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.


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

multi-story apartment building


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.


Please note, this is not a lottery. Applications for Waterstone of Lexington are processed on a first come, first served basis, as apartments become available  (see the Current Availability table in the next section below).

If there is no current availability, applications are added to the waiting list and are reviewed upon receipt to ensure completion and proper documentation only. Applications will then be reviewed for eligibility when they are reached on the waiting list.

Applicants will be emailed upon receipt of their application and upon each application review. Please check your email regularly. 


Waterstone of Lexington is a mixed-income community offering affordable apartment rentals. Eligibility and income restrictions apply. Find current availability and income limits in the table below.

Minimum income limits apply unless the household receives mobile housing assistance (including, but not limited to: VASH, Section 8 and MRVP).

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)




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, 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 2-Bedroom$1,771$53,13080%10
Woburn Heights 2- Bedroom $2,374 $71,22080%21
Halstead BurlingtonStudio$1,931$57,93080%10
Halstead Burlington1-Bedroom $2,206$66,18080%10
Haywood House 1 Bedroom - Age Restricted 62+ all members of household $1,98659,58099%230
256 Washington St.1 Bedroom$1,414$42,42080%10
Viridian2 Bedroom$2,426$78,500 to $112,150100%10
Fenway Triangle 2 Bedroom$2,931$98,150 - $140,200120% 10
Dot BlockStudio$879$26,37050%10
Dot BlockStudio$1,257$37,71070%21 unit built out for households with Mobility Impairments and/or are Deaf/Hard of Hearing
Dot BlockCompact Studio$1,130$33,90070%40
Dot Block1-Bedroom$1,301$30,93050%31 unit built out for households with Mobility Impairments and/or are Deaf/Hard of Hearing
Dot Block1-Bedroom$1,473$44,19070%32 units built out for households with Mobility Impairments and/or are Deaf/Hard of Hearing
Dot BlockCompact 1-Bedroom$1,326$39,78070%80
Dot Block2-Bedroom$1,164$34,92050%30
Dot Block2-Bedroom$1,668$50,04070%10
Dot BlockCompact 2-Bedroom$1,502$45,06070%72 units built out for households with Mobility Impairments and/or are Deaf/Hard of Hearing
Dot BlockCompact 3-Bedroom$1,682$50,46070%10
80 Bridge Street1-Bedroom$2,078$62,34080%50
80 Bridge Street2-Bedroom$2,301$69,03080%10
Essex Landing 1- Bedroom$2,125$63,75080%11
The Avens 1 - Bedroom$1,904$57,12080%11
302 Broadway1-Bedroom$2,044$61,32080%20


The next step is to request a rental application, and then complete and submit your application. Applications will be processed on a first-come, first-served basis. If there is no current vacancy, you’ll be added to our waitlist in the order received. 


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

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



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.

Information Session

Recorded Video 



How is my income calculated?
The household income is calculated based on the gross income of the household. Commissions, bonuses and other regular payments are included and considered part of the gross annual income.

I didn’t file taxes last year. What do I need to provide?
Individuals or households who did not file taxes must provide a verification of non-filing from the IRS in lieu of a tax return. To obtain the verification of non-filing, applicants should fill out a 4506-T form and file it by mail or hand-deliver it to an IRS office. The IRS will mail back a letter of verification which must be provided with the income materials given to the marketing agent. See the IRS website to download a 4506-T form.

I received a pay raise between the time I picked up an application and the time I was income certified and now I am over the income limit. What do I do?
Income is calculated at the time the applicant submits an application to the lottery agent, not during the application process or at the time of the lottery. Eligibility must be maintained from the time of the application pick up until after income certification verification. Unfortunately, if an applicant’s income is over the income limit, the applicant will not be eligible for the particular unit for which they applied.

I have children in school/college, how does this affect my application?
Income from children in school/college under the age of 18 is not considered towards the income of the household.

Are student loans considered income?
Student loans are not considered income and may not be used to income qualify.

I am separated from my spouse, does this affect my application?
Legally married couples shall both be considered part of the household, even if separated. Applicants with additional questions regarding this policy must speak with the marketing agent/seller.

I would like to appeal a decision regarding income eligibility. How do I appeal? Applicants who are rejected will receive a rejection letter in writing and will be given 7 days for the opportunity to appeal the decision.



Services & Utilities 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