Oberndorf Acquires San Jose Apartment in Strong Market

SAN FRANCISCO, Oct. 20, 2026 /CourierPR/ -- Oberndorf Real Estate Management and The Bascom Group have acquired Museum Park Apartments, a 117-unit Class B+ multifamily property located at 465 West San Carlos in San Jose, CA for $53.1 million. The multifamily property, which was built in 2002, spans 12 buildings across three acres. The property features 130 parking spaces, with most units offering attached private garages that provide direct access to the homes. Museum Park Apartments offers residents a range of amenities, including in-unit washers and dryers, a fitness center, green space, barbecue areas, and a dog park.

The acquisition of Museum Park Apartments marks a significant moment for Oberndorf Real Estate Management, as it is the firm's first investment in California in over a decade. The property is situated in a prime downtown San Jose area, near employment centers and transit infrastructure. It is just a short walk from San Jose Square and the SAP Center, and residents have access to San Jose Diridon Station, which is less than a mile away, providing direct access to the region's Caltrain and light-rail hub. Interstate 280 and Highway 87 are within a half-mile of the property, and many of Silicon Valley's employers, including Apple, NVIDIA, Adobe, and Cisco, are within minutes' drive. Additionally, Google's Downtown West project could reshape the surrounding area if completed as planned.

The acquisition of Museum Park Apartments represents a significant opportunity for Oberndorf Real Estate Management and The Bascom Group, as the property is in a market with strong underlying fundamentals. Homeownership in San Jose is significantly more expensive than renting, which presents a compelling investment opportunity. The acquisition also aligns with the region's growing AI-focused ecosystem, which has driven significant demand for well-located rental assets like Museum Park Apartments.

The acquisition also represents a strategic opportunity for the partnership, as Museum Park Apartments is in a prime location with substantial unrealized potential. The property has never been renovated, and the partnership plans to launch a phased, strategic renovation program to modernize units and common areas. The program will involve modernizing kitchens, bathrooms, and common areas to enhance the community. The renovation program will be overseen by Apartment Management Consultants (AMC), a top 10 nationally recognized multifamily property manager, who will manage approximately 158,000 units across the U.S.

The acquisition of Museum Park Apartments is part of a broader strategy by Oberndorf Real Estate Management and The Bascom Group to capitalize on the region's growing AI-focused ecosystem and the strong underlying fundamentals in the San Jose rental market. The acquisition is expected to provide significant value to the partnership and its investors, as well as to the residents of Museum Park Apartments.