1031 Exchange for a Joint Venture

[Drew Taylor]

I am a partner in a JV that purchased an apartment building in a hot market (or is that all of them?) a year ago. Much hard work went into improve the property, replace tenants that couldn't keep up with the rent and overcome inevitable surprises. We planned a 2-5 year hold, but are considering a sale if we can meet our returns early.

If all partners agree, can the JV 1031 exchange from this property to another, or do the individuals each 1031 into another "like" investment?