Tax Deferment as an LP investor on Multi-Family Syndication

[Scott Blackwill]

I understand you can defer taxes on SFH through a 1031 exchange, but what about tax deferment as an LP of a syndication? It's my understanding you'll have some paper losses due to depreciation that you can push to forward years when it's needed. As a class B investor, when the property sells, and there's a gain on the sale of the property and the investment is essentially closed, can you defer the capital gains on that equity split to a new syndication investment? Or is the tax benefit simply the depreciation benefit that's realized as needed over the life of the investment?