Oberndorf and Bascom Acquire 117-Unit Museum Park Apartments in San Jose for $53.1 Million

An affiliate of Oberndorf Real Estate Management has partnered with The Bascom Group to acquire Museum Park Apartments in San Jose, California, the companies announced. The transaction valued the 117-unit Class B+ property at $53.1 million.

The garden-style community at 465 West San Carlos was built in 2002 and consists of 12 buildings across 3 acres. Units range from 1 to 3 bedrooms with an average size of 1,035 square feet. The property includes 130 parking spaces, with most units featuring attached private garages and over half providing direct unit access. 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 Pedro Square and the SAP Center are within walking distance, and San Jose Diridon Station, which provides access to Caltrain and light rail, is less than 1 mile away. Interstate 280 and Highway 87 are within half a mile. The area includes access to employers such as Apple, NVIDIA, Adobe, and Cisco, along with more than 200 restaurants and 40 arts and cultural venues.

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 partnership plans to implement a value-add renovation program targeting kitchens, bathrooms, and common areas. According to the companies, the property has not been previously renovated.

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."

Apartment Management Consultants (AMC) will manage the property. AMC oversees approximately 158,000 units across the United States.