Bay Area builder buys site of failed Los Gatos housing project
LOS GATOS — A Bay Area homebuilder bought the site of a failed Los Gatos housing development that had become snarled in a loan default, financial woes and a foreclosure by its lender.
Sares Regis Group of Northern California now owns the site where a housing development had been proposed at 405 Alberto Way.
The residential builder paid just under $11.8 million for the property, documents filed on April 29 with the Santa Clara County Recorder’s Office show.
The seller was the lender that in August 2025 paid $11.3 million to foreclose on the property, which is a few blocks from downtown Los Gatos.
Sares Regis Group obtained an $11.3 million loan from Stearns Bank at the time of its purchase, according to county property documents.
Los Gatos officials had previously approved plans for a 78-unit housing development on the site, some of which would have been affordable, according to plans on file.
Sares Regis Group is involved in other Bay Area projects, including the residential components of the Cityline neighborhood of homes, offices, shops and restaurants that has transformed downtown Sunnyvale.
The Los Gatos property remains undeveloped in the wake of its prior owner’s financial setbacks.
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This story was originally published April 30, 2026 at 4:04 PM.