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…