Boston, April 6, 2017 – Though once viewed as a predominantly Monday through Friday, 7:00am to 7:00pm area, the Financial District – building upon the resounding success of Downtown Crossing’s exclusive Millennium Tower – continues its emergence as an attractive area for multifamily investments.
Representative of this trend is William Thibeault of Thibeault Development’s recent sale of a 47-unit, two-building portfolio comprised of 153 Milk Street and 103 Arch Street, which was brokered by Colliers International. 153 Milk Street sits in the heart of the Financial District and was purchased by William Thibeault in late 2011 for $4,475,000. Thibeault Development completely renovated the property and converted the former class B office space to its current use. The first floor retail is 100% leased with a variety of tenants. Arch Street is a five-story brick building, which is joined by a glass atrium connecting it to the 101 Arch Street office complex. It shares in such amenities as direct T access, parking garage, and access to interior retail shops and restaurants. Thibeault Development purchased the property in late 2012 for $2.2 million and completely renovated the property, converting it to 21 luxury residential units and a state-of-the-art dental office, now occupied by Arch Street Dental. The building sits in the middle of the revitalized Downtown Crossing area of Boston and is positioned directly behind the new Millennium Tower.
Colliers’ Multifamily Investment Sales Team, led by senior vice president Christopher Sower, garnered $38.5 million for the seller, just shy of $820,000 per unit. “The buyer was drawn to these quality, core assets,” noted Sower. “A prime location and solid leasing performance generated significant interest in the investor community.” Additional members of the Colliers Multifamily team, assistant vice president Jennifer Price, associate Jonathan Bryant and senior client services specialist Maggie Collins, played integral roles in the portfolio sale as well. Additionally, Colliers worked exclusively 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.
About Thibeault Development
Thibeault Development is a privately held, multi-platform real estate company. It operates throughout New England, with a strong presence in downtown Boston. Thibeault Development develops, operates, manages and owns residential, retail, industrial and mixed use properties. Residential properties include re-developed downtown Boston buildings, urban ring apartment complexes and suburban subdivisions and residential communities. Retail projects have included big box retail development and storefront Boston sites. Thibeault Development’s industrial properties are both operating heavy industrial sites, smaller light industrial rentals and commercial storage and warehouse facilities.
Thibeault Development’s current project consist of repositioning several downtown Boston buildings and a 545 residential project one exit north of Boston, which has recently obtained permitting.