DST Report

Patrocinador

Versity Investments

Línea de Brian Nelson. Unas 18 propiedades volvieron después del arbitraje de 2025, incluida 4th & J.

Nelson / Versity Al 2026-09-02
Back-office / nombre
2 de abril de 2022 · provee ops/nómina a Versity Invest y licencia “Versity” / “Versity Investments”. Regalía TBD vía pagaré al 10%.
Crayhill (circular)
El prestatario original del 27 de mayo de 2021 es Versity EquityCo, de propiedad total vía EquityCo Parent de esta compañía. La Primera enmienda del 12 de abril de 2022 añade a Versity Invest como cogarante.

Línea de patrocinador de Brian Nelson. Unas 18 propiedades volvieron después del arbitraje de 2025, incluida 4th & J. No es Nelson Partners (Patrick). No es Crew / Versity Invest.

Separación

Nelson Brothers (Brian y Patrick) armó un taller de sindicación de vivienda estudiantil. Se separaron alrededor de 2018. La línea de Brian pasó a NB Private Capital, luego Versity Investments. Blake Wettengel y Tanya Muro fueron ejecutivos ahí hasta el divorcio de 2023.

El PPM de Vintage (11 de enero de 2022) nombra a esta compañía como patrocinador y a Nelson como su único dueño, tres meses antes de que se constituyera Versity Invest / Crew. Las personas relacionadas del Form D en ese DST son solo Wettengel y Muro.

Crew

El 2 de abril de 2022 esta compañía contrató con la LLC nueva: BackOffice Services Agreement (Blake Wettengel como Manager) y licencia de PI (Brian Nelson como Authorized Signatory). Provee ops, contabilidad y nómina, y licencia los nombres “Versity” / “Versity Investments.” Monto de regalía TBD. Diez días después Vintage cerró bajo el nuevo patrocinador.

Una hoja de términos del 3 de diciembre de 2023 (anexa al laudo JAMS confirmado) fijó una compra de $30 million de Crew de los intereses de Nelson en esta compañía, NBPRE y Book & Ladder, con cierre en diciembre de 2024. La demanda de Nelson del 20 de octubre de 2023 en el Condado de Orange 30-2023-01356667 se desestimó el 7 de diciembre.

FAQ de Versity: Crew tomó la administración en 2022; el control se restauró después del arbitraje; “Brian is not affiliated with Crew in any way.” Esa es la línea pública. KHCA aún lo nombra. También es VP de Emerson.

Arbitraje

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: Nelson 65% de esta compañía con derechos de control financiero (adquisición, prestamistas, inversionistas, funcionarios, cuentas bancarias); Wettengel y Muro 35%; operaciones a nivel de facilidad 1/3 cada uno cuando Book & Ladder es el administrador de la facilidad. Status quo ante al 3 de diciembre de 2023. Crew no está obligado a pagar el precio de compra restante. Crew dejó la administración de activos de este portafolio el 15 de mayo de 2025 (hallazgo del laudo). El recobro en dólares contra Crew vive en Nelson. La declaración de Wettengel, como se cita en la oposición DST, lista unidades Class A / Class B como Nelson 50/65, Wettengel 36/20, Muro 14/15. Esa es su declaración, no el laudo.

Esta compañía, Nelson y NBPRE demandaron a Crew, Book & Ladder, Wettengel, Muro y los talleres afiliados el 24 de diciembre de 2025 en 30-2025-01535878 (Melzer, CX102). Dieciséis causas. La demanda alega que Wettengel y Muro, como CEO y COO, desviaron fondos de cuentas de la propiedad a Crew, retuvieron el acceso a Entrata y no remitieron unos $1.2 million de fondos de inversionistas Class B de Factory después de una orden arbitral. Recita un “Foundational Agreement” de ~2018 (verbal más escritos): Nelson como dueño controlador; Wettengel y Muro salario no pagado, utilidad/capital; esta compañía a pagar la deuda puente de NBPRE. Versity I alega que no liberó pretensiones en el acuerdo de diciembre de 2023; Nelson y NBPRE limitan sus cargos a conducta posterior a diciembre de 2023. Los demandantes renuncian a deberes de miembro/gerente del acuerdo operativo de Versity I (Art. 11). Alegaciones.

Melzer denegó la moción de Crew de forzar mediación el 23 de julio de 2026 (ROA 51): OA ¶13.4 dice que una parte puede iniciar mediación y, si la otra no quiere, puede presentar en el Condado de Orange.

Cronología

  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. Still Versity Investments.

    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. Nelson is on the Emerson selling-group line.

    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). 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

  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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