The company would like to build a 138-unit complex in Westwoodand has applied for a comprehensive permit for the development,necessitating an affordable-housing component. Equity applied for acomprehensive permit for the proposed development in Sturbridge,which will be between 60 and 70 units.

According to Equity's area vice president, Christopher Reilly,the recent lower vacancies and decreasing rents does not mean themultifamily market here is in trouble. "It was almost too goodhere," Reilly tells GlobeSt.com referring to the market of the late1990s. "It is still a supply constrained market here. We operate in36 states and Boston is one of two states that approaches a healthymarket."Equity also has three other projects currently underconstruction--in Quincy, Braintree and Haverhill. Reilly notes thatthe lead time in multifamily projects means that by the time mostof these projects get off the ground, "the world will get back tosomething resembling normal." Reilly predicts that while the areawon't see the double-digit rent growth it saw in the past fewyears, it will see a solid five to 8% growth soon. "We will onlysee a slowdown in growth here," he says, "but it won't beflat."