This is an example of an Exchange that we are currently working on for a client that wants to consolidate its property holdings. Client owns a large number of multi-family properties in an active commercial area with many tenants who are attending a local college. Years of revolving tenants has forced the client to re-think its investment strategy. The client sold 13 of its properties to one buyer and has negotiated to purchase one Replacement Property, a hotel. While the hotel will require a different set of skills, the client gets an investment property that is in one location with just one set of maintenance and management issues.