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

An affiliate of Oberndorf Real Estate Management (OBREM), in partnership with The Bascom Group, LLC, has acquired Museum Park Apartments, a 117-unit multifamily community located at 465 West San Carlos Street in downtown San Jose, California, for $53.1 million.

Originally built in 2002, the garden-style community spans approximately three acres and consists of 12 three-story buildings. The property features a mix of one-, two- and three-bedroom floor plans averaging 1,035 square feet, complemented by 130 parking spaces, private attached garages on most units, in-unit washers and dryers, a fitness centre, green spaces, barbecue areas and a dog park. The Orange County Business Journal, citing CoStar records, classified the property as Class B, while the PR Newswire release and citybiz described it as Class B+.

According to the PR Newswire release, the new ownership partnership plans to implement a phased renovation programme targeting kitchens, bathrooms, building exteriors and common areas. Property management will be handled by Apartment Management Consultants (AMC), which oversees approximately 158,000 units.

The citybiz reported that the transaction breaks down to approximately $453,846 per unit. The Orange County Business Journal reported, citing CoStar records, that Museum Park Property LLC, an entity affiliated with a private resident from Irvine, sold the property and that it last traded in 2020 for $57 million. These historical transaction details have not been independently corroborated.

What the buyers said

The buyers framed the deal as a return to the Bay Area and a bet on San Jose’s rental fundamentals.

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.

Peter Oberndorf, Managing Director of OBREM

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.

Chad Sanderson, Bascom’s Senior Principal of Business Development and Acquisitions

The pricing reset following the rise in interest rates has created multifamily opportunities across a broad range of markets and property vintages. Museum Park fits our strategy by combining newer construction with substantial value-add potential through renovations and operating improvements. Its Silicon Valley location makes the opportunity particularly compelling, as the region is one of the few markets in the country currently experiencing significant job and rent growth.

Joe Ferguson, Bascom’s Vice President of Acquisitions

Key Story Metrics

Figure	Reported Status
Sale Price	$53.1 million
Unit Count	117 units
Location	465 West San Carlos Street, San Jose, CA
Year Built	2002
Site Area	~3 acres, 12 three-story buildings
Average Unit Size	1,035 sq ft
Parking	130 spaces, private attached garages on most units
Buyers	OBREM affiliate and The Bascom Group
Property Manager	Apartment Management Consultants (AMC)

• citybiz (Paul Bluemner, Oct 21, 2026)
• PR Newswire / Oberndorf Real Estate Management (Oct 20, 2026)
• Orange County Business Journal (Joseph Pimentel, Oct 20, 2026)

Editor’s note: Market valuations and historical trade data are drawn from available public records and single-source commercial real estate tracking.