Thibeault Development Sells 2 Boston Assets for $39M
Located in the heart of Boston's Financial District, both assets were converted from office space to multifamily by the seller.
Thibeault Development sold two multifamily assets from its Boston portfolio for $38.5 million: 153 Milk St. and 103 Arch St. The 47-unit, two building sale was brokered by Colliers International.
153 Milk St. was originally purchased by the company in 2011 and was converted from a Class B office space. The building also offers a retail component on its ground-level, that is fully leased. The five-story 103 Arch St. was purchased in 2012 and converted to a 21-unit apartment building, anchored by Arch Street Dental on the lower level. The property is connected to the 101 Arch St. office complex by a glass atrium and has access to amenities such as direct T access, a parking garage and the interior retail shops and restaurants. Both buildings are located in the heart of Boston’s Financial District.
Colliers’ Multifamily Investment Sales team of Senior Vice President Christopher Sower, Assistant Vice President Jennifer Price, Associate Jonathan Bryant and Senior Client Services Specialist Maggie Collins, handled the transaction. The company also worked on behalf of the buyer to secure a $19.25 million, cross-collateralized, 20-year, fixed-rate loan through Principal Life Insurance Company. The Colliers debt placement team representing the borrower was led by Senior Vice President Jeff Black.
“Minimal supply of loft style, downtown multifamily product continues to be met with incredibly high demand by traditional apartment users as well as condo converters,” Sower told Multi-Housing News. “This portfolio attracted each of the above, making for a highly competitive process. With such high-end units, the ultimate winner of the bidding war plans to continue operating the properties as Thibeault has successfully done to date.”
Image courtesy of Colliers International