DST Report

Sponsor

Crew Enterprises / Versity Invest

Wettengel / Muro Delaware LLC, file 6684437. Formed 17 Mar 2022 as Versity InvestCo, renamed 23 Mar. Rebranded Crew in May 2024. Holds Vintage and the other KHCA-track DSTs.

Crew / KHCA As of 2026-08-30
Delaware file
6684437 · formed 17 Mar 2022 as Versity InvestCo, LLC · renamed Versity Invest, LLC 23 Mar 2022
Back office / name
2 Apr 2022 · Versity Investments provides ops/payroll and licenses “Versity” / “Versity Investments”. 12-month auto-renew. Royalty TBD via 10% note.
Managers
Blake Wettengel and Tanya Muro only. No board of directors.
CIK / EIN
0001968611 · 88-1425276 · Aliso Viejo, CA
First DST
Vintage, DST · first sale 12 Apr 2022 (same day as the operating agreement and the KHCA / Crayhill first amendment)
VIP Bonds
Regulation A · up to $75,000,000 of 8% senior unsecured A Bonds (3-year) and R Bonds (18-month, RIA channel, $15M cap) · $1,000 per bond · $5,000 minimum · WealthForge best-efforts managing BD. Preliminary circular 31 Oct 2023; later amendment signed 21 Feb 2024. Do not treat as qualified or sold unless a later filing says so.
VIP Bonds load
A Bonds — 5% selling commission + up to 2% managing-BD fee + up to 1% non-accountable expense ($80 / $1,000; $920 to issuer). R Bonds — no selling commission or expense allowance; managing-BD fee only ($20 / $1,000). FINRA underwriting cap 10%; organization-and-offering cap 15%. ~$744,000 allocated wholesaling / non-transaction compensation to persons both at WealthForge and employed by the Company. Company RRs affiliated with WealthForge may take up to 135 bps of the managing-BD fee ($1,012,500 if the max is raised that way).
VIP Bonds redemption
Optional redemption at $900 / $920 / $940 per A Bond by anniversary, $960 per R Bond, plus accrued interest. Capped at 3.75% of outstanding principal per quarter and 15% per year (company may raise the caps; unused quarterly capacity does not roll). Death / disability / bankruptcy redemptions count toward the quarterly cap and go first. Serial quarterly series; closings first and third Thursday.
Crayhill facility (circular)
12.50% revolving mezz · 27 May 2021 / First Amendment 12 Apr 2022 · $65,361,830 outstanding as of 30 Jun 2023 · collateral unsold interests in Vintage, Walk, Hayworth, One on 4th
Volcano judgment
NY Index 652237/2025 · 30 Sep 2025 · $45,498,832.38 to IBI Volcano + $4,494,349.18 to West 4 + $535 costs · Crew LLC guaranty on Apex IB notes
JAMS confirmation
OC 30-2025-01534910 · 22 Apr 2026 · $14,550,000 + $166,834 fees · jointly and severally with Wettengel and Muro

Blake Wettengel and Tanya Muro formed this Delaware LLC on 17 Mar 2022 as Versity InvestCo, LLC (file 6684437). Registered agent: Sorensen Entity Services LLC, Wilmington; authorized person on the certificate is Chris Sorensen. Certificate of Amendment 23 Mar 2022 changes the name to Versity Invest, LLC. Brian Nelson’s May 2025 webinar version is that this was behind his back.

2 Apr 2022, ten days before Vintage close: BackOffice Services Agreement and IP license with Versity Investments. Versity I (Blake Wettengel, Manager) provides ops, accounting, payroll, and benefits to this LLC (Tanya Muro). InvestCo pays Versity I’s entire payroll until it hires the staff, plus monthly overhead invoices due in five days. 12-month initial term, auto-renew unless 30-day nonrenewal. Delaware law. Same-day license: Versity I (Brian Nelson) licenses the names “Versity” and “Versity Investments” to this LLC. Annual royalty amount TBD, paid by a 10% simple-interest promissory note. The license ends with the back-office Term. Recitals run Versity I → Versity Invest; §1.1’s grant sentence is reversed. Form 1-A notes $663,645 of asset-management fees on the back-office contract for the period ended 31 Dec 2022.

The operating agreement is dated 12 Apr 2022. Founding members: Wettengel and Muro. Two managers, one appointed by each. No board — a later Form 1-A amendment says so in those words. Initial officers: CEO Wettengel, COO Muro, CFO Jennifer Welker, CIO Frank Muhlon. Recital A of the agreement says the certificate was filed 17 Mar under the name Versity Invest; the SOS copy is InvestCo that day. The audited notes say the operating agreement was entered 2 Apr 2022. Three dates, one shop.

Same window as Vintage: first sale 12 Apr 2022, Form D 21 Apr, related persons Wettengel and Muro only. Same day as the KHCA loan amendment that names the new sponsor. The Vintage PPM (11 Jan 2022) still names Versity Investments as sponsor — this LLC did not exist yet.

Regulation A offering (CIK 0001968611): up to $75,000,000 of 8% senior unsecured “VIP Bonds,” WealthForge best-efforts managing BD. Preliminary circular 31 Oct 2023; later amendment signed 21 Feb 2024. The circular is still a preliminary offering circular — do not treat the bonds as qualified or sold unless a later filing says so.

A Bonds mature on the third anniversary of that series’ first issuance; R Bonds at eighteen months. R Bonds are sold only through a registered investment advisor, with a $15,000,000 cap inside the $75 million. $1,000 per bond; $5,000 minimum (company may take less). Interest paid monthly on the 15th. Optional redemption: A Bonds at $900 / $920 / $940 by anniversary; R Bonds at $960; plus accrued interest. Caps 3.75% of outstanding principal per quarter and 15% per year. Unused quarterly capacity does not roll. Death, disability, and bankruptcy redemptions count toward the quarterly cap and go first. Closings first and third Thursday; settlement two business days later. Serial quarterly series (A-1 / R-1 onward) over a maximum two years from qualification, extendable one year.

Load on A Bonds: 5% selling commission, up to 2% managing-BD fee, up to 1% non-accountable expense — $80 of each $1,000, $920 to the issuer. R Bonds pay the managing-BD fee only. FINRA underwriting compensation capped at 10% of proceeds raised with participating members; organization-and-offering expenses at 15%. About $744,000 of allocated wholesaling / non-transaction compensation to people who are both at WealthForge and employed by the Company. Company employees who are WealthForge registered representatives may take up to 135 bps of the managing-BD fee on bonds they sell ($1,012,500 if the maximum is raised that way). Arkadios Capital is described as a DTC trading agent, not a market maker; Altigo is WealthForge’s subscription platform.

The 18 Oct 2023 Form 1-A/A (000165495423013057) is a different accession — it files the Apex South Creek Trust Agreement, master lease, asset-management agreement, and Book & Ladder PMA, plus Book & Ladder PMAs for Vintage, Walk, Hayworth, and One on 4th, the three Crew-era PSAs, and the 2 Apr back-office / name-license pair. Versity Invest is Apex’s asset manager at 1% of Gross Revenue, and the PMA §6.8 Asset Manager on those four Crew-era DSTs. Tanya Muro signed the Apex AMA on both sides and the Hayworth PMA on both sides. Officer table in the 31 Oct 2023 amendment: Welker is gone; Bret Wilkins is CFO from May 2023 (controller from Oct 2022); Muhlon still CIO from March 2022. FY 2022 cash: Wettengel $560,000, Muhlon $447,748, Muro $300,000.

The same circular names a Crayhill Credit Facility at 12.50%: 27 May 2021 agreement, first amendment 12 Apr 2022 adding this LLC as co-guarantor. Outstanding $65,361,830 as of 30 Jun 2023. Collateral is unsold interests in Vintage, Walk, Hayworth, and One on 4th. That first amendment is the KHCA loan exhibit.

Delaware name change to Crew Enterprises, LLC on or about 11 Mar 2024 (IBI Volcano summary-judgment memo, citing the SOS filing). Rebrand PR 6 May 2024, same window as the KHCA filing and the portfolio-wide distribution freeze. The PR claimed ~$2B AUM / 35 properties / 10,500 beds and “founded in April 2022.” Later their own site says ~$500M / 7 properties. The original SOS date is 17 March 2022.

KHCA defendant. Sole named guarantor on the IBI Volcano / West 4 Apex IB notes (NY Index 652237/2025). Did not appear. Crane granted the unopposed CPLR 3213 motion in part on default 15 Jul 2025. Clerk money judgment 30 Sep 2025: $45,498,832.38 to Volcano, $4,494,349.18 to West 4, plus $535 costs. After the 2023 settlement and 2025 arbitration, Crew kept a subset: Vintage, The Walk, One on 4th, Hayworth, Apex. Those sit under unpaid high-interest bridge loans.

Named defendant in Orange County 30-2026-01543537 (filed 29 Jan 2026): seventeen Versity Investments / NBPRE DSTs, through their trustees, sue Crew, Book & Ladder, Wettengel, Muro, Academy West, TripSnap, and Wettengel Productions. The complaint alleges Crew ran asset-management functions on those properties from about December 2023 through 15 May 2025, diverted property-account funds, fabricated payables and “partnership expenses,” and took sale proceeds from a Factory property. Separate Molly Barr count alleges $2,125,465 of unauthorized sale-escrow deductions against a 2 Jan 2024 settlement. Allegations.

Orange County judgment 22 Apr 2026 in 30-2025-01534910 (Hesseltine, C23) confirms the 26 Nov 2025 JAMS Final Award (Kennedy; Refs. 5200001507 / 5200001580). Crew, Wettengel, and Muro are jointly and severally liable to Nelson for $14,550,000 plus $166,834 JAMS fees. The award finds they breached the 3 Dec 2023 $30 million buyout, restores status quo ante as of that date, and does not require them to pay the unpaid purchase price or assume the bridge loans. Cross-petition to vacate denied.

Named defendant in related case 30-2025-01535878 (filed 24 Dec 2025): Versity Investments, Nelson, and NBPRE. Sixteen causes. That complaint alleges Crew was built while Wettengel and Muro were still officers of Versity I, and that about $1.2 million of Factory Class B investor funds ordered paid by the arbitrator went to Crew instead. Melzer denied Crew’s motion to compel mediation on 23 Jul 2026. Allegations in the complaint.

Do not confuse with Versity Investments (Brian Nelson’s company, ~18 properties including 4th & J).

Timeline

  1. 17–23 Mar 2022
    Delaware Certificate of Formation for Versity InvestCo, LLC, file 6684437 (17 Mar). Certificate of Amendment 23 Mar renames it Versity Invest. Founding members: Blake Wettengel and Tanya Muro.
  2. 2 Apr 2022
    BackOffice Services Agreement and IP license between Versity Investments and Versity Invest. Versity I (Blake Wettengel) provides ops, accounting, and payroll to Versity Invest (Tanya Muro); InvestCo pays Versity I payroll until it hires the staff. 12-month auto-renew. Same day: Versity I (Brian Nelson) licenses the names “Versity” / “Versity Investments” to Versity Invest; annual royalty via 10% promissory note, amount TBD. Ten days before Vintage close.
  3. 8 Apr 2022
    One on 4th PSA. Stillwater Student Housing Owner LLC → Versity Invest. 198 units / 415 beds, 713 W. 4th Street, Stillwater, OK. Price $51.5 million, or $52 million if 95% of beds are pre-leased. Second amendment 23 May 2022 adds $51.75 million at 92.5% and a $1.375 million corrective-work credit.

    One on 4th PSA

  4. 11 Apr 2022
    Hayworth PSA. TDC Tanglewood Real Estate Owner, L.L.C. → Versity Invest. Purchase price $105.5 million (same figure as the 30 Jun close in the Delaware opinion). Earnest $750,000 + $750,000.

    Hayworth PSA

  5. 2–21 Apr 2022
    Operating agreement 12 Apr: two managers; initial CFO Jennifer Welker, CIO Frank Muhlon. Same day: Vintage Trust Agreement (IB 100%; Sorensen Entity Services Delaware Trustee; Vintage ST Signatory Trustee; Chris Sorensen Independent Trustee), master lease DST → Vintage LeaseCo (10 years 3 months), Book & Ladder PMA at 2.5% of Monthly Gross Revenues, Walker & Dunlop first mortgage $52,346,000, buy $119.6 million from Vintage Horizon Owner, LLC (PPM and IB complaint), and first sale; Vintage LeaseCo side letter sends excess revenue and disposition fees to Vintage IB until Full Redemption (KHCA is a third-party beneficiary); and the KHCA loan amendment naming the new sponsor — the VIP Bonds circular calls that first amendment the Crayhill Credit Facility and adds Versity Invest as co-guarantor. Form D 21 Apr 2022. Related persons: Wettengel and Muro. Selling group includes Tim Sherer and Brian Nelson at Emerson.

    Vintage Form D

  6. 29 Apr 2022
    Walk bought for $45.5 million (VIP Bonds circular). Senior loan $27,834,000 at 3.50%. Same-day Book & Ladder PMA at 3% of Monthly Gross Revenues. Recites a master lease that day, The Walk LeaseCo as Owner, ~87 units / 251 beds. Versity Invest is PMA §6.8 Asset Manager. Form D 9 May 2022 ($24,694,414); circular offering $29,897,965.

    VIP Bonds circular

  7. 31 May 2022
    Certificate of Trust for Hayworth Tanglewood, DST (IB complaint).

    Hayworth IB complaint · C.A. 2025-0748

  8. 30 Jun 2022
    Hayworth bought for $105,500,000 from TDC Tanglewood (PPM / PSA / circular / Delaware opinion). Senior loan $48,000,000 at 5.25% from TC Debt Opportunities. Same-day master lease (DST → Hayworth Tanglewood LeaseCo; 7 years 3 months) and Book & Ladder PMA at 2.5% of Monthly Gross Revenues; Tanya Muro signed both sides. Versity EquityCo II contributed $50,089,148.27 of bridge equity through Hayworth Tanglewood IB (PPM); the later IB complaint puts the total contribution at $58,959,026.60 including $8,869,878.33 of EquityCo money. Trust Agreement dated 29 Jun. Side letter the same day: excess revenue and disposition/financing/construction fees to the IB until Full Redemption; KHCA agents are third-party beneficiaries.

    Hayworth PPM / lease / side letter · C.A. 2025-0748 Exs A, C, D

  9. 7 Jul 2022
    Hayworth PPM. Maximum offering $76,767,365 (matches Form D 11 Jul); WealthForge exclusive managing BD; 9.30% load. Sponsor named as Versity Invest. Post-close form. Circular later lists up to $77,578,947.

    Hayworth PPM · C.A. 2025-0748 Ex. A

  10. 26 Jul 2022
    One on 4th Book & Ladder PMA. Exclusive PM at 2.5% of Monthly Gross Revenues. Recites a master lease the same day, One on 4th LeaseCo as Owner, ~198 units / 475 beds (the 8 Apr PSA said 415 beds). Tanya Muro signed for LeaseCo. Versity Invest is PMA §6.8 Asset Manager. Form D 17 Aug 2022.

    One on 4th PMA

  11. 27 Jul 2022
    One on 4th closed for $50,625,000 (VIP Bonds circular). Senior loan $27,500,000 at 4.80%. 8 Apr PSA $51.5–52 million / 23 May $51.75 million plus $1.375 million credit. Form D 17 Aug 2022 ($30,922,808); circular offering up to $32,153,561.

    VIP Bonds circular

  12. 1 Aug 2022
    Apex South Creek PSA. Versity Invest as Buyer; seller DHIC - South Creek, LLC (D.R. Horton). Purchase price $100 million. Earnest $750,000 + $750,000. Scheduled close 7 Sep 2022, extendable. Later amendment credits $400,000 at close. The 18 Nov Trust Agreement recites the Trust as purchaser, successor to Versity Invest.

    Apex PSA

  13. 22 Aug 2022
    Certificate of Trust for Apex South Creek, DST filed with the Delaware Secretary of State. Recited in the Trust Agreement.

    Apex Trust Agreement

  14. 13 Sep 2022
    KHCA declined to finance Apex South Creek (300-unit Orlando multifamily). Allegation in the KHCA complaints. After the 1 Aug PSA.
  15. 18 Nov 2022
    Apex South Creek closed. Trust Agreement: IB 100% of interests; Sorensen Entity Services Delaware Trustee; Apex South Creek ST Signatory Trustee; Chris Sorensen Independent Trustee. Circular close $99,550,000 (PSA was $100 million plus a $400,000 credit). Walker & Dunlop first mortgage $45,994,000 at 5.48%. Master lease DST → Apex South Creek LeaseCo (10 years 3 months). Versity Invest asset manager at 1% of Gross Revenue. Book & Ladder property manager at 3% of Monthly Gross Revenues. Same day: Apex South Creek IB leftover-equity notes $25M IBI Volcano, $6M West 4, $11M Comrit (assigned to Volcano 3 Jul 2023). 12% coupon, 14% default. 90% of IB redemption proceeds to the lenders. Crew LLC guaranteed. Form D four days later ($73,580,386).

    Apex Trust Agreement

  16. 24 Feb 2023 · PR
    Versity Invest: Blake as CEO, Tanya as COO; “investor-centric” DST changes; tees up a private REIT and a broker-dealer / RIA product.

    Versity Invest PR

  17. 30 Jun 2023 · circular snapshot
    VIP Bonds circular as of 30 Jun 2023 (sponsor disclosure, signed 21 Feb 2024). Vintage “fully syndicated”; circular says financing outside the first mortgage repaid — later Vintage IB complaint alleges leftover IB interests. Walk ~1% remaining, ~99% occupied. Hayworth 33.32% remaining, ~81% occupied. One on 4th 20.27% remaining, ~99% occupied. Apex 90.886% remaining, ~91% occupied; leftover-equity notes $40.8 million outstanding. Crayhill line $65,361,830 outstanding.

    VIP Bonds circular (21 Feb 2024)

  18. 15 Aug 2023 · Nelson allegation
    Nelson alleges Wettengel/Muro halted investor payments and started “overdue management fees.” Lines up with the later mass freeze.
  19. 20 Oct–7 Dec 2023
    Brian Nelson sues Blake in Orange County (20 Oct, 30-2023-01356667). Dismissed without prejudice 7 Dec — the settlement (term sheet 3 Dec 2023, attached as Exhibit A to the 26 Nov 2025 JAMS award). Crew was to buy Nelson’s interests in Versity Investments, NBPRE, and Book & Ladder for $30 million. Closing deadline December 2024. ~18 properties eventually return to him; five stay with Crew.
  20. 31 Oct 2023
    Versity Invest files a Regulation A preliminary offering circular for up to $75 million of 8% VIP Bonds. WealthForge is managing BD. EDGAR Form 1-A/A 000165495423013624. Still a preliminary circular.

    VIP Bonds circular (31 Oct 2023)

  21. 2 Jan 2024
    Molly Barr Settlement Agreement (DST complaint). Separate from the Dec 2023 Nelson–Crew deal. The later OC suit alleges Crew still took $2,125,465 from sale escrow. Allegations.
  22. 15 Feb–6 May 2024 · PR
    15 Feb: Crew Campus private REIT + Oso Verde (Baylor) seed asset. 30 Apr: Apex “yield enhancement” 4% → 6.5%. 6 May: Crew rebrand PR claims ~$2B AUM / 35 properties / 10,500 beds — later their own site says ~$500M / 7 properties.

    Crew rebrand PR

  23. 21 Feb 2024
    Later amendment of the VIP Bonds circular, signed 21 Feb 2024. EDGAR Form 1-A/A 000165495424002023. Same $75 million 8% offering. This is the circular the site uses for Crew-era DST close prices, loan coupons, and the 30 Jun 2023 syndication snapshot. Still a preliminary offering circular — do not treat as qualified or sold.

    VIP Bonds circular (21 Feb 2024)

  24. 5–10 Apr 2024
    First amendments to the Apex IB notes (West 4 5 Apr; Volcano/Comrit 10 Apr). Maturity to 18 May 2024. Redemption split 77% Volcano / 13% West 4. Wettengel signed for the IB; Muro signed for Versity Invest as CRO.
  25. Apr–May 2024
    KHCA files NY Index 651885/2024 (original complaint NYSCEF Doc 49, 17 May 2024). Delaware SOS name change to Crew Enterprises on or about 11 Mar 2024. Nelson files arbitration (JAMS 5200001507 / 5200001580). Distributions stop across the portfolio around May 2024 (4th & J and Oakbrook the same month, per a 16 Apr 2025 post) — the same weeks as the yield-enhancement and rebrand PRs.
  26. 13 Aug 2024
    KHCA files a verified first amended complaint (NYSCEF Doc 119). Alleges $56,157,281 of syndication proceeds diverted from Hayworth, Vintage, Walk, and One on 4th. Allegations.

    First amended complaint · NYSCEF Doc 119

  27. 11 Nov 2024
    BCLP default demand on the Apex IB notes and Crew guaranties: $44,611,907. Lender letter says the IB distributed $4 million in acquisition fees to itself. Demand, not a finding. Addressed to Frank Muhlon.
  28. Dec 2024
    NY TRO. Unsealed KHCA complaint becomes the thread’s source document.
  29. 20 Jan 2025 · forum
    Brett Henricks opens the BiggerPockets thread. By July it is a toolkit: SEC TCR, broker demand, FINRA complaint, Crew demand, lawyer list.

    BiggerPockets · original post

  30. Mar–2 May 2025
    Arbitration award: Brian gets managerial control of Versity Investments (65%). Cornerstone webinar: he calls 4th & J a home run he just walked. Vintage stays with Crew.
  31. 8 Apr 2025
    IBI Volcano and West 4 Capital move for summary judgment in lieu of complaint against Crew on the Apex IB guaranties (NY Index 652237/2025). Motion seeks $47,196,315 as of 31 Mar 2025.
  32. 8 May 2025
    Hayworth listed at $88 million (IB complaint). Walker & Dunlop call for offers 27–29 May 2025. Allegation that a sale was imminent as of the 30 Jun filing.

    Hayworth IB complaint · C.A. 2025-0748

  33. 30 Jun–1 Jul 2025
    KHCA says it became manager of Vintage IB, LLC (30 Jun letter) and of Hayworth Tanglewood IB the same day. Vintage IB, LLC v. Vintage, DST, Del. Ch. C.A. 2025-0757 filed 1 Jul. Same evening, Hayworth Tanglewood IB v. Hayworth Tanglewood DST, C.A. 2025-0748 (Transaction ID 76552285): verified complaint (HTML preview) plus exhibits A–D. Hayworth complaint alleges ~$37.7 million sold of ~$77.9 million, ~$20.1 million to the bridge lender, IB still ≥60%, and diversions including ≥$5 million to Apex and ≥$2 million to Sunstone. Allegations.

    Hayworth IB complaint · C.A. 2025-0748

  34. Jul 2025 webinars
    4th & J: mortgage 60+ days late, unexplained expenses. Vintage (Crew): taxes/occupancy, UPREIT tease already used in late 2024 and never executed. “Partnership expense” on handed-back books.
  35. 15 Jul 2025
    Crane (NY Index 652237/2025) grants the unopposed CPLR 3213 motion in part on default. Crew neither appeared nor opposed. Judgment directed: $42,953,402 to IBI Volcano (including assigned Comrit) and $4,242,913 to West 4, plus 14% from 1 Apr 2025. Attorneys’ fees denied without prejudice.
  36. 22–28 Jul 2025
    Nelson’s Orange County complaint 30-2025-01499716 (28 Jul) asks the court to enforce a 22 Jul JAMS partial final award on Axos / Chase account control. His pleading recites Phase I (Crew breached the Dec 2023 settlement) and Phase II (Nelson 100% NBPRE, 65% Versity Investments). Allegations in that complaint. The later DST complaint says Crew ceased asset-management services on or about 15 May 2025.
  37. 18 Sep 2025
    BCS1, LLC et al. v. The Walk, DST, C.A. 2025-1055-SEM. Investor petition to remove the signatory trustee. Pleading not in this archive.

    DocketAlarm 2025-1055

  38. 30 Sep 2025
    Clerk money judgment, NY Index 652237/2025 (NYSCEF Doc 31): IBI Volcano $45,498,832.38 and West 4 $4,494,349.18 against Crew, plus $535 costs.
  39. 26 Nov 2025
    JAMS Final Award (Refs. 5200001507 / 5200001580; Kennedy). Confirmed 22 Apr 2026 in 30-2025-01534910. $15 million damages for impairment of Nelson’s share (less $450,000 credit = $14,550,000) plus $166,834 JAMS fees, jointly and severally against Crew, Wettengel, and Muro. Status quo ante as of 3 Dec 2023: Nelson 65% of Versity Investments with financial-control rights, Wettengel/Muro 35%; Nelson 100% of NBPRE; Book & Ladder 34/33/33. Unpaid $30 million purchase price and bridge-loan assumption not awarded. Molly Barr claims outside the arbitrator’s jurisdiction.

    OC 30-2025-01534910 · ROA 66

  40. 24 Dec 2025
    Versity Investments / Nelson / NBPRE v. Crew et al., OC 30-2025-01535878-CU-CO-CXC (Melzer, CX102). Sixteen causes; jury demand. Counsel Miller Miller Gerber. Versity I alleges pre- and post-December 2023 officer breaches (no release in the 2023 settlement); Nelson and NBPRE allege post-December 2023 harm only. Alleges ~$1.2 million Factory Class B investor funds withheld after an arbitrator order. Allegations.
  41. 15 Jan 2026 · Delaware
    Hayworth Tanglewood IB v. Hayworth Tanglewood DST, C.A. 2025-0748-SEM. Stay denied.
  42. 28–29 Jan 2026
    Vintage investors get a Crew email. 29 Jan: OC 30-2026-01543537-CU-CO-CXC — seventeen DSTs (NBPRE four plus 13 Versity Investments, including Wolf Run Vintage, not Vintage Horizon West) sue Crew, Book & Ladder, Wettengel, Muro, Academy West, TripSnap, and Wettengel Productions. Fourteen causes; jury demand. Counsel Miller Miller Gerber. Allegations.

    OC 30-2026-01543537

  43. Feb 2026
    Madelyn: Delaware actions to remove Crew as signature trustee (Walk, Vintage, Apex).
  44. Mar–10 Apr 2026
    Forum posts describe McQuade engagement letters as BD-funded; the letters themselves were not reviewed. NY order 10 Apr 2026 (Justice Bannon, 2026 NY Slip Op 31536(U)): contract and alter-ego live; fraud/conversion dismissed as duplicative. Real Deal (11 Mar): Midland/Wells foreclosure on The Buckingham.
  45. 13 Apr 2026 · Crew recording
    Blake: “agreement in principle” with Crayhill/KHCA; independent trustee; third-party AM replacing Crew; PM replacing Book & Ladder.
  46. 22 Apr 2026
    Orange County judgment in 30-2025-01534910 (Hesseltine, C23) confirms the 26 Nov 2025 JAMS Final Award. $14,550,000 plus $166,834 JAMS fees against Crew, Wettengel, and Muro jointly and severally. Cross-petition to vacate denied. Molly Barr claims remain outside that award.

    OC 30-2025-01534910 · ROA 66

  47. 10 Jul 2026
    DST plaintiffs oppose Crew’s motion to compel mediation on Versity Investments OA §13.4 (ROA 47). Caption lists related case 30-2025-01535878. PPM excerpts (CP Cincy, 345 Flats, Tailor Lofts) and a recitation of the 26 Nov 2025 JAMS Final Award.

    OC 30-2026-01543537 ROA 47

  48. 23 Jul 2026
    Melzer (CX102) denies Crew’s motion to compel mediation in 30-2025-01535878 (ROA 51). No appearance; tentative accepted. OA ¶13.4 may initiate mediation; if either will not participate, the aggrieved party may file in Orange County. Related case 30-2026-01543537 on the minutes.

    OC 30-2025-01535878 ROA 51

  49. 3–9 Aug 2026 · forum
    Madelyn: Capital Square webinars for Walk, Vintage, One on 4th, Hayworth. On the thread she recommended rejecting unless the new sponsor is not contractually bound to KHCA.

Sponsor of

People

DSTs / properties

Cases

Sources