CHICAGO-Jupiter Communities, based here, has agreed to manage five properties owned by bankrupt Tarragon Management Inc., based in Wallingford, CT. The apartment communities, with about 1,270 units, are in Tennessee, Texas and Alabama.

Tarragon is undergoing a court-approved reorganization. The Jupiter management properties include the 320-unit Vintage at Legacy property in Frisco, TX and the 278-unit Vintage at the Parke in Murfreesboro, TN. The latter property is Jupiter’s first foray into the Tennessee market. The other properties are in Huntsville, AL; Dallas and Fort Worth.

Kellie DeVilbiss, president of Jupiter, tells GlobeSt.com that expansion was ongoing even after her firm’s acquisition by Philadelphia-based RAIT Financial Trust a year and a half ago. The company now manages 51 properties in 17 states. “We’re comfortable now,” she says. “I think the next 12 to 18 months you’ll see us grow our business in areas where we already have a presence.”

She says she’s seeing a management uptick, in occupancy and traffic, in almost every market. “The only market we’re seeing still struggling somewhat is Arizona/Las Vegas, especially Arizona with the political things going on there. But mostly, across the board, we’re starting to also see a better quality renter, someone who could own a home but wants to wait out the purchase until the residential market steadies.”