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California  + Bay Area  + Apartments  | 

Oberndorf, Bascom Acquire Value-Add Opportunity in San Jose

An affiliate of Oberndorf Real Estate Management (OBREM) in partnership with The Bascom Group has acquired Museum Park Apartments, a 117-unit Class B+ multifamily property located at 465 W. San Carlos in San Jose for $53.1 million. The property has never been renovated and represents an opportunity for the partnership’s value-add renovation program.

Peter Oberndorf, managing director of OBREM, said, “This acquisition marks OBREM’s first investment in California in over a decade, and we are excited to return to our home base in the Bay Area. With home ownership in San Jose costing significantly more than renting, we see strong underlying fundamentals in this market, including high barriers to entry for new multifamily supply, robust demographics, and sustained job growth, that support our long-term investment in Museum Park.”

Museum Park will be managed by Apartment Management Consultants. Combined with the partnership’s planned renovation program, the new management team will help enhance the resident experience.

Read More News Stories About: Apartment Management Consultants
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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 19-plus years’ experience covering the commercial real estate industry and 35-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 11-15 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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