DST Report

Brother · Nelson Partners Student Housing · not these DSTs

Patrick Nelson

Brother. Nelson Partners student housing. Different company from 4th & J and Vintage.

Other Operator As of 2026-09-02

Different company, different offerings. National coverage, then the NYT (18 Mar 2024, plus 2021/2022): at least $115M in judgments (Skyloft $50M settlement + Fortress about $57M + more), civil contempt twice (about $3M of company money on personal expenses; misuse of Skyloft restitution). Investor suits allege Ponzi-like use of one project’s equity to pay the next.

The 25 May 2025 FBI post on the investor forum names Patrick and Blake together — that is the mix-up. He sued Wettengel/Muro in Orange County in 2020; that case is still alive. 4th & J and Vintage are Brian’s line, not Patrick’s.

The 24 Dec 2025 Versity I complaint recites Brian Nelson v. Patrick Nelson, Orange County 30-2021-01197655: split confirmed by judgment 24 Jun 2021. That pleading is not in this archive.

He is a related person (not a commissioned seller) on the older NB-* Form Ds: Darby Row, The Plaza, Tuscany Place, Molly Barr, Grant Street, Element, CP Cincy. That is the pre-split Nelson Brothers book, not Skyloft.

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. 30 Nov 2020
    Nelson Partners Property Management, Inc. v. Blake William Wettengel filed in Orange County (Patrick’s company). Tanya Muro is later on the caption. Jury trial continued to 30 Nov 2026. A pre-Vintage OC suit BDs could have seen.
  3. 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.