Photo by Steve Adams | Banker & Tradesman Staff

The longtime owner of a troubled Revere apartment complex is preparing to sell the property outright, potentially opening a new chapter for the waterfront high-rises after years of battles with city officials.

Carabetta Companies of Meriden, Connecticut is interviewing national commercial brokerages to market the property for an outright sale, according to a filing in U.S. Bankruptcy Court in Boston.

Commercial brokers began inspecting the property last week, and Carabetta will ask the court “to retain the brokerage firm it selects and to expeditiously move forward to seek court approval of sale process to be conducted on a shortened timeframe,” attorney Kathleen Cruickshank of Boston-based Murphy & King wrote in the filing.

Carabetta previously was in discussions with “approximately eight to 10” potential joint venture partners to help it fund a reorganization under Chapter 11 bankruptcy protection and pay for repairs and renovations.

“Following an extensive review, the debtor determined that none of the bids submitted were acceptable,” the motion states.

The Water’s Edge complex includes 316 apartments at 364, 370 and 388 Ocean Ave. In August, Revere officials condemned one of the buildings, located at 364 Ocean Ave., and ordered the remaining tenants to relocate.

An affiliate of The Davis Companies acquired the mortgage for the 5-acre property last October. Carabetta, the longtime owner, staved off a foreclosure auction in December by filing for Chapter 11 bankruptcy.

Developed in 1986, the complex’s condition attracted the ire of Revere officials following a 2022 fire that caused water and smoke damage at 370 Ocean Ave. and drew attention to outstanding code violations.

The Revere Board of Health condemned 364 Ocean Ave. last year after officials testified about mold, rodent infestation and malfunctioning fire safety systems.

At the end of May, the bankruptcy estate reported total liabilities of $51.8 million and negative equity of $41.8 million.