Versity Invest initial CFO · CPA
Jennifer Welker
Initial CFO of Versity Invest in the April 2022 operating agreement. Named in a KHCA bankruptcy-exhibit affidavit. Later Shopoff Realty CFO.
San Jose State B.S. (1996, accounting). CPA. PricewaterhouseCoopers, then VP/controller at Picerne Group. Named initial Chief Financial Officer in the 12 Apr 2022 Versity Invest operating agreement; signed the March 2023 Regulation A offering as principal financial officer. LinkedIn: Versity Investments CFO Nov 2020–May 2023. Shopoff’s bio says she was with Versity more than ten years — that is their number, not a Form D.
Not a manager. Blake Wettengel and Tanya Muro are the only managers. Bret Wilkins is the CFO on the later Form 1-A (officer since May 2023). Named defendant in the 20 Oct 2023 Orange County complaint (30-2023-01356667, Walk 1055 Exhibit C) as former Versity I CFO. Allegations in that complaint.
A former controller’s affidavit, filed as a KHCA exhibit in the Sunstone Development bankruptcy (C.D. Cal. 8:25-bk-11049-SC, Doc 72, 1 Aug 2025) and transcribed on BiggerPockets (PDF not obtained here), says he reported to her, that funding requests from Wettengel/Muro came through her, that she told him to proceed with waterfall payments out of loan-agreement order, and that she reviewed Monthly Servicer Reports. Those are the affiant’s statements.
Timeline
- 2–21 Apr 2022Operating 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.
- 20 Oct–7 Dec 2023Brian 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.