Homebuilding Veteran Carl Mulac Launches Joseph Carl Homes in Phoenix

PHOENIX, May 27 /PRNewswire/ -- Joseph Carl Homes, a start-up home building
company founded by former Engle Homes President Carl Mulac, today announced
its emergence into the metropolitan Phoenix market. Joseph Carl Homes will be
focused initially on building homes in existing developments in Phoenix and
its surrounding communities.

The company also announced that it has secured funding from JEN Partners, a
New York-based real estate private equity firm. JEN Partners' executives have
more than 50 years of real estate investing experience and are responsible for
establishing and growing homebuilding and residential land companies including
MJ Brock (later acquired by Ryland), Pacific Greystone (later acquired by
Lennar) and GreenPark.

"Joseph Carl Homes has built a solid team, and we are excited about the
opportunities we are seeing in the region," said Mr. Mulac, C.E.O. of Joseph
Carl Homes. "We believe the Phoenix market is ready for the building of high
quality homes at appropriate market prices and will be well-served by a
locally-based, regional builder that can provide customers with more homes at
attractive values."

Mr. Mulac added that the company will build homes in existing communities and
is looking for opportunities in communities with finished lots.

Commenting on the JEN Partners investment, Mr. Mulac added: "We are pleased to
be building this platform working alongside a real estate investor like JEN
Partners and its seasoned industry professionals who have developed many of
the leading homebuilders in the U.S."

Reuben S. Leibowitz, JEN Partners founder and managing director, said: "Carl
has an outstanding track record leading home building companies, and he has
assembled a strong team with proven success in the industry. We have seen
numerous investment opportunities in the Phoenix market over the past two
years and believe Carl and his team have the knowledge and experience to grow
Joseph Carl Homes into a leading homebuilding company in this market."

About Joseph Carl Homes
Joseph Carl Homes is a private home building company based in Phoenix, AZ.
Founded by industry leader Carl Mulac, and funded by JEN Partners, the real
estate private equity firm, Joseph Carl Homes is focused on building
mid-priced homes, from 1,200 square feet to more than 4,000 square feet in
Phoenix and the surrounding areas. In its initial phase, Joseph Carl Homes
will begin building homes on spacious lots in Arboleda Ranch, a classic gated
community at 29th Street and Baseline Road near downtown Phoenix. For more
information, please visit the company's website at www.josephcarlhomes.com.

About JEN Partners
Jen Partners is a leading real estate private equity firm based in New York.
Established in 2005 by Reuben S. Leibowitz, JEN Partners founder and Managing
Member, the firm has an extensive network in the homebuilding and residential
land acquisition and development industries. JEN Partners invests in
U.S.-based residential real estate opportunities with a specific focus on
Arizona, California and Florida. In addition to Joseph Carl Homes, in the
Phoenix area JEN Partners has invested in a start-up residential land entity
led by Mike Jesberger, the former EVP for land acquisition at Element Homes.
For more information, please visit www.jenpartners.com.

SOURCE Joseph Carl Homes

Julie Johnson Staples, Julie@jjsandco.com, or Jennifer Powers,
Jennifer@jjsandco.com, Joseph Carl Homes, +1-212-858-7600