DST Report

スポンサー

Crew Enterprises / Versity Invest

Wettengel / Muro のデラウェア LLC、档案 6684437。2022 年 3 月 17 日に Versity InvestCo として設立、3 月 23 日に改称。2024 年 5 月に Crew へ改称。Vintage と他の KHCA 系統 DST を持つ。

Crew / KHCA 2026-08-30 時点
デラウェア档案
6684437 · 2022 年 3 月 17 日に Versity InvestCo, LLC として設立 · 2022 年 3 月 23 日に Versity Invest, LLC へ改称
バックオフィス / 名称
2022 年 4 月 2 日 · Versity Investments が運営/給与を供給し、「Versity」/「Versity Investments」をライセンスする。12 か月自動更新。ロイヤリティ TBD、10% 手形経由。
マネージャー
Blake Wettengel と Tanya Muro のみ。取締役会なし。
CIK / EIN
0001968611 · 88-1425276 · Aliso Viejo, CA
最初の DST
Vintage, DST · 初回販売 2022 年 4 月 12 日（運営契約および KHCA / Crayhill 第一次修正と同日）
VIP Bonds
Regulation A · 最大 $75,000,000 の 8% 優先無担保 A Bonds（3 年）と R Bonds（18 か月、RIA 経路、$15M 上限）· 1 枚 $1,000 · 最低 $5,000 · WealthForge 最善努力の管理 BD。予備目論見書 2023 年 10 月 31 日。後の修正は 2024 年 2 月 21 日署名。ここでは適格または売却済みとは書いていない。
VIP Bonds 販売負荷
A Bonds — 販売手数料 5% + 管理 BD 手数料最大 2% + 精算不要費用最大 1%（$1,000 あたり $80。発行者へ $920）。R Bonds — 販売手数料も費用手当もなく、管理 BD 手数料のみ（$1,000 あたり $20）。FINRA 引受上限 10%。組成・募集上限 15%。約 $744,000 を WealthForge と当社の両方に属する者への卸売 / 非取引報酬に割り当て。WealthForge 関連の当社 RR は管理 BD 手数料の最大 135 bps を取り得る（上限がそのように上がれば $1,012,500）。
VIP Bonds 償還
任意償還。A Bond は周年ごとに $900 / $920 / $940、R Bond は $960、未払利息加算。四半期未払い元本の 3.75%、年 15% 上限（会社は上限を上げられる。未使用の四半期枠は繰り越さない）。死亡 / 障害 / 破産償還は四半期上限に算入し、先に行く。連続四半期シリーズ。決済は毎月第 1・第 3 木曜日。
Crayhill 融資（目論見書）
12.50% 循環メザニン · 2021 年 5 月 27 日 / 第一次修正 2022 年 4 月 12 日 · 2023 年 6 月 30 日時点の未払い $65,361,830 · 担保は Vintage、Walk、Hayworth、One on 4th の未売持分
Volcano 判決
NY Index 652237/2025 · 2025 年 9 月 30 日 · IBI Volcano へ $45,498,832.38 + West 4 へ $4,494,349.18 + 費用 $535 · Apex IB ノート上の Crew LLC 保証
JAMS 確認
OC 30-2025-01534910 · 2026 年 4 月 22 日 · $14,550,000 + 費用 $166,834 · Wettengel、Muro と連帯

Blake Wettengel と Tanya Muro は 2022 年 3 月 17 日、このデラウェア LLC を Versity InvestCo, LLC（档案 6684437）として設立した。登録代理人：Sorensen Entity Services LLC, Wilmington。証明書上の授権者は Chris Sorensen。修正証明書 2022 年 3 月 23 日 が名称を Versity Invest, LLC へ変える。Brian Nelson の 2025 年 5 月ウェビナー版は、これは彼の後ろで行われた、とする。

2022 年 4 月 2 日、Vintage 決済の 10 日前：Versity Investments との バックオフィス役務契約 と IP ライセンス。Versity I（Blake Wettengel、Manager）がこの LLC（Tanya Muro）へ運営、会計、給与、福利を供給する。InvestCo は職員を雇うまで Versity I の給与全体を払い、加えて 5 日以内に支払う月次間接費請求。当初期間 12 か月。30 日前の非更新がなければ自動更新。デラウェア法。同日のライセンス：Versity I（Brian Nelson）が「Versity」と「Versity Investments」の名称をこの LLC にライセンスする。年次ロイヤリティ額 TBD。10% 単利約束手形で払う。ライセンスはバックオフィス Term とともに終わる。前文は Versity I → Versity Invest。§1.1 の付与文は逆向き。Form 1-A は 2022 年 12 月 31 日終了期間のバックオフィス契約上に資産管理手数料 $663,645 と記す。

運営契約 の日付は 2022 年 4 月 12 日。創業メンバー：Wettengel と Muro。マネージャー 2 名。各が 1 名を指名。取締役会なし——後の Form 1-A 修正がその言葉で書く。初代役員：CEO Wettengel、COO Muro、CFO Jennifer Welker、CIO [Frank Muhlon](/ja/people/frank-muhlon/）。契約 Recital A は証明書が 3 月 17 日に Versity Invest の名で提出されたと言う。SOS 写しはその日 InvestCo である。監査注記は運営契約を 2022 年 4 月 2 日 に締結したと言う。日付 3 つ、店は一つ。

Vintage と同じ窓：初回販売 2022 年 4 月 12 日。Form D 4 月 21 日。関連者は Wettengel と Muro のみ。新しいスポンサーを名指す KHCA ローン修正 と同日。Vintage PPM（2022 年 1 月 11 日）はなお Versity Investments をスポンサーと書く——この LLC は当時まだなかった。

Regulation A 募集（CIK 0001968611）：最大 $75,000,000 の 8% 優先無担保 “VIP Bonds”。WealthForge 最善努力の管理 BD。予備目論見書 2023 年 10 月 31 日。後の修正は 2024 年 2 月 21 日署名。目論見書はなお予備目論見書である。

A Bonds はそのシリーズ初回発行の 3 周年に満期。R Bonds は 18 か月。R Bonds は登録投資顧問経由でのみ売られ、$75 million 内に $15,000,000 上限。1 枚 $1,000。最低 $5,000（会社はより少なく受け得る）。利息は毎月 15 日払い。任意償還：A Bonds は周年ごとに $900 / $920 / $940。R Bonds は $960。未払利息加算。上限は四半期未払い元本の 3.75%、年 15%。未使用の四半期枠は繰り越さない。死亡、障害、破産償還は四半期上限に算入し、先に行く。決済は毎月第 1・第 3 木曜日。清算は 2 営業日後。連続四半期シリーズ（A-1 / R-1 以降）。適格から最大 2 年、さらに 1 年延長可。

A Bonds の販売負荷：販売手数料 5%、管理 BD 手数料最大 2%、精算不要費用最大 1%——$1,000 のうち $80、発行者へ $920。R Bonds は管理 BD 手数料のみ。FINRA 引受報酬は参加会員が募った代金の 10% 上限。組成・募集費用は 15%。約 $744,000 を WealthForge と当社の両方に属する者への卸売 / 非取引報酬に割り当て。WealthForge 登録代表者である当社職員は、売った債券について管理 BD 手数料の最大 135 bps を取り得る（上限がそのように上がれば $1,012,500）。Arkadios Capital は DTC 取引代理人であり、マーケットメーカーではないと書かれる。Altigo は WealthForge の申込プラットフォームである。

2023 年 10 月 18 日 Form 1-A/A（000165495423013057）は別の accession である——Apex South Creek の Trust Agreement、マスターリース、資産管理契約、Book & Ladder PMA を提出し、加えて Vintage、Walk、Hayworth、One on 4th の Book & Ladder PMA、Crew 期 PSA 3 通、4 月 2 日のバックオフィス / 名称ライセンス一対。Versity Invest は Apex の資産管理者で Gross Revenue の 1%、それら 4 件の Crew 期 DST の PMA §6.8 Asset Manager。Tanya Muro は Apex AMA の両側、Hayworth PMA の両側に署名した。2023 年 10 月 31 日修正の役員表：Welker はいない。Bret Wilkins は 2023 年 5 月から CFO（2022 年 10 月から controller）。Muhlon は 2022 年 3 月からなお CIO。2022 会計年度現金：Wettengel $560,000、Muhlon $447,748、Muro $300,000。

同じ目論見書は Crayhill Credit Facility を 12.50% で名指す。2021 年 5 月 27 日契約。第一次修正 2022 年 4 月 12 日 がこの LLC を共同保証人に加える。2023 年 6 月 30 日時点の未払い $65,361,830。担保は Vintage、Walk、Hayworth、One on 4th の未売持分。その第一次修正が KHCA ローン添付 である。

デラウェア名称はおよそ 2024 年 3 月 11 日 に Crew Enterprises, LLC へ（IBI Volcano 略式判決メモ、SOS 提出を引用）。改称広報 2024 年 5 月 6 日。KHCA 提出と帳簿全体の分配凍結と同じ窓。広報は約 $2B AUM / 35 物件 / 10,500 床、「2022 年 4 月設立」と主張した。後に自社サイトは約 $500M / 7 物件と書いた。SOS の当初日付は 2022 年 3 月 17 日である。

KHCA 被告。IBI Volcano / West 4 Apex IB ノート上の唯一の指名保証人（NY Index 652237/2025）。出頭しなかった。Crane は反対のない CPLR 3213 申立てを欠席により一部認容、2025 年 7 月 15 日。書記官の金銭判決 2025 年 9 月 30 日：Volcano へ $45,498,832.38、West 4 へ $4,494,349.18、費用 $535。2023 年和解と 2025 年仲裁のあと、Crew は部分集合を残した：Vintage、The Walk、One on 4th、Hayworth、Apex。それらは未払いの高金利ブリッジローンの下に座る。

オレンジ郡 30-2026-01543537（2026 年 1 月 29 日提出）の指名被告：17 の Versity Investments / NBPRE DST が受託者を通じて Crew、Book & Ladder、Wettengel、Muro、Academy West、TripSnap、Wettengel Productions を訴える。訴状は、Crew がおよそ 2023 年 12 月から 2025 年 5 月 15 日までそれらの物件で資産管理機能を行い、物件口座資金を流用し、未払金と「パートナーシップ費用」を捏造し、Factory 物件から売却代金を取ったと主張する。別の Molly Barr 請求は 2024 年 1 月 2 日和解に対する無権限の売却エスクロー控除 $2,125,465 を主張する。主張。

オレンジ郡判決 2026 年 4 月 22 日、30-2025-01534910（Hesseltine、C23）は 2025 年 11 月 26 日 JAMS Final Award（Kennedy。Refs. 5200001507 / 5200001580）を確認する。Crew、Wettengel、Muro は Nelson に対し $14,550,000 と JAMS 費用 $166,834 を連帯する。判断は 2023 年 12 月 3 日 $30 million 買い取りの違反を認定し、その日以前の原状を回復し、未払い購入価格の支払いやブリッジローンの引受けを求めない。取消しの反対申立ては却下。

関連事件 30-2025-01535878（2025 年 12 月 24 日提出）の指名被告：Versity Investments、Nelson、NBPRE。訴因 16。その訴状は、Wettengel と Muro がなお Versity I の役員であるあいだに Crew が作られたこと、仲裁人が支払を命じた Factory Class B 投資家資金約 $1.2 million が Crew へ行ったことを主張する。Melzer は 2026 年 7 月 23 日 Crew の調停強制申立てを却下した。訴状中の主張。

Versity Investments（Brian Nelson の会社。約 18 物件、4th & J を含む）とは別会社である。

年表

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

    BiggerPockets · Shulman · 23 Feb 2026

  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.

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