DST Report

发起人

Crew Enterprises / Versity Invest

Wettengel / Muro 特拉华 LLC，档案 6684437。2022 年 3 月 17 日以 Versity InvestCo 成立，3 月 23 日改名。2024 年 5 月更名为 Crew。持有 Vintage 及其他 KHCA 线索 DST。

Crew / KHCA 截至 2026-08-30
特拉华档案
6684437 · 2022 年 3 月 17 日以 Versity InvestCo, LLC 成立 · 2022 年 3 月 23 日改名为 Versity Invest, LLC
后台 / 名称
2022 年 4 月 2 日 · Versity Investments 提供运营/薪酬，并许可「Versity」/「Versity Investments」。12 个月自动续期。特许费 TBD，经 10% 票据支付。
管理人
仅 Blake Wettengel 与 Tanya Muro。无董事会。
CIK / EIN
0001968611 · 88-1425276 · Aliso Viejo, CA
首个 DST
Vintage, DST · 首次销售 2022 年 4 月 12 日（与经营协议及 KHCA / Crayhill 第一次修订同一天）
VIP Bonds
Regulation A · 最多 $75,000,000 的 8% 优先无担保 A Bonds（3 年）与 R Bonds（18 个月，RIA 渠道，$15M 上限）· 每张 $1,000 · 最低 $5,000 · WealthForge 尽力推销管理经纪自营商。初步说明书 2023 年 10 月 31 日；后来修订签署于 2024 年 2 月 21 日。此处未见已合格或已售出。
VIP Bonds 销售负荷
A Bonds — 5% 销售佣金 + 最多 2% 管理经纪自营商费用 + 最多 1% 不须核销费用（每 $1,000 中 $80；$920 归发行人）。R Bonds — 无销售佣金或费用津贴；仅管理经纪自营商费用（每 $1,000 中 $20）。FINRA 承销上限 10%；组织与发行上限 15%。约 $744,000 分配给同时在 WealthForge 与本公司任职者的批发 / 非交易报酬。与 WealthForge 关联的本公司注册代表可从管理经纪自营商费用中拿最多 135 bps（若上限按该方式提高则为 $1,012,500）。
VIP Bonds 赎回
可选赎回，A Bond 按周年 $900 / $920 / $940，R Bond $960，外加应计利息。每季未偿本金上限 3.75%，每年 15%（公司可提高上限；未用季度额度不滚入）。死亡 / 残疾 / 破产赎回计入季度上限并优先。连续季度系列；交割为每月第一、第三个星期四。
Crayhill 融资（说明书）
12.50% 循环夹层 · 2021 年 5 月 27 日 / 第一次修订 2022 年 4 月 12 日 · 截至 2023 年 6 月 30 日未偿 $65,361,830 · 担保物为 Vintage、Walk、Hayworth、One on 4th 中未售出的权益
Volcano 判决
NY Index 652237/2025 · 2025 年 9 月 30 日 · $45,498,832.38 给 IBI Volcano + $4,494,349.18 给 West 4 + $535 费用 · Crew LLC 对 Apex IB 票据的担保
JAMS 确认
OC 30-2025-01534910 · 2026 年 4 月 22 日 · $14,550,000 + $166,834 费用 · 与 Wettengel、Muro 连带

Blake Wettengel 与 Tanya Muro 于 2022 年 3 月 17 日以 Versity InvestCo, LLC（档案 6684437）成立这家特拉华 LLC。注册代理人：Sorensen Entity Services LLC, Wilmington；证书上的授权人是 Chris Sorensen。修订证书 2022 年 3 月 23 日把名称改为 Versity Invest, LLC。Brian Nelson 2025 年 5 月网络说明会的说法是，这是背着他做的。

2022 年 4 月 2 日，Vintage 交割前十天：与 Versity Investments 签订 后台服务协议 与 知识产权许可。Versity I（Blake Wettengel，Manager）向本 LLC（Tanya Muro）提供运营、会计、薪酬与福利。InvestCo 在自行雇佣员工之前支付 Versity I 的全部薪酬，外加五日内到期的月度间接费用发票。初始期限 12 个月，除非提前 30 天不续约则自动续期。特拉华法。同日许可：Versity I（Brian Nelson）把「Versity」与「Versity Investments」名称许可给本 LLC。年度特许费金额 TBD，以 10% 单利本票支付。许可随后台期限结束。前言写 Versity I → Versity Invest；§1.1 授权句方向相反。Form 1-A 记载截至 2022 年 12 月 31 日期间后台合同上有 $663,645 资产管理费。

经营协议 日期 2022 年 4 月 12 日。创始成员：Wettengel 与 Muro。两名管理人，各指定一名。无董事会——后来的 Form 1-A 修订原文如此。初始高管：CEO Wettengel，COO Muro，CFO Jennifer Welker，CIO Frank Muhlon。协议 Recital A 称证书于 3 月 17 日以 Versity Invest 之名提交；SOS 副本当天是 InvestCo。经审计附注称经营协议于 2022 年 4 月 2 日订立。三个日期，一家店。

与 Vintage 同一窗口：首次销售 2022 年 4 月 12 日，Form D 4 月 21 日，关联人士仅 Wettengel 与 Muro。与点名新发起人的 KHCA 贷款修订 同一天。Vintage PPM（2022 年 1 月 11 日）仍指定 Versity Investments 为发起人——本 LLC 当时还不存在。

Regulation A 发行（CIK 0001968611）：最多 $75,000,000 的 8% 优先无担保「VIP Bonds」，WealthForge 尽力推销管理经纪自营商。初步说明书 2023 年 10 月 31 日；后来修订签署于 2024 年 2 月 21 日。说明书仍是初步发行说明书。

A Bonds 于该系列首次发行第三周年到期；R Bonds 十八个月。R Bonds 仅通过注册投资顾问销售，在 $75 million 内有 $15,000,000 上限。每张 $1,000；最低 $5,000（公司可接受更少）。利息每月 15 日支付。可选赎回：A Bonds 按周年 $900 / $920 / $940；R Bonds $960；外加应计利息。上限为每季未偿本金的 3.75%、每年 15%。未用季度额度不滚入。死亡、残疾与破产赎回计入季度上限并优先。交割为每月第一、第三个星期四；结算两个工作日后。连续季度系列（A-1 / R-1 起），自合格起最多两年，可再延一年。

A Bonds 销售负荷：5% 销售佣金、最多 2% 管理经纪自营商费用、最多 1% 不须核销费用——每 $1,000 中 $80，$920 归发行人。R Bonds 仅付管理经纪自营商费用。FINRA 承销报酬上限为参与成员所募款项的 10%；组织与发行费用上限 15%。约 $744,000 分配给同时在 WealthForge 与本公司任职者的批发 / 非交易报酬。身为 WealthForge 注册代表的本公司雇员，可就其销售的债券从管理经纪自营商费用中拿最多 135 bps（若上限按该方式提高则为 $1,012,500）。Arkadios Capital 被描述为 DTC 交易代理人，不是做市商；Altigo 是 WealthForge 的认购平台。

2023 年 10 月 18 日 Form 1-A/A（000165495423013057）是另一份 accession——它提交了 Apex South Creek 信托协议、主租约、资产管理协议与 Book & Ladder PMA，外加 Vintage、Walk、Hayworth 与 One on 4th 的 Book & Ladder PMA、三份 Crew 时期 PSA，以及 4 月 2 日后台 / 名称许可一对。Versity Invest 是 Apex 的资产管理人，费率为 Gross Revenue 的 1%，并是这四个 Crew 时期 DST 的 PMA §6.8 Asset Manager。Tanya Muro 在 Apex AMA 两边签字，也在 Hayworth PMA 两边签字。2023 年 10 月 31 日修订中的高管表：Welker 已不在；Bret Wilkins 自 2023 年 5 月任 CFO（自 2022 年 10 月任 controller）；Muhlon 自 2022 年 3 月仍任 CIO。2022 财年现金：Wettengel $560,000，Muhlon $447,748，Muro $300,000。

同一说明书点名 Crayhill Credit Facility，利率 12.50%：2021 年 5 月 27 日协议，第一次修订 2022 年 4 月 12 日把本 LLC 加为共同担保人。截至 2023 年 6 月 30 日未偿 $65,361,830。担保物是 Vintage、Walk、Hayworth 与 One on 4th 中未售出的权益。那份第一次修订即 KHCA 贷款附件。

特拉华名称约于 2024 年 3 月 11 日改为 Crew Enterprises, LLC（IBI Volcano 简易判决备忘录，引用 SOS 备案）。更名公关于 2024 年 5 月 6 日，与 KHCA 立案及组合范围内分配冻结同一窗口。公关宣称约 $2B AUM / 35 处物业 / 10,500 床，并称「成立于 2022 年 4 月」。后来他们自己的网站写约 $500M / 7 处物业。SOS 原日期是 2022 年 3 月 17 日。

KHCA 被告。IBI Volcano / West 4 Apex IB 票据上的唯一具名担保人（NY Index 652237/2025）。未出庭。Crane 于 2025 年 7 月 15 日部分缺席准许无反对的 CPLR 3213 动议。书记官金钱判决 2025 年 9 月 30 日：$45,498,832.38 给 Volcano，$4,494,349.18 给 West 4，外加 $535 费用。2023 年和解与 2025 年仲裁之后，Crew 留下一个子集：Vintage、The Walk、One on 4th、Hayworth、Apex。那些坐在未偿高息过桥贷款之下。

橙县 30-2026-01543537（2026 年 1 月 29 日立案）具名被告：十七个 Versity Investments / NBPRE DST，经其受托人，起诉 Crew、Book & Ladder、Wettengel、Muro、Academy West、TripSnap 与 Wettengel Productions。起诉状主张 Crew 约自 2023 年 12 月至 2025 年 5 月 15 日在那些物业上行使资产管理职能，挪用物业账户资金，伪造应付与「合伙费用」，并从一处 Factory 物业拿走出售款项。单独的 Molly Barr 诉因主张针对 2024 年 1 月 2 日和解有 $2,125,465 未经授权的出售托管扣减。指控。

橙县判决 2026 年 4 月 22 日，30-2025-01534910（Hesseltine，C23）确认 2025 年 11 月 26 日 JAMS 最终裁决（Kennedy；Refs. 5200001507 / 5200001580）。Crew、Wettengel 与 Muro 对 Nelson 连带承担 $14,550,000 外加 $166,834 JAMS 费用。裁决认定他们违反 2023 年 12 月 3 日 $30 million 买出，恢复该日之前的原状，并不要求他们支付未付购买价款或承担过桥贷款。撤销交叉申请被驳回。

关联案件 30-2025-01535878（2025 年 12 月 24 日立案）具名被告：Versity Investments、Nelson 与 NBPRE。十六项诉因。该起诉状主张 Crew 是在 Wettengel 与 Muro 仍任 Versity I 高管时建起来的，以及仲裁员命令支付的约 $1.2 million Factory B 类投资者资金进了 Crew。Melzer 于 2026 年 7 月 23 日 驳回 Crew 强制调解动议。起诉状中的指控。

与 Versity Investments 不是同一家公司（Brian Nelson 的公司，约 18 处物业，包括 4th & J）。

时间线

  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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