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.
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.