CERRITOS, CA—Privately held real estate investment firm the Picerne Group has broken ground on Aria, a class-A, 198-unit apartment community at Bloomfield Ave. and Artesia Blvd. here. The development, which is expected to be completed in the fourth quarter of 2015 with preleasing to begin mid-2015, is the first new multifamily project to be built in Cerritos in more than 40 years. Anticipated construction costs were not disclosed to GlobeSt.com.
Set to be located across the street from the Cerritos Towne Center, an open-air community center that offers shopping, dining and entertainment, the community was designed by Architects Orange. It will be a four-story wrap building with studios, one- and two-bedroom units, and the top-floor penthouses will have loft space. Designed to appeal to young professionals and families, Aria will feature amenities that include a deck with a junior Olympic swimming pool and spa, poolside cabanas and seating areas; an outdoor fireplace; a state-of-the-art fitness center with fitness on demand; and a lounge with a catering-style kitchen, gaming tables, billiards and a business center.
According to Brad Perozzi, managing director of Southern California development for the Picerne Group, “One of the best things about this project is that it is the first new multifamily project in Cerritos to be approved in more than 40 years. This great infill site is close to thousands of jobs and is within walking distance to really great retail, dining and employment opportunities. This is one of those rare gem opportunities that developers die for.”
As GlobeSt.com reported exclusively in February, Cerritos Best Plaza LLC has sold Cerritos Best Plaza, a 357,220-square-foot shopping center here, to CenterCal Properties for $61.8 million; the price equates to $173 per square foot. The center, located at 11101-11263 183rd St. here, sits on 33.48 acres of land and is adjacent to the 605 and 91 freeways. With 85% occupancy at the time of sale, the center features rental rates ranging from $.50 to $2.50 per square foot.