The Picerne Group Breaks Ground on 198-Unit Apartment Community in Cerritos

Multifamily Development Next to Towne Center, Featuring Amenities Designed to Appeal to Young Professionals and Families, Is City’s First in 40 Years

CERRITOS, CA, Mar 25, 2014 (Marketwired via COMTEX) — The Picerne Group, a privately held real estate investment firm based in Southern California, held a groundbreaking ceremony this month at Aria, a Class A, 198-unit apartment community. The site, located at Bloomfield Avenue and Artesia Boulevard, is across the street from the Cerritos Towne Center, an open-air community center that offers shopping, dining and entertainment.

“First and foremost, one of the best things about this project, it is the first new multifamily project in Cerritos to be approved in more than 40 years,” said Brad Perozzi, managing director of Southern California development for The Picerne Group. “In addition, it’s adjacent to the Towne Center. This great infill site is close to thousands of jobs and within walking distance to really great retail, dining and employment opportunities. This is one of those rare gem opportunities that developers die for.”

The community, designed by Architects Orange, will be a four-story wrap building with studios, one and two bedroom units, and the top floor penthouses have loft space. Amenities will 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.

Aria will appeal to young professionals and families who can take advantage of the top-rated schools in Cerritos as well as a wealth of cultural resources, including the Cerritos Performing Arts Center and nationally ranked library.

The Picerne Group anticipates construction to be completed in the fourth quarter of 2015 and pre-leasing to begin mid-2015.

About The Picerne Group

The Picerne Group (TPG) is a privately held, Southern California-based real estate investment firm that focuses on real estate investments nationwide, as well as best-in-class asset management. TPG has successfully invested more than $1 billion in real estate equity and debt, diversifying investments across a variety of property types and geographies in the United States. The firm’s executive committee members combined have decades of experience in managing complex portfolios of residential and commercial real estate, joint ventures and loans. Additional information is available at www.picernegroup.com.