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


         Date of Report (Date of earliest event reported) May 25, 1995


                               KOGER EQUITY, INC.
             (Exact name of registrant as specified in its charter)



      Florida                 1-9997           59-2898045    
(State or incorporation    (Commission       (IRS Employer
   or organization)        File Number)    Identification No.)



3986 Boulevard Center Drive, Suite 101
     Jacksonville, Florida                        32207      
(Address of principal executive offices)        (Zip Code)



Registrant's telephone number:        (904) 398-3403         



                               N/A                           
(Former name or former address, if changed since last report)




Item 5.  Other Events.

     On May 24, 1995, The Koger Partnership,  Ltd. (the  "Partnership") of which
Southeast  Properties Holding  Corporation,  Inc., a subsidiary of Koger Equity,
Inc. is the Managing General Partner,  entered into an agreement for the sale of
all the  properties of the  Partnership,  consisting of 92 buildings and related
land located in seven Koger Office  Centers,  to an investment  entity for which
J.P. Morgan Investment  Management Inc.  ("Morgan") acts as investment  manager,
for a cash  purchase  price of $154  million.  The sale is  subject  to  various
conditions,  including  receipt by the Partnership of a fairness  opinion from a
qualified  valuation  firm and the  right of  Morgan  to  terminate  during  its
diligence  period and until the closing which is scheduled for late July. If the
Partnership refuses to sell to Morgan or fails to obtain a fairness opinion from
a  qualified  valuation  firm,  then  the  Partnership  will be  liable  for the
allocable  out-of-pocket  expenses incurred by Morgan, not to exceed $1,000,000,
and in the  event of such  refusal,  Morgan  will  also  have the  right to seek
specific  performance  of the  contract.  If as a result  of the  duties  of the
General Partner to the Partnership,  the Partnership's  properties are sold to a
party other than Morgan, then Morgan will receive a fee of 10% of the difference
between the new selling  price and $154 million,  however,  the fee shall not be
less than $2.5 million nor more than $5 million.

     Conditional on completion of the Partnership's sale, Koger Equity, Inc. has
agreed to sell to Morgan three office buildings and land within or contiguous to
the Partnership's office centers which were, under the Partnership's  Bankruptcy
Plan, subject to purchase options.  The purchase options were designed to permit
the  Partnership  to  deliver  title  to  those  properties  to a  buyer  of the
Partnership's office centers. The purchase price for the Koger Equity properties
will be $28.2 million,  which  approximates  their book value.  Indebtedness  of
approximately  $21 million on the three  buildings will be discharged.  If Koger
Equity  willfully  refuses to sell to Morgan,  Koger  Equity  will be liable for
Morgan's allocable  out-of-pocket expenses up to $1,000,000 and Morgan will have
the rights to such specific  performance.  In addition, a corporation related to
Koger Equity will enter into an agreement  with Morgan to manage the  properties
being sold.




     The net  proceeds  from the sale of the  Partnership's  properties  will be
sufficient to repay in full all its outstanding debt except for the subordinated
debt held by Southeast and other  subordinated  claims.  The outstanding debt of
the  Partnership to be repaid  includes $31.0 million of debt which Koger Equity
acquired  or  committed  to acquire  from  other  creditors  for $17.1  million.
However,  Southeast will be repaid only an estimated  $14.2 million of the $37.2
million of subordinated debt owed to it and restructured under the Partnership's
Bankruptcy  Plan.  Koger  Equity  had  previously  assigned  no  value  to  this
subordinated debt in its consolidated  financial  statements.  Koger Equity does
not expect further payments or  distributions  from the Partnership on its 32.4%
equity  interest  in the  Partnership.  Morgan  would  also be  entitled  to its
allocable out-of-pocket expenses up to $1,000,000.

     It is contemplated the transaction will close around July 28, 1995.






Item 7.  Financial Statements and Exhibits.

     (c) Exhibits

         Exhibit Number              Description of Exhibit

               99             Koger Equity, Inc. Press Release
                              dated May 25, 1995

 


                                   SIGNATURE

     Pursuant to the  Requirements  of the Securities  Exchange Act of 1934, the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.

                               KOGER EQUITY, INC.



Date:  May 25, 1995           By: 
                                  Victor A. Hughes, Jr.
                                  Title:  Senior Vice President
                                          and Chief Financial
                                          Officer



                                 EXHIBIT INDEX

     The following designated exhibits are filed herewith:

Exhibit

  99        Koger Equity, Inc. Press Release
            dated May 25, 1995




NEWS
                          KOGER EQUITY, INC. ANNOUNCES
                       AGREEMENT OF SALE OF PROPERTIES OF
                          THE KOGER PARTNERSHIP, LTD.

     JACKSONVILLE,  FLORIDA,  May  25,  1995 --  Koger  Equity,  Inc.  (AMEX:KE)
announced today that The Koger Partnership, Ltd., for which Southeast Properties
Holding  Corporation,  Inc.  ("Southeast"),  a wholly owned  subsidiary of Koger
Equity,  acts as general partner,  has entered into an agreement for the sale of
all the  properties of the  Partnership,  consisting of 92 buildings and related
land located in seven Koger Office  Centers,  to an investment  entity for which
J.P. Morgan Investment  Management,  Inc. ("Morgan") acts as investment manager,
for a cash  purchase  price of $154  million.  The sale is  subject  to  various
conditions,  including  receipt by the Partnership of a fairness  opinion from a
qualified  valuation  firm and the  right of  Morgan  to  terminate  during  its
diligence  period  and until  the  closing  which is  scheduled  for late  July.
Conditional  on completion of the  Partnership's  sale,  Koger Equity,  Inc. has
agreed to sell to Morgan three office buildings and land within or contiguous to
the Partnership's office centers which were, under the Partnership's  Bankruptcy
Plan, subject to purchase options.  The purchase options were designed to permit
the  Partnership  to  deliver  title  to  those  properties  to a  buyer  of the
Partnership's office centers. The purchase price for the Koger Equity properties
will be $28.2 million,  which  approximates  their book value.  Indebtedness  of
approximately  $21  million  on the  three  buildings  will  be  discharged.  In
addition,  a  corporation  related to Koger  Equity will enter into an agreement
with Morgan to manage the properties being sold.

     The net  proceeds  from the sale of the  Partnership's  properties  will be
sufficient to repay in full all its outstanding debt except for the subordinated
debt held by Southeast and other  subordinated  claims.  The outstanding debt of
the  Partnership to be repaid  includes $31.0 million of debt which Koger Equity
acquired  or  committed  to acquire  from  other  creditors  for $17.1  million.
However,  Southeast will be repaid only an estimated  $14.2 million of the $37.2
million of subordinated debt owed to it and restructured under the Partnership's
Bankruptcy  Plan.  Koger  Equity  had  previously  assigned  no  value  to  this
subordinated debt in its consolidated  financial  statements.  Koger Equity does
not expect further payments or  distributions  from the Partnership on its 32.4%
equity interest in the Partnership.

     Koger Equity, Inc. owns 219 office buildings  containing  approximately 7.9
million net rentable  square feet,  located in 16 markets in the  Southeast  and
Southwest.
                                      ###