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MERRY LAND BUYS ORLANDO, FLA., PROPERTY

 AUGUSTA, Ga., July 23 /PRNewswire/ -- Peter S. Knox III, chairman of Merry Land & Investment Company, Inc. (NYSE: MRY), announced today that the company has closed the purchase of Auvers Village, an up-scale apartment community located in Orlando, Fla.
 The property contains 480 units and was acquired in all-cash transaction for $21 million.
 This acquisition increases the company's portfolio to a total of 8,699 units -- representing a total investment of $304 million.
 Merry Land is a real estate investment trust headquartered in Augusta. It specializes in the acquisition and operation of apartment communities in the South Atlantic region of the United States. Its stock is traded on the New York Stock Exchange under the symbol MRY.
 -0- 7/23/93
 /CONTACT: Tennent Houston, president of Merry Land, 706-722-6756/
 (MRY)


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

RA-BN -- AT007 -- 5164 07/23/93 12:36 EDT
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Publication:PR Newswire
Date:Jul 23, 1993
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