Are Short-Term Capital Gains 1031 Eligible?

[Nick Gray]

Hi, I purchased an 8-unit set of townhouses in Seacoast New Hampshire in September 2020 and renovated all 8 units from October to January. The total project cost was ~$1.0M and now, based on current income/expenses and an 8% cap rate, the property has appraised for $1.350M. To raise capital for my next acquisition, I am refinancing the property with a higher loan principal and also contemplating the sale of 30% equity to a few limited partners. 

If/when I sell 30% of the equity, my presumption is that I will incur a capital gain of ~$105K (0.3 x ~$350K). Because I have only owned the property for ~6 months, those funds will be a short-term capital gain and will be taxed as ordinary income. Are those short-term capital gains eligible for a 1031 exchange, assuming that I satisfy all other 1031 requirements? Or are only long-term (>1 year hold-time) eligible for a 1031 exchange?