Photo by Steve Adams | Banker & Tradesman Staff

A partnership of two Boston developers submitted the high bid to acquire three Revere Beach high-rises in a bankruptcy proceeding.

Taurus Investment Holdings and Eastern Real Estate outbid Waltham-based Helge Capital for the Water’s Edge complex on Ocean Avenue.

The long-time owners of the property, Carabetta Companies of Meriden, Connecticut, filed for bankruptcy in 2024 after a lender began foreclosure proceedings.

The closing is scheduled for the week of Jan. 5, 2026, according to a U.S. Bankruptcy Court filing.

Helge Capital, a Waltham-based multifamily developer, bid $42.5 million. The company previously offered $42 million in an earlier round of bidding.

Nine developers originally submitted bids in a marketing process overseen by brokerage Newmark.

The 364 Ocean Ave. tower was damaged by a fire in 2022 and was subsequently condemned by the city of Revere.

An affiliate of The Davis Companies acquired the mortgage for the 5-acre property at 364, 388 and 370 Ocean Ave. in November 2024.

Private equity real estate firm Taurus invests in a range of asset types and has experience acquiring and updating older apartment complexes. In 2022, Taurus partnered with Kayne Anderson Real Estate on acquisition of the 1,020-unit Halstead Framingham complex.

A spokesperson for Taurus declined to comment and Eastern Real Estate didn’t return a message.