Thibeault Development sold the 47-unit, two-building multifamily property at 153 Milk St. and 103 Arch St. in Boston’s Downtown Crossing to Hoffman Cos. for $38.5 million.

153 Milk Street was completely renovated by Thibeault Development when it was purchased in 2011. The first floor is 100% leased by retail tenants and has 26 residential units on the upper levels. 103 Arch St. was completely renovated in 2012 and is home to 21 luxury residential…