Bascom Group Acquires San Jose Apartment Complex

The Bascom Group and Oberndorf Real Estate Management purchased the 117-unit Museum Park Apartments for $53.1 million.

Updated on Oct. 20, 2026 in Commercial

Isometric editorial illustration of a generic garden-style apartment complex with balconies, representing a residential real estate transaction. — The Bascom Group and Oberndorf Real Estate Management acquired the 117-unit Museum Park Apartments in San Jose for $53.1 million. AI Illustration. Upload story photo >

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The Bascom Group and an affiliate of Oberndorf Real Estate Management have completed the purchase of the Museum Park Apartments in San Jose for $53.1 million. The acquisition covers the 117-unit residential site located at 465 West San Carlos.

Why it matters

The acquisition marks a significant transition for the property, which previously traded for $57 million in 2020. The new owners plan to execute renovations on the garden-style complex to update the site.

The Museum Park Apartments feature 117 units spread across 12 three-story buildings on a 3-acre site. The units, which average 1,035 square feet, are supported by 130 on-site parking spaces.

The players

The Bascom Group

The Bascom Group is an Irvine-based real estate investment firm that specializes in value-add multifamily acquisitions.

Oberndorf Real Estate Management

Oberndorf Real Estate Management is a private real estate investment firm that manages diverse commercial and residential assets.

The details

The complex, constructed in 2002, offers one- to three-bedroom floor plans. Museum Park Property LLC served as the seller for the transaction.

The apartment buildings were originally completed in 2002.
The property previously traded hands for $57 million in 2020.

Culture Shift

This acquisition reflects the broader trend of institutional investors acquiring older multifamily assets to perform value-add renovations in supply-constrained urban markets. The deal highlights how current market pricing often dips below previous peak valuations seen during the 2020 multifamily valuation peaks.

Residents should anticipate upcoming site improvements and potential construction activity as the new owners begin their planned renovations. These changes could influence long-term rental rates and the overall condition of the community at 465 West San Carlos.

The takeaway

Real estate investors are increasingly targeting legacy apartment properties for renovation as a strategy to remain competitive in changing market conditions. Prospective buyers and residents should monitor how the intended upgrades impact the long-term utility of older garden-style complexes.