Exhibit 10.14


                             Executive Unit Purchase
                                 Program Summary



Overview



o        The Colonial Realty Limited Partnership Executive Unit Purchase Program
         (the  "Program") is a voluntary  program under which a limited group of
         management employees of Colonial Realty Limited Partnership  ("Colonial
         Realty" or the  "Company")  and trustees of Colonial  Properties  Trust
         ("Colonial  Properties") are being provided the opportunity to purchase
         operating  partnership  units  (the "OP  Units")  of  Colonial  Realty,
         redeemable under certain  circumstances for cash or for an equal number
         of common shares of beneficial  interest  ("Common Shares") in Colonial
         Properties.  The OP Units are more fully described in the Summary of OP
         Units located in Tab II of Volume II of this Offering Memorandum.

o        The Program is  designed to closely  align the  economic  interests  of
         Colonial Realty's key managers and Colonial  Properties'  trustees with
         those of Colonial Properties' shareholders.



Minimum and Maximum Amounts



To  participate  in the Program,  you must  purchase OP Units in an amount of at
least  $100,000.  The maximum amount of OP Units you may purchase will depend on
your position within the Company.  Your personalized cover memo to this Offering
Memorandum  describes your potential maximum purchase under the Program.  Within
the  Program  as  a  whole,  maximum  purchases  will  range  from  $100,000  to
$1,500,000.



Restrictions on Transfer



If you elect to purchase OP Units through the program,  your ability to transfer
or redeem your OP Units will be restricted for a period of up to five years. The
terms of these restrictions are contained in the Registration Rights and Lock-Up
Agreement,  a sample  of  which  is  contained  in Tab IX of  Volume  II of this
Offering Memorandum.



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The Program Loan



o        To assist you in purchasing  your OP Units,  Colonial  Realty will make
         arrangements for you to obtain a personal loan for 100% of the value of
         the OP Units you elect to purchase (the "Program  Loan").  Your Program
         Loan will be made by a syndicate of banks  (collectively,  the "Banks")
         for which Bank One, NA (Main Office  Chicago)  ("Bank One") will act as
         agent.

o        The proceeds of your Program  Loan will be  transferred  to the Company
         via your  signature  on a Letter  of  Direction.  A  sample  Letter  of
         Direction  is  contained  in  Tab  IV of  Volume  II of  this  Offering
         Memorandum.

o        The term of your  Program  Loan will be five  years.  At the end of the
         term,  the entire  amount of your Program Loan will be due and payable,
         together  with any  accrued or  deferred  interest  through the date of
         payment in full. There will be no required reduction in principal until
         the entire amount of your Program Loan becomes due and payable. You may
         also  be   required  to  prepay  your   Program   Loan  under   certain
         circumstances,  which  are  described  in  more  detail  later  in this
         document.

o        You will be personally liable for payment in full of your Program Loan,
         including all  principal,  interest and fees, and you will be obligated
         to repay the entire  amount of your  Program  Loan,  regardless  of the
         value of the OP Units on the date your Program Loan becomes due.

o        In order to obtain your Program  Loan,  you will be required to provide
         the Banks  with a  personal  financial  statement  and to sign a Master
         Promissory  Note.  A form  for your  personal  financial  statement  is
         contained in Tab V of Volume II of this Offering  Memorandum.  A sample
         of a Master  Promissory  Note is  contained  in Tab VII of Volume II of
         this  Offering  Memorandum.  You will also be required to provide other
         documentation to the Company,  as described  elsewhere in this Offering
         Memorandum.



Your Reimbursement Obligations



Colonial Properties and Colonial Realty have agreed to guaranty your obligations
to the Banks under your Program Loan. In  consideration  of this  guaranty,  you
will be required to pledge your interest in your OP Units to Colonial Properties
and Colonial Realty for as long as your Program Loan is outstanding. Your pledge
will serve as security for your obligation to reimburse Colonial  Properties and
Colonial  Realty if either of them is required to make good on the guaranty as a
result of your having  failed to repay your  Program  Loan or any other  amounts
owed by you to the Banks. Your obligation to reimburse  Colonial  Properties and
Colonial  Realty  and  your  pledge  of your OP  Units  will  be  governed  by a
Reimbursement Agreement, a sample of which is contained in Tab VIII of Volume II
of this Offering Memorandum.



Your Program Account



o        In  connection  with your  Program  Loan,  you will be provided  with a
         special  interest-bearing account (your "Program Account") at Bank One.
         Your Program Account will be the bank account into which  distributions
         on your OP Units are paid and into which you may be required to deposit
         funds to meet principal, interest and other charges and from which your
         interest and other payments to the Banks will be deducted.  The Program
         Account  is  provided  at no cost to you  while  your  Program  Loan is
         outstanding.

o        In order to open your  Program  Account,  you will need to complete the
         Bank One Private  Banking forms contained in Tab V of Volume II of this
         Offering Memorandum.



Use of Proceeds by Colonial Realty



The  Company  will use the net  proceeds  of your  purchase  of OP Units to fund
repurchases of Common Shares by Colonial  Properties,  to repay  indebtedness or
for other general partnership  purposes.  The Company currently expects proceeds
from the Program to total up to $39.1 million, after deducting expenses incurred
under the Program.



Eligibility to Participate



In the event that your employment is terminated before your purchase of OP Units
has actually become effective (or, if you are a Trustee Participant,  you are no
longer  a  trustee  of  Colonial  Properties),  you  will  not  be  eligible  to
participate in the Program, and any of the documents you or the Company may have
signed will become null and void, and of no force or effect.