BY NICOLE B. BENAVENTE
Core Tech Investment LLC, an affiliate company of Core Tech International Corp., added another property to its real estate portfolio earlier this month. Core Tech closed the deal on Premier Apartments, a 94-unit apartment complex in Yigo, on Oct. 12.
The property includes eight commercial units, five one-bedroom units and 81 two-bedroom units, with an average unit size of 600-square-feet. The apartments cover a total land area of 13,729 square meters and include one office unit and a laundry area for tenants.
Premier Apartments is Core Tech’s second investment in Yigo, bringing Core Tech’s total apartment/condominium inventory to 2,052 units within 29 properties.
Juno Eun, president and CEO of Core Tech Development LLC and CEO of Core Tech Investment LLC did not disclose the selling price, but said that the company will invest more than $1 million to renovate the units and improve conditions. Core Tech examined the present condition of the property and has begun to make improvements starting with what is most urgent, such as sprinklers and fire alarms.
“We will renovate and upgrade [the property’s] condition to serve the community better, like we always do,” Eun told the Journal.
Core Tech Investment is working under and with Core Tech Development to handle many apartments and commercial buildings, Eun said, including all properties purchased from Tanota Rentals LLC, the rental leg of the Tanota group of companies founded by Alfred C. Ysrael. mbj