<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Date of Report (Date of earliest event reported): August 1, 1997
Merry Land & Investment Company, Inc.
(Exact name of registrant as specified in its charter)
Georgia 001-11081
(State or other jurisdiction of incorporation) (Commission File Number)
58-0961876
(I.R.S. Employer I.D. Number)
624 Ellis Street, Augusta, Georgia 30901
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 706/722-6756
____________________________________________________________
(Former name or former address, if changed since last report)
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Filed: August 6, 1997
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ITEM 5. OTHER EVENTS. Merry Land & Investment Company, Inc. (the
"Company") acquired the two following apartment properties in the third
quarter of 1997.
A. HOUSTON, TEXAS. The Company has acquired an apartment property in
Houston, Texas. The apartment property acquired is described as follows:
<TABLE>
<CAPTION>
Name of Date Acquired Acquisition Cost Debt Assumed Occupancy
Apartments Seller<F1> Market Location in 1997 Units <F2> <F3>
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
The Palms American National Houston, August 1 240 $12,250,000 none 99%
at South Shore Clear Lake 2 Apartments Texas
Apartments Joint Venture,
a Texas joint venture
- ----------------------------------------------------------------------------------------------------------------
<FN>
<F1> The seller is not related to or affiliated with the Company.
<F2> Includes acquisition costs incurred to date.
<F3> Physical occupancy at August 1, 1997.
</TABLE>
The sellers were unrelated to the Company. The acquisition was paid
for with cash.
The acquisition was made only after a detailed review of the
property's physical condition, anticipated capital expenditures, occupancy
rates, expenses including utility rates, maintenance, grounds, property
taxes and insurance all of which were compared to competitive properties.
The Company is not aware of any factors which would cause the reported
financial information not to be necessarily indicative of future operating
results.
B. FORT WORTH, TEXAS. The Company has also acquired an apartment
property in Fort Worth, Texas. The apartment property is described as
follows:
<TABLE>
<CAPTION>
Acquisition
Name of Sellers Market Date Acquired Cost Occupancy
Apartments <F1> Location in 1997 Units <F2> Debt Assumed <F3>
- -----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Coventry at The Spanos Fort Worth, August 1 360 $22,140,000 None 91%
Cityview Corporation, Texas
Apartments a California
corporation
- -----------------------------------------------------------------------------------------
<FN>
<F1> The seller is not related to or affiliated with the Company.
<F2> Includes acquisition costs incurred to date.
<F3> Physical occupancy at August 1, 1997.
</TABLE>
The acquisition was paid for with cash. The seller was unrelated to
the Company.
The acquisition was made only after a detailed review of the
property's physical condition, anticipated capital expenditures, occupancy
rates, expenses including utility rates, maintenance, grounds, property
taxes and insurance all of which were compared to competitive properties.
The Company is not aware of any factors which would cause the reported
financial information not to be necessarily indicative of future operating
results.
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SIGNATURE
Pursuant to the requirements of the Securities and Exchange Act of
1934, the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
MERRY LAND & INVESTMENT COMPANY,
INC.
(Registrant)
/s/
By:____________________________
Dorrie E. Green
As Its Vice President
