It is presumably based off of the real-life Oberlin College located in that same city.
In That's Too Much, Man!, BoJack has a blackout, on his drug bender with Sarah Lynn and wakes up in the car, driving to Ohio to make amends with Penny; and to see if he messed up her life. He demands to Sarah Lynn, that they turn the car around, but they end up at her school library.
They spot Penny using the computer and BoJack says that they should stop following her, although he blacks out again and it's now later at night, outside of a party Penny is attending.
BoJack says that she seems fine and that maybe he didn't ruin her. He agrees to drive them home after he pees, but ends up bumping into the Obertones. They topple over and Penny notices him. She begins to freak out and tells him that he can't be here, and, thinking he came there to find her, she says "I was seventeen, I didn’t know any better!" The people around them start to recognize Sarah Lynn and BoJack, and begin to take pictures of them, so they leave as a frightened Penny disappears into the crowd.
Back in the car, Sarah Lynn tells BoJack that Penny was probably doing great, before they showed up and that they should've just left her alone; to BoJack's annoyance.