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DENVER-Embrey Development plans to construct a 284-unit second phase of the Gleneagles Apartment in Northglenn, a suburb north of Denver, says Jeff Hawks, a broker with Grubb & Ellis.

Under the terms of a pre-sale pact, Principal Capital Management LLC of Des Moines, IA, will purchase the community from Embrey when it 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. “Phase I of Gleneagles is always full and a second phase will help ease the housing shortage in the northern metro area,” Hawks, Embrey’s representative, told GlobeSt.com. He says the pact is “a great deal for Principal” while allowing Embrey “to build with very little risk.”

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