CHARLOTTE, N.C., Jan. 14 /PRNewswire/ -- Boddie-Noell Properties, Inc.
(Amex: BNP) is pleased to announce the acquisition of Chason Ridge Apartments
in Fayetteville, North Carolina.  Chason Ridge consists of 252 one, two and
three bedroom apartments situated on 22 acres.  The property was acquired from
Chason Ridge Partners, Limited Partnership for a contract purchase price of
$12.6 million.
    Boddie-Noell Properties, Inc. is a self-administered, self-managed real
estate investment trust.  The company now owns fifteen apartment communities
containing 3,440 units.  The Company also owns 47 restaurant properties, which
are leased to a third-party operator on a triple-net lease basis.
    You may e-mail information requests to our investor relations department
at investor.relations@bnproperties.com.

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