Sales start for bankrupt developer’s Bay Area real estate empire
SAN JOSE — An apartment complex in downtown San Jose is slated to become the first property unloaded as part of the auction of the pieces of the real estate empire of a bankrupt developer implicated in a federal fraud case.
The first property to find a potential buyer — at a $54.2 million price — is a big apartment building at 138 Balbach St. in downtown San Jose, according to papers filed July 16 with the U.S. District Court in the fraud case linked to bankrupt developer Sanjeev Acharya.
Court-appointed receiver David Stapleton is attempting to sell properties owned by Acharya, president of Silicon Sage Builders and a real estate executive who is at the center of a Securities and Exchange Commission fraud proceeding.
“The receiver has accepted an offer from Carmel Partners Realty VII to purchase the property,” documents on file with the federal court show.