:-----------:
: FORM 4 : U.S. SECURITIES AND EXCHANGE COMMISSION
:-----------: WASHINGTON, DC 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange
Act of 1934, Section 17(a) of the Public Utility Holding
Company Act of 1935 or Section 30(f) of the
Investment Company Act of 1940
[ ] Check box if no longer subject to Section 16. Form 4 or Form 5
obligations may continue. See Instruction 1(b)
1. Name and Address of Reporting Person:
Roberts, Charles S.
310 Wilderlake Court
Atlanta, GA 30328
2. Issuer Name and Ticker or Trading Symbol
Roberts Realty Investors, Inc. RPI
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Statement for Month/Year
November, 1997
5. If Amendment, Date of Original (Month/Year)
N/A
<PAGE>
6. Relationship of Reporting Person to Issuer (Check all applicable)
[ X ] Director [ X ] 10% Owner
[ X ] Officer (give title below) [ ] Other (specify below)
Chairman, President and Chief Executive Officer
7. Individual or Joint/Group Filing (Check applicable line)
[ X ] Form filed by one Reporting Person
[ ] Form filed by more than one Reporting Person
<TABLE>
TABLE I - NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
<CAPTION>
1. Title of Security 2. Trans- 3. Transac- 4. Securities Acquired (A) or 5. Amount of 6. Owner- 7. Nature of
(Inst. 3) action tion Disposed of (D) Securities ship Indirect
Date Code (Instr. 3, 4 and 5) Beneficially Form: Beneficial
(Month/ (Inst. 8) -------------------------- Owned at End Direct Ownership
Day/ ------------- Amount (A) or Price of Month (D) or (Instr. 4)
Year) Code V (D) (Instr. 3 Indirect
and 4) (I)
(Instr. 4)
- - --------------------- ----------- ------ ---- ------- ------ ----- ------------------ ---------- -------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
- - ----------------------------------------------------------------------------------------------------------------------------------
- - ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
<PAGE>
<TABLE>
TABLE II - DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
(E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)
<CAPTION>
1.Title of 2.Con- 3.Trans- 4.Trans- 5.Number of 6.Date Exer- 7.Title and 8.Price 9.Number 10.Ownership 11.Nature
Deriva- version action action Derivative cisable and Amount of of De- of Deriv- Form of of
tive or Date Code Securities Expiration Underlying rivative ative Derivative Indirect
Security Exer- (Month/ (Instr. Acquired Date Securities Security Securi- Security: Bene-
(Instr.3) cise Day/ 8) (A) or (Month/ (Instr. 3 (Instr. ties Direct ficial
Price Year) -------- Disposed Day/Year) and 4) 5) Bene- (D) or Owner-
of Code V of (D) -------------- ------------- ficially Indirect ship
Deriva- (Instr. 3, Date Expi- Title Amount Owned at (I) (Instr.4)
tive 4 and 5) Exer- ration or No. End of (Instr.4)
Secur- ----------- cisable Date of Month
ity (A) (D) Shares
- - ----------- --------- -------- ---- --- ----- --- ------- ------ ----- ------ ---------- ----------- ------------ ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Units of <F2> 11/07/97 P 2,452 <F2> None Common 2,452 $.062 731,813
limited Stock
partnership
interest<F1>
Explanation of Responses:
<FN>
<F1> The issuer of the Units is Roberts Properties Residential, L.P. (the "Operating Partnership"), of which the Company is the
general partner.
<F2> The Company's Board of Directors voted on June 17, 1997 to list the Company's common stock on the American Stock Exchange
("AMEX") and register with the Commission the shares of common stock that are issuable in redemption of the Units,
thereby satisfying a material non-market price based condition to the Unitholders' redemption right and causing the
Units to become derivative securities. When the AMEX listing is effective and the Company's shares are registered for
resale by former Unitholders, the Units will be redeemable either for cash equal to the fair market value of the
underlying shares or, at the election of the Company, for an equal number of shares of the Company's common stock.
</FN>
</TABLE>
/s/ Charles S. Roberts Dec. 10, 1997
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****Signature of Reporting Person Date
**Intentional misstatements or omissions of facts constitute
Federal Criminal Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note. File three copies of this form, one of which must be manually
signed.
If space provided is insufficient, see Instructions 6 for procedure.
