There is a new owner for the troubled Water’s Edge apartment buildings on Ocean Avenue.
Waltham-based Helge Capital offered $42.5 million for the three apartment buildings located at 364, 370, and 388 Ocean Ave. which contain 303 units last fall.
The former owner of the apartment complex, Connecticut-based Carabetta Companies, filed for Chapter 11 bankruptcy protection in late 2024 after a lender initiated foreclosure proceedings.
More than 100 people were displaced from 370 Ocean Ave. following a fire at the building in June of 2022.
In the summer of 2024, the Revere Board of Health condemned the building at 364 Ocean Ave.
“The City of Revere will not allow negligent property owners to put the health and safety of Revere residents at risk,” Mayor Patrick Keefe said at the time. “Waters Edge Limited Partnership has created an unimaginably difficult situation for their tenants, and displayed a total disregard for their wellbeing and dignity.”
Last week, the mayor’s office stated that it had been notified by were informed by the Registry of Deeds and legal counsel that the three properties on Ocean Avenue were under new ownership.
“The city has not yet engaged in dialogue with the new owners, but we are happy to see the buildings take on a new life, and expect (that) appropriate investments be made to ensure the buildings provide safe and healthy living accommodations to our residents,” a statement from the mayor’s office read.
