Nelson Management and JPMorgan are looking to sell their Two Bridges rental building for north of $180 million. The partners are pitching the 19-story, 256-unit 275 South Street as a tax-protected investment thanks to its 30-year Article XI abatement, which caps property taxes at 5 percent of the property’s income through 2055. Half of the units at the late 1970s-era building are free market. Another 37 percent are covered by a Section 8 agreement, and the remaining 13 percent are below-market. The building offers potential buyers a “balance of stability and mark-up-to-market upside,” according to an offering memo from Eastdil […]

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