Exhibit 99(b)

             Koger Equity, Inc. Announces Joint Venture Acquisition
                          of Fort Lauderdale Property

BOCA RATON, Fla.--(BUSINESS WIRE)--Nov. 4, 2003--Koger Equity, Inc. (NYSE:KE)
today announced that Koger, through a subsidiary DownREIT limited partnership
("Koger LP"), will enter into a joint venture with an affiliate of Investcorp
Properties Limited of New York ("Investcorp"), to acquire all of the interests
in a partnership that owns as its sole asset a 325,000 square foot Class A
office property, known as Broward Financial Centre.

Broward Financial Centre is located at the southwest corner of Broward Boulevard
and Federal Highway in downtown Fort Lauderdale, Florida. Based on the in-place
net operating income of the property, which is currently 88% occupied, the price
at which the joint venture is acquiring the partnership interests represents an
implied capitalization rate of approximately 9.0%.

Koger will own 30% of the joint venture, while Investcorp will own 70%. Koger
will be engaged by the joint venture to provide leasing and management services
to the property.

Currently, approximately 14% of the existing partnership interests in Broward
Financial Centre are owned by entities in which Koger's Chief Executive Officer,
Thomas J. Crocker has a 50% ownership interest (collectively, "Crocker
Affiliate").

The decision to acquire Broward Financial Centre and the terms thereof were
approved by the members of Koger's board of directors and finance committee
without the participation of Mr. Crocker. Investcorp, as the joint venture
partner acquiring 70% of the economic interests, played a substantial role in
negotiating the purchase.

The joint venture expects to close on the acquisition in January 2004. Koger LP
will fund its portion of the joint venture equity in part by the issuance of
Units in exchange for the contribution of the partnership interests held by
Crocker Affiliate (approximately 40% of Koger's total investment in the joint
venture), with the remaining equity to be funded by Koger's secured line of
credit.

Koger LP will acquire the partnership interests held by Crocker Affiliate by
issuing limited partnership units ("Units") in exchange for the contribution of
its partnership interests. Crocker Affiliate will receive that number of Units
equal to the value of its partnership interest at closing divided by the lesser
of the closing price of Koger common stock on the day preceding the closing and
the average per share closing price of Koger common stock for the thirty trading
days preceding the closing. Using the closing stock price as of November 3,
2003, of $19.75 per share, the number of Units issued would be approximately
91,000 Units. The Units will be entitled to receive quarterly distributions
equivalent to the quarterly dividend declared on Koger Common Stock. Commencing
on the first anniversary of the transaction, the Crocker Affiliate can cause the
Units to be redeemed in exchange for cash (at a price per Unit equal to the
lesser of the per share price for a share of Koger common stock at the time of
redemption and the average per share closing price of Koger common stock for the
thirty trading days preceding the redemption) or, at Koger's option, shares of
common stock of Koger (one share of Koger common stock per Unit).

Tom Crocker, CEO, said, "With this transaction we are pleased to re-enter the
South Florida market, one of the fastest growing regions in the country. Broward
Financial Centre is a premier building in the market, with a strong credit
rent-roll and limited near term rollover. It complements our strategy of
acquiring in-fill locations with strong, long-term growth potential. Finally, we
believe that establishing a positive relationship with an experienced company
like Investcorp could be a valuable strategic resource in Koger's future
growth."

John Fraser, a Managing Director at Investcorp commented, "We are pleased that
we were able to form a joint venture partnership with Koger Equity, which is
gaining a reputation as one of the leading Class A office owners in the
Southeastern United States. We believe this relationship will allow us to expand
our presence in this important market. After considering Koger's commitment to
building long-term value in its assets, our decision to partner with them was
rather easy. We are excited about the future opportunities that this
relationship will create."

Estimates and certain other matters discussed in this press release may be,
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Although Koger Equity, Inc. believes the
expectations reflected in such forward-looking statements are based on
reasonable assumptions; there can be no assurance that its expectations will be
attained. Certain factors that could cause actual results to differ materially
from the Company's expectations are set forth as risk factors in the company's
SEC reports and filings, including its annual report on Form 10-K. Included
among these factors are changes in general economic conditions, including
changes in the economic conditions affecting industries in which its principal
tenants compete; its ability to timely lease or re-lease space at current or
anticipated rents to creditworthy tenants; its ability to achieve economies of
scale over time; the demand for tenant services beyond those traditionally
provided by landlords; changes in interest rates; changes in operating costs;
its ability to attract and retain high-quality personnel at a reasonable cost in
a highly competitive labor environment; future demand for its debt and equity
securities; its ability to refinance its debt on reasonable terms at maturity;
and its ability to complete current and future development projects on schedule
and on budget. Many of these factors are beyond the Company's ability to control
or predict. Forward-looking statements are not guarantees of performance. For
forward-looking statements contained or incorporated by reference herein, the
Company claims the protection of the safe harbor for forward-looking statements
contained in the Private Securities Litigation Reform Act of 1995. The Company
assumes no obligation to update or supplement forward-looking statements that
become untrue because of subsequent events.

About Koger Equity

Koger Equity, Inc. owns and operates 126 office buildings, containing 9.21
million rentable square feet, primarily located within 18 suburban office
projects in ten cities in the Southeastern United States and Texas.

Additional information about Koger is available upon request to Investor
Relations, 225 NE Mizner Blvd., Suite 200, Boca Raton, Florida 33432-4079, or
call 800-850-2037, or visit Koger's website at www.koger.com.


    CONTACT: Koger Equity, Inc., Boca Raton
             Thomas C. Brockwell, 561-395-9666