ROBERTS REALTY INVESTORS INC
LINE OF CREDIT
<DOCUMENT>
<TYPE>EX-10.15.04
<SEQUENCE>7
<FILENAME>0007.txt
<DESCRIPTION>LINE OF CREDIT
<TEXT>

                                                                EXHIBIT 10.15.04
                               LINE OF CREDIT NOTE

$2,000,000

                                                                    June 1, 2000

                                                                Atlanta, Georgia

         FOR VALUE RECEIVED,  the undersigned  ROBERTS  PROPERTIES  RESIDENTIAL,
L.P., a Georgia limited partnership (the "Borrower"),  hereby promises to pay to
the order of COMPASS BANK (the "Lender"), at P.O. Box 10566, Birmingham, Alabama
35296,  or at such other  place as Lender  may  direct,  in lawful  money of the
United States of America  constituting  legal tender in payment of all debts and
dues, public and private,  together with interest thereon calculated at the rate
and in the manner set forth  herein,  the  principal  amount of TWO  MILLION AND
N0/100  DOLLARS  ($2,000,000),  or so  much  thereof  as  may  be  advanced  and
outstanding hereunder.  Payment of principal and interest shall be in accordance
with the following provisions:

         1.       Line of Credit

         Upon the  execution  and  delivery of this Note,  a line of credit (the
"Line of Credit") shall be opened by Lender for the benefit of Borrower so that,
subject to the other terms and conditions hereof,  Borrower may borrow and repay
and re-borrow prior to the maturity hereof up to the maximum aggregate principal
amount   outstanding  at  any  one  time  of  Two  Million  and  No/100  Dollars
($2,000,000).  At the time of making a request for an advance  under the Line of
Credit, Borrower shall advise Lender of the amount of the requested advance, and
the purpose  therefore,  and Borrower shall furnish Lender with such information
as Lender may request  concerning the transaction for which Borrower proposes to
borrow and concerning  Borrower's  financial status at the time of such request.
In no event may any advances be used for personal, family or household purposes.
All  advances to Borrower  under the Line of Credit  shall be  evidenced by this
Note.  Lender,  at its sole  discretion,  is hereby  authorized to make advances
under this Note upon  telephonic  communication  of the  borrowing  request from
Charles S. Roberts or Charles R. Elliott representing himself to be such person.
Each such  telephonic  request for  borrowing  shall be confirmed by Borrower in
writing,  delivered to Lender no later than five (5) days after such  telephonic
request; provided,  however, that the absence of such written confirmation shall
in no way diminish Borrower's liability to repay such advance.

         2.       Interest.

                  (a) The applicable interest rate (the "Applicable Rate") under
         this Note  shall be an  adjustable  rate per  annum  equal to 150 basis
         points (1.50%) in excess of the 30 day "LIBOR" rate (as defined herein)
         from time to time in effect.  "LIBOR"  refers to the  London  Interbank
         Offered  Rate for the stated  period as  published  in the WALL  STREET
         JOURNAL on the date of  determination  of the interest  rate (or in the
         event no such quotation is available on such date, as quoted on the day
         most  immediately  preceding the date of  determination on which such a
         quotation  was  available).  The  Applicable  Rate  payable  under this
         Section  2(a) will be set on the date  hereof,  and shall be subject to


<PAGE>

         change  on the  first  day of  each  month  thereafter  (the  "Interest
         Adjustment  Dates")  while any amount of principal  is unpaid.  On each
         Interest  Adjustment  Date, the interest rate will be raised or lowered
         to  reflect  changes in the LIBOR  Rate.  In the event that at any time
         during the term of this Note,  the LIBOR ceases to be published  and is
         no longer ascertainable,  the term "LIBOR rate" shall mean a substitute
         and comparable rate selected by Lender in its sole discretion.

                  (b) Interest on all principal amounts outstanding from time to
         time  hereunder  shall be  calculated  on the basis of a  360-day  year
         applied  to  the  actual  number  of  days  upon  which   principal  is
         outstanding,  by  multiplying  the  product  of  the  principal  amount
         outstanding and the respective  Applicable Rate set forth herein by the
         actual number of days  elapsed,  and dividing by 360. In no event shall
         the rate of  interest  calculated  hereunder  exceed the  maximum  rate
         allowed by law.  Any  principal  amounts  outstanding  hereunder  after
         maturity or earlier  acceleration of this Note shall bear interest at a
         floating  rate  equal to three  percentage  points  (3%) in  excess  of
         Compass  Bank  Prime  until  paid.  Each  change in the  interest  rate
         resulting from a change in "Compass Bank Prime" shall become  effective
         on the day on  which  such  change  in  "Compass  Bank  Prime"  occurs.
         "Compass Bank Prime",  as used herein,  is a reference rate established
         by the Lender for use in computing and adjusting  interest,  is subject
         to increase,  decrease,  or change at the Lender's  discretion,  and is
         only one of the reference  rates or indices that Lender uses.  Borrower
         acknowledges  that the Lender  may lend to others at rates of  interest
         at, or greater or less than,  "Compass Bank Prime" or the rate provided
         herein.

         3.       Payment.

         (a)      Borrower promises to pay interest quarterly on the first (1st)
                  day of each calendar  quarter,  commencing on July 1, 2000, on
                  the principal amount outstanding  hereunder from time to time,
                  computed  daily in the manner and at the  Applicable  Rate set
                  forth in Section 2 above.

         (b)      All unpaid principal,  interest and other charges shall be due
                  and payable in full on June 1, 2001 (the "Maturity Date").

         4.       Prepayment.

         This Note may be prepaid  in whole or in part  without  penalty.  It is
intended that Borrower shall have the right to borrow, repay and re-borrow funds
under this Note with the maximum amount  outstanding at any time during the term
of the Note of $2,000,000.

         5.       Events of Default.

         Upon the failure to make any payment of the principal of or interest on
this Note when and as the same  becomes due and  payable,  then,  or at any time
thereafter  during the  continuance  of any such event,  the holder may, with or
without  notice to the Borrower,  declare this Note and  indebtedness  evidenced
hereby to be forthwith due and payable, whereupon this Note and the indebtedness
evidenced  hereby shall become  forthwith due and payable,  both as to principal
and



                                       2
<PAGE>

interest, without presentment, demand, protest, or other notice of any kind,
all of which are hereby expressly waived, anything contained herein or in any of
the Loan  Documents or in any other  instrument  executed in connection  with or
securing this Note to the contrary notwithstanding.

         6.       Waivers.

         Borrower  hereby  waives  demand,  presentment  for payment,  notice of
dishonor, protest, and notice of protest and diligence in collection or bringing
suit and agrees that the holder hereof may accept partial payment, or release or
exchange security or collateral, without discharging or releasing any unreleased
collateral or the obligations evidenced hereby.  Borrower further waives any and
all  rights of  exemption,  both as to  personal  and real  property,  under the
constitution  or laws of the United States,  the State of Alabama,  the State of
Georgia, or any other state.

         7.       Late Fee.

         Any scheduled  payment of principal  and or interest  which is not paid
within ten (10) days from the date due will be subject to a late  charge of five
percent (5%) of such scheduled payment.

         8.       Attorneys' Fees.

         Borrower  agrees to pay actual  attorneys'  fees incurred  based on the
attorney's  normal  hourly  rate  and the  number  of hours  worked  and not the
attorneys' fees statutorily defined in O.C.G.A.  ss.13-1-11,  and costs actually
incurred by the holder  hereof in  collecting  to collect this Note,  whether by
suit or otherwise.

         9.       Miscellaneous.

         As used herein,  the terms  "Borrower",  "Lender" and "holder" shall be
deemed  to  include  their  respective  successors,  legal  representatives  and
assigns, whether by voluntary action of the parties or by operation of law. This
Note is given under the seal of all parties hereto, and it is intended that this
Note is and  shall  constitute  and  have  the  effect  of a  sealed  instrument
according  to law.  This Note has been  negotiated,  and is being  executed  and
delivered  in the State of  Georgia,  or if  executed  elsewhere,  shall  become
effective upon the Lender's  receipt and acceptance of the executed  original of
this Note in the State of Georgia; provided, however, that the Lender shall have
no obligation to give, nor shall Borrower be entitled to receive,  any notice of
such  acceptance  for this  Note to  become a binding  obligation  of  Borrower.
Borrower hereby submits to jurisdiction in the State of Georgia. This Note shall
be  governed by and be  construed  in  accordance  with the laws of the State of
Georgia.  It is intended,  and the Borrower and the holder  hereof  specifically
agree, that the laws of the State of Georgia  governing  interest shall apply to
this  Note and to this  transaction.  This  Note may not be  modified  except by
written  agreement  signed by the  Borrower and the holder  hereof,  or by their
respective successors or assigns. Time is of the essence of this Note.


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<PAGE>



         IN  WITNESS  WHEREOF,  Borrower  has caused  this Note to be  executed,
sealed and delivered as of the date first set forth above.

                                             ROBERTS  PROPERTIES RESIDENTIAL,
                                             L.P., a Georgia limited partnership

/s/ Lyssa Fagan
-----------------------------
WITNESS                                      By: ROBERTS REALTY INVESTORS,
                                                 INC., a Georgia corporation,
                                                 its general   partner


                                             By: /s/ Charles R. Elliott
                                                 -------------------------------
                                             Title: Chief Financial Officer

                                                      [CORPORATE SEAL]


</TEXT>
</DOCUMENT>
