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MERRY LAND BUYS TALLAHASSEE PROPERTY -- COMPLETES SALE OF TWO THRIFT INVESTMENTS

 AUGUSTA, Ga., Feb. 25 /PRNewswire/ -- Peter S. Knox III, chairman of Merry Land & Investment Company, Inc. (NYSE: MRY), announced today that the company has closed the purchase of Augustine Club, a 222-unit apartment community in Tallahassee, Fla., for $7,400,000.
 The property is located in a very desirable area off Old St. Augustine Road near Florida state government offices and major retail centers and increases the company's portfolio to a total of 6,749 units -- representing a total investment of $217 million.
 Knox reported that the company had also completed the sale of securities received on the merger of HomeTrust Bank of Georgia and South Carolina Federal Corporation into larger regional banking organizations. The sales generated cash to the company of $10.1 million and capital gains of $5.8 million. The company intends to reinvest the sales proceeds in additional apartment properties.
 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- 2/25/93
 /CONTACT: Tennent Houston, president of Merry Land & Investment Company, 706-722-6756/
 (MRY)


CO: Merry Land & Investment Company, Inc.; Augustine Club ST: Georgia IN: SU: RLE

BR-BN -- AT010 -- 0523 02/25/93 15:54 EST
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Publication:PR Newswire
Date:Feb 25, 1993
Words:225
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