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WASHINGTON, DC-Gables Residential has acquired the Ambassador House apartments here for $24.2 million. The 82-unit apartment building is located in District’s Dupont Circle neighborhood, one block from the circle. In a statement, Gables said the property was developed in 1998 and is fully leased. Rents average $2.39 a square foot.

Gables CEO Chris Wheeler said, “Nearly two years ago, our research identified Washington as a highly desirable and complementary market for the Gables portfolio, and we have worked diligently since that time to find the best investment opportunity for us.” Ambassador House is the company’s first acquisition in Washington. Gables, which is based in Atlanta, owns 84 communities with 24,899 completed apartment homes. The developer also has 11 additional communities with 2,731 apartment homes under development or lease-up in Georgia, Texas, Tennessee, Florida and the District.

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