The first residential development has opened its doors in the Alameda Point Waterfront District. The 30-acre site was once home to a Naval Air Station but has been revitalized for the community. Aero Apartments, a joint venture project between Cypress Equity Investments and Equity Residential, is a major milestone in that revitalization.

"This is part of stage one of the greater Alameda Point Waterfront District, and really Aero Apartments is the first opportunity for residential units in this new district," Alla Sorochinsky, Cypress Equity Investments' managing director and CFO, tells GlobeSt.com. "We really focused on high design and cosmopolitan living so that people could really enjoy the waterfront setting. This is the first construction of lease-up apartments in the last two decades in Alameda Point, and we really envisioned providing a very tranquil community just minutes from San Francisco. We are providing something new and different in the Bay Area."

This property took collaboration between the development team and the city to get off of the ground and a strong vision. "The City of Alameda has really wanted to redevelop this waterfront for a long time," says Sorochinsky. "It really took bringing the developer to build both the horizontal infrastructure and then build the units in the building. Alameda Point is a place that typically has large single-family homes and a lot of older apartments as well as really nice retail. This project was the next step in bringing new residential living to the area."