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MERRY LAND BUYS TWO APARTMENT PROPERTIES IN ATLANTA

 MERRY LAND BUYS TWO APARTMENT PROPERTIES IN ATLANTA
 AUGUSTA, Ga., Aug. 17 /PRNewswire/ -- Merry Land & Investment


Company, Inc. (Merry Land) (NYSE: MRY) has purchased two additional apartment properties in the Atlanta market for a total of $14.5 million.
 Peter S. Knox III, chairman of the board, reported that Merry Land acquired a 314-unit property, Gwinnett Crossing, for $9.25 million, and a 200-unit property, Sweetwater Glen, for $5.25 million. Both communities are located in fast growing Gwinnett County and both were over 95 percent occupied at closing. The seller of the two properties was a major life insurance company which had acquired the properties in foreclosure.
 Knox said that the properties were purchased for cash, using the proceeds of the company's recent public offering of common stock. The company sold 2.5 million shares of common stock earlier in August at a price of $10.125 per share. The shares were offered to the public through a group of underwriters led by Alex. Brown & Sons and Interstate/Johnson Lane Corporation.
 Merry Land has now bought three communities totaling 890 units in the Atlanta area within the last 30 days, representing a total investment of $25 million. Knox said that he expects the company to make further acquisitions in Atlanta and elsewhere in the Southeast during the remainder of 1992. The company owns 4,686 apartment units, located in major cities throughout Georgia, North Carolina and South Carolina.
 Merry Land is a Real Estate Investment Trust headquartered in Augusta, Ga. 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- 8/17/92
 /CONTACT: Tennent Houston, president of Merry Land, 706-722-6756/
 (MRY) CO: Merry Land & Investment Company, Inc. ST: Georgia IN: SU: RLE


CF-BR -- AT010 -- 0590 08/17/92 14:37 EDT
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Publication:PR Newswire
Date:Aug 17, 1992
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