Yes of course that's what 1031 is meant for. New Investment has to be equal or greater of the old one.
@Chetan P. if you are asking can you exchange into a property you already own, the answer is no. It must be a new acquisition.
Thanks Drew! That was my understanding as well.
@Chetan P. , @Drew Reynolds is correct. The only nuance that might be applicable is that if you own rental properties as tenants in common with other investor/partners it is possible for you to sell an investment property and purchase the remaining interest of the property. This only works when you own the property each as tenants in common. You can't purchase membership interest of an LLC that owns a property.