CPP Enterprises Expands Student Housing with Purchase of The Current
Cal Poly Pomona Enterprises (CPPE) has acquired The Current, a 177-unit, 636-bed premier student housing community located just 1.5 miles from the Cal Poly Pomona campus. Amenities include a clubhouse with game room, fitness center, study lounge, private study rooms, a swimming pool and two enclosed courtyards. The $126 million purchase was finalized on June 30.
“The purchase represents a significant step in addressing the university’s student housing needs and gives us the opportunity to provide residents the programs and structure to help them be academically successful and build connection with each other,” said Christina Gonzales, vice president of student affairs.
Since the acquisition, 10 resident assistants moved into The Current. There are also four professional staff, grad assistants and student assistants on-site providing enhanced student support. Residential life programming and events to foster a vibrant community have been added, and a Grub & Go snack café has opened.
Prior to the purchase, university on-campus and campus-adjacent housing was available for almost 4,000 students. This includes the campus’ two newest residence halls opened in 2020. Still, waitlists for housing continued to grow. A 2023 housing demand assessment identified a shortage of 1,761 beds for students. Recognizing the urgency of the need and the opportunity, CPPE’s Board of Directors approved management to enter negotiations in December 2024.
“The acquisition of The Current allows us to meet immediate student housing demand without the costs, delays, and complexities of new construction,” said Juan Hernandez, CPPE’s chief financial officer. “This investment not only provides high-quality living spaces, it strengthens our commitment to enhancing the student experience.”
Built in 2024 by Gilbane Development, The Current is a 252,000-square-foot, four-story premier apartment community with fully furnished units ranging from studios to five-bedroom floor plans. When it opened in May 2024, The Current achieved 100% occupancy with a triple-digit waitlist, underscoring the strong demand for student housing.
The complex is now being managed by CPPE Student Housing, which also oversees University Village apartments. This fall, approximately 89% of residents of The Current are Cal Poly Pomona students. Most of the other residents attend nearby universities.
When current leases expire in July, CPPE will implement their housing priority system, which starts with continuing CPP student residents, followed by new CPP student applicants, new Mt. SAC student applicants and finally students of other local campuses. Non-students will not be permitted to renew their lease.
“This is an exciting milestone for CPP Enterprises, the campus, and our students,” said David Laxamana, CPPE’s director of Student Housing. “We look forward to expanding housing options for CPP students and enriching their overall residential experience.”