Mesh group lod replacement?

I was curious about something in regaurds to LODs. In unity3d you could create an LOD that has multiple objects / materials in 1 lod and then even a combined mesh in another. The lods could even have particle fx or not with different lods…

I am curious if unreal has a way of doing this . It would be nice to have an entire building be completely modular upclose with a lot of diffferent peices, but from long range me 1 low poly mesh with 1 texture. Is this possible?