Joint Venture Acquires 117-Unit Museum Park Apartments in San Jose for $53.1M

A partnership between an affiliate of Oberndorf Real Estate Management and The Bascom Group has acquired Museum Park Apartments, a Class B+ multifamily property at 465 W. San Carlos in San Jose, for $53.1 million. The seller was not named in the announcement.

The property was built in 2002 on about three acres and consists of 12 three-story garden-style buildings with 117 one-, two- and three-bedroom units. Each unit includes in-unit washers and dryers, and most have attached private garages, with just over half offering direct access into the home.

Amenities include 130 parking spaces, a fitness center, green space, barbecue areas and a dog park. The new owners plan to modernize kitchens, bathrooms and common areas, and Apartment Management Consultants will manage the community.

For developers and lenders, the deal offers a benchmark for value per unit in a mature Bay Area submarket, and a clear example of a value-add renovation strategy on an older, well-amenitized multifamily asset.