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MERRY LAND BUYS RALEIGH, N.C., PROPERTY

 AUGUSTA, Ga., July 28 /PRNewswire/ -- Peter S. Knox III, chairman of Merry Land & Investment Company, Inc. (NYSE: MRY), announced today that the company has closed the purchase of Sailboat Bay, an up-scale apartment community located on Lake Lynn in Raleigh, N.C.
 The property contains 192 units and was acquired in an all-cash transaction for $5,850,000.
 This acquisition increases the company's portfolio to a total of 8,891 units -- representing a total investment of $310 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- 7/28/93
 /CONTACT: Tennent Houston, president of Merry Land, 706-722-6756/
 (MRY)


CO: Merry Land & Investment Company, Inc.; Sailboat Bay Apartments ST: North Carolina IN: SU: RLE

RA-BN -- AT019 -- 6877 07/28/93 15:57 EDT
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Publication:PR Newswire
Date:Jul 28, 1993
Words:159
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