Cost-effective houses developer buys fraud-joined Fremont attributes

FREMONT — An reasonably priced houses builder has purchased two Fremont houses tangled in a authentic estate fraud scenario in a offer that may well return some cash to investors who securities regulators claim were swindled by a Bay Spot developer.

MidPen Housing Corp., acting by an affiliate, has bought parcels at 41965 and 42021 Osgood Street in Fremont, according to documents submitted on Nov. 30 with the Alameda County Recorder’s Business office.

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

These Fremont parcels are among quite a few qualities that have been part of the Bay Spot authentic estate empire fashioned by unsuccessful developer Sanjeev Acharya and his fraud-joined firm Silicon Sage Builders.

42021 and 41965 Osgood Highway in Fremont, proven within just the define. Boundaries are approximate. (Google Maps)

The Securities and Trade Commission has accused each Acharya and Silicon Sage of an array of fraudulent steps that fleeced hundreds of traders, numerous from the South Asian group, according to the SEC allegations.

MidPen Housing’s acquire of the Fremont web pages was an all-dollars deal, according to the residence paperwork.

Jeff Aguilar, a broker with CBRE, a commercial actual estate firm, organized the purchase deal, U.S. District Courtroom information present.

A federal decide has shoved Silicon Sage’s homes into receivership. David Stapleton, the courtroom-appointed receiver, has begun a sophisticated method of making an attempt to salvage benefit from the collapsed and bankrupt serious estate empire by locating potential buyers for the properties.

Right before finding a potential purchaser for the Osgood Street website in Fremont, the receiver promoted the house for some months, in accordance to court papers.

The earlier proposal for the house envisioned the growth of 284 units on 3.5 acres at the Osgood Street web site.

MidPen Housing envisions somewhere all around 190 to 270 units at the Osgood site, in accordance to Fremont town planning documents.

The receiver also has engineered the sale of a few other qualities:

— A single38 Flats at 138 Balbach St. in downtown San Jose was bought for $53.5 million to Carmel Partners on Oct. 13.

— On Oct. 15, an place of work building at 510 S. Mathilda Ave. and an adjacent apartment complicated at 518 through 528 S. Mathilda Ave. were being bought for $6.45 million.

— On Sept. 29, the workplace and retail models in the Madison combined-use progress at 1364, 1374 and 1378 El Camino Real in Santa Clara were being acquired for $2.6 million. Residential condos in the complex weren’t concerned in that deal.