Irvine-based The Bascom Group and an affiliate of Oberndorf Real Estate Management have purchased the Museum Park Apartments in San Jose for $53.1 million.
CoStar records show that Museum Park Property LLC, an entity affiliated with a private resident from Irvine, sold the 117-unit Class B multifamily property at 465 West San Carlos.
The property last traded in 2020 for $57 million.
The three-story garden-style community was built in 2002 and includes 12 buildings on three acres. Apartments range from one to three bedrooms, averaging 1,035 square feet.
The property features 130 parking spaces, in-unit washers and dryers, a fitness center, green space, barbecue areas, and a dog park.
Bascom and OBREM plan to renovate the low-rise garden apartments.
