Crew Enterprises DST Investors with suspended distributions please PM me

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Crew Enterprises DST Investors with suspended distributions please PM me

Brett Henricks
Member since 2024 · 99 posts · 176 votes

If you are a DST investor with Crew Enterprises formerly known as Versity, and before that NB Private Capital, and have had your monthly distributions suspended I'd like to hear from you. Please PM me. Thanks to Bigger Pockets members I am now aware of six Crew DSTs that have or had their distributions suspended. Four of the DSTs are student housing in Reno, Austin, Alabama and Louisiana and two are apartments in San Diego and Houston. Crew expects some relief through the 721 UPREIT for the student housing properties but details on the execution are hard to come by. I'd like to hear about your experience. I'm curious if there are additional distressed Crew DSTs out there.

POST HAS BEEN AMENDED at the original posters request TO ADD THE FOLLOWING AS OF July 2025

"Versity/Crew Investors thank you all that have participated in this Post. If you are a Versity/Crew Investor and are new to this Post, welcome, and thank you for adding your experience and knowledge to our growing list of Investors.

Below you will find links to help you take action on your personal situation. It’s critical that as many investors as possible file complaints with the SEC and FINRA. You’ll find all these forms come populated with information and/or instructions on what to do. In some cases, all you need to do is fill out a few blanks with your property etc. Many thanks to the investor who spent their time refining and compiling this. Let’s put their excellent work into action.

1. Please review condensed reddit discussion with OK Mirror (https://docs.google.com/document/d/1Od0qYaCqXlkuBFl-FA9Q0yPr8ycenIUQ/edit?usp=sharing&ouid=117259389996581272315&rtpof=true&sd=true)

2. Please fill out and submit an SEC complaint - template here (https://drive.google.com/file/d/1Hhv8X-kXLKArz1gJALImES08L4TTuQOM/view?usp=drive_link)


3. Please send the form email to your broker and / or broker dealer - template here (https://drive.google.com/file/d/10u1IqlF8R1iY3JjpJX4vgDhJ_SR1gry5/view?usp=drive_link)


4. Please fill out and submit FINRA complaint regarding your broker and/or broker dealer (https://www.finra.org/investors/need-help/file-a-complaint)


5. Please send a demand letter to Crew - template here (https://drive.google.com/file/d/1Lzyf1YcngYEvW36P2Jr7xXsTiLqtPz-E/view?usp=drive_link)


6. Please consult someone from the list of lawyers shown in this doc file (https://docs.google.com/document/d/1pTOHKoH2cME-pHYqCt3OePWLJE94uYXH_oOsztNvZvc/edit?usp=sharing)


7. Please attend and ask these questions on all webinars - A. How do we find our properties market value at time of purchase, what was actually paid for the property and the current property value? B. Going forward, we want independent book quarterly reviews C. Going forward, we would like an independent management company. Any other questions?"

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David Walser
Member since 2025 · 30 posts · 30 votes
1y

The process will be expensive. At this point, I think we're just out our monthly distributions and legal fees would be expensive to try to collect that now. My long term concern is that Crew will destroy the future sales value of the properties. I would like to figure out a way to get the properties into some sort of a receivership to protect the cash flow and keep them from pilfering further. It seems that there are over 20 properties that could be in this predicament. I've connected with Brett via email and expect to have a phone chat later this week. We'll be attending an investor day DST event with a Kay Properties in Torrance, CA on April 23rd. I'm hoping to get some good advice about going after our broker from that event. At this point our broker isn't responding to my emails.

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  • Brett Henricks
    OP
    Member since 2024 · 99 posts · 176 votes
    10mo

    Cry, check your junk email. That's where all the communications go from Versity. Who would be surprised by that.

    Friday's event will likely be the same worthless dog and pony show with more empty promises but we all can listen to what the excuses are this time.

    A key question that they never answer in a precise or detailed way is what happens when most of these properties amortize starting at various times in 2026. The vague answer I got at one of the webinars was it will increase expenses by 40%! Not a small number.

    Expect more disappointment.

    1Reply
  • Larry Rovira
    Southern California · Member since 2025 · 29 posts · 25 votes
    10mo

    Very disappointing that Versity has not responded to your questions. I know that the questions I previously had asked they have responded to both on email and on the webinar. It will be interesting to see if they respond to the ones I submitted. The questions I asked were concerning financial reporting for the FTB and filing dates in order for us to do our taxes.

    2Reply
  • Larry Rovira
    Southern California · Member since 2025 · 29 posts · 25 votes
    10mo

    https://us06web.zoom.us/webinar/register/WN_qapunQMMQhO9jUq9...

    1Reply
  • Larry Rovira
    Southern California · Member since 2025 · 29 posts · 25 votes
    10mo

    CREW’s capital market team (Brady Smith) finally sent out the webinar link to their call on Buckingham, one of the Versity properties allegedly missing monies. Ironically, Brady states that there was an attachment with updated financials, and a separate link with the webinar. Only the webinar was attached so attention to details continue to be missed or misled. No response when I politely pinged him back…yet. 

    Listening to parts of this webinar again just makes me cringe due to the lies and misrepresentation from both parties. 

    0Reply
    • David Walser
      Member since 2025 · 30 posts · 30 votes
      10mo
      Quote from @Larry Rovira:

      CREW’s capital market team (Brady Smith) finally sent out the webinar link to their call on Buckingham, one of the Versity properties allegedly missing monies. Ironically, Brady states that there was an attachment with updated financials, and a separate link with the webinar. Only the webinar was attached so attention to details continue to be missed or misled. No response when I politely pinged him back…yet. 

      Listening to parts of this webinar again just makes me cringe due to the lies and misrepresentation from both parties. 


       Versity did the same thing for Vintage in Winter Garden FL yesterday

      1Reply
  • Brett Henricks
    OP
    Member since 2024 · 99 posts · 176 votes
    10mo

    Help me David, what did Versity do at Vintage?

    I would think Crew may not have any money to give back to DST investors since they lost $110 million in two Bridge lender lawsuits.

    0Reply
    • David Walser
      Member since 2025 · 30 posts · 30 votes
      10mo
      Quote from @Brett Henricks:

      Help me David, what did Versity do at Vintage?

      I would think Crew may not have any money to give back to DST investors since they lost $110 million in two Bridge lender lawsuits.

      Sorry…I got confused…the webinar was posted by CREW, not Versity. This property was the first CREW property. They had just gotten Brian to take his name off the PPM, then closed the deal. 
      0Reply
  • John Boat
    Member since 2021 · 9 posts · 9 votes
    10mo

    who's on the webinar call right now?

    0Reply
  • John Boat
    Member since 2021 · 9 posts · 9 votes
    10mo

    I thought they were going to talk about our specific property sh%tshow not just another 60 minutes of 'here is what we are going to do...' blah blah blah.  Learned absolutely nothing so far.

    2Reply
    • Faye Fouladi
      Member since 2025 · 44 posts · 28 votes
      10mo
      Quote from @John Boat:

      I thought they were going to talk about our specific property sh%tshow not just another 60 minutes of 'here is what we are going to do...' blah blah blah.  Learned absolutely nothing so far.


       Waste of our time.

      1Reply
    • Steve Cameron
      Member since 2025 · 120 posts · 103 votes
      10mo
      Quote from @Faye Fouladi:
      Quote from @John Boat:

      I thought they were going to talk about our specific property sh%tshow not just another 60 minutes of 'here is what we are going to do...' blah blah blah.  Learned absolutely nothing so far.


       Waste of our time.

      Did they answer any investor questions?
      0Reply
  • Faye Fouladi
    Member since 2025 · 44 posts · 28 votes
    10mo

    As far as I remember no new information was given. They said some of the properties can have distributions started in February 2026 (which I don't believe it since they did not mention any property by name). 

    They said they are bringing in new financial entities to give the cash so that they can pay for getting the properties to the level so that they can be sold within the next 2 years.

    They said they gradually learned about the dire financial condition of the properties and that is the reason why the financial status was not known until recently. They said in January we should get the 4th quarter report. 

    0Reply
    • Steve Cameron
      Member since 2025 · 120 posts · 103 votes
      10mo
      Quote from @Faye Fouladi:

      As far as I remember no new information was given. They said some of the properties can have distributions started in February 2026 (which I don't believe it since they did not mention any property by name). 

      They said they are bringing in new financial entities to give the cash so that they can pay for getting the properties to the level so that they can be sold within the next 2 years.

      They said they gradually learned about the dire financial condition of the properties and that is the reason why the financial status was not known until recently. They said in January we should get the 4th quarter report. 

      Thanks !
      I will request this video - did they say anything about legal and criminal actions against Crew?  Did they answer anyones questions?
      0Reply
    • Faye Fouladi
      Member since 2025 · 44 posts · 28 votes
      10mo
      Quote from @Steve Cameron:
      Quote from @Faye Fouladi:

      As far as I remember no new information was given. They said some of the properties can have distributions started in February 2026 (which I don't believe it since they did not mention any property by name). 

      They said they are bringing in new financial entities to give the cash so that they can pay for getting the properties to the level so that they can be sold within the next 2 years.

      They said they gradually learned about the dire financial condition of the properties and that is the reason why the financial status was not known until recently. They said in January we should get the 4th quarter report. 

      Thanks !
      I will request this video - did they say anything about legal and criminal actions against Crew?  Did they answer anyones questions

       There was no mention of criminal actions against Crew Enterprises but they said they had underestimated the financial situation of the properties when they took over.

      There wasn't Q&A either because the Webinar was for all properties and hence many participants, they said there was no time for Q&A. They only answered some questions they had received prior to the webinar.

      0Reply
    • Faye Fouladi
      Member since 2025 · 44 posts · 28 votes
      10mo
      Quote from @Faye Fouladi:
      Quote from @Steve Cameron:
      Quote from @Faye Fouladi:

      As far as I remember no new information was given. They said some of the properties can have distributions started in February 2026 (which I don't believe it since they did not mention any property by name). 

      They said they are bringing in new financial entities to give the cash so that they can pay for getting the properties to the level so that they can be sold within the next 2 years.

      They said they gradually learned about the dire financial condition of the properties and that is the reason why the financial status was not known until recently. They said in January we should get the 4th quarter report. 

      Thanks !
      I will request this video - did they say anything about legal and criminal actions against Crew?  Did they answer anyones questions

       There was no mention of criminal actions against Crew Enterprises but they said they had underestimated the financial situation of the properties when they took over.

      There wasn't Q&A either because the Webinar was for all properties and hence many participants, they said there was no time for Q&A. They only answered some questions they had received prior to the webinar.

      https://us06web.zoom.us/clips/share/QOIOHDyKQveUy2e5ewDemQ?u...

      0Reply
  • Steve Bing
    Investor · Suwanee, GA · Member since 2015 · 6 posts · 3 votes
    10mo

    There was a mention of preparing a lawsuit to address the 'partnership expenses'.   I am in Shadowglen which seems like it might be in better shape than some of the other properties

    1Reply
    • Larry Rovira
      Southern California · Member since 2025 · 29 posts · 25 votes
      10mo
      Quote from @Steve Bing:

      There was a mention of preparing a lawsuit to address the 'partnership expenses'.   I am in Shadowglen which seems like it might be in better shape than some of the other properties


      0Reply
    • Larry Rovira
      Southern California · Member since 2025 · 29 posts · 25 votes
      10mo
      Quote from @Larry Rovira:
      Quote from @Steve Bing:

      There was a mention of preparing a lawsuit to address the 'partnership expenses'.   I am in Shadowglen which seems like it might be in better shape than some of the other properties



      0Reply
  • Larry Rovira
    Southern California · Member since 2025 · 29 posts · 25 votes
    10mo

    Received an email for a previous Zoom call from Crew today @The Nine. I found this disturbing since I wasn’t informed of the Dec 17 Zoom call and surprised by the information provided today.

    There is so much convoluted information that it’s disturbing. Either that or both sides are allegedly just fraudulent in their information that they are providing to the investors.

    One of the more disturbing comments was that the capital calls for The Nine was an option, which is not true. I have documentation where they state it was mandatory and that the investors would lose their investment by being reduced in their shares.

    There was a PDF provided that there was a loan default notification by the bank on the property in which Versity has not notified us about (Dec 17). The drama thickens as the name calling gets more aggressive by the sponsors in these calls. 

    0Reply
    • Robert Hou
      Member since 2025 · 35 posts · 24 votes
      9mo
      Quote from @Larry Rovira:

      Received an email for a previous Zoom call from Crew today @The Nine. I found this disturbing since I wasn’t informed of the Dec 17 Zoom call and surprised by the information provided today.

      There is so much convoluted information that it’s disturbing. Either that or both sides are allegedly just fraudulent in their information that they are providing to the investors.

      One of the more disturbing comments was that the capital calls for The Nine was an option, which is not true. I have documentation where they state it was mandatory and that the investors would lose their investment by being reduced in their shares.

      There was a PDF provided that there was a loan default notification by the bank on the property in which Versity has not notified us about (Dec 17). The drama thickens as the name calling gets more aggressive by the sponsors in these calls. 


      Did you mean Versity Investments had a call on Dec 17? I haven't heard of any calls with Crew.

      Did the capital calls for The Nine occur when Crew had control of The Nine, which I think stopped around August. From what I am recently learning, capital calls are not allowed with DSTs. (learned this from my friend who is suing their Sponsor to regain control of their DST. You can Google DST and capital calls for more details.) I think the capital call was made "optional" to possibly skirt the legal issue. And they implemented it by reducing your percentage ownership if you DO NOT participate in the capital call. You will still own shares if you DO NOT participate in the capital call, but you will own less.

      Versity has said on their conference calls that Crew stopped paying all mortgages before handing the properties back to Versity.  The transition period took more than one month, so by the time Versity got the properties back, they were all delinquent by at least one month.  Whether you trust Versity's word is up to each of us.

      0Reply
  • Larry Rovira
    Southern California · Member since 2025 · 29 posts · 25 votes
    9mo

    Here is the PDF of the loan default notice that Crew sent out concerning The Nine. This was sent Brian Nelson and we have not received any notification from Versity about this concern. Forth more, it states that during the bank’s inspection they found numerous issues such as broken doors and locks that have not been previously remedied. More red flags and fewer answers. 
    https://www.dropbox.com/scl/fi/j7iqa7hb62qfgdao3sncg/Lender-...

    0Reply
  • Robert Hou
    Member since 2025 · 35 posts · 24 votes
    9mo

    If you are a DST investor or a TIC investor, you have a chance to regain control of your property if the property is having trouble paying distributions and you can get a majority of owners to agree. Majority would be 51% of the amount invested, not 51% of the investors. I have friends who invested in a DST with a different sponsor, and they are taking the sponsor to court. So far, they are making progress. It isn't cheap, but it also isn't expensive. I think it will be in the $100K range, which is a small percentage of the amount invested.

    I am invested in a TIC property, and we are considering trying to do the same thing. DSTs are apparently easier because the DST structure is more regulated than a TIC structure.

    From my experience, the hard part is getting the list of investors.  I wasn't involved with that.

    2Reply
  • Larry Rovira
    Southern California · Member since 2025 · 29 posts · 25 votes
    9mo

    Crew had the call on Dec 17, and did NOT notify me as an investor. But they did send out a link from the presentation with the default loan notice.

    And agree with you on the other comments. But previously we were NOT told the capital call was optional. We were told that if we didn’t participate we would lose our investment and our money. I am just flabbergasted that they could unethically do a capital call knowing what I know now. 

    0Reply
  • Brett Henricks
    OP
    Member since 2024 · 99 posts · 176 votes
    9mo

    Really interesting stuff posted in the last few days. Help me out if I am not correct. Please add to my understanding.

    Let's see, the property in Memphis, The Nine, is in default and the Bank has given notice they intend to exercise their remedies such as accelerating the note.

    The default letter is dated December of 2025. Versity had control back by then. The property is in disrepair. 

    At some point there is a threatened Capital Call, from who? Versity or Crew? Well, DST's can't make Capital Calls. But we all know Versity did one at The Buckingham in Chicago in April of 2021 for 10% of your equity. The letter I have from an investor is signed by no other than Brian Nelson.

    So, now we have The Element in Sacramento in foreclosure and The Nine next in position to do the same. 

    So why would you believe anything Versity or Crew says?

    Brian Nelson has been promising to restart distributions since May of 2025 , I believe.

    How would any CEO think to promise that? What we know on the Versity side is:

    1- High expenses due to disrepair and deadbeat management from not paying the bills.

    2- Lower occupancy than was hoped.

    3- Loans that start amortizing in 2026. The only comment I heard in a webinar was that it would increase expense by 40% (wholly Cow). They refuse/avoid to address this directly with any real numbers.

    Some headwinds there to say the least. On the Crew side I could not even guess.

    2Reply
  • Robert Hou
    Member since 2025 · 35 posts · 24 votes
    9mo

    I agree it is hard to believe anything that these Sponsors are saying.  I have found that Brian Nelson is too optimistic, which is not good for a CEO.  (Although I work in Silicon Valley, and most CEOs are too optimistic).

    For me personally, I am mainly interested in saving the properties I am invested in so I can get some money back.  One of my properties, Park Plaza, was a complete loss a year ago.  Crew wanted to tear it down and build something newer and bigger.  But I suspect they could not complete the funding process, so the property just sat there for a couple of years until it was foreclosed.

    I expected other properties to go that route too, be complete losses or mostly losses, until Brian's new company managed to regain control of the properties he acquired before 2023.  Now I have some hope that I can get something back.  Versity has not told us the whole story, but they have told us more than Crew did.  We should ask more detailed questions and try to get at the whole story.

    I also ask myself why Brian Nelson decided to go through all this trouble and regain control of the properties.  Could he have just walked away and did something else in real estate?  I think he used his own money for the past 18-24 months to pay for the legal process.  Why did he spend his own money for this?  He knows he is inheriting a gigantic mess.  He knows he is going to have super-angry investors.  Maybe he is a masochist.  Or maybe if he can fix Crew, he will regain his reputation.  Or maybe he cares about the investors who believed in him, and who suffered with Crew.  I am sure investors have been bugging him ever since Crew took over, and begging him for help.

    I am not apologizing for Brian.  But I am an optimist.  I see a chance to get part of my original investment back.  And I see an opportunity to convince Brian to be more transparent, because Brian needs to work hard to win back investors.

    3Reply
    • David Walser
      Member since 2025 · 30 posts · 30 votes
      9mo
      Quote from @Robert Hou:

      I agree it is hard to believe anything that these Sponsors are saying.  I have found that Brian Nelson is too optimistic, which is not good for a CEO.  (Although I work in Silicon Valley, and most CEOs are too optimistic).

      For me personally, I am mainly interested in saving the properties I am invested in so I can get some money back.  One of my properties, Park Plaza, was a complete loss a year ago.  Crew wanted to tear it down and build something newer and bigger.  But I suspect they could not complete the funding process, so the property just sat there for a couple of years until it was foreclosed.

      I expected other properties to go that route too, be complete losses or mostly losses, until Brian's new company managed to regain control of the properties he acquired before 2023.  Now I have some hope that I can get something back.  Versity has not told us the whole story, but they have told us more than Crew did.  We should ask more detailed questions and try to get at the whole story.

      I also ask myself why Brian Nelson decided to go through all this trouble and regain control of the properties.  Could he have just walked away and did something else in real estate?  I think he used his own money for the past 18-24 months to pay for the legal process.  Why did he spend his own money for this?  He knows he is inheriting a gigantic mess.  He knows he is going to have super-angry investors.  Maybe he is a masochist.  Or maybe if he can fix Crew, he will regain his reputation.  Or maybe he cares about the investors who believed in him, and who suffered with Crew.  I am sure investors have been bugging him ever since Crew took over, and begging him for help.

      I am not apologizing for Brian.  But I am an optimist.  I see a chance to get part of my original investment back.  And I see an opportunity to convince Brian to be more transparent, because Brian needs to work hard to win back investors.


       As for why Brian is doing the take back? Brian has a personal interest in at least some of the properties, just not sure which ones. He did tell me when I met with him in early July that he owned a piece of Vintage, which is still with Crew. My other half got into Vintage in July 2022. It is my understanding that this was the first one Crew did without Brian.

      0Reply
    • Robert Hou
      Member since 2025 · 35 posts · 24 votes
      9mo
      Quote from @David Walser:
      Quote from @Robert Hou:

      I agree it is hard to believe anything that these Sponsors are saying.  I have found that Brian Nelson is too optimistic, which is not good for a CEO.  (Although I work in Silicon Valley, and most CEOs are too optimistic).

      For me personally, I am mainly interested in saving the properties I am invested in so I can get some money back.  One of my properties, Park Plaza, was a complete loss a year ago.  Crew wanted to tear it down and build something newer and bigger.  But I suspect they could not complete the funding process, so the property just sat there for a couple of years until it was foreclosed.

      I expected other properties to go that route too, be complete losses or mostly losses, until Brian's new company managed to regain control of the properties he acquired before 2023.  Now I have some hope that I can get something back.  Versity has not told us the whole story, but they have told us more than Crew did.  We should ask more detailed questions and try to get at the whole story.

      I also ask myself why Brian Nelson decided to go through all this trouble and regain control of the properties.  Could he have just walked away and did something else in real estate?  I think he used his own money for the past 18-24 months to pay for the legal process.  Why did he spend his own money for this?  He knows he is inheriting a gigantic mess.  He knows he is going to have super-angry investors.  Maybe he is a masochist.  Or maybe if he can fix Crew, he will regain his reputation.  Or maybe he cares about the investors who believed in him, and who suffered with Crew.  I am sure investors have been bugging him ever since Crew took over, and begging him for help.

      I am not apologizing for Brian.  But I am an optimist.  I see a chance to get part of my original investment back.  And I see an opportunity to convince Brian to be more transparent, because Brian needs to work hard to win back investors.


       As for why Brian is doing the take back? Brian has a personal interest in at least some of the properties, just not sure which ones. He did tell me when I met with him in early July that he owned a piece of Vintage, which is still with Crew. My other half got into Vintage in July 2022. It is my understanding that this was the first one Crew did without Brian.

      I imagine Brian has personally invested in some properties.  But then I assume he could have just taken back those specific properties.  He didn't have to fight for all the properties.

      And he has been fighting on more than one front.  Crew tried to sell a property called Ruckus (I think) that a friend invested in.  The property was under Brian's name, or was partially owned by Brian.  They apparently tried to forge his signature (or something else illegal) and got caught.  So Brian sued, and got the property back a couple of years ago.  It is possible he invested in this property.
      0Reply
  • Robert Hou
    Member since 2025 · 35 posts · 24 votes
    9mo

    I am also surprised that Crew has hosted a conference call for The Nine when Versity has taken it back (it is on the Versity website).

    Brian may have wrongly made a capital call for Buckingham.  He may not follow all the rules as a Sponsor, and that is troubling.

    One problem with the Buckingham that other properties do not have, is that Buckingham depends on summer interns working at major financial institutions in Chicago for a significant part of their yearly revenue.  The student rental period is 9 months, so they need summer interns to make their profit.  And 2021 is right in the middle of the pandemic, and I believe Chicago probably asked the summer interns not to come to Chicago around that time.  Maybe they closed Chicago to summer interns during the summer of 2020, which means Buckingham may have been in major trouble a year later by 2021.  I could be wrong on the dates.  I do know that Buckingham went into lockbox because they couldn't make the mortgage payments around that time.  I don't know how many summers they lost.

    (I did not invest in Buckingham directly, so I was not asked for a capital call.  but I invested in another property, and when that went full cycle, we did a 1031 exchange into Buckingham and another property)

    0Reply
  • Gregory M Owens
    Member since 2025 · 56 posts · 63 votes
    9mo

    The PPM and Code governing Delaware Statutory Trusts requires Sponsors of DSTs to submit a list of other Investors of the DSTs in writing to any said Investor of that DSTs Said List is to provide names and contact info of other investors within the same DST as you, The Investor. Interestingly, I discovered that said List was to be part of Quarterly Updates, which were never provided. Of course, I've never received one. I asked CREW Enterprises over a dozen times to provide me the List but they kept silent. This was in direct violation of their requirements under both the PPM and the DST Code.

    1Reply
    • Robert Hou
      Member since 2025 · 35 posts · 24 votes
      9mo
      Quote from @Gregory M Owens:

      The PPM and Code governing Delaware Statutory Trusts requires Sponsors of DSTs to submit a list of other Investors of the DSTs in writing to any said Investor of that DSTs Said List is to provide names and contact info of other investors within the same DST as you, The Investor. Interestingly, I discovered that said List was to be part of Quarterly Updates, which were never provided. Of course, I've never received one. I asked CREW Enterprises over a dozen times to provide me the List but they kept silent. This was in direct violation of their requirements under both the PPM and the DST Code.

       @Gregory M Owens Do you have a reference for this? Where the PPM and DST say that we should have access to the list of investors? This would be good news. I have been Googling and have not found this spelled out. I found one court case where an investor sued for the list and won. But they should not have had to do this.

      0Reply
  • Robert Hou
    Member since 2025 · 35 posts · 24 votes
    9mo

    Thanks David.

    I am not defending Brian as a Sponsor.  I have invested with him and two other Sponsors, and they are all in trouble for different reasons.  But my problems with Brian started after Crew took over, so I can't blame Brian alone for his investments.  At least he seems to be trying to fix some of the problems.

    0Reply
  • Brett Henricks
    OP
    Member since 2024 · 99 posts · 176 votes
    9mo

    I posted the Delaware code in this conversation previously about Investor's being entitled to the names of the other investors. I'll try and find it and post it again.

    Basically, the code says Investors are entitled to the names of the other investors and then way down at the bottom it says something like "unless the Sponsor deems that it may cause some kind of harm to the Trust" and doesn't elaborate further. Thus giving the Sponsor's license to ignore you.

    1Reply
  • Gregory M Owens
    Member since 2025 · 56 posts · 63 votes
    9mo

    Hey Robert, simply Google “Delaware Statutory Code” and it will pop up. It’s lengthy but informative. It mostly protects the “Sponsor” but clearly outlines our Rights as Investors. Regarding the POM, each property has its own PPM. TBH, I believe our Brokers should have given this to us BEFORE our purchase. Unfortunately, I never heard of this or even of DSTs before my purchase. Contact your Broker, preferably in writing, and request it for your property. By Law, once you request it, it’s their Fiduciary Responsibility to send it to you. Had I read this BEFORE my purchase, I never would have invested. It’s detailed and lengthy so take your time going through it or, preferably, have your attorney go through it with you. Good luck!

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  • Gregory M Owens
    Member since 2025 · 56 posts · 63 votes
    9mo

    Interestingly, I discovered in both the PPM and the DST Code, that the Sponsor is required to provide you with a List of other Investors of your said Property. It's their Fiduciary Responsibility. I requested this from CREW over a dozen times and got NOTHING but silence from them.

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  • Robert Hou
    Member since 2025 · 35 posts · 24 votes
    9mo

    Thanks, this seems to agree that we investors are entitled to a list of investors.

    https://law.justia.com/codes/delaware/title-12/chapter-38/subchapter-i/section-3819/

    Although you may need to sue the Sponsor to get the list.

    https://law.justia.com/cases/delaware/court-of-chancery/2016/cm-12003-vr-0.html

    But this might be one way to sue for a Temporary Restraining Order on a property and regain control from Crew.

    Unfortunately for me, I invested with Nelson directly.  I did not use a broker.  This was my first investment, and I did not know I should use a broker.  I have friends who made money on previous projects, so I thought it would be a good investment.

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  • Gregory M Owens
    Member since 2025 · 56 posts · 63 votes
    9mo

    For them to deny your Right to said Investor List, they must state the reason for said denial

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    • Robert Hou
      Member since 2025 · 35 posts · 24 votes
      9mo
      Quote from @Gregory M Owens:

      For them to deny your Right to said Investor List, they must state the reason for said denial

      Or maybe they can ignore you.  But I think it would be harder to ignore a lawsuit.  I am thinking about how to deal with a bad Sponsor like Crew.

      0Reply
  • Deborah Flint
    Member since 2025 · 24 posts · 18 votes
    9mo

    From what I have been told, If you signed up directly with Nelson Brothers, they were your broker, and should have credited money back to you that Would have gone to an outside broker.  Can anyone remark on this.

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    • Robert Hou
      Member since 2025 · 35 posts · 24 votes
      9mo
      Quote from @Deborah Flint:

      From what I have been told, If you signed up directly with Nelson Brothers, they were your broker, and should have credited money back to you that Would have gone to an outside broker.  Can anyone remark on this.

      Yes, you are right, Nelson is my broker, Nelson did give me credit.  I meant to say that I didn't use an independent broker, which I should have done, to help with vetting.  @Deborah Flint  Are you asking out of curiosity?  Or is there something else to learn?  Personally, I found it nice that he gave a credit.  He could have pocketed the commission.

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  • Stuart UdisPro Member
    Attorney · Philadelphia · Member since 2018 · 2k+ posts · 3k+ votes
    9mo

    What was the projected return and how was this evaluated by those who invested? Specifically, how & why would the underlying real estate yield the revenue to meet the return profile? 

    [email protected]
    0Reply
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