Oberndorf, Bascom Acquire Value-Add Opportunity in San Jose

Oberndorf, Bascom Acquire Value-Add Opportunity in San Jose
News| October 21, 2026| Paul Bubny
California & West + Apartment Buildings

An affiliate of Oberndorf Real Estate Management (OBREM) in partnership with The Bascom Group has acquired Museum Park Apartments, a 117-unit Class B+ multifamily property located at 465 W. San Carlos in San Jose for $53.1 million. The property has never been renovated and represents an opportunity for the partnership’s value-add renovation program.

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.”

Museum Park will be managed by Apartment Management Consultants. Combined with the partnership’s planned renovation program, the new management team will help enhance the resident experience.

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