September 27, 2022

Very affordable households developer purchases fraud-connected Fremont houses

FREMONT — An very affordable houses builder has acquired two Fremont attributes tangled in a serious estate fraud situation in a offer that may return some income to buyers who securities regulators claim had been swindled by a Bay Place developer.

MidPen Housing Corp., performing as a result of an affiliate, has bought parcels at 41965 and 42021 Osgood Road in Fremont, in accordance to paperwork filed on Nov. 30 with the Alameda County Recorder’s Workplace.

MP Irvington, the MidPen affiliate, paid $13.5 million for the two web-sites, the county documents clearly show.

These Fremont parcels are between a lot of attributes that ended up element of the Bay Region real estate empire fashioned by unsuccessful developer Sanjeev Acharya and his fraud-joined organization Silicon Sage Builders.

42021 and 41965 Osgood Street in Fremont, shown within the define. Boundaries are approximate. (Google Maps)

The Securities and Exchange Commission has accused both Acharya and Silicon Sage of an array of fraudulent steps that fleeced hundreds of investors, several from the South Asian community, according to the SEC allegations.

MidPen Housing’s obtain of the Fremont websites was an all-funds offer, in accordance to the house files.

Jeff Aguilar, a broker with CBRE, a industrial serious estate company, organized the purchase offer, U.S. District Court information show.

A federal choose has shoved Silicon Sage’s attributes into receivership. David Stapleton, the court docket-appointed receiver, has begun a intricate system of attempting to salvage benefit from the collapsed and bankrupt authentic estate empire by getting purchasers for the attributes.

Ahead of choosing a likely consumer for the Osgood Road site in Fremont, the receiver marketed the residence for some months, according to courtroom papers.

The prior proposal for the assets envisioned the enhancement of 284 units on 3.5 acres at the Osgood Street site.

MidPen Housing envisions somewhere all-around 190 to 270 units at the Osgood web-site, according to Fremont city setting up documents.

The receiver also has engineered the sale of 3 other attributes:

— Just one38 Flats at 138 Balbach St. in downtown San Jose was offered for $53.5 million to Carmel Companions on Oct. 13.

— On Oct. 15, an business developing at 510 S. Mathilda Ave. and an adjacent condominium advanced at 518 by 528 S. Mathilda Ave. had been purchased for $6.45 million.

— On Sept. 29, the business and retail models in the Madison combined-use progress at 1364, 1374 and 1378 El Camino Authentic in Santa Clara were acquired for $2.6 million. Household condos in the sophisticated weren’t involved in that offer.