Oberndorf Real Estate Management Acquires Museum Park Apartments in San Jose for $53.1 Million
An affiliate of Oberndorf Real Estate Management (OBREM) has acquired the Museum Park Apartments, a 117-unit multifamily property located in downtown San Jose, California, for $53.1 million. Built in 2002 and featuring large unit sizes averaging 1,035 square feet per apartment, the property offers attached private garages to most units along with amenities such as fitness centers, green spaces, barbecue areas, and a dog park. The acquisition marks OBREM's first investment in California in over ten years. The partnership plans to implement a phased renovation program aimed at modernizing kitchens, bathrooms, and common areas to enhance the property’s appeal. Located near major employment hubs like Apple, NVIDIA, Adobe, Cisco, and Google's Downtown West project, Museum Park benefits from strong demand due to high home ownership costs in San Jose. The property will be managed by Apartment Management Consultants (AMC), a top 10 multifamily manager overseeing over 158,000 units nationwide. The renovation strategy is expected to improve the resident experience while preserving the community's charm and increasing its competitiveness against newer developments.
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Topics: multifamily housing property renovation real estate acquisition