DST Report

发起人

Versity Investments

Brian Nelson 的线。2025 年仲裁后约 18 处物业回来，包括 4th & J。

Nelson / Versity 截至 2026-09-02
后台 / 名称
2022 年 4 月 2 日 · 向 Versity Invest 提供运营/薪酬，并许可「Versity」/「Versity Investments」。特许费 TBD，经 10% 票据支付。
Crayhill（说明书）
2021 年 5 月 27 日原借款人是 Versity EquityCo，经 EquityCo Parent 由本公司全资持有。第一次修订 2022 年 4 月 12 日将 Versity Invest 加为共同担保人。

Nelson Brothers（Brian 与 Patrick）做学生公寓募集。他们约 2018 年分裂。Brian 的线变成 NB Private Capital，再变成 Versity Investments。Blake Wettengel 与 Tanya Muro 在此任高管，直到 2023 年分手。

Vintage PPM（2022 年 1 月 11 日）指定本公司为发起人、Nelson 为唯一所有人，早于 Versity Invest / Crew 成立三个月。该 DST 的 Form D 关联人士只有 Wettengel 与 Muro。

2022 年 4 月 2 日本公司与新 LLC 签约：后台服务协议（Blake Wettengel 以 Manager 身份）与 知识产权许可（Brian Nelson 以 Authorized Signatory 身份）。它提供运营、会计与薪酬，并许可「Versity」/「Versity Investments」名称。特许费金额 TBD。十日后 Vintage 在新发起人名下交割。

2023 年 12 月 3 日条款清单（附于经确认的 JAMS 裁决）设定 Crew 以 $30 million 买出 Nelson 在本公司、NBPRE 与 Book & Ladder 中的权益，交割定于 2024 年 12 月。Nelson 2023 年 10 月 20 日橙县诉讼 30-2023-01356667 于 12 月 7 日被驳回。

橙县判决 2026 年 4 月 22 日，30-2025-01534910，确认 2025 年 11 月 26 日 JAMS 最终裁决：Nelson 持有本公司 65% 并有财务控制权（收购、贷款方、投资者、高管、银行账户）；Wettengel 与 Muro 35%；当 Book & Ladder 为设施管理人时，设施级运营各 1/3。恢复 2023 年 12 月 3 日之前的原状。Crew 无需支付剩余购买价款。Crew 于 2025 年 5 月 15 日停止为本组合做资产管理（裁决认定）。Wettengel 声明——DST 反对意见所引——把 A 类 / B 类单位列为 Nelson 50/65、Wettengel 36/20、Muro 14/15——那是他的声明，不是裁决。

本公司、Nelson 与 NBPRE 于 2025 年 12 月 24 日在 30-2025-01535878（Melzer，CX102）起诉 Crew、Book & Ladder、Wettengel、Muro 及关联店。十六项诉因。起诉状主张 Wettengel 与 Muro 作为 CEO 与 COO，把物业账户资金转给 Crew，扣留 Entrata 访问，并在仲裁员命令后未汇出约 $1.2 million Factory B 类投资者资金。它述及约 2018 年「Foundational Agreement」（口头加书面）：Nelson 为控制所有人；Wettengel 与 Muro 未付薪酬、利润/权益；本公司偿还 NBPRE 过桥债务。Versity I 主张它未在 2023 年 12 月和解中放弃请求；Nelson 与 NBPRE 把诉因限于 2023 年 12 月之后的行为。原告否认 Versity I 经营协议成员/管理人义务（Art. 11）。指控。

Melzer 于 2026 年 7 月 23 日 驳回 Crew 强制调解动议（ROA 51）：OA ¶13.4 称一方可以启动调解，若对方不愿，可在橙县立案。

Versity FAQ：Crew 于 2022 年接管管理；仲裁后控制恢复；「Brian 与 Crew 没有任何关联。」那是公开口径。KHCA 仍点他的名。他也是 Emerson 副总裁。

不是 [Nelson Partners](/zh/companies/nelson-partners/）（Patrick）。不是 Crew / Versity Invest。

时间线

  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. Selling group: Timothy and Ryan Sherer at Emerson. Conservative 12206 line: 28 Oct 2027.

    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. Selling group includes Tim Sherer and Brian Nelson at Emerson.

    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). 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.
  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

发起人：

人物

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