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ATLANTA-Locally based Indigo Pointe is growing its multifamily portfolio with the $11.45 million purchase of two Savannah, GA properties from Chicago-based Jupiter Realty Corp. Savannah is 200 miles southeast of Downtown Atlanta.

Indigo paid an average $22,106 per unit for the 15.6-acre, 208-unit Live Oak Plantation and the 23.8-acre, 310-unit Indigo Pointe Apartments.

Privately held Jupiter acquired the assets in 1999 as part of a 12-community, 1,902-unit, multifamily portfolio in South Carolina and Georgia from Lend Lease Real Estate Investments Inc., formerly Boston Financial Group. Jupiter paid $32 million or about $16,824 per unit.

Live Oak Plantation, 8505 Waters Ave., has one, two, three and four-bedroom townhomes in 30 two-story buildings and parking for 325 cars. The complex was built between 1972 and 1974. Jupiter has invested $1.4 million in capital improvements.

Indigo Pointe Apartments, 4760 LaRoche St., also has one to four-bedroom townhomes in 47 two-story buildings constructed between 1970 and 1972.

John C. Brown of Atlanta-based Apartment Realty Advisors, brokered both transactions.

Besides Chicago, 16-year-old Jupiter has offices in Atlanta, Los Angeles, Houston, Denver, San Francisco and Charleston, SC. The firm has business operations in 43 states and Costa Rica.

Jupiter also has equity interests Houston-based PM Realty Group; Hostmark Hospitality Group of Schaumburg, IL; Jupiter Communities Inc. of San Francisco; and Chicago-based Jupiter Brokerage Services.

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