In October 2026, The Bascom Group, in partnership with an affiliate of Oberndorf Real Estate Management, acquired Museum Park Apartments in downtown San Jose for $53.1 million. Museum Park is a 117-unit Class B+ community built in 2002.
Bascom’s last case study covered Jasmine, a 1980s property in North Dallas acquired from a lender following foreclosure. Museum Park is a different kind of deal. It’s a newer vintage property in one of the country’s strongest rental markets. This case study looks at why that combination caught Bascom’s attention and how value-add strategies can be applied to newer vintage properties.
At a glance
Location: 465 West San Carlos, San Jose, CA
Units: 117
Year built: 2002
Purchase price: $53.1 million
Acquired: October 2026
Partner: An affiliate of Oberndorf Real Estate Management
Property manager: Apartment Management Consultants (AMC)
A property with room to grow
Museum Park is a three-story garden-style community spread across 12 buildings on three acres. Floor plans range from one to three bedrooms, with many offering townhome layouts or additional den spaces. Apartments average 1,035 square feet, larger than those typically found in the surrounding market and in newly built communities.
Most units have attached private garages, and just over half of those garages open directly into the home. Every apartment has an in-unit washer and dryer. The community also includes a fitness center, green space, barbecue areas, and a dog park.
So what’s the opportunity? Museum Park’s spacious apartments, townhome layouts and private garages distinguish it from many competing communities, including newer developments that often offer smaller apartments at higher community densities. The renovation plan builds on Museum Park’s existing strengths by updating kitchens, bathrooms and shared spaces. “Preserving more affordable housing options is important in a market like San Jose,” said Chad Sanderson, Senior Principal of Acquisitions and Business Development. “Our goal is to improve Museum Park’s homes and amenities while keeping it a more affordable alternative to newly built communities.”
Why downtown San Jose
Museum Park sits in a central part of downtown San Jose, close to both jobs and transit. San Pedro Square and the SAP Center are a short walk away. San Jose Diridon Station, the region’s Caltrain and light-rail hub, is less than a mile away. Interstate 280 and Highway 87 are each within half a mile.
That access matters in Silicon Valley. Major employers, including Apple, NVIDIA, Adobe, and Cisco, are minutes from the property. The surrounding area has more than 200 restaurants and 40 arts and cultural venues. Google’s Downtown West project, if completed as planned, could reshape the neighborhood further.
“The pricing reset following the rise in interest rates has created multifamily opportunities across a broad range of markets and property vintages,” said Joe Ferguson, Bascom’s Vice President of Acquisitions. “Museum Park is particularly compelling because it combines a lower acquisition price for a newer community with opportunities to create additional value through renovations and operating improvements.”
The point about property vintages is worth pausing on. Value-add is often associated with older properties that need heavy work. Museum Park shows another version of the strategy: a 2002-built community in a strong location, where the opportunity comes from updates the property simply hasn’t had yet.
The acquisition also coincides with a recent strengthening of San Jose’s rental market. Annual asking-rent growth in Downtown San Jose reached 6.8% as of October 2026, compared with 2.3% at the end of 2025, according to Costar. AI-related hiring and continued relocation to Silicon Valley have helped support renter demand, while no new market-rate apartments opened in the submarket over the past year. These conditions can support higher occupancy and rental income growth, adding a market-driven opportunity alongside the partnership’s planned property improvements.
The plan for Museum Park
The partnership is launching a phased renovation program. It will modernize kitchens, bathrooms, and common areas, along with exterior and community amenities.
“Our plan is to upgrade unit interiors with targeted improvements and enhance the property’s exterior and community amenities, giving tenants a satisfying living experience at a competitively priced alternative to newer apartment communities,” said Paul Zakhary, Bascom’s Senior Principal of Operations.
Day-to-day management will be handled by Apartment Management Consultants (AMC), a top 10 nationally recognized multifamily property manager that oversees approximately 158,000 units across the U.S. As with every Bascom property, management and construction go to third-party specialists. Bascom’s own team stays focused on acquisitions and asset management.
The goal is to improve the resident experience while keeping the character that has defined Museum Park since it opened.
Different markets, same approach
Jasmine and Museum Park look very little alike on paper. One is a 370-unit, 1980s community bought out of foreclosure in Texas. The other is a 117-unit, 2002-built property in the heart of Silicon Valley. What connects them is the approach. Bascom buys properties where it sees a clear plan to improve the community, then brings in the right partners to carry it out.
Since 1996, Bascom has completed over $23.0 billion in multifamily value-added transactions across 368 properties and 94,272 units.