FiDi Continues Multifamily Shift In Latest Sale
The Financial District’s transition from a 9-to-5 work hub into a full-time neighborhood has drawn investors to a new multifamily sale near Downtown Crossing.
Thibeault Development sold 153 Milk St. and 103 Arch St. from its downtown portfolio last week for $38.5M, in a deal brokered by Colliers International. Thibeault Development head William Thibeault bought 153 Milk in 2011 for $4.47M and converted the Class-B office building into apartments. He purchased 103 Arch in 2012 for $2.2M from the Franciscan Friars of Holy Name Province and converted the friar retirement home into 21 luxury residential units.
Transit proximity and increased retail in the area attracted significant interest from investors looking to enter the market.
“The buyer was drawn to these quality, core assets,” Colliers senior vice president Christopher Sower said. “A prime location and solid leasing performance generated significant interest in the investor community.”