Ocean Avenue Portfolio

Acquisition via Federal Bankruptcy of a three building, 305-unit transitional apartment community on Revere Beach.

In January 2026, following a two-year pursuit, Eastern acquired the Water’s Edge Apartments through federal bankruptcy proceedings. Located at 364, 370, and 388 Ocean Avenue on Revere Beach, this oceanfront community consists of 305 units spread across three residential towers on a five-acre site, directly adjacent to the MBTA Blue Line’s Wonderland Station.

Over the last decade, prior ownership struggled to manage the assets effectively and ultimately let two of the buildings fall into a state of disrepair. A fire in July 2022 led to the condemnation of 374 Ocean and 364 Ocean was subsequently condemned in August 2024. To stave off foreclosure, the owner filed for Chapter 11 reorganization in the US Bankruptcy Court in December 2024. After a year-long process, Eastern acquired the assets in January 2026 and initiated a comprehensive repositioning strategy aimed at restoring and modernizing the property.

As of closing, all 187 units within 360 and 370 Ocean remain unoccupied and offline but 388 Ocean (118 units) is approximately 70% leased. Eastern sees a unique opportunity to transform these assets from a defunct Class C property into a vibrant beachfront apartment community, while contributing to local housing supply and supporting the City of Revere’s broader economic and community development goals.