Re: Lease Renewal Option for 450 Northridge Parkway, Suite 301

Exhibit 10.1

Via Hand Delivery

March 21, 2007

Mr. Xxxx Xxxxxx
Controller
Xxxxxxx Properties Residential, L.P.
000 Xxxxxxxxxx Xxxxxxx
Xxxxx 000
Xxxxxxx, Xxxxxxx 00000

Re: Lease Renewal Option for 000 Xxxxxxxxxx Xxxxxxx, Xxxxx 000

Dear Xxxx:

Please accept this letter as the required notice of Tenant’s exercise of one (1) of it’s three (3) one (1) year options to extend the Lease dated March 27, 2006 by and between Xxxxxxx Properties Residential, L.P., a Georgia limited partnership (“Landlord”) and Xxxxxxx Properties Construction, Inc., a Georgia corporation (“Tenant”) (the “Lease”).

As we have agreed, the rental rate will continue to be $19.00 per sq. ft., the leased space will increase to 1,854 sq. ft. and the Term shall be extended to December 31, 2007. Except as expressly stated herein, all other terms and conditions of the Lease shall remain in full force and effect.

I would appreciate your acknowledging the above terms and conditions and returning an executed copy of this Lease Agreement to me.

Sincerely,		AGREED AND ACKNOWLEDGED:
		Xxxxxxx Properties Residential, L.P.
/s/ Xxxxxxx Xxxxxx
		/s/ Xxxx Xxxxxx
Xxxxxxx Xxxxxx		Xxxx Xxxxxx, Controller
Chief Financial Officer		Xxxxxxx Realty Investors, Inc., Sole General Partner

As07-029