Oberndorf Real Estate, Bascom Group Acquire 117-Unit Museum Park Apartments in San Jose for $53.1 Million
SAN JOSE, CALIFORNIA, OCTOBER 27, 2026 — An affiliate of Oberndorf Real Estate Management has partnered with The Bascom Group to acquire Museum Park Apartments in San Jose, California for $53.1 million, according to the companies.
The property features 117 Class B+ units located at 465 West San Carlos. Built in 2002, the community consists of 12 three-story garden-style buildings spread across 3 acres. Unit sizes range from one to three bedrooms, with an average of 1,035 square feet per unit. The property includes 130 parking spaces, with most units offering attached private garages and just over half providing 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 is positioned near downtown San Jose employment centers and transit infrastructure. San Pedro Square and the SAP Center are within walking distance, while San Jose Diridon Station is less than a mile away, providing access to Caltrain and light rail service. Interstate 280 and Highway 87 are within a half 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 for the property, which has not been renovated since construction. The program will include modernization of kitchens, bathrooms, and common areas.
Apartment Management Consultants (AMC) will manage the property. AMC oversees approximately 158,000 units across the United States.