Oct 23 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.