San Jose apartment hub is bought in deal that hints at market strength

SAN JOSE A San Jose apartment complex is headed for upgrades after being bought at an above-average price for the region s multifamily market. Museum Park Apartments, located in downtown San Jose, has been bought for $53.1 million, according to new owners Oberndorf Real Estate Management and The Bascom Group. The buyers believe the San Jose area offers significant upsides for apartment investors, largely because owning a house has become far more expensive, making rentals appear more attractive by comparison. 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, said Peter Oberndorf, a managing director with Oberndorf Real Estate. Museum Park is a 117-unit residential hub that s located at 465 West San Carlos St., near the intersection with Gifford Avenue. Related Articles Affordable homes project set to star