Weymouth Multifamily Property Trades Hands For $62.5M
A multifamily development on the site of a former motel in Weymouth has sold.
Equity Residential acquired the 160-unit Helix Apartments from Trinity Green Development for $62.6M, according to deed records. The apartment complex was a redevelopment of the Boston Motel site at 655 Washington St.
Equity and Trinity Green didn't respond to Bisnow's request for comment.
Trinity filed a proposal for the development in December 2020 after the Weymouth officials shut down the motel through an emergency order in 2017, The Patriot Ledger reported. The development is in an area of the town that was rezoned as a commercial overlay district in 2018 to spur new mixed-use development.
The project was approved in March 2021, granting Trinity a special permit to build after agreeing to make 10 of the 160 units affordable, The Boston Globe reported.
The four-story development began pre-leasing units in December 2023. The project also includes 5,500 SF of retail space.
The Chicago-based apartment REIT has 299 properties consisting of 79,688 apartment units across the country, according to its website. The company owns 25 multifamily buildings in Boston.
Equity is also in the process of converting medical office space at 2 and 5 Longfellow Place and 1 and 10 Emerson Place in the West End of Boston into 57 new residential units, the Boston Business Journal reported. The conversion project is the third largest in the city under Mayor Michelle Wu's office conversion tax incentive program.
