Bascom Group JV Buys Bay Area Apartments for $53M

Oberndorf Real Estate Management and The Bascom Group have acquired Museum Park Apartments, a 117-unit property at 465 West San Carlos St. in San Jose, Calif., for $53.1 million. The seller was Lakevision Capital West, which paid $57 million for the asset in 2020, the East Bay Times reports.

The three-story garden-style community includes 12 buildings on three acres in downtown San Jose. The property offers one- to three-bedroom apartments, which average 1,035 square feet per unit. The new owners plan to modernize kitchens, bathrooms and common areas to enhance the community.

Residents have access to 130 parking spaces, with most units featuring attached private garages. Other amenities include in-unit washers and dryers, a fitness center, green space, barbecue areas and a dog park.

Strength in San Jose

San Jose has a famously expensive real estate market, including multifamily rents, but demand remains brisk all the same. Until recently, supply growth has been robust, and yet occupancies have kept pace, with the rate in stabilized assets ticking up 10 basis points year-over-year, to 96.6 percent as of April, according to Yardi Matrix data.

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During the last two years, nearly 10,000 new apartments were added to the market’s inventory, but only 283 units completed year-to-date through May, the same source notes. Year-over-year, asking rents in the market grew 3.6 percent, turning in one of the strongest growth rates nationwide. The U.S. average eked out a 0.1 percent rise year-over-year.

Investors are active, trading $760 million year-to-date through May in Silicon Valley, 14 percent more than the volume during the same time last year. Last week, Kennedy Wilson, Hulic Co. Ltd. and Fuyo General Lease Inc. formed a joint venture to acquire One South Market, a 312-unit community in downtown San Jose for $176 million from Lakevision Capital.