Oberndorf Real Estate Management and The Bascom Group Acquire Museum Park Apartments in San Jose, CA for $53.1 Million

✦ Meridian Analysis

An affiliate of Oberndorf Real Estate Management, in partnership with The Bascom Group, has acquired Museum Park Apartments, a 117-unit Class B+ multifamily property in San Jose, California, for $53.1 million. The buyers plan to execute a value-add renovation program to modernize kitchens, bathrooms, and common areas of the three-story garden-style community, which was built in 2002 and has never been renovated. Apartment Management Consultants will manage the property. Peter Oberndorf, Managing Director of OBREM, stated that the transaction marks the firm's first investment in California in over a decade. Chad Sanderson, Bascom's Senior Principal of Business Development and Acquisitions, noted that the commercial real estate market in the San Francisco Bay Area is experiencing a resurgence driven by the AI-focused Silicon Valley ecosystem. Joe Ferguson, Bascom's Vice President of Acquisitions, added that the pricing reset following the rise in interest rates has created multifamily opportunities across a broad range of markets and property vintages. The transaction details did not disclose the financing package used to fund the $53.1 million purchase price, the names of any lenders involved, or the identity of the seller.

The Meridian Weekly