Home News Sale efforts push ahead at fraud-tied Fremont, San Jose housing sites

Sale efforts push ahead at fraud-tied Fremont, San Jose housing sites

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FREMONT — A Bay Area condo unit sale linked to a massive real estate fraud case is currently underway — but it’s unclear how much of the proceeds will be used to pay defrauded investors.

According to federal court documents, condominium sales have commenced in Fremont multifamily units developed by Silicon Sage Builders and its chief executive, Sanjeev Acharya. Separately, a San Jose housing project developed by Acharya is expected to start selling condominiums soon.

The US Securities and Exchange Commission has accused Acharya and Silicon Sage of deceiving and deceiving hundreds of investors. Silicon Sage’s property was forced into a court-ordered trustee.

The recipient has sought to complete the Fremont and San Jose projects so that the units can be sold as a way to help investors recoup at least some of their losses.

91 unit condominium project concept for sale at 1821 Almaden Road in Almaden, San Jose. (Silicon Sage Builders)

According to court documents, the sale of multiple condominiums on a 93-unit residential complex at 42111 Osgood Road and 42183 Osgood Road in Fremont has been completed.

“Sales are beginning to close, and so far 12 have been sold,” the recipient said in court documents. “Six more are scheduled to close this week or soon after.”

Combined revenue from these transactions is expected to be $12.2 million, according to legal documents.

Efforts are underway to complete a 91-unit residential development project at 1821 Almaden Road in San Jose.

“Almaden owns a condominium project in San Jose that is nearing completion but is still under construction,” the court-appointed trustee said in a legal document.

One of the main hurdles to clear at the San Jose complex is that the project requires approval from the state real estate agency and PG&E must power the facility.

“Almaden continues to make significant progress in construction,” the trustee said in court documents. “As of the date of this report, all units on levels 5 and 4 have been completed and finishing work has begun on levels 3, 2 and 1. Domestic water and gas are now connected to the building. The exterior of the project is now 90% sealed.”

In 2020, the SEC filed a complaint, alleging that Acharya and Silicon Sage were at the center of a widespread scheme to defraud hundreds of investors, many of whom are of South Asian descent.

“Since August 24, 2016, Silicon Sage Builders has raised approximately $119.2 million from approximately 250 investors through a series of misrepresentations, omissions and other deceptive practices.

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