1031 into upREIT

[Pete Harper]

 We did a 1031 exchange into a 10 unit apartment building.  The property is underperforming the other properties in our 40 unit portfolio.  We've been consolidating our properties closer to our home location.  This is the furthest property so we can't give it the attention it needs.    One of the options we are considering is selling and rolling the equity into a upREIT.  I read were there is an option under 1031-271.  I wanted to confirm my understanding is correct.  We can use 1031-271 to reinvest equity from a 1031 property into an upREIT while maintaining tax deferral.