DST Report

Sponsor

Versity Investments

Brian Nelson’s line. About 18 properties came back after 2025 arbitration, including 4th & J.

Nelson / Versity As of 2026-09-02
Back office / name
2 Apr 2022 · provides ops/payroll to Versity Invest and licenses “Versity” / “Versity Investments”. Royalty TBD via 10% note.
Crayhill (circular)
Original 27 May 2021 borrower is Versity EquityCo, wholly owned via EquityCo Parent by this company. First Amendment 12 Apr 2022 adds Versity Invest as co-guarantor.

Nelson Brothers (Brian and Patrick) built a student-housing syndication shop. They split around 2018. Brian’s line became NB Private Capital, then Versity Investments. Blake Wettengel and Tanya Muro were executives there until the 2023 divorce.

The Vintage PPM (11 Jan 2022) names this company as sponsor and Nelson as its sole owner, three months before Versity Invest / Crew was formed. Form D related persons on that DST are Wettengel and Muro only.

2 Apr 2022 this company contracted with the new LLC: BackOffice Services Agreement (Blake Wettengel as Manager) and IP license (Brian Nelson as Authorized Signatory). It supplies ops, accounting, and payroll, and licenses the names “Versity” / “Versity Investments.” Royalty amount TBD. Ten days later Vintage closed under the new sponsor.

A 3 Dec 2023 term sheet (attached to the confirmed JAMS award) set a $30 million Crew buyout of Nelson’s interests in this company, NBPRE, and Book & Ladder, with a December 2024 close. Nelson’s 20 Oct 2023 OC suit 30-2023-01356667 was dismissed 7 Dec.

Orange County judgment 22 Apr 2026 in 30-2025-01534910 confirms the 26 Nov 2025 JAMS Final Award: Nelson 65% of this company with financial-control rights (acquisition, lenders, investors, officers, bank accounts); Wettengel and Muro 35%; facility-level operations 1/3 each when Book & Ladder is the facility manager. Status quo ante as of 3 Dec 2023. Crew is not required to pay the remaining purchase price. Crew stopped asset-management for this portfolio on 15 May 2025 (award finding). Wettengel’s declaration, as quoted in the DST opposition, lists Class A / Class B units as Nelson 50/65, Wettengel 36/20, Muro 14/15 — that is his declaration, not the award.

This company, Nelson, and NBPRE sued Crew, Book & Ladder, Wettengel, Muro, and the affiliate shops on 24 Dec 2025 in 30-2025-01535878 (Melzer, CX102). Sixteen causes. The complaint alleges Wettengel and Muro, as CEO and COO, diverted property-account funds to Crew, withheld Entrata access, and did not remit about $1.2 million of Factory Class B investor funds after an arbitrator order. It recites a ~2018 “Foundational Agreement” (verbal plus writings): Nelson as controlling owner; Wettengel and Muro unpaid salary, profit/equity; this company to repay NBPRE bridge debt. Versity I alleges it did not release claims in the December 2023 settlement; Nelson and NBPRE limit their counts to post-December 2023 conduct. Plaintiffs disclaim Versity I operating-agreement member/manager duties (Art. 11). Allegations.

Melzer denied Crew’s motion to compel mediation on 23 Jul 2026 (ROA 51): OA ¶13.4 says a party may initiate mediation and, if the other will not, may file in Orange County.

Versity’s FAQ: Crew took management in 2022; control restored after arbitration; “Brian is not affiliated with Crew in any way.” That is the public line. KHCA still names him. He is also an Emerson VP.

Not Nelson Partners (Patrick). Not Crew / Versity Invest.

Timeline

  1. 2007–2018
    Nelson Brothers. Split ~2018: Patrick to development, Brian to student housing → NB Private Capital → Versity Investments. Wettengel joins ~2015 as COO/GC; CEO from 2018. Muro is Nelson Brothers IR from 2009, COO from 2018.
  2. 27 May 2021
    Crayhill Credit Agreement. Senior secured revolving facility, 12.50%. Borrower Versity EquityCo (wholly owned via EquityCo Parent by Versity Investments). Parties Brian Nelson, Blake Wettengel, and Tanya Muro. Lenders are special purpose entities wholly owned by Crayhill Capital Management. Recited in the VIP Bonds circular.

    VIP Bonds circular (21 Feb 2024)

  3. 17 Jun 2021
    Signature Collection Properties, LLC v. Academy West Investments / Wettengel / Muro / Versity filed in Orange County.
  4. 24 Jun 2021
    Judgment on arbitration award, Brian Nelson v. Patrick Nelson, Orange County 30-2021-01197655-CU-PA-CJC. Recited in the later Versity I complaint (ROA 2). Split of Nelson Brothers assets; Brian’s line became NB Private Capital → Versity Investments. Pleading not pulled.
  5. 28 Oct 2021 first sale · Form D 2 Nov 2021
    4th & J offering $49.6 million. Related: Nelson, Wettengel, Muro. Selling group: Timothy and Ryan Sherer at Emerson. Conservative 12206 line: 28 Oct 2027.

    4ANDJ Form D

  6. 10 Dec 2021
    Certificate of Trust for Vintage, DST filed with the Delaware Secretary of State. Recited in the 12 Apr 2022 Trust Agreement.

    Vintage Trust Agreement · C.A. 2025-0757 Ex. B

  7. 11 Jan 2022
    Vintage PPM. Maximum offering $75.4 million; ~$62 million Walker & Dunlop / Freddie Mac; Emerson exclusive managing BD. Sponsor named as Versity Investments. Bridge equity ~$50.35 million via a revolving facility; default on an unrelated loan may divert Vintage proceeds. PPM estimates; Form D later lists $88.0 million.

    Vintage PPM · C.A. 2025-0757 Ex. A

  8. 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.
  9. 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

  10. 15 Aug 2023 · Nelson allegation
    Nelson alleges Wettengel/Muro halted investor payments and started “overdue management fees.” Lines up with the later mass freeze.
  11. 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.
  12. 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.
  13. 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

  14. Dec 2024
    NY TRO. Unsealed KHCA complaint becomes the thread’s source document.
  15. 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.
  16. 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.
  17. 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.
  18. Aug 2025
    Johan maps KHCA DSTs: Hayworth, Vintage, Walk, One on 4th, Apex. Board consensus: sue the BD. Real Deal (18 Aug): Buckingham and Tailor Lofts delinquent.

    Real Deal · Versity late on Chicago loans

  19. Oct 2025 · forum
    4th & J Versity webinar is a no-show.

    BiggerPockets · 14 Oct 2025

  20. 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

  21. 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.
  22. 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

  23. 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.
  24. 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

  25. May–Jun 2026
    Russell Geyser / Waterfall Holdings. Nine properties → springing LLC → private REIT. Not in the nine: Shadowglen, The Nine, and 4th & J.
  26. 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

  27. 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

  28. 14–16 Aug 2026 · forum
    Russell email: Shadowglen default and capital call. 2025 tax info still missing. Thread ends 16 Aug.

    BiggerPockets · 15 Aug 2026

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