Construction is underway on a $74.3-million apartment complex across the street from the Cerritos Towne Center shopping and entertainment mall.
The 198-unit apartment community called Aria is being built by Picerne Group, a real estate investment firm in San Juan Capistrano.
Aria is the first new multifamily project larger than 100 units built in Cerritos in more than 40 years, said Brad Perozzi, managing director of Southern California development for Picerne Group.
"This great infill site is close to thousands of jobs and within walking distance to really great retail, dining and employment opportunities," Perozzi said.
The four-story building at 12615 Artesia Blvd. was designed by Architects Orange. It will have studios, one- and two-bedroom units, and penthouses with lofts. Aria will have a swimming pool with cabanas and seating areas, an outdoor fireplace, a fitness center, a lounge and a business center.
Aria is intended to appeal to young professionals and families. Completion is scheduled for the end of 2015.
Lenders providing financing for the project are Comerica Bank and California Bank and Trust.