1031exchange of Apartments with Land which is cheaper

[Gary B.]

Hi Fellow investors, Could I 1031 my apartment building with a land that i will be constructing on ? 

Land will be cheaper than my apartment building however when i build on it will be much more expensive to build a new set of apartments and eventually valuation with be higher. Thanks ! 

[Benjamin Aaker]

I believe you will be able to do this, but won't get as much benefit if the purchased property is lower value - even if you intend to build later. Let me refer you to @Dave Foster, who can give a much better answer.