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MERRY LAND BUYS JACKSONVILLE PROPERTY

 AUGUSTA, Ga., May 10 /PRNewswire/ -- Peter S. Knox III, chairman of Merry Land & Investment Company, Inc. (NYSE: MRY) announced today that the company has closed the purchase of Royal Oaks, a 284-unit upscale apartment community on Southside Boulevard in Jacksonville, Fla., for $11,500,000.
 This acquisition increases the company's portfolio to a total of 7,465 units -- representing a total investment of $250 million.
 Knox stated that the company has signed contracts to purchase 754 additional units -- representing a further investment of $33 million -- which he expects to close prior to the end of the second quarter of this year.
 Merry Land is a Real Estate Investment Trust headquartered in Augusta. It specializes in the acquisition and operation of apartment communities in South Atlantic region of the United States. Its stock is traded on the New York Stock Exchange under the symbol MRY.
 -0- 5/10/93
 /CONTACT: Tennent Houston, president of Merry Land, 706-722-6756/
 (MRY)


CO: Merry Land & Investment Company, Inc. ST: Florida, Georgia IN: SU: RLE

RA-BN -- AT001 -- 6351 05/10/93 09:38 EDT
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Publication:PR Newswire
Date:May 10, 1993
Words:178
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