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ATLANTA-Gables Residential says the intown location and the its desire to enter the Washington, DC multifamily market motivated its $24.4 million purchase of the 82-unit Dupont Circle apartments.

GlobeSt.com couldn’t reach Gables officials to learn the seller’s name, monthly rents or total square footage of the property.

The 79,895-sf high-rise apartment community is fully leased at an average rent of $2.39 per sf. The purchase brings the total properties owned by Gables Residential to 84 communities with 24,899 completed apartment homes.

The company, which trades on the New York Stock Exchange, opened Wednesday at $30.45 per share.

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