Oberndorf Real Estate Management, The Bascom Group Acquire San Jose's Museum Park Apartments for $53.1 Million

An affiliate of Oberndorf Real Estate Management (OBREM), in partnership with The Bascom Group, LLC, announced Oct. 21 the acquisition of Museum Park Apartments, a 117-unit, Class B+ multifamily property at 465 West San Carlos in downtown San Jose, Calif., for $53.1 million. The partnership plans a phased renovation program to modernize units and common areas, and Apartment Management Consultants (AMC) will manage the property.

Deal Details and Pricing

The $53.1 million price works out to about $453,846 per unit and roughly $438 per square foot, based on 117 units at a blended average of 1,035 square feet. The seller was Museum Park Property LLC, an entity affiliated with a private Irvine resident.

The price is about 6.8% below the $57 million Lakevision Capital West paid for the complex in 2020. It is about 17.9% above the 2026 average of $385,000 per unit for completed South Bay apartment sales.

OBREM said the purchase is its first investment in California in more than a decade.

Property Profile: Museum Park Apartments in San Jose

Built in 2002, Museum Park is a three-story, garden-style community of 12 buildings on about three acres. Floor plans range from one- to three-bedroom apartments, with a blended average of 1,035 square feet per unit, which the firms described as large relative to both the market and newly developed properties. Public listings show available floor plans ranging from about 589 to 1,438 square feet.

The property has 130 parking spaces. Most units have attached private garages, and just over half provide 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 has never been renovated, according to the buyers.

Location and Demand Drivers

Museum Park is in downtown San Jose, a short walk from San Pedro Square and the SAP Center. San Jose Diridon Station, the region's Caltrain and light-rail hub, is less than a mile away, and Interstate 280 and Highway 87 are within a half mile. Silicon Valley employers including Apple, NVIDIA, Adobe and Cisco are nearby, and the announcement cited more than 200 restaurants and 40 arts and cultural venues in the area. It also noted that Google's Downtown West project could reshape the surrounding area if completed as planned.

Value-Add Strategy and Management

The partnership plans a value-add renovation program to modernize kitchens, bathrooms and common areas. Planned work also includes exterior improvements and community amenity enhancements. AMC, which the firms described as a top 10 national multifamily manager overseeing about 158,000 units across the U.S., will manage the community.

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."

Chad Sanderson, Bascom's senior principal of business development and acquisitions, said: "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."

Paul Zakhary, Bascom's senior principal of operations, said: "Our plan is to upgrade unit interiors with targeted improvements and enhance the property's exterior and community amenities, giving tenants a satisfying living experience at a competitively priced alternative to newer apartment communities."

Joe Ferguson, Bascom's vice president of acquisitions, said: "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."

San Jose Multifamily Market Backdrop

San Jose's apartment fundamentals have tightened in 2026. CoStar reported 8.2% annual rent growth in September, compared with 1.5% nationally. Apartment List reported 7.6% year-over-year rent growth in San Jose and 9.1% across the metro, with a city median rent of $3,154 per month and a metro median of $3,373.

San Jose's second-quarter housing update reported 3.0% apartment vacancy and an average effective rent of $3,027. Marcus & Millichap forecast metro vacancy of 3.5% at year-end 2026, near a 20-year low, with average monthly rent reaching $3,438, the highest among major U.S. markets.

Asking rents at Museum Park range from about $3,428 for a one-bedroom to roughly $4,957 to $5,004 for three-bedroom units, though asking rents differ from effective rents.

About the Buyers

San Francisco-based OBREM was formed in 2012 and is led by Peter Oberndorf. The privately held investment management firm focuses on value-add and opportunistic real estate and related assets in the U.S. and Canada.

The Bascom Group is a minority-owned private equity firm specializing in value-added multifamily, commercial and non-performing loan investments. Its founding principals are Derek Chen, Jerry Fink and David Kim. Since 1996, the firm says, it has completed more than $23.0 billion in multifamily value-added transactions covering 368 properties and 94,272 units, and it has ranked among the top 50 multifamily owners in the U.S.

Sources

Oberndorf Real Estate Management and The Bascom Group press release, PR Newswire, Oct. 21, 2026: https://www.prnewswire.com/news-releases/oberndorf-real-estate-management-and-the-bascom-group-acquire-museum-park-apartments-in-san-jose-ca-for-53-1-million-302915006.html