117-Unit Downtown San Jose Apartment Community Sells for $53.1 Million: Buyers Plan Full Renovation
The Museum Park apartment community in downtown San Jose, Santa Clara County, California, has changed hands for $53.1 million. A partnership between an affiliate of Oberndorf Real Estate Management (OBREM) and The Bascom Group announced the acquisition on October 21.
Museum Park, at 465 West San Carlos, was built in 2002 and spans 12 three-story garden-style buildings across about three acres, with 117 one- to three-bedroom apartments averaging about 1,035 square feet and 130 parking spaces, most units with attached private garages. The community is a short walk from San Pedro Square and the SAP Center, less than a mile from San Jose Diridon Station, and within half a mile of Interstate 280 and Highway 87.
The property has never been renovated since it opened. The buyers say they will launch a value-add renovation program to modernize kitchens, bathrooms and common areas, and have hired Apartment Management Consultants, which manages about 158,000 units nationwide, to run the property.
Peter Oberndorf, managing director of OBREM, said the deal marks the firm's first investment in California in over a decade, noting that home ownership in San Jose costs significantly more than renting and that high barriers to new multifamily supply, robust demographics and sustained job growth support a long-term investment in Museum Park. Chad Sanderson, a senior principal at Bascom, said the SI-focused Silicon Valley ecosystem is driving a structural resurgence in San Francisco Bay Area commercial real estate, stimulating demand for well-located rental assets.
Source: GSM · USA (original Chinese edition)
Photo: San Jose 市中心天际线（资料图）。图片：Tom Pavel，CC BY 2.0，经 Wikimedia Commons。 / Downtown San Jose skyline (file photo). Photo: Tom Pavel, CC BY 2.0, via Wikimedia Commons.
