Edward Andrews Homes teams up with Carlyle to build houses in Atlanta

Wed Oct 23, 2013 10:26pm EDT

Oct 23 (Reuters) - Edward Andrews Homes, a single-family homebuilder and land developer, said it has teamed up with the real estate arm of Carlyle Group LP to build single-family homes, a sign of continuing private equity interest in the U.S. property market.

The company's joint venture with Carlyle will also seek to purchase and develop residential land. The venture will build and sell single-family homes in the $300,000 to $1 million range on Atlanta's north side.

The companies did not provide financial details of the deal.

"We are excited about the partnership and believe that a strong capital partner will help EAH achieve the growth, innovation and value needed to become the premier builder in Atlanta," Paul Corley, the owner of Atlanta-based homebuilder, said in a statement.

Edward Andrews Homes was formed in 2009 to focus on Atlanta's residential real estate market.

Carlyle has about $180 billion in assets under management, $8 billion of which is dedicated to real estate in North America, according to the homebuilder.

Rivals Blackstone Group LP, TPG Capital Management LP and KKR & Co LP already have funds to tap into the real estate market. Blackstone has more than $54 billion of property assets under management.