If you don't have six pieces of property yet, then you will have to buy them first before you can "sell" them. It also doesn't allow you to sell them it only allows you to trade them in when your number of owned properties has reached its limit of six. GTA 5 doesn't allow you to own more than six pieces of property, whether it's apartments or houses. That's why you can find a simple step-by-step guide below on how to actually sell (read: trade-in) your old apartments in GTA Online. Then, in the case of trading, you get to recoup the money you've spent on buying the property that you're trading in for.
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