Bascom Group and OBREM Buy San Jose Apartments for $53.1 Million

A 117-unit apartment community in downtown San Jose has changed ownership for $53.1 million, as The Bascom Group and an affiliate of Oberndorf Real Estate Management pursue a renovation strategy targeting established rental properties in Silicon Valley. The partnership announced the acquisition of Museum Park Apartments on October 20, 2026, and plans phased upgrades to residential units and shared facilities.

According to the acquisition announcement distributed through PR Newswire, the property is located at 465 West San Carlos in San Jose, California. CoStar records cited by the Orange County Business Journal identify Museum Park Property LLC, an entity affiliated with a private Irvine resident, as the seller. The property last sold in 2020 for $57 million, making the latest transaction $3.9 million lower than its previous recorded sale.

Built in 2002, Museum Park comprises 12 buildings across three acres. The three-story, garden-style development contains one-, two- and three-bedroom apartments averaging 1,035 square feet. Its amenities include 130 parking spaces, in-unit washers and dryers, a fitness center, landscaped outdoor areas, barbecue facilities and a dog park.

Peter Oberndorf, managing director of Oberndorf Real Estate Management, described the acquisition as a return to the firm's home market after an extended absence from California investments.

"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 said.

The property is within walking distance of San Pedro Square and the SAP Center, while San Jose Diridon Station is less than a mile away. Interstate 280 and Highway 87 are within half a mile, and the surrounding region includes major technology employers such as Apple, NVIDIA, Adobe and Cisco.

Chad Sanderson, Bascom's senior principal of business development and acquisitions, linked the investment to changing conditions in the regional technology economy.

"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 said.

The planned renovation program will target apartment interiors, including kitchens and bathrooms, as well as common areas and outdoor amenities. According to the announcement, the partnership believes the property's existing layout and relatively large apartments provide room for improvements despite the development having never undergone renovations.

Paul Zakhary, Bascom's senior principal of operations, outlined the approach to improving the community while maintaining its position in the rental market.

"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." Paul Zakhary said.

Joe Ferguson, Bascom's vice president of acquisitions, said the transaction also reflects opportunities created by changes in financing conditions across the multifamily sector.

"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 said.

Apartment Management Consultants will manage Museum Park following the acquisition. The company oversees approximately 158,000 units across the United States, according to the partnership's announcement.