Under the terms of a pre-sale pact, Principal Capital ManagementLLC of Des Moines, IA, will purchase the community from Embrey whenit is completed, says Hawks. Principal has agreed to pay about$26.6 million, or $93,502 per unit. That equates to $96.59 per sf,Hawks says.
Upon completion, the luxury complex will total 573 units. "PhaseI of Gleneagles is always full and a second phase will help easethe housing shortage in the northern metro area," Hawks, Embrey'srepresentative, told GlobeSt.com. He says the pact is "a great dealfor Principal" while allowing Embrey "to build with very littlerisk."
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