Oberndorf and Bascom Group acquire Museum Park Apartments in San Jose for $53.1 million
Key Takeaway: An affiliate of Oberndorf Real Estate Management and The Bascom Group has acquired Museum Park Apartments, a 117-unit community in San Jose, for $53.1 million, with a phased renovation planned.
An affiliate of Oberndorf Real Estate Management and The Bascom Group has acquired Museum Park Apartments in San Jose for $53.1 million, in a deal announced on Tuesday. PR Newswire reported the acquisition of the 117-unit community at 465 West San Carlos.
The purchase marks OBREM’s first California investment in over a decade. The buyers plan a phased renovation of kitchens, bathrooms and common areas, with Apartment Management Consultants managing the property.
The deal
Museum Park Apartments is a 117-unit garden-style community built in 2002, with 12 buildings on three acres. Units run one to three bedrooms and average 1,035 square feet, with 130 parking spaces.
Amenities include in-unit washers and dryers, a fitness centre, green space, barbecue areas and a dog park. The property sits near San Pedro Square and the SAP Center, with Diridon Station under a mile away and the Apple, NVIDIA, Adobe and Cisco campuses nearby.
“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.”
Peter Oberndorf, Managing Director of OBREM, PR Newswire
Why they bought it
Oberndorf pointed to strong rental fundamentals in San Jose, where home ownership costs significantly more than renting, citing high barriers to entry for new multifamily supply, robust demographics and sustained job growth.
Bascom’s Chad Sanderson said the San Jose and greater Bay Area commercial real estate market is experiencing an unprecedented structural resurgence driven by the AI-focused Silicon Valley ecosystem.
“Our plan is to upgrade unit interiors with targeted improvements and enhance the property’s exterior and community amenities.”
Paul Zakhary, Bascom Senior Principal of Operations, PR Newswire
Key Story Metrics
| Figure | Reported Status |
|---|---|
| Deal price | $53.1 million (PR Newswire; Orange County Business Journal) |
| Units | 117 (PR Newswire) |
| Property | 465 West San Carlos, San Jose (PR Newswire) |
| Announced | Oct 20, 2026 (PR Newswire) |
| Built | 2002 (PR Newswire) |
✓ Verified
• An affiliate of Oberndorf Real Estate Management (San Francisco) and The Bascom Group (Irvine) acquired Museum Park Apartments (PR Newswire).
• Deal price $53.1 million; announced Oct 20, 2026 (PR Newswire; Orange County Business Journal).
• Property: 117 units at 465 West San Carlos, San Jose; built 2002; 12 buildings on 3 acres (PR Newswire).
• Phased renovation of kitchens, bathrooms and common areas planned; Apartment Management Consultants to manage (PR Newswire).
⚠ Still needs confirmation
• The seller is identified as Museum Park Property LLC, an entity affiliated with a private Irvine resident, by the Orange County Business Journal citing CoStar; the release does not name the seller.
• The property’s 2020 prior trade at $57 million is reported only by the Orange County Business Journal, citing CoStar.
• PR Newswire describes the property as Class B+ while the Orange County Business Journal calls it Class B.
Frequently Asked Questions
Who bought Museum Park Apartments?
An affiliate of Oberndorf Real Estate Management and The Bascom Group.
How much was the deal?
$53.1 million.
Where is the property?
465 West San Carlos, San Jose, California.
What are the buyers’ plans?
A phased renovation of kitchens, bathrooms and common areas; Apartment Management Consultants will manage the property.
Editor’s note: Deal terms are as announced; the seller was not named in the release.
