San Jose Apartment Complex Sells for $53 Million
The 117-unit property at 465 West San Carlos recently traded for millions less than its 2020 sale price.
Updated on Oct. 20, 2026 in Commercial
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The Bascom Group and an affiliate of Oberndorf Real Estate Management have purchased the 117-unit Museum Park Apartments for $53.1 million. Located at 465 West San Carlos in San Jose, the garden-style complex was originally built in 2002.
Why it matters
This transaction reflects the shifting valuation of local multi-family assets, as the property sold for $3.9 million less than its previous trading price in 2020. The acquisition signals ongoing capital investment in San Jose housing stock.
The property includes 12 buildings spread across three acres, featuring 130 parking spaces and units averaging 1,035 square feet. The sale represents a significant price adjustment compared to the $57 million valuation recorded in 2020.
The players
The Bascom Group
An Irvine-based private equity firm specializing in multi-family real estate investments and property value-add strategies.
Oberndorf Real Estate Management
An investment management firm that partners on property acquisitions and asset management projects.
Museum Park Apartments
A 117-unit, garden-style residential complex located at 465 West San Carlos in San Jose.
The details
The complex consists of three-story garden-style buildings that have served the San Jose area since 2002. The new owners, The Bascom Group and Oberndorf Real Estate Management, have announced plans to renovate the 117 units. The site layout spans three acres and accommodates residents with 130 parking spaces.
Timeline
2002: Museum Park Apartments construction completed.
2020: Property previously traded for $57 million.
October 20, 2026: The acquisition was finalized.
The Home Front
This acquisition follows the documented national trend of softening multi-family property valuations observed between 2022 and 2026. The purchase price at a discount to 2020 levels reflects current institutional adjustments in the commercial real estate market.
If you are a tenant at this location, watch for official management notices regarding the timing of upcoming property renovations. You may want to review your current lease agreement to understand how these ownership changes affect your service and maintenance protocols.
The takeaway
San Jose renters should note that property ownership changes often lead to physical upgrades or operational shifts within a complex. Keep a copy of your current lease in a secure location and document the condition of your unit before any major facility renovations begin.
Further reading
For more on local market shifts, visit Commercial.
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