<PAGE>
                                                                 Exhibit 10.13.4

                               GUARANTY AGREEMENT
                           (STATE FARM LOAN NO. 13551)

         THIS GUARANTY AGREEMENT ("Guaranty") made and executed this 6th day of
November, 2001 by ROBERTS REALTY INVESTORS, INC., a Georgia corporation,
("Guarantor"), whose address for purposes of this instrument is Attention:
Charles R. Elliott, Chief Financial Officer, 8010 Roswell Road, Suite 120,
Atlanta, Georgia 30350, to and in favor of STATE FARM LIFE INSURANCE COMPANY, an
Illinois corporation, ("State Farm"), whose address for purposes of this
instrument is Attention: Corporate Law-Investments, One State Farm Plaza, E-3,
Bloomington, Illinois 61710-0001;

                              W I T N E S S E T H:

         WHEREAS, Roberts Properties Residential, L.P., a Georgia limited
partnership, ("Borrower") has requested and made application to State Farm for a
mortgage loan in the principal amount of Twenty-One Million and 00/100 Dollars
($21,000,000.00); and

         WHEREAS, State Farm has approved and agreed to make and fund a mortgage
loan in that amount to Borrower ("Loan") on those terms and subject to those
conditions set forth with particularity in State Farm's Loan Commitment No.
13551 dated September 26, 2001, and all amendments thereto, (collectively,
"Commitment"), including, among others, the condition that Guarantor execute and
deliver this Guaranty to and in favor of State Farm; and

         WHEREAS, the Loan is evidenced by a certain Promissory Note executed by
Borrower to and in favor of State Farm in the principal sum of Twenty-One
Million and 00/100 Dollars ($21,000,000.00) of even date herewith ("Note") and
is secured by, among other documents and instruments, a Mortgage and Security
Agreement executed by Borrower to and in favor of State Farm of even date
herewith ("Mortgage") encumbering certain real property and other property,
rights and interests more particularly described therein ("Premises"); and

         WHEREAS, State Farm is unwilling to make the Loan to Borrower unless
Guarantor guarantees certain obligations of Borrower as hereinafter more
particularly provided; and

         WHEREAS, Guarantor is the sole general partner of and holds substantial
ownership interests, either directly or indirectly, in Borrower; and

         WHEREAS, Guarantor recognizes and acknowledges that the financial
success of the Borrower will directly benefit Guarantor and its shareholders and
Guarantor, therefore, deems it to be to the business and financial advantage and
benefit of Guarantor and its shareholders that Guarantor execute and deliver
this Guaranty as an inducement to State Farm to make and fund the Loan to
Borrower;

         NOW THEREFORE, for and in consideration of the premises hereof, and for
other good and valuable considerations, the receipt and sufficiency of which are
hereby acknowledged


                                       1
<PAGE>

by Guarantor, Guarantor does hereby, for the benefit of State Farm, covenant,
stipulate and agree as follows, to wit:

1.       RECITALS. The recitals hereinabove set forth in the premises of this
Guaranty are true and correct and are by this reference thereto incorporated in
this Guaranty.

2.       DEFINITION OF TERMS. Those capitalized terms not otherwise defined
herein shall have those definitions and meanings ascribed to such terms in the
Note, Mortgage and other Loan Documents (as that term is defined in the
Mortgage).

3.       GUARANTEED OBLIGATIONS. Guarantor does hereby unconditionally and
absolutely guarantee to State Farm the full and prompt payment to State Farm of
the following obligations of Borrower ("Guaranteed Obligations"), to wit:

                  A.       The payment to State Farm of all amounts due from
         time to time under the Note, the Mortgage and other Loan Documents and
         any and all renewals, replacements and extensions of and all
         modifications or amendments to the Loan Documents, including, without
         limitation, all Principal, accrued Interest, Prepayment Fees and other
         sums, including attorneys' and paralegals' fees, (collectively,
         "Indebtedness"). The Guaranteed Obligations guaranteed hereby are
         subject to reduction and termination as hereinafter provided in
         subparagraph B and C of this Paragraph 3; subject, however, to those
         conditions precedent to such reduction and termination hereinafter set
         forth in Paragraph 10 of this Guaranty.

                  B.       From and after the time that the gross income derived
         from the Premises (which gross income includes, without limitation,
         income from rental of apartment units, garage rental income, charges
         for water submetering, charges for waste removal, charges for alarm
         system and all miscellaneous income) has reached at least Two Hundred
         Sixty-Seven Thousand Three Hundred Ninety-Seven and 50/100 Dollars
         (267,397.50) per calendar month for a period of three (3) consecutive
         calendar months, the Guaranteed Obligations shall automatically be
         reduced to the amount of the Indebtedness due from time to time which
         is in excess of Fifteen Million Seven Hundred Fifty Thousand and 00/100
         Dollars ($15,750,000.00).

                  C.       From and after the time that the gross income derived
         from the Premises (as specified in subparagraph B immediately above)
         has reached at least Two Hundred Ninety-One Thousand Six Hundred
         Sixty-Six and 67/100 Dollars ($291,666.67) per calendar month for a
         period of three (3) consecutive calendar months, Guarantor shall
         automatically be released from the Guaranteed Obligations.

Guarantor hereby agrees that the Guaranteed Obligations shall be paid by
Guarantor to State Farm upon demand of State Farm in lawful money of the United
States of America in accordance with the terms and provisions of this Guaranty.


                                       2
<PAGE>

4.       INDEMNIFICATION. Guarantor shall, and does hereby absolutely and
unconditionally agree, to indemnify, defend and save and hold State Farm
harmless from and against any and all losses, damages, costs and expenses
(including reasonable attorneys' and paralegals' fees) suffered or incurred by
State Farm by reason, on account of or with respect to the Guaranteed
Obligations.

5.       GUARANTY OF PAYMENT. This Guaranty is a guarantee of payment and not of
collection. Accordingly, the obligations of Guarantor under this Guaranty shall
be absolute and unconditional, irrespective of the validity, legality or
enforceability of the Note, Mortgage or other Loan Documents and shall not be
affected by any action taken by State Farm under the Loan Documents in the
exercise of any right, power or remedy therein conferred, or by any failure or
omission on the part of State Farm to enforce any right conferred thereby, or by
any waiver on the part of State Farm of any covenant or condition therein
provided; it being the purpose and intent of this Guaranty that the obligations
of Guarantor hereunder shall be absolute and unconditional under any and all
circumstances and shall not be discharged except by Guarantor's payment of the
Guaranteed Obligations as herein provided.

6.       CHANGES OF STATUS. Guarantor hereby acknowledges and agrees that this
Guaranty and the obligations of Guarantor hereunder shall not be affected and
shall not be discharged by reason of any change in the status of Borrower,
including, without limitation, changes in name or structure of Borrower; merger
or consolidation of Borrower with any other entity or entities, or the transfer
of all or any part of Borrower's assets to another entity; termination or
dissolution of Borrower; the filing of a petition by or against Borrower under
the bankruptcy laws of the United States, or the voluntary or involuntary
takeover of Borrower by Borrower's creditors; additions or losses of partners of
Borrower by death, succession or otherwise; any change in the status of
Guarantor with respect to Borrower, including, without limitation, termination,
transfer or conveyance of Guarantor's ownership interest in Borrower or in any
partners of Borrower, whether general or limited, or termination or resignation
of Guarantor as the sole General Partner of Borrower; or changes in operating
procedures, management or in the nature or location of Borrower's business.

7.       GUARANTY IRREVOCABLE. Unless and until released as provided in this
Guaranty, this Guaranty shall be irrevocable by Guarantor.

8.       WAIVER OF SUBROGATION. Guarantor shall not exercise any rights which
Guarantor may acquire by way of subrogation under this Guaranty, by virtue of
any payment made hereunder or otherwise, until the entire indebtedness of
Borrower to State Farm evidenced and represented by the Note or otherwise
incurred pursuant to the Mortgage or any other Loan Document securing said
indebtedness shall have been paid in full.

9.       REMEDIES. In the enforcement of this Guaranty, State Farm shall have
and be entitled to exercise any and all remedies provided herein and otherwise
provided by law. All rights, powers and remedies of State Farm under this
Guaranty and under any agreement between Borrower and State Farm or between
Guarantor and State Farm, now, or at any time hereafter enforced, shall


                                       3
<PAGE>

be cumulative and not alternative and shall be in addition to all rights, powers
and remedies provided and available to State Farm by law. No exercise of, delay
in exercising, or omission to exercise, any rights, powers or remedies by State
Farm shall be deemed a waiver thereof, and every such right, power and remedy
may be exercised by State Farm any one or more times or on any one or more
occasions without exhaustion.

10.      CONDITIONS PRECEDENT TO REDUCTION AND RELEASE OF GUARANTEED
         OBLIGATIONS.

                  A.       In order for Guarantor to be entitled to the
         automatic reduction and/or release of the Guaranteed Obligations as
         hereinabove provided in Paragraph 3 of this Guaranty, State Farm shall
         have first received from Borrower a certified Rent Roll and a certified
         Income Statement (as those terms are used in the context of generally
         accepted accounting principles) in form and content acceptable to State
         Farm, in its sole discretion, certified by an executive officer (i.e.,
         the President, a Vice President or the Chief Financial Officer) of
         Borrower's sole general partner under oath as being true, correct,
         accurate and complete, which confirms the satisfaction and fulfillment
         of the gross income achievement requirements hereinabove specified in
         whichever of subparagraphs B or C of Paragraph 3 of this Guaranty is
         applicable.

                  B.       Any other provisions of this Guaranty to the contrary
         notwithstanding, Guarantor shall not be entitled to a release from the
         Guaranteed Obligations and/or a termination of this Guaranty (even
         having met the gross income achievement level set forth in subparagraph
         C of Paragraph 3 of this Guaranty) unless one of the following
         conditions (i) or (ii) shall have been satisfied and fulfilled:

                           (i)      State Farm shall have received from Borrower
                  written evidence satisfactory to State Farm that Borrower has
                  terminated the License as defined in that certain License
                  Agreement between and executed by each of TRG-PC, Ltd., as
                  Licensor, and Palm Beach Polo Holdings, Inc., as Licensee,
                  dated February 1, 2000 and recorded on February 3, 2000 in
                  Official Records Book 11592 at Pages 577 et seq. of the Public
                  Records of Palm Beach County, Florida as subsequently assigned
                  (as to the interest of the Licensor) by said Licensor to
                  Borrower on or about the date of this Guaranty (as so
                  assigned, the "License Agreement") and the License Agreement
                  and the License granted therein shall have been effectively
                  terminated of record by and pursuant to a written release
                  document/instrument acceptable to State Farm, which
                  document/instrument shall have been duly executed and
                  acknowledged by the Licensee (or its successor in interest and
                  title to the "Exhibit B Land," as defined in the License
                  Agreement) and duly recorded among the Public Records of Palm
                  Beach County, Florida; or

                           (ii)     Either of Borrower or Guarantor shall have
                  deposited an amount equal to the Termination Fee (i.e., in an
                  amount reasonably acceptable to and projected by State Farm
                  and providing for the annual increase of 8% per annum) into
                  escrow, as security for the future payment of the Termination
                  Fee, with an


                                       4
<PAGE>

                  escrowee (escrow agent) acceptable to State Farm and pursuant
                  to an escrow agreement acceptable in form and content to State
                  Farm, with all fees and expenses related to the preparation,
                  review, approval and processing of the escrow agreement,
                  including the attorneys' fees of State Farm's outside Selected
                  Counsel, if any, having been paid by either of Borrower or
                  Guarantor.

This Guaranty shall be cancelled and returned by State Farm to Guarantor in
accordance with the foregoing terms and provisions of this Guaranty. It is
expressly provided, however, that if it should subsequently be determined by
State Farm that any certified documents submitted to State Farm as evidence of
the satisfaction and fulfillment of the above-described rental achievement
conditions are false, incorrect, inaccurate or incomplete in any single material
respect, any purported release of Guarantor from its Guaranteed Obligations
under this Guaranty Agreement based upon such certified documents shall be null,
void and of no force and effect.

11.      APPLICATION OF SUMS RECEIVED UNDER GUARANTY. All sums paid to and
received by State Farm from Guarantor under and pursuant to this Guaranty shall
be applied by State Farm to the Indebtedness from time to time due under the
Loan Documents in such order of application as State Farm may elect from time to
time.

12.      ATTORNEYS' FEES. If this Guaranty is placed in the hands of an attorney
for enforcement on behalf of State Farm, Guarantor hereby agrees to pay all
costs thereof, including, without limitation, the reasonable fees and
disbursements of such attorney and/or his paralegal. Anything contained in this
Guaranty or in any of the other Loan Documents to the contrary notwithstanding,
whenever provision is made in this Guaranty or in any of the other Loan
Documents for payment of "reasonable attorney's fees" or "reasonable attorney's
and paralegal's fees" or words of similar import, the same shall mean and refer
to the payment of actual attorney's (or paralegal's) fees incurred based upon
the attorney's (or paralegal's) normal hourly rate and the number of hours
worked.

13.      MODIFICATIONS; RELEASES. This Guaranty may not be changed, amended or
modified and no obligation of Guarantor may be released or waived by State Farm
or any officer or agent of State Farm, except in writing signed by a duly
authorized officer of State Farm.

14.      WAIVERS. Guarantor waives notice of default, non-payment, partial
payment, presentment, demand, protest, notice of protest, dishonor, notice of
dishonor and all other notice to which Guarantor might otherwise be entitled, or
which might be required by law and require to be given by State Farm. Guarantor
further agrees that there are absolutely no conditions or limitations to the
undertakings on the part of Guarantor set forth in this Guaranty save those
expressly written therein.

15.      CLAIMS. Any claim or claims which State Farm may have against Guarantor
under this Guaranty at any time or time hereafter shall be asserted by State
Farm against Guarantor by written notice directed to Guarantor at the address of
Guarantor set forth in the preamble to this Guaranty.


                                       5
<PAGE>

16.      NOTICES. All notices required or permitted to be given by either party
hereto shall be sent by registered or certified mail, return receipt requested
or by nationally recognized overnight courier (e.g., Federal Express) to the
party intended to receive such notice at the address shown in the preamble to
this Guaranty.

17.      GOVERNING LAW. This Guaranty shall be governed by, construed and
enforced in accordance with the laws of the State of Florida.

18.      BINDING EFFECT. This Guaranty is and shall be binding upon Guarantor
and its successors and assigns and shall inure to the benefit of State Farm and
its successors and assigns.

         IN WITNESS WHEREOF, Guarantor has executed, sealed and delivered this
Guaranty in manner and form sufficient to legally bind him in accordance with
the terms hereof on and as of the day and year first above written.

Signed, sealed and delivered in the
presence of the undersigned witnesses:     ROBERTS REALTY INVESTORS, INC.,
                                                a Georgia corporation

  /s/ Sherevone D. Wade                    By:  /s/ Charles R. Elliott
--------------------------------------        ----------------------------------
Signature of Witness                          Charles R. Elliott
                                              Its Secretary, Treasurer and Chief
  Sherevone D. Wade                           Financial Officer
--------------------------------------
Print/Type Name of Witness
                                                           (Corporate Seal)
  /s/ Mal Sport
--------------------------------------
Signature of Witness
                                                            GUARANTOR
  Mal Sport
--------------------------------------
Print/Type Name of Witness


                                       6
<PAGE>

STATE OF GEORGIA
COUNTY OF FULTON

                  The foregoing instrument was acknowledged before me this 6th
day of November, 2001 by Charles R. Elliott, as Secretary, Treasurer and Chief
Financial Officer of Roberts Realty Investors, Inc., a Georgia corporation, on
behalf of said corporation. He [X] is personally known to me or [__] has
produced (insert type of identification) as identification.

                                      /s/ Joanne M. Roberts
                                    --------------------------------------------
                                    Name:  Joanne M. Roberts
                                         ---------------------------------------
                                    Notary Public
                                    Commission No.
                                                   -----------------------------
                                    My Commission Expires:  August 16, 2002
                                                          ----------------------

                                                 (NOTARIAL SEAL)


                                       7