Waterstone of Lexington

53–55 Watertown Street

Waterstone of Lexington is a non-smoking, residential community with 21 affordable housing apartments for residents 62 years of age or older managed by ESL Management, LLC and located at 55 Watertown Street, Lexington, Massachusetts. There are 12 one-bedroom independent living apartments, 6 two-bedroom independent living apartments and 3 one-bedroom assisted living units. A preference for up to 14 units will be provided for applicants who are current residents in the Town of Lexington.


Waterstone will provide two levels of care across distinct but interconnected independent and assisted living communities. Waterstone’s independent living neighborhood will encompass the entire six-level western wing of the building, as well as the majority of the building’s first floor. Waterstone’s assisted living neighborhood will encompass the second, third, and fourth levels of the building’s eastern wing.

Units offer luxury finishes, open and airy layouts and high-end kitchens. Waterstone’s 116 Independent Living residences include (25) one-bedrooms, (39) one- bedrooms + den, (48) two- bedrooms and (4) two- bedrooms + den. Waterstone’s 40 Assisted Living residences include (35) one- bedrooms, (1) one- bedroom + den and (4) two- bedrooms.


Pet-friendly accommodations
Great Room
Library & cyber lounge
Pub with personal wine lockers
Indoor heated pool
Fitness/exercise room staffed by professional trainers
Physical therapy room
Mind-body studio
Juice bar
Media room & theater
Community room for educational lectures and events
Dine-anytime restaurant - AL and IL dedicated
Private dining room - AL and IL dedicated
Outdoor dining - AL and IL dedicated
Putting Green
Full-service salon
Card room
Maker space
Conference room
Private underground parking
Outdoor walking paths
Outdoor kitchen with grills
Raised vegetable garden
Private Guest Suite
Wellness center with Telemedicine



Located amid the trees adjacent to the Belmont Country Club, our setting and location couldn’t be more perfect.

Waterstone of Lexington is designed with an updated take on the mid-century modern design the area is well known for. Take a stroll on the campus’ wooded conservation area, or take a short ride into Lexington Center, where you’ll have access to all the entertainment, local dining and shopping the area has to offer.

Black car transportation and concierge services are available to help you get the most out of your community. We’ll take you where you want to go, or point you in the direction of downtown Boston and all of its amenities. All you have to do is ask.

Whether you’re staying in or heading out, Waterstone of Lexington provides you with a community full of opportunities to indulge in.


Income Eligibility

In order to qualify for one of the affordable housing units at Waterstone of Lexington, an applicant household must be financially eligible: the household’s gross annual income must not exceed the current applicable 80% Area Median Income limit based on household size as determined by the United States Department of Housing and Urban Development (HUD).

Gross annual income, for the purposes of determining eligibility and suitability requirements, is calculated in accordance with the Local Initiative Program Guidelines.

Minimum Income Requirement – Households cannot pay more than 60% of their income for rent for an Independent Living (IL) apartment; and households cannot pay more than 80% of their income for rent for an Assisted Living (AL) apartment (see the Current Rental Availability Table below for specific minimum income amounts).  Exception: The minimum income requirement does not apply to any household with a tenant-based rental housing subsidy voucher through a housing agency whose payment standard covers the rent at Waterstone of Lexington.


Restriction on Home Ownership:

If an applicant owns a home, they will be required to sell their home to be eligible for the program.  Prior to move in, otherwise eligible applicants will be required to provide a copy of the purchase and sale agreement for their home and a copy of the buyer’s mortgage commitment letter.  Applicants will be required to state that they will occupy a Unit as their sole and principal residence.


2022 HUD Income Limits

Boston-Cambridge-Quincy, MA-NH HUD Metro FMR Area
Household Size80%
1 Person$78,300
2 Person$89,500
3 Person$100,700


What is Considered Income?


Income is defined as all amounts, monetary or not, that go to, or are received on behalf of, any household member (even if the family member is temporally absent).

Income is calculated to include all amounts anticipated to be received by the household within the 12 months following the household’s income certification and lease effective date.

Income also includes interest accrued from assets to which any household member has access.

It is the applicant’s responsibility to accurately divulge all income, assets and any anticipated changes in income and assets that are anticipated over the next 12 months.

Sources of income include, but are not limited to: 

  • Employment (Regular pay, overtime, bonuses, tips, commissions, shift differential, increases in pay, etc)
  • Self-Employment (Net Business Income)
  • Social Security (SS) / Supplemental Security Income (SSI) / Social Security Disability Income (SSDI)
  • Unemployment
  • Child Support / Alimony (formal or informal, even if owed arrears)
  • Public Assistance (Cash Benefits/Welfare) / State Supplement Program (SSP)
  • Periodic Payments Received from Pensions, Annuities, IRAs and Other Retirement Funds
  • Go Fund Me/Fundraising Platforms
  • Recurring Gifts and Contributions from Outside of the Household
  • Seasonal work / part-time jobs / one-off gigs

Examples of anticipated income changes include but are not limited to: 

  • Starting /closing of a business
  • Seasonal work
  • Changes in employment: position, rate of pay,# of hours, bonus, tips, commissions, overtime, etc.
  • Cost of Living Adjustments (COLAS)
  • Gain or loss of income source
  • Gain or loss or loss of clients
  • Child support or alimony (new or adjustments to support orders)



Local Preference


First preference for affordable units at Waterstone of Lexington will be given to: Current residents of the Town of Lexington, MA

For this preference to be applied to the application, the following must be completed/submitted:

    1. The preference criterion/criteria must be selected on the application as of submission; and
    2. Corresponding, corroborating documentation verifying the preference selected must be submitted with the application. Acceptable documentation of local preference includes: copy of current utility bill or taxes in your name for the Lexington address; or a copy of current lease in your name with your Lexington address. 
    3. The second preference for affordable units at Waterstone of Lexington will be given to the next eligible applicant on the lottery waitlist.




Maloney Properties’ staff is available and happy to assist you!

For more information, or if you or a family member has a disability or limited English proficiency and as a result need assistance completing the application, and/or require any assistance during the application process,  including participating in the information meetings, please contact us:

Pam Moynagh, Affordable Housing Coordinator – waterstonelexington@maloneyproperties.com | (857) 325-3703 / Relay: 711


Current Rental Availability

Property# BedsRentMinimum IncomeIncome Limit (AMI)Units AvailableAccessible Units
Ellington Metro West 1$1,401$42,03080%30
Ellington Metro West 3$1,927$57,81080%20
Ellington Metro West 2$1,671$50,13080%60
55 West 5th2$2,426$72,780100%20
ViridianMetro 1 $2,136$78,500-112,150100%10
319 & Park3$1,789$53,67070%10
319 & Park2$1,597$47,91070%20
319 & Park1$1,410$42,30070%31 unit built out for HH with mobility impairments
Wakefield Vista2$2,272$68,16080%31 unit built out for HH with mobility impairments
Wakefield Vista1$1,958$58,74080%11 unit built out for HH with mobility impairments
Arthaus - Certified Artist Restricted1$1,473$44,19070%10
Arthaus - Certified Artist RestrictedStudio$1,257$37,71070%10
Arthaus - Certified Artist Restricted2$1,668$50,04070%10
450 Cambridge St.2$1,597$38,32870%10
Strada 1$1,622$48,66080% 10
Fenway Triangle 2$2,322 $76,100 - $108,700100% 20
Fenway Triangle Studio$1,747$76,100 - $97,850100%10
The Orchards2$1,992$47,80880%10
The Reserve1$1,778$54,00080%6
Lux at Stoughton 2$2,355$70,65080%10
Lux at Stoughton 1$1,975$59,25080%10
660 Washington St.Studio$2,204$98,150-126,200120%10
Waterstone at Lexington 1- Independent Living $2,983.33$59,666.60 80% 120
Waterstone at Lexington 2- Independent Living $3,356.66$67,133.20 80% 62 units for households with mobility impairments
Waterstone at Lexington 1- Assisted Living $3,915 1 Person HH, $4,475 2 Person HH 1 HH $58,725 | 2 HH $67,125 80% 30
The Gerry1$1,885$56,55080%20
256 Washington1$1,564$46,92080%10
256 Washington2$2,013$60,39080%10


The next step is to request a lottery application, and then complete and submit your application by the deadline.

APPLICATION DISTRIBUTION PERIOD: August 3, 2022 – October 5, 2022

APPLICATION DEADLINE: October 5, 2022 5:00 pm

Free language assistance is available for those whose primary language is not English or have limited English proficiency. For more information or reasonable accommodations for persons with disabilities, please contact us.

How to Obtain an Application

Download the application on this webpage – Click “Request Application” above.

Email Us at waterstonelexington@maloneyproperties.com to Request an Application by Mail

Pick an application up at: Cary Memorial Library, 1874 Massachusetts Avenue, Lexington, MA 02420

Call Us at 857-325-3703/ Relay: 711 to Request an Application by Mail


How to Submit an Application

Applications are due October 5, 2022 at 5:00PM


Email: waterstonelexington@maloneyproperties.com

Fax:  (781) 235-0650

Mail:   Waterstone of Lexington

Affordable Housing Rental Program

Attn: Pam Moynagh

c/o Maloney Properties, Inc.   27 Mica Lane, 3rd Floor, Wellesley, MA 02481

In Person: Drop-box located at Maloney Properties, Inc. – 27 Mica Lane, Wellesley, MA


Information Sessions

Wednesday, August 10, 2022 5:00pm-6:00pm

Meeting Link

Meeting ID: 863 1536 1760

Passcode: 608301

Wednesday, September 14, 2022 5:00pm-6:00pm

Meeting Link

Meeting ID: 819 6713 4439

Passcode: 140631


Lottery Drawing Date

Wednesday, November 2, 2022 at 1PM

Meeting Link

Meeting ID: 831 2090 3465

Passcode: 315441




Tenants are responsible for the following utilities:

  • Gas (Heat and water heat)
  • Electricity (including cooking & lights)
  • Cable/Internet (Optional)


Services Included in the Rent

Independent Living

  • One meal per day
  • Transportation
  • Concierge services
  • Scheduled community activities
  • Weekly housekeeping services with linen service
  • Apartment maintenance
  • Utilities including water, sewer, gas and electricity


Assisted Living

  • Three meals per day
  • One (1) hour of personal care per day
  • Concierge services
  • Transportation
  • Scheduled community activities
  • Weekly housekeeping services with linen service
  • Apartment maintenance
  • Utilities including water, sewer, gas and electricity


Applicants with assisted living needs must be clinically appropriate and will be assessed by Waterstone of Lexington to ensure that the needs of the applicant can be met.  These determinations will be made at the sole and absolute discretion of Waterstone of Lexington.



Lottery Drawing

  • The Lottery will be held on November 2, 2022 at 1PM. Due to the COVID-19 Pandemic, the lottery will be held virtually (similar to the information meetings). All eligible Applicants will be notified of the details for the virtual lottery drawing.
  • Only Applicants who meet the preliminary eligibility requirements shall be entered into the lottery.
  • Applicants are not required to pay a deposit or any fee to enter the lottery or be placed on the waiting list.
  • Once all required information has been received, and preliminary eligibility has been determined based on the information provided on/with the application, the Lottery Agent will send a written response to Applicants with the Applicant’s registration number.
  • After the lottery has taken place, all applicants will be contacted within 14 days informing them of their lottery number and placement on the lottery list based on unit size/type. Applicants are asked to notify management if they are no longer interested in an apartment at Waterstone of Lexington.


Tel: 857-325-3703 – US Relay 711
Email: waterstonelexington@maloneyproperties.com