Can I 1031 from a syndicated land deal?

[Sendhil Krishnan]

A group of investors including myself purchased land in the Midwest which has been developed for sale to be bought by builders. My question is I want to be able to 1031 exchange my proceeds from this development project into acquiring other real estate properties. However, these plots of lands are going to be sold to the builder/developer in segments, likely spanning a period of 12-16 months. Would each time I get a distribution of profit need to be handled as a separate 1031 exchange, or can I have the 1031 intermediary "hold on" to the capital until all profits have been distributed?

Thanks!