SAN JOSE — A condominium complex in San Jose that’s mired in a massive real estate fraud case is complete, which has cleared the way for sales of the project’s units to begin.
The San Jose residential complex is one of the Bay Area properties tied to a South Bay real estate executive who, investigators claim in a federal court case, defrauded hundreds of investors.
Residential building consisting of 91 condominium units at 1821 Almaden Road in San Jose.
The 91-unit condominium complex is located at 1821 Almaden Road in San Jose. The condos are being marketed for sale, documents on file in a U.S. District Court show.
A court-appointed receiver is handling the sales of the condos and other properties that make up the Bay Area real estate empire that Sanjeev Acharya, principal executive of Silicon Sage Builders, fashioned in recent years.
“All units have been completed,” the receiver stated in a filing with the court on June 12. “The receiver continues to finish the amenity offerings at the project including gyms, pool, spa, and the common area room. All landscaping has been completed.”
In 2020, the Securities and Exchange Commission accused Acharya of fraud, claiming he bilked 250 unwitting investors, many of them of South Asian heritage, out of about $119 million they invested in projects by Acharya and his Silicon Sage firm.
A federal judge shoved all of Acharya’s assets, including his sprawling Bay Area real estate empire, into a receivership. The receiver has been attempting to unwind the financial tangle.
The 1821 Almaden complex consists of 91 condominiums being offered for sale as a way to raise cash that could help the defrauded investors recoup at least some of their investments, the court-appointed receiver stated in a legal filing the U.S. District Court in San Francisco.
The project has landed all necessary approvals so the units can be occupied, the court documents state.
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“The receiver continues the effort to clear construction debris and material from the garage to allow homeowners full access to all parking stalls,” court documents show.
A similarly sized project in Fremont that was part of Acharya’s real estate holdings is much further along in the sales process. The Fremont condominium project is located at 42111 Osgood Road.
“The Osgood condominium project owned by Osgood is complete, with all units having closed escrow,” the court papers show.
The Fremont residential complex consists of 93 condominium units.
As for the San Jose condo complex at 1821 Almaden, the next major steps are likely to focus on completing the sales of the residences.
It’s not clear how much — if any — money from the property sales will flow to the defrauded investors.
“The receiver continues to support the sales effort of the Almaden units and has coordinated signage for marketing purposes and the development of a sales website,” the court papers state. “As of the date of this report filing, 38 units at Almaden are under contract and seven units have closed. The receiver is exploring options to increase sales velocity at the project.”