DST Report

Property manager

Book & Ladder

Affiliated property manager. Still on Vintage in March 2026. Named defendant in OC 30-2026-01543537.

Nelson / Versity Crew / KHCA As of 2026-08-26

The affiliate that leases the property from the trust and runs it. Fees, “partnership expenses,” and property-management invoices all run through this layer. That is where the ~$1.6–2M 4th & J number lives.

The Vintage PPM (11 Jan 2022) names Book and Ladder, LLC as property manager at 2.5% of gross. The PPM says the shop was founded in 2020 by the sponsor’s management team. Asset manager on that deal is Versity Investments, not Book & Ladder.

Same-day Vintage PMA (12 Apr 2022) is 2.5% of Monthly Gross Revenues, exclusive, plus a quarterly NOI incentive. PMA §6.8 Asset Manager is Versity Invest, not Versity Investments. Walk (29 Apr 2022) is 3%. Hayworth (30 Jun 2022) and One on 4th (26 Jul 2022) are 2.5%. All four are California-law, one-year auto-renew, and name Versity Invest as third-party-beneficiary Asset Manager. Tanya Muro signed the Hayworth PMA on both sides.

The Apex South Creek PMA (18 Nov 2022) is 3% of Monthly Gross Revenues, exclusive, plus a quarterly NOI incentive. California LLC. Apex LeaseCo is the Owner; Versity Invest is the PMA §6.8 Asset Manager. The EDGAR copy’s Book & Ladder signature block is blank.

The confirmed 26 Nov 2025 JAMS award finds voting interests 34% Wettengel / 33% Nelson / 33% Muro. Nelson may be outvoted as a 1/3 manager on Book & Ladder’s own finances; as 65% owner of Versity Investments he can decide whether Book & Ladder is retained on Versity/NBPRE properties. Book & Ladder may not disburse NBPRE or Versity operating accounts without Nelson’s approval. Nelson has only read-only access to Book & Ladder’s separately owned accounts.

Still on Vintage when an investor walked the property in March 2026. Named defendant in OC 30-2026-01543537 (filed 29 Jan 2026). That complaint alleges Book & Ladder held the PMAs for the seventeen plaintiff DSTs, had custody of operating accounts and security deposits, and took an unauthorized ~$474,000 “aged accounts payable” cut from the Molly Barr sale. Allegations. To be replaced in Crew’s April 2026 “agreement in principle.”

Also named in 30-2025-01535878 (filed 24 Dec 2025). That complaint alleges PMA breaches (Versity I as third-party-beneficiary asset manager under §6.8): “AP Paydown” transfers, commingled operating accounts and security deposits, and withheld Entrata access. Allegations.

Timeline

  1. 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

  2. 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

  3. 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

  4. 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

  5. 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

  6. 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

  7. 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

  8. 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.
  9. 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.
  10. 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

  11. 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.
  12. 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

  13. 13 Apr 2026 · Crew recording
    Blake: “agreement in principle” with Crayhill/KHCA; independent trustee; third-party AM replacing Crew; PM replacing Book & Ladder.
  14. 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