BOSTON–A trio of apartment towers on Revere Beach has sold for $45 million, more than a year after part of the property was condemned and residents were evacuated, and a year after its prior owner filed for bankruptcy protection, according to reporting by the Boston Business Journal (BBJ).
As reported by BBJ, the 303-unit Water’s Edge apartment complex was purchased by an affiliate of Boston-based investment firms Eastern Real Estate and Taurus Investment Holdings. The buyers secured a $29 million mortgage from Bank of New England to finance the acquisition, BBJ said. The firms did not respond to requests for comment, according to the publication.
The property, located along Ocean Avenue on Revere Beach, consists of three high-rise buildings dating to the 1980s. The towers, between 13 and 16 stories tall, have long been landmarks on the beachfront and sit near the MBTA Blue Line’s Wonderland and Revere Beach stations, BBJ reported.
However, the complex has faced significant challenges in recent years. Two of the three towers remain vacant. One building at 370 Ocean Ave. has been unoccupied since a 2022 fire, while another at 364 Ocean Ave. was condemned in 2024 due to fire and safety code violations cited by the city of Revere, according to BBJ. Together, those two buildings account for 187 apartments.
The third building, at 382 Ocean Ave., is currently occupied, BBJ reported.
The former owner, Water’s Edge LP, filed for bankruptcy protection in 2024, listing contractors and the city of Revere among its creditors, BBJ said. The entity was managed by Carabetta Cos., a Connecticut-based real estate firm.
In a statement issued following the sale, the office of Revere Mayor Patrick M. Keefe Jr. said the city welcomed the change in ownership.
“We are happy to see the buildings take on a new life, and expect the appropriate investments be made to ensure the buildings provide safe and healthy living accommodations to our residents,” the statement read, as reported by BBJ.
According to BBJ, both new ownership groups have extensive residential portfolios in the Boston area. Eastern Real Estate’s projects include a luxury residential building in Beacon Hill, the 200 Quannapowitt development in Wakefield, Radio Factory Lofts in Melrose, and Prescott Post in Portsmouth, New Hampshire. Taurus Investment Holdings’ local holdings include The Green at 9 & 90 in Framingham; the firm previously owned Wellington Parkside in Everett, Strata in Malden and Cabot Crossing in Lowell, BBJ reported.
The sale marks a new chapter for the prominent waterfront property, which in recent years has been overshadowed by safety concerns, fire damage and bankruptcy proceedings, even as newer upscale apartment developments have risen nearby along Revere Beach, according to BBJ.
