Gables wants to be the only pitch you hear. Gables Residential Trust is an umbrella partnership real estate investment trust (UPREIT) that acquires, constructs, and manages upscale apartment complexes in the southern US. The company owns or has interests in about 80 properties with some 23,000 units in Florida, Georgia, Tennessee, Texas, and Washington, DC; it has nine more properties under development or in lease-up. The company focuses on luxury properties targeted toward the "affluent renter-by-choice" in upscale, high-growth urban areas, rather than outlying suburban complexes.