Oberndorf Real Estate and Bascom Group Acquire 117-Unit Museum Park Apartments in San Jose for $53.1 Million
An affiliate of Oberndorf Real Estate Management in partnership with The Bascom Group announced the acquisition of Museum Park Apartments, a 117-unit multifamily property located at 465 West San Carlos in San Jose, California, for $53.1 million.
Built in 2002, the garden-style community spans 12 buildings across 3 acres. The floor plans range from 1-bedroom to 3-bedroom apartments, with units averaging 1,035 square feet. The property includes 130 parking spaces, with most units featuring attached private garages and just over half providing direct access to the homes. Amenities include in-unit washers and dryers in every apartment, a fitness center, green space, barbecue areas, and a dog park.
The property is located in downtown San Jose near employment centers and transit infrastructure. San Jose Diridon Station is less than 1 mile away, providing access to Caltrain and light-rail. Interstate 280 and Highway 87 are within a half mile. Silicon Valley employers including Apple, NVIDIA, Adobe, and Cisco are minutes away, with more than 200 restaurants and 40 arts and cultural venues in the area.
Peter Oberndorf, Managing Director of OBREM, said, “This acquisition marks OBREM’s first investment in California in over a decade, and we are excited to return to our home base in the Bay Area. With home ownership in San Jose costing significantly more than renting, we see strong underlying fundamentals in this market, including high barriers to entry for new multifamily supply, robust demographics, and sustained job growth, that support our long-term investment in Museum Park.”
The company stated the property has never been renovated and represents an opportunity for value-add renovations, which will modernize kitchens, bathrooms, and common areas.
Chad Sanderson, Bascom’s Senior Principal of Business Development and Acquisitions, stated, “The commercial real estate market in San Jose and the greater San Francisco Bay Area is experiencing an unprecedented structural resurgence driven by the AI-focused Silicon Valley ecosystem, which effectively reversed post-pandemic tech downsizing and stimulated demand for well-located rental assets like Museum Park.”
Museum Park will be managed by Apartment Management Consultants (AMC), a property manager overseeing approximately 158,000 units across the U.S.