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


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

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

The companies did not provide financial details of the deal.

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

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

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

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

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