<PAGE>
                                                                    EXHIBIT 23.2

                 NOTICE REGARDING CONSENT OF ARTHUR ANDERSEN LLP

Section 11(a) of the Securities Act of 1933, as amended (the "Securities Act"),
provides that if any part of a registration statement, at the time such part
becomes effective, contains an untrue statement of a material fact or an
omission to state a material fact required to be stated herein or necessary to
make the statements therein not misleading, any person acquiring a security
pursuant to such registration statement (unless it is proved that at the time of
such acquisition such person knew of such untruth or omission) may sue, among
others, every accountant who has consented to be named as having prepared or
certified any part of the registration statement, or as having prepared or
certified any report or valuation which is used in connection with the
registration statement, with respect to the statement in such registration
statement, report or valuation which purports to have been prepared or certified
by the accountant.

This Annual Report on Form 10-K is incorporated by reference into Registration
Statement File No. 333-82453 of Roberts Realty Investors, Inc. ("Roberts
Realty") and, for purposes of determining any liability under the Securities
Act, is deemed to be a new registration statement for each Registration
Statement into which it is incorporated by reference.

As recommended by Roberts Realty's Audit Committee, Roberts Realty's Board of
Directors dismissed Arthur Andersen LLP ("Andersen") on June 18, 2002, effective
June 19, 2002, as Roberts Realty's independent accountants. See Roberts Realty's
Current Report on Form 8-K filed June 19, 2002 for more information. After
reasonable efforts, Roberts Realty has been unable to obtain Andersen's written
consent to the incorporation by reference into the Registration Statements of
its audit reports with respect to Roberts Realty's financial statements as of
and for the fiscal years ended December 31, 2001 and 2000.

Under these circumstances, Rule 437a under the Securities Act permits Roberts
Realty to file this Form 10-K without a written consent from Andersen. However,
as a result, with respect to transactions in Roberts Realty securities pursuant
to the Registration Statements that occur subsequent to the date this Annual
Report on Form 10-K is filed with the Securities and Exchange Commission,
Andersen may not have any liability under Section 11(a) of the Securities Act
for any untrue statements of a material fact contained in the financial
statements audited by Andersen or any omissions of a material fact required to
be stated therein.

Accordingly, you might be unable to assert a claim against Andersen under
Section 11(a) of the Securities Act because it has not consented to the
incorporation by reference into the Registration Statements of the copies of its
audit reports for the periods ending December 31, 2001 and 2000 which are
reproduced herein. To the extent provided in Section 11(b)(3)(C) of the
Securities Act, however, other persons who are potentially subject to liability
under Section 11(a) of the Securities Act, including Roberts Realty's officers
and directors, may still rely on Andersen's original audit reports as being made
by an expert for purposes of establishing a due diligence defense under Section
11(b) of the Securities Act. These facts may have the effect of limiting the
ability of Roberts Realty investors to recover any losses suffered in connection
with the purchase or sale of Roberts Realty securities due to material
inaccuracies or omissions contained in the financial statements reproduced
herein for the periods ending December 31, 2001 and 2000.