILED
PURSUANT TO 13d-2(b)
(AMENDMENT NO. 1)(1)
Roberts Realty Investors, Inc.
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(Name of Issuer)
Common Stock, no par value per share
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(Title of Class of Securities)
769900101
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(CUSIP Number)
December 31, 1998
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(Date of Event Which Requires Filing of this Statement)
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(1) The remainder of this cover page shall be filled out for a
reporting person's initial filing on this form with respect to the subject class
of securities, and for any subsequent amendment containing information which
would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not
be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
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CUSIP No. 769900101 13G Page 2 of 5 Pages
<TABLE>
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<S> <C> <C>
1 NAMES OF REPORTING PERSONS Wray Partnership
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*(a)
(b)
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION Georgia
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NUMBER OF 5 SOLE VOTING POWER 320,521
SHARES
BENEFICIALLY --------------------------------------------------------
OWNED BY 6 SHARED VOTING POWER 0
EACH
REPORTING --------------------------------------------------------
PERSON WITH 7 SOLE DISPOSITIVE POWER 320,521
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8 SHARED DISPOSITIVE POWER 0
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
320,521
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES*
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
6.6%
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12 TYPE OF REPORTING PERSON*
PN
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</TABLE>
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Item 1(a) Name of Issuer:
Roberts Realty Investors, Inc.
Item 1(b) Address of Issuer's Principal Executive Offices:
8010 Roswell Road, Suite 120
Atlanta, GA 30350
Item 2(a) Name of Person Filing:
Wray Partnership
Item 2(b) Address of Principal Business Office or, if None, Residence:
6235 Weatherly Drive, N.W.
Atlanta, GA 30328
Item 2(c) Citizenship
United States of America
Item 2(d) Title of Class of Securities:
Common Stock
Item 2(e) CUSIP Number:
769900101
Item 3. If this statement is filed pursuant to Rule 13d-1(b), or
13d-2(b), check whether the person filing is a:
Not applicable.
Item 4. Ownership.
(a) Amount Beneficially Owned:
The Wray Partnership beneficially owns 320,521 shares,
including 210,653 shares and 109,868 units of limited
partnership interest in Roberts Properties Residential, L.P.
that may be exchanged for an equal number of shares of Common
Stock.
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(b) Percent of Class:
6.6%
(c) Number of Shares as to which such person has:
(i) sole power to vote or to direct
the vote 320,521
(ii) shared power to vote or to direct
the vote 0
(iii) sole power to dispose or to direct
the disposition of 320,521
(iv) shared power to dispose or to direct
the disposition of 0
Item 5. Ownership of Five Percent or Less of a Class:
Not applicable.
Item 6. Ownership of More Than Five Percent on Behalf of Another
Person.
Not applicable.
Item 7. Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on By the Parent Holding
Company.
Not applicable.
Item 8. Identification and Classification of Members of the Group.
Not applicable.
Item 9. Notice of Dissolution of Group.
Not applicable.
Item 10. Certification.
Not applicable.
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SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
February 12, 1999
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(Date)
/s/ George W. Wray, Jr.
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(Signature)
George W. Wray, Jr.,
General Partner
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(Name/Title)
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