DST Report

Patrocinador

Crew Enterprises / Versity Invest

LLC de Delaware de Wettengel / Muro, archivo 6684437. Constituida el 17 de marzo de 2022 como Versity InvestCo, rebautizada el 23 de marzo. Cambio de marca a Crew en mayo de 2024. Tiene Vintage y los demás DST de la línea KHCA.

Crew / KHCA Al 2026-08-30
Archivo de Delaware
6684437 · constituida el 17 de marzo de 2022 como Versity InvestCo, LLC · rebautizada Versity Invest, LLC el 23 de marzo de 2022
Back-office / nombre
2 de abril de 2022 · Versity Investments provee ops/nómina y licencia “Versity” / “Versity Investments”. Renovación automática de 12 meses. Regalía TBD vía pagaré al 10%.
Gerentes
Blake Wettengel y Tanya Muro solamente. Sin junta de directores. Las peticiones Walk 1055 y Vintage 1056 alegan Wettengel 76% / Muro 24%. Alegación.
CIK / EIN
0001968611 · 88-1425276 · Aliso Viejo, CA
Primer DST
Vintage, DST · primera venta 12 de abril de 2022 (el mismo día que el acuerdo operativo y la primera enmienda KHCA / Crayhill)
VIP Bonds
Regulation A · hasta $75,000,000 de A Bonds senior no garantizados al 8% (3 años) y R Bonds (18 meses, canal RIA, tope $15M) · $1,000 por bono · mínimo $5,000 · WealthForge BD gestor a mejor esfuerzo. Circular preliminar 31 de octubre de 2023; enmienda posterior firmada el 21 de febrero de 2024. Aquí no se muestra como calificada ni vendida.
Carga de VIP Bonds
A Bonds — comisión de venta 5% + hasta 2% de honorario de BD gestor + hasta 1% de gasto no rendible ($80 / $1,000; $920 al emisor). R Bonds — sin comisión de venta ni asignación de gastos; solo honorario de BD gestor ($20 / $1,000). Tope de underwriting FINRA 10%; tope de organización y oferta 15%. ~$744,000 asignados a compensación mayorista / no transaccional a personas que están tanto en WealthForge como empleadas por la Company. Los RR de la Company afiliados a WealthForge pueden tomar hasta 135 bps del honorario de BD gestor ($1,012,500 si el máximo se sube de esa forma).
Rescate de VIP Bonds
Rescate opcional a $900 / $920 / $940 por A Bond por aniversario, $960 por R Bond, más intereses acumulados. Tope 3.75% del principal pendiente por trimestre y 15% por año (la compañía puede subir los topes; la capacidad trimestral no usada no se arrastra). Los rescates por muerte / discapacidad / quiebra cuentan hacia el tope trimestral y van primero. Series trimestrales seriales; cierres el primer y tercer jueves.
Facilidad Crayhill (circular)
Mezanine revolvente 12.50% · 27 de mayo de 2021 / Primera enmienda 12 de abril de 2022 · $65,361,830 pendientes al 30 de junio de 2023 · garantía intereses no vendidos en Vintage, Walk, Hayworth, One on 4th
Sentencia Volcano
NY Index 652237/2025 · 30 de septiembre de 2025 · $45,498,832.38 a IBI Volcano + $4,494,349.18 a West 4 + $535 de costas · garantía de Crew LLC sobre pagarés IB de Apex
Confirmación JAMS
OC 30-2025-01534910 · 22 de abril de 2026 · $14,550,000 + $166,834 de honorarios · solidariamente con Wettengel y Muro

Blake Wettengel y Tanya Muro constituyeron esta LLC de Delaware el 17 de marzo de 2022 como Versity InvestCo, LLC (archivo 6684437). Es el patrocinador que aún tiene Vintage, The Walk, One on 4th, Hayworth y Apex South Creek. Cambio de marca a Crew en 2024. No es Versity Investments (la compañía de Brian Nelson, ~18 propiedades incluida 4th & J).

Constitución

Agente registrado: Sorensen Entity Services LLC, Wilmington; la persona autorizada en el certificado es Chris Sorensen. El Certificate of Amendment del 23 de marzo de 2022 cambia el nombre a Versity Invest, LLC. La versión del seminario web de mayo de 2025 de Brian Nelson es que esto ocurrió a sus espaldas.

El 2 de abril de 2022, diez días antes del cierre de Vintage: BackOffice Services Agreement y licencia de PI con Versity Investments. Versity I (Blake Wettengel, Manager) provee ops, contabilidad, nómina y beneficios a esta LLC (Tanya Muro). InvestCo paga toda la nómina de Versity I hasta que contrate al personal, más facturas mensuales de overhead vencidas en cinco días. Plazo inicial de 12 meses, renovación automática salvo no renovación con 30 días. Ley de Delaware. Licencia del mismo día: Versity I (Brian Nelson) licencia los nombres “Versity” y “Versity Investments” a esta LLC. Monto anual de regalía TBD, pagado por un pagaré a interés simple del 10%. La licencia termina con el Term de back-office. Los considerandos van Versity I → Versity Invest; la oración de otorgamiento de §1.1 está invertida. El Form 1-A anota $663,645 de honorarios de administración de activos en el contrato de back-office por el período terminado el 31 de diciembre de 2022.

El acuerdo operativo está fechado el 12 de abril de 2022. Miembros fundadores: Wettengel y Muro. Dos gerentes, uno nombrado por cada uno. Sin junta; una enmienda posterior del Form 1-A lo dice con esas palabras. Funcionarios iniciales: CEO Wettengel, COO Muro, CFO Jennifer Welker, CIO Frank Muhlon. El Recital A del acuerdo dice que el certificado se presentó el 17 de marzo bajo el nombre Versity Invest; la copia del SOS es InvestCo ese día. Las notas auditadas dicen que el acuerdo operativo se celebró el 2 de abril de 2022.

Esa fecha del 12 de abril es también la primera venta de Vintage y la enmienda del préstamo KHCA que nombra a esta LLC como el nuevo patrocinador. Las personas relacionadas del Form D son solo Wettengel y Muro. El PPM de Vintage (11 de enero de 2022) aún nombra a Versity Investments como patrocinador; esta LLC aún no existía.

VIP Bonds

Oferta Regulation A (CIK 0001968611): hasta $75,000,000 de “VIP Bonds” senior no garantizados al 8%, WealthForge BD gestor a mejor esfuerzo. Circular preliminar 31 de octubre de 2023; enmienda posterior firmada el 21 de febrero de 2024. La circular sigue siendo una circular preliminar.

Los A Bonds vencen en el tercer aniversario de la primera emisión de esa serie; los R Bonds a dieciocho meses. Los R Bonds se venden solo por un asesor de inversiones registrado, con un tope de $15,000,000 dentro de los $75 million. $1,000 por bono; mínimo $5,000 (la compañía puede aceptar menos). Intereses pagados mensualmente el día 15. Rescate opcional: A Bonds a $900 / $920 / $940 por aniversario; R Bonds a $960; más intereses acumulados. Topes 3.75% del principal pendiente por trimestre y 15% por año. La capacidad trimestral no usada no se arrastra. Los rescates por muerte, discapacidad y quiebra cuentan hacia el tope trimestral y van primero. Cierres el primer y tercer jueves; liquidación dos días hábiles después. Series trimestrales seriales (A-1 / R-1 en adelante) durante un máximo de dos años desde la calificación, prorrogable un año.

Carga en A Bonds: comisión de venta 5%, hasta 2% de honorario de BD gestor, hasta 1% de gasto no rendible. $80 de cada $1,000; $920 al emisor. Los R Bonds pagan solo el honorario de BD gestor. La compensación de underwriting FINRA tiene tope del 10% del producto levantado con miembros participantes; los gastos de organización y oferta al 15%. Unos $744,000 de compensación mayorista / no transaccional asignada a personas que están tanto en WealthForge como empleadas por la Company. Los empleados de la Company que son representantes registrados de WealthForge pueden tomar hasta 135 bps del honorario de BD gestor en los bonos que venden ($1,012,500 si el máximo se sube de esa forma). Arkadios Capital se describe como agente de trading DTC, no un market maker; Altigo es la plataforma de suscripción de WealthForge.

El Form 1-A/A del 18 de octubre de 2023 (000165495423013057) es un accession distinto. Presenta la pila DST de la era Crew: Trust Agreement de Apex South Creek, arrendamiento maestro, acuerdo de administración de activos y PMA de Book & Ladder, más PMA de Book & Ladder para Vintage, Walk, Hayworth y One on 4th, los tres PSA de la era Crew, y el par de back-office / licencia de nombre del 2 de abril. Tabla de funcionarios en la enmienda del 31 de octubre de 2023: Welker ya no está; Bret Wilkins es CFO desde mayo de 2023 (controller desde octubre de 2022); Muhlon sigue como CIO desde marzo de 2022. Efectivo FY 2022: Wettengel $560,000, Muhlon $447,748, Muro $300,000.

La misma circular nombra una Crayhill Credit Facility al 12.50%: acuerdo del 27 de mayo de 2021, primera enmienda 12 de abril de 2022 que añade a esta LLC como cogarante. Pendiente $65,361,830 al 30 de junio de 2023. La garantía es intereses no vendidos en Vintage, Walk, Hayworth y One on 4th. Esa primera enmienda es el anexo de préstamo KHCA.

Cambio de marca

Cambio de nombre en Delaware a Crew Enterprises, LLC el o alrededor del 11 de marzo de 2024 (memo de sentencia sumaria de IBI Volcano, citando la presentación SOS). PR de cambio de marca 6 de mayo de 2024, la misma ventana que la presentación KHCA y el congelamiento de distribuciones de todo el portafolio. El PR afirmó ~$2B AUM / 35 propiedades / 10,500 camas y “founded in April 2022.” Después su propio sitio dice ~$500M / 7 propiedades. La fecha SOS original es el 17 de marzo de 2022.

Litigio

Demandado KHCA. Único garante nombrado en los pagarés IB de Apex de IBI Volcano / West 4 (NY Index 652237/2025). No compareció. Crane concedió la moción CPLR 3213 sin oposición en parte por rebeldía el 15 de julio de 2025. Sentencia dineraria del secretario 30 de septiembre de 2025: $45,498,832.38 a Volcano, $4,494,349.18 a West 4, más $535 de costas. Después del acuerdo de 2023 y el arbitraje de 2025, Crew conservó un subconjunto: Vintage, The Walk, One on 4th, Hayworth, Apex. Esos se sientan bajo préstamos puente de alto interés impagos.

Demandado nombrado en Condado de Orange 30-2026-01543537 (presentada el 29 de enero de 2026): diecisiete DST de Versity Investments / NBPRE, por sus fiduciarios, demandan a Crew, Book & Ladder, Wettengel, Muro, Academy West, TripSnap y Wettengel Productions. La demanda alega que Crew corrió funciones de administración de activos en esas propiedades desde alrededor de diciembre de 2023 hasta el 15 de mayo de 2025, desvió fondos de cuentas de la propiedad, fabricó cuentas por pagar y “gastos de sociedad”, y tomó producto de venta de una propiedad Factory. Un cargo separado de Molly Barr alega $2,125,465 de deducciones no autorizadas de escrow de venta contra un acuerdo del 2 de enero de 2024. Alegaciones.

La sentencia del Condado de Orange del 22 de abril de 2026 en 30-2025-01534910 confirma el JAMS Final Award del 26 de noviembre de 2025. Crew, Wettengel y Muro son responsables solidariamente ante Nelson por $14,550,000 más $166,834 de honorarios JAMS. El laudo halla que incumplieron la compra de $30 million del 3 de diciembre de 2023, restaura el status quo ante a esa fecha, y no les exige pagar el precio de compra impago ni asumir los préstamos puente. La contrapetición de anulación se denegó.

Demandado nombrado en el caso relacionado 30-2025-01535878 (presentada el 24 de diciembre de 2025): Versity Investments, Nelson y NBPRE. Dieciséis causas. Esa demanda alega que Crew se armó mientras Wettengel y Muro aún eran funcionarios de Versity I, y que unos $1.2 million de fondos de inversionistas Class B de Factory que el árbitro ordenó pagar fueron a Crew. Melzer denegó la moción de Crew de forzar mediación el 23 de julio de 2026. Alegaciones en la demanda.

BCS1 v. The Walk DST y BCS1 v. Vintage DST (peticiones enmendadas por segunda vez el 22 de junio de 2026) buscan remover a The Walk ST y Vintage ST, afiliados de Crew, como fiduciarios firmantes. Esas peticiones alegan que Wettengel tiene el 76% de Crew y Muro el 24%. Alegación. El acuerdo operativo del 12 de abril de 2022 los nombra como los dos miembros fundadores y no indica esos porcentajes.

Cronología

  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. Nelson is on the Emerson selling-group line.

    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. Later Walk 1055 petition recites BankPlus as that first-mortgage lender from the sealed PPM.

    VIP Bonds circular

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

    Hayworth IB complaint · C.A. 2025-0748

  8. 15 Jun 2022
    BCS1, DLS1, and MS & DS allege they invested $4,638,609.92 in Walk and hold 18.8628% (second amended petition). Allegations.

    Walk 1055 second amended petition

  9. 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

  10. 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

  11. 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

  12. 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

  13. 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

  14. 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

  15. 13 Sep 2022
    KHCA declined to finance Apex South Creek (300-unit Orlando multifamily). Allegation in the KHCA complaints. After the 1 Aug PSA.
  16. 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

  17. 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

  18. 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)

  19. 15 Aug 2023 · Nelson allegation
    Nelson alleges Wettengel/Muro halted investor payments and started “overdue management fees.” Lines up with the later mass freeze.
  20. 20 Oct–7 Dec 2023
    Brian Nelson sues Blake in Orange County (20 Oct, 30-2023-01356667). Complaint is Exhibit C of the later Walk 1055 petition. Eighteen causes; named defendants include Wettengel, Muro, Versity Invest, Welker, and the four KHCA DSTs. Dismissed without prejudice 7 Dec — the settlement (term sheet 3 Dec 2023, attached as Exhibit A to the 26 Nov 2025 JAMS award and as Walk 1055 Exhibit D). 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.

    Walk 1055 Exhibit C

  21. 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)

  22. 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.
  23. 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

  24. 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)

  25. 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.
  26. 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.
  27. 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

  28. 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.
  29. Dec 2024
    NY TRO. Unsealed KHCA complaint becomes the thread’s source document.
  30. 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

  31. 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.
  32. 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.
  33. 8 May 2025
    Hayworth listed at $88 million (IB complaint). Walker & Dunlop call for offers 27–29 May 2025. Complaint alleges at least three best-and-final offers as of the 30 Jun filing.

    Hayworth IB complaint · C.A. 2025-0748

  34. 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 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. The later Walk 1055 petition recites leftover-IB captions The Walk IB, LLC v. The Walk, DST, C.A. 2025-0754-SEM, and One on 4th IB, LLC v. One on 4th, DST, C.A. 2025-0753-SEM; those pleadings are not in this archive. Allegations.

    Hayworth IB complaint · C.A. 2025-0748

  35. 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.
  36. 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.
  37. 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.
  38. 18 Sep 2025
    BCS1, LLC et al. v. The Walk, DST, C.A. 2025-1055-SEM. Investor petition to remove the signatory trustee. The pleading in this archive is the 22 Jun 2026 second amended petition.

    Walk 1055 second amended petition

  39. 19 Sep 2025
    BCS1, LLC et al. v. Vintage, DST, C.A. 2025-1056-SEM. Investor petition to remove the signatory trustee. The pleading in this archive is the 22 Jun 2026 second amended petition.

    Vintage 1056 second amended petition

  40. 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.
  41. 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

  42. 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.
  43. 15 Jan 2026 · Delaware
    Hayworth Tanglewood IB v. Hayworth Tanglewood DST, C.A. 2025-0748-SEM. Stay denied.
  44. 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

  45. 23 Feb 2026 · forum
    Madelyn: Delaware actions to remove Crew as signature trustee (Walk, Vintage, Apex).

    BiggerPockets · Shulman · 23 Feb 2026

  46. 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.
  47. 13 Apr 2026 · Crew recording
    Blake: “agreement in principle” with Crayhill/KHCA; independent trustee; third-party AM replacing Crew; PM replacing Book & Ladder.
  48. 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

  49. 1 Jun 2026
    Affidavit of Joseph McQuade (Walk 1055 Exhibit M). Alleges engagement by holders of 40.19% of Walk beneficial interests to replace the signatory trustee. The later Vintage 1056 petition recites a parallel 1 Jun 2026 affidavit alleging 51.77% of Vintage. That Vintage affidavit is not in this archive. Owner lists not republished. Allegations.

    Walk 1055 Exhibits C–M

  50. 22 Jun 2026
    BCS1 v. The Walk DST verified second amended and supplemental petition (Transaction ID 79836404). Petitioners allege 18.8628%; with Exhibit M, a majority. Public Exhibits C–M include the 20 Oct 2023 Orange County complaint. Trust Agreement and PPM remain sealed. Allegations.

    Walk 1055 second amended petition

  51. 22 Jun 2026
    BCS1 v. Vintage DST verified second amended and supplemental petition (Transaction ID 79836865). Petitioners allege 1.4557%; with Exhibit M, 53.23%. Recites PPM supplements 8 Apr and 13 Apr 2022 at Form D $87,963,540 (sealed Exhibit B). Public Exhibits C–M not pulled. Allegations.

    Vintage 1056 second amended petition

  52. 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

  53. 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

  54. 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.

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