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MERRY LAND BUYS TWO APARTMENT PROPERTIES IN FLORIDA

 AUGUSTA, Ga., Nov. 20 ~PRNewswire~ -- Peter S. Knox III, chairman of Merry Land & Investment Company, Inc. (NYSE: MRY), announced today that the company had completed the acquisition of two apartment communities in Florida.
 Copper Terrace, a 300-unit property in Orlando, and Viridian Lake, a 320-unit property in Fort Myers, were bought from an affiliate of Westinghouse for $23 million in cash.
 Knox described both properties as exceptionally high quality, well- maintained, built in 1990 and better than 90 percent occupied at the time of closing.
 The two properties are the company's first Florida investments and increase the company's portfolio to a total of 5,280 units -- representing a total investment of $172 million.
 Knox reported that the company has agreements with other sellers -- in varying stages of being finalized -- covering 800 additional units in Florida, 300 additional units in North Carolina and 147 additional units in Georgia. If the acquisitions are finalized prior to year-end, as expected, they will represent an additional investment of approximately $36 million and increase the company's total portfolio of apartments above 6,500 units.
 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- 11~20~92
 ~CONTACT: Tennent Houston, president of Merry Land & Investment Company, 706-722-6756~
 (MRY)


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

EA-BN -- AT009 -- 3421 11~20~92 14:06 EST
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Publication:PR Newswire
Date:Nov 20, 1992
Words:260
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