<ARTICLE>                     5
<LEGEND>
     THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
     FINANCIAL STATEMENTS OF GABLES REALTY LIMITED PARTNERSHIP FOR THE THREE
     MONTHS ENDED MARCH 31, 1997, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE 
     TO SUCH FINANCIAL STATEMENTS. 
</LEGEND>
<CIK>                         0001039797
<NAME>                        GABLES REALTY LIMITED PARTNERSHIP
<MULTIPLIER>                                   1000
       
                             
<PERIOD-TYPE>                  3-MOS
<FISCAL-YEAR-END>              DEC-31-1997
<PERIOD-START>                 JAN-01-1997
<PERIOD-END>                   MAR-31-1997
<CASH>                         9,067
<SECURITIES>                   0
<RECEIVABLES>                  0
<ALLOWANCES>                   0
<INVENTORY>                    0
<CURRENT-ASSETS>               0
<PP&E>                         821,748
<DEPRECIATION>                 78,803
<TOTAL-ASSETS>                 766,035
<CURRENT-LIABILITIES>          0
<BONDS>                        402,613
<PREFERRED-MANDATORY>          0
<PREFERRED>                    0
<COMMON>                       0
<OTHER-SE>                     334,275
<TOTAL-LIABILITY-AND-EQUITY>   766,035
<SALES>                        0
<TOTAL-REVENUES>               32,232
<CGS>                          0
<TOTAL-COSTS>                  18,744
<OTHER-EXPENSES>               0
<LOSS-PROVISION>               0
<INTEREST-EXPENSE>             6,224
<INCOME-PRETAX>                12,310
<INCOME-TAX>                   0
<INCOME-CONTINUING>            12,310
<DISCONTINUED>                 0
<EXTRAORDINARY>                712
<CHANGES>                      0
<NET-INCOME>                   11,598
<EPS-PRIMARY>                  0.51
<EPS-DILUTED>                  0