Barack, Michelle Obama purchase their D.C. rental home

The Obama family has officially bought a piece of D.C. property.

Former president Barack Obama and former first lady Michelle Obama purchased the Kalorama home they’ve been renting since they left the White House in January.

In a statement obtained by PEOPLE, spokesperson Kevin Lewis explained: “Given that President and Mrs. Obama will be in Washington for at least another two and a half years, it made sense for them to buy a home rather than continuing to rent property.”

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The Obamas have said they plan to remain in the capital while their 15-year-old daughter Sasha finishes high school at Sidwell Friends in Washington.

The couple bought the 8200-square-foot eight-bedroom, 9½-bath mansion for $8.1 million, according to the Washington Post. Photos of the upstairs residence were published in a spread in Architectural Digest last December.

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The residence was previously owned by Joe Lockhart, the former White House Press Secretary under President Bill Clinton. (Lockhart moved to New York City last year to take a job with the NFL).

The Obamas will continue to be neighbors with Ivanka Trump and her husband, Jared Kushner, who live a few blocks away.

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