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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): September 26, 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: October 8, 1997
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ITEM 5. OTHER EVENTS. Merry Land & Investment Company, Inc. (the
"Company") acquired the two following apartment properties located in
Houston, Texas in September, 1997.
The apartment properties acquired are described as follows:
<TABLE>
<CAPTION>
Name of Date Acquired Acquisition Cost Debt Assumed Occupancy
Apartments Seller <F1> Market Location in 1997 Units <F2> <F3>
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<S> <C> <C> <C> <C> <C> <C> <C>
Richmond Richchase Apartments, Ltd. Houston, September 26 188 $12,700,000 $9,448,562 97%
Town Homes Texas
Trails at Beeler-Sanders, Ltd. Houston, September 30 476 $22,150,000 $14,774,129 95%
Briar Forest Beeler-Sanders II, Ltd. Texas
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<FN>
<F1> The sellers are not related to or affiliated with the Company.
<F2> Includes acquisition costs incurred to date and debt assumed.
<F3> Physical occupancy as of the date acquired.
</TABLE>
The sellers were unrelated to the Company. The acquisition was paid
for with cash, funded with proceeds of its $200 million unsecured revolving
credit facility described in the Company's Form 8-K filed September 23,
1997, and the assumption of debt. The properties were acquired subject to
secured indebtedness bearing interest at the rate of 7.21% per annum with a
final maturity in 2001 (in the case of Richmond Town Homes) and bearing
interest at the rate of 7.125% per annum with a final maturity in 2006
(in the case of Trails at Briar Forest).
The acquisitions were 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.
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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
