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 · 174 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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  • Kyle Winther
    Financial Advisor · Los Angeles · Member since 2020 · 53 posts · 19 votes
    1y

    So sad to see this happening to real estate investors looking for quality companies with passive income that should last. This is why it is critical to choose a quality DST sponsor with a strong track record.

    0Reply
  • Brett Henricks
    OP
    Member since 2024 · 99 posts · 174 votes
    1y

    Thank you Crew/Versity investors for continuing to get in touch with me. I have now confirmed a 14th Crew/Versity property with suspended distributions. This one is in Chicago called The Buckingham. It's a student housing property.

    0Reply
    • Eric C.
      Laguna Niguel, CA · Member since 2012 · 122 posts · 58 votes
      1y
      Quote from @Brett Henricks:

      Thank you Crew/Versity investors for continuing to get in touch with me. I have now confirmed a 14th Crew/Versity property with suspended distributions. This one is in Chicago called The Buckingham. It's a student housing property.


      I almost invested in this property back in 2018 so I have been following it a bit.  This property had a foreclosure suit filed during Covid, but a forbearance agreement was ultimately reached.  

      Out of curiosity, I looked at the original brochure for this property and NOI for this year should have been $6M with over $3M in cash flow. Would be interesting to see what the actual numbers are..

      0Reply
  • Brett Henricks
    OP
    Member since 2024 · 99 posts · 174 votes
    1y

    Eric, thanks for the feedback you sent in your e-mail. Looks like the following:

    Proforma NOI $6M, actual NOI $3.9M. Proforma NI $3M, actual NI $400k. 87% off of the Proforma.

    Proforma Operating Income $8.7M, actual $7.1M. 

    NI of $400k unlikely to support resumption of distributions. Currently there are $8.44M in deferred distributions which would be paid last upon a sale of the property.

    I continue to hear stories like this from Versity/Crew Enterprises investors, I am interested in yours. Please reach out.

    1Reply
  • Brett Henricks
    OP
    Member since 2024 · 99 posts · 174 votes
    1y

    Here you go for the owners of the 14 properties I have heard from Crew Enterprises/Versity investors with suspended distributions the lawsuit where the principals of Versity and now Crew are suing each other over siphoning off your distributions.

    On July 27, 2023, Brian Nelson formally issued a written demand to Blake Wettengel and Tanya Muro, requesting the following information and actions:

    Accounting Records: An electronic copy of all accounting books and records of Versity I, from their inception to the present, including the general ledger and all other accounting files. ​

    Original Documents: The original of each document or agreement in their possession bearing Nelson’s original-ink signature, to which Versity I is a party. ​

    Tax Returns: A full and complete copy of all state and federal income tax returns for Versity I and related entities. ​

    Financial Statements: A full and complete copy of all annual financial statements, including but not limited to income statements and balance sheets, for the time period January 1, 2018 through December 31, 2022, and for January 1, 2023 to the present, for Versity I. ​

    Organizational Documents: A copy of the operating agreement, limited liability company agreement, or other organizational agreement, and all amendments thereto, or other organizational documents if any, of Versity I. ​

    Additionally, Nelson demanded that Wettengel and Muro take the following actions:

    Resignation: Resign from any alleged positions they held with Versity I. ​

    Return of Funds: Return all wrongfully diverted funds. ​

    Bank Accounts: Resign from all bank accounts. ​

    Cease Transfers: Refrain from transferring any more money to themselves. ​

    Asset Disposal: Stop disposing of assets. ​

    Unfortunately, Wettengel and Muro ignored these demands and did not provide the requested information or take the necessary actions. ​

    Please let me know if you need any further details or have any questions regarding this matter.

    He also stated : On or around August 15, 2023, Blake Wettengel and Tanya Muro suspended investor payments that they were required to make each month. ​ Instead, they began transferring funds to themselves or their entities under the guise of alleged overdue management fees. ​ These transfers were a pretext and were done to damage Brian Nelson and the investors in the properties managed by Versity I. ​ The actions were taken in retaliation for Nelson asserting his rights.

    4Reply
  • Henry ClarkPro Member
    Developer · Member since 2020 · 4k+ posts · 4k+ votes
    1y

    OP and other DST investors. Would you post your due diligence list and the various Stress Tests you performed on these investments?

    The emphasis on Student housing.  What is the underlying concern being identified?  What was the impact of Covid versus your occupancy stress tests?  

    We don’t invest in DSTs or REITS.  The investor plays the role of an investment banker.  Always wondered how Passive investors take on the Active role of an Investment Banker.  Could you state your technical profession. Would like to know how closely that aligns with the Active skill sets required.  

    0Reply
  • Brett Henricks
    OP
    Member since 2024 · 99 posts · 174 votes
    1y

    My Crew Enterprises property Inspire on 22nd in Austin has restarted distributions this month at 1.0%. Compared to the promised 5.34% I am underwhelmed. What to do with all that money? Last month they restarted my other property Wolf Run in Reno at 1.73%. I should be happy since at least it's something for the moment.

    I say for the moment because both of these properties Amortize in 2026. I have no confidence that Crew can pay the principal that they then owe.

    The feedback from my BD's from Crew is that they will sell the properties at that point. We will see if they can actually pull that off or it's just another empty Crew promise. If they do pull it off, at what price do they do it? Will it be enough to make investors whole and also pay the missed distributions accruing at 2%. I spoke to one investor that Crew did sell the property. He did not get all his principal back.

    0Reply
  • Henry ClarkPro Member
    Developer · Member since 2020 · 4k+ posts · 4k+ votes
    1y

    OP

    Add value to your post   What execution or due diligence was missed?

    If I got the company right.  They started in 2022 and have amassed $1.5bl in 16 states in 33 properties with 4,200 units.  Is this the company?  

    They do quite a bit of college housing. 

     Covid was 2020.

        Realize this is a commercial deal.  But for reference.  Avg 30yr mortgage rate    2021 3.15%; 2022 5.53%; 2023 7.00%; 2024 6.99%; 2025 7.09%

    Why would a syndication deal fail?  OP do you know for your investment?     

    1.  Occupancy projections-  above they started in 2022, Covid was 2020.  They would have been aware of issues.  Especially for college MFH.  X% to y% have they executed?

    2.  Rent rates- would not have changed much in a 2 year timeframe.   Other than they added value or not, to raise the rent.  $xxx to $yyy have they executed.

    3.  Interest rates.  Again they started in 2022.  High interest rates already started so they didn’t get caught going from say 3.5% to 7%.
    4. Capex-???? Have they executed???

    5.  To grow that fast during 2022 to now is extraordinary.  Plus to find good deals.  The market has been tougher during that timeframe.  Or did they bring existing projects from another Syndication umbrella, which if pre interest rate hikes or pre COVID were projects with existing issues.


    OP. Versus keeping a count of Bad investments.   Add value to your discussion.  You are the Investment Banker for these types of investments. 

    0Reply
  • Brett Henricks
    OP
    Member since 2024 · 99 posts · 174 votes
    1y

    The purpose of my original post and all subsequent posts was never to hold an investment seminar or dole out investment advice. The sole purpose was to connect with other Versity/Crew Enterprises investors who had their distributions suspended or some other kind of distress. To that extent Bigger Pockets has been an excellent venue for that. Originally I knew of 3 properties with suspended distributions. I have now connect with one or more investors in 14 Versity/Crew Enterprises properties. Thank you all for sharing your experiences. Besides other distressed investors I have heard from attorneys, Broker Dealers and RIA's. All of which has been much appreciated. To that extent I am still wanting to hear from Versity/Crew Enterprises investors with suspended distributions. Here are 11 Versity/Crew Enterprises properties that I have not heard from other investors about. I'm told that all have suspended distributions or are in distress. Please reach out if you are an investor in any of these properties or any of the 14 properties already identified in this post.

    345 Flats, Kent OH       9 X 9, Provo UT    900 Factory, Logan UT     Campus Walk, Chico CA     

    Milano Flats, Rexburg ID        One on 4th, Stillwater OK         Rockland, Lawrence KN

    Tailor Lofts, Chicago IL          The Nine, Memphis TN           The Ridge, Morgantown WV

    University Park, Berkeley CA

    0Reply
  • Deborah Flint
    Member since 2025 · 24 posts · 18 votes
    1y

    Our promised March distributions did not happen for The Element or Cincy. It's been one year! Are there any other Cincy investors our there?

    0Reply
  • David Walser
    Member since 2025 · 30 posts · 30 votes
    1y

    Do you know about Astoria in Celebration,FL? It’s another Versity/Crew disaster. 

    1Reply
    • David Walser
      Member since 2025 · 30 posts · 30 votes
      1y
      Quote from @David Walser:

      Do you know about Astoria in Celebration,FL? It’s another Versity/Crew disaster. 

      Brett, Thanks for your work on the Crew properties. My other half and I, separately, own Wolf Run, Astoria, Shadowglen and Vintage. I see that you have all of these on your list. I’m not sure what else you’re looking for. All of ours have finally re-started distributions at the NEW low rate. This after 10 months of a 1-2 month pause.

      I have read your thread and will now check out the Reddit link. It seems that there ought to be lots of pissed off investors into this fiasco but I’m just getting started digging in further. My investment advisor isn’t responding to my emails. 
      0Reply
    • Deborah Flint
      Member since 2025 · 24 posts · 18 votes
      1y
      Quote from @David Walser:
      Quote from @David Walser:

      Do you know about Astoria in Celebration,FL? It’s another Versity/Crew disaster. 

      Brett, Thanks for your work on the Crew properties. My other half and I, separately, own Wolf Run, Astoria, Shadowglen and Vintage. I see that you have all of these on your list. I’m not sure what else you’re looking for. All of ours have finally re-started distributions at the NEW low rate. This after 10 months of a 1-2 month pause.

      I have read your thread and will now check out the Reddit link. It seems that there ought to be lots of pissed off investors into this fiasco but I’m just getting started digging in further. My investment advisor isn’t responding to my emails. 

      0Reply
  • Deborah Flint
    Member since 2025 · 24 posts · 18 votes
    1y

    Hi David. No, I have never heard of that one. Another property not getting distributions. How long are Blake Wettengel and Tanya Muro going to get away with this. I watched American Greed the other night. I feel like we're all in the middle of one of these shows! At least there was jail time at the end. What they are doing must be illegal. I think they have turned oyr investments into a ponzi scheme! We know they and their staff are getting paid with our money. Wish someone out there could tell us what to do. 

    1Reply
  • 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.

    10Reply
    • Steve Cameron
      Member since 2025 · 117 posts · 101 votes
      1y
      Quote from @David Walser:

      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.


      0Reply
    • Steve Cameron
      Member since 2025 · 117 posts · 101 votes
      1y
      Quote from @David Walser:

      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.


      But wouldn't we talk to the SEC about potential wrong doing (this could be low cost) and or do a group tort thus sharing legal fees?
      0Reply
    • Harlan Cooper
      Member since 2025 · 14 posts · 6 votes
      1y
      Quote from @David Walser:

      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.


      0Reply
    • Colleen Cooper
      Member since 2026 · 2 posts · 0 votes
      5mo
      Quote from @David Walser:

      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.


      0Reply
  • David Walser
    Member since 2025 · 30 posts · 30 votes
    1y

    Is everyone getting excited about the upcoming State of the Union for our properties and Crew assets? We were told in our 4th quarter reports to expect this in the coming weeks…should be any day now.

    1Reply
    • Deborah Flint
      Member since 2025 · 24 posts · 18 votes
      1y
      Quote from @David Walser:

      Is everyone getting excited about the upcoming State of the Union for our properties and Crew assets? We were told in our 4th quarter reports to expect this in the coming weeks…should be any day now.


       You're being facetious right! You know everything they tell us is a lie.

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

    Everything is a lie? Hum…oh…you mean pausing distributions for 1-2 months…the day after we were expecting the distributions on May 15, 2024? Bad stuff going on.

    1Reply
    • Deborah Flint
      Member since 2025 · 24 posts · 18 votes
      1y
      Quote from @David Walser:

      Everything is a lie? Hum…oh…you mean pausing distributions for 1-2 months…the day after we were expecting the distributions on May 15, 2024? Bad stuff going on.


       We were promised distributions in October or November, after not receiving them since April of 2024. And the money we were receiving prior to April was less than previous months. When we didn't receive the distributions in November or December, they said March. Then they said no, and didn't tell us WHEN they were going to be sent. The "chart" that they sent "explaining" why they weren't going to be sent was nonsense. So, you tell me, do they lie?

      0Reply
  • Steve Cameron
    Member since 2025 · 117 posts · 101 votes
    1y

    What if we do a group tor? y

    0Reply
    • Deborah Flint
      Member since 2025 · 24 posts · 18 votes
      1y
      Quote from @Steve Cameron:

      What if we do a group tor? y

      I don't know. It's like Brett said. There are so many facilities and so few of us in each facility.
      0Reply
  • David Walser
    Member since 2025 · 30 posts · 30 votes
    1y

    I don’t know what the best solution would be at this point. It just seems that we need to do something to protect our investments. There is a LOT of monthly income from the properties and I’m not sure it is being spent in the investors best interest. 

    1Reply
  • Brett Henricks
    OP
    Member since 2024 · 99 posts · 174 votes
    1y

    At this point it's really going to depend on your property. I've only spoken to one investor that complained that Crew was running their property into the ground. I have had a lot of investors say they don't understand because their property is 90% occupied. So, in most cases your Crew property is a going concern and your damage is the missed distributions. You have your share of the asset intact. Hopefully.

    Crew has many of their properties that amortize after 6 years, i.e. they have to start paying principal. If they are paying any distributions at all or none they quite possibly won't be able to cover the additional cost. They could be faced with having to sell these properties. I know of quite a few that amortize starting in 2026. At that point they will be selling a significant amount of property into whatever the market is at the time. Crew investors could benefit or suffer depending on how those property sales go.

    We need more investors to come forward. Please encourage any Crew investor you know to reach out so we can share your story.

    0Reply
  • Steve Cameron
    Member since 2025 · 117 posts · 101 votes
    1y
    Quote from @Brett Henricks:

    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.


    All - thanks to Bretts work a broker friend told me today that we might now have a solid SEC complaint and enough for them to start an investigation. Please file your complaint via the TCR form (make sure you get thi in writing and followup with a phone call) @ SEC.gov .
    The fact that they stopped dividend payments on so many properties at the exact same time/starting many/all of them back up at the 75 % lower dividend at the same time, means they are likely in contract breach for not treating each property as an individual investment/maybe be borrowing money from one project for another, all against the contract t/c's and possibly Ponzi scheme material.  Please fill out the form, the more that do this the faster the reaction.  It sure would be nice to have these properties out of their hands and with some reputable sponsor.
    Brett I think the most powerful chat you have accumulated is where you list all the properties and the dates that the distributions stopped.  Per my broker friend, who represent DST's, this is not normal and something is going on.  I will try to find your chat summary again and use it in the form submission.  There is a large Reddit group also following this - we should share these steps with them as well.

    2Reply
  • Harlan Cooper
    Member since 2025 · 14 posts · 6 votes
    1y

    David, you said in your post that you are meeting with Kay Properties at the investor day event.

    You should know that Kay Properties are the one that sold me the Versity Investments DST in Tempe Arizona called 'The Newport'. This one, just like all the others, stopped paying disbursements last year and will not return calls or emails.

    1Reply
    • David Walser
      Member since 2025 · 30 posts · 30 votes
      1y
      Quote from @Harlan Cooper:

      David, you said in your post that you are meeting with Kay Properties at the investor day event.

      You should know that Kay Properties are the one that sold me the Versity Investments DST in Tempe Arizona called 'The Newport'. This one, just like all the others, stopped paying disbursements last year and will not return calls or emails.


       Harlan,

      We did buy a property through Kay but not any of the Versity/Crew properties that we own. When the monthly payments stopped last year. I looked at what Kay was offering and couldn't find anything on their website referencing Versity/Crew properties. I even asked one of the Kay guys about Versity/Crew and he had never heard about them. I think he was new to Kay (and the business) and truly wasn't aware. I suspect that Kay figured out early that there was something wrong with Versity/Crew and stopped promoting them. Dwight Kay will be at the event and I'm hoping I can get something from him. 

      Thanks for sharing this information about your Kay investment. This will help me strategize how I will frame my questions. Kay may be reluctant to say too much as it might put him in a legal HOT SEAT. The broker that sold us the Versity/Crew investments isn't responding to my emails any longer. I'm really hoping (in the long run) that this is a GOOD sign that these brokers KNOW they've done wrong and need to minimize their exposure.

      1Reply
    • Steve Cameron
      Member since 2025 · 117 posts · 101 votes
      1y
      Quote from @David Walser:
      Quote from @Harlan Cooper:

      David, you said in your post that you are meeting with Kay Properties at the investor day event.

      You should know that Kay Properties are the one that sold me the Versity Investments DST in Tempe Arizona called 'The Newport'. This one, just like all the others, stopped paying disbursements last year and will not return calls or emails.


       Harlan,

      We did buy a property through Kay but not any of the Versity/Crew properties that we own. When the monthly payments stopped last year. I looked at what Kay was offering and couldn't find anything on their website referencing Versity/Crew properties. I even asked one of the Kay guys about Versity/Crew and he had never heard about them. I think he was new to Kay (and the business) and truly wasn't aware. I suspect that Kay figured out early that there was something wrong with Versity/Crew and stopped promoting them. Dwight Kay will be at the event and I'm hoping I can get something from him. 

      Thanks for sharing this information about your Kay investment. This will help me strategize how I will frame my questions. Kay may be reluctant to say too much as it might put him in a legal HOT SEAT. The broker that sold us the Versity/Crew investments isn't responding to my emails any longer. I'm really hoping (in the long run) that this is a GOOD sign that these brokers KNOW they've done wrong and need to minimize their exposure.


      David - the broker that helped me the other day mentioned their firm only works with DST that let them see the books (he phrased it differently) and that is not Crew, so long/short, they do not even consider offering Crew.  Really feel my broker messed up here.  BTW, the SEC has called me back and playing phone tag, will keep you all informed.
      0Reply
    • David Walser
      Member since 2025 · 30 posts · 30 votes
      1y
      Quote from @Steve Cameron:
      Quote from @David Walser:
      Quote from @Harlan Cooper:

      David, you said in your post that you are meeting with Kay Properties at the investor day event.

      You should know that Kay Properties are the one that sold me the Versity Investments DST in Tempe Arizona called 'The Newport'. This one, just like all the others, stopped paying disbursements last year and will not return calls or emails.


       Harlan,

      We did buy a property through Kay but not any of the Versity/Crew properties that we own. When the monthly payments stopped last year. I looked at what Kay was offering and couldn't find anything on their website referencing Versity/Crew properties. I even asked one of the Kay guys about Versity/Crew and he had never heard about them. I think he was new to Kay (and the business) and truly wasn't aware. I suspect that Kay figured out early that there was something wrong with Versity/Crew and stopped promoting them. Dwight Kay will be at the event and I'm hoping I can get something from him. 

      Thanks for sharing this information about your Kay investment. This will help me strategize how I will frame my questions. Kay may be reluctant to say too much as it might put him in a legal HOT SEAT. The broker that sold us the Versity/Crew investments isn't responding to my emails any longer. I'm really hoping (in the long run) that this is a GOOD sign that these brokers KNOW they've done wrong and need to minimize their exposure.


      David - the broker that helped me the other day mentioned their firm only works with DST that let them see the books (he phrased it differently) and that is not Crew, so long/short, they do not even consider offering Crew.  Really feel my broker messed up here.  BTW, the SEC has called me back and playing phone tag, will keep you all informed.

       When did you purchase the AZ property from Kay?

      0Reply
    • David Walser
      Member since 2025 · 30 posts · 30 votes
      1y
      Quote from @David Walser:
      Quote from @Steve Cameron:
      Quote from @David Walser:
      Quote from @Harlan Cooper:

      David, you said in your post that you are meeting with Kay Properties at the investor day event.

      You should know that Kay Properties are the one that sold me the Versity Investments DST in Tempe Arizona called 'The Newport'. This one, just like all the others, stopped paying disbursements last year and will not return calls or emails.


       Harlan,

      We did buy a property through Kay but not any of the Versity/Crew properties that we own. When the monthly payments stopped last year. I looked at what Kay was offering and couldn't find anything on their website referencing Versity/Crew properties. I even asked one of the Kay guys about Versity/Crew and he had never heard about them. I think he was new to Kay (and the business) and truly wasn't aware. I suspect that Kay figured out early that there was something wrong with Versity/Crew and stopped promoting them. Dwight Kay will be at the event and I'm hoping I can get something from him. 

      Thanks for sharing this information about your Kay investment. This will help me strategize how I will frame my questions. Kay may be reluctant to say too much as it might put him in a legal HOT SEAT. The broker that sold us the Versity/Crew investments isn't responding to my emails any longer. I'm really hoping (in the long run) that this is a GOOD sign that these brokers KNOW they've done wrong and need to minimize their exposure.


      David - the broker that helped me the other day mentioned their firm only works with DST that let them see the books (he phrased it differently) and that is not Crew, so long/short, they do not even consider offering Crew.  Really feel my broker messed up here.  BTW, the SEC has called me back and playing phone tag, will keep you all informed.

       When did you purchase the AZ property from Kay?


       These posts can get confusing. My last post was intended for Harlan, not Steve, as he stated that he purchased an AZ property through Kay. Once again, I was trying to determine the timeframe for the purchase of the AZ property from Kay?

      0Reply
  • Brett Henricks
    OP
    Member since 2024 · 99 posts · 174 votes
    1y

    Here again are the 14 properties where Versity/Crew has either suspended distributions or restarted them an extremely reduced rate.

    Astoria- Celebration FL Apex- Orlando FL Hayworth Tanglewood- Houston TX

    Inspire on 22nd- Austin TX CP Cincy- Cinn. OH Oakbrook- Baton Rouge, LA

    Shadow Glen- Manor TX The Element- Sacramento CA The Walk- Tuscaloosa AL

    Wolf Run- Reno NV Vintage Horizon West- Winter Garden FL AW Newport- Tempe AZ

    4 & J- San Diego CA   The Buckingham- Chicago IL

    3Reply
  • Denver McClurePro Member
    Financial Advisor · Flower Mound, TX · Member since 2018 · 659 posts · 479 votes
    1y

    @Steve Cameron just a heads up, many brokers only work with DST providers they are contracted with. I've heard many phrase it similar to "only work with those who let us see the books", so you want to ask if they can even work with all DST sponsors if they could. If they aren't contracted with certain sponsors, then they are most likely not allowed to even discuss all options with you.

    Check with your Investment Advisor as well if you have one. Advisors are not paid in commissions for selling DSTs, unlike brokers. They also have access to the entire marketplace and perform due diligence for you before providing recommendations.

    [email protected]
    0Reply
    • Steve Cameron
      Member since 2025 · 117 posts · 101 votes
      1y
      Quote from @Denver McClure:

      @Steve Cameron just a heads up, many brokers only work with DST providers they are contracted with. I've heard many phrase it similar to "only work with those who let us see the books", so you want to ask if they can even work with all DST sponsors if they could. If they aren't contracted with certain sponsors, then they are most likely not allowed to even discuss all options with you.

      Check with your Investment Advisor as well if you have one. Advisors are not paid in commissions for selling DSTs, unlike brokers. They also have access to the entire marketplace and perform due diligence for you before providing recommendations.


      HI thanks that's a good point I did not think about, you are likely correct.  It does bring up one of the main big picture questions though about DST's that there does not seem to be an independent audit - which seems crazy. 

      I have emailed Crew asking them who to contact regarding a/the  annual independent audit - they have not responded.  I also asked them why many properties dividends are being treated the same when each property should be a different project / investment with its own PPM contract, still no answer.  Will see the SEC person says and update you all.
      1Reply
  • Patrick Freeny
    Member since 2025 · 2 posts · 1 vote
    1y

    I bought Versity Hayworth Tanglewood Houston in 2022.

    Distributions were suspended July 2024.

    From what I am reading, it looks like it may be a total loss. Any thoughts?

    0Reply
    • David Walser
      Member since 2025 · 30 posts · 30 votes
      1y
      Quote from @Patrick Freeny:

      I bought Versity Hayworth Tanglewood Houston in 2022.

      Distributions were suspended July 2024.

      From what I am reading, it looks like it may be a total loss. Any thoughts?


       Patrick,

      Why do you think Hayworth Tanglewood Houston is a "total loss"?

      I'm interested in what you are hearing about your property. All of our Versity/Crew properties stopped paying in May 2024. This was to be payment for April. It's interesting that your property continued to pay through June. All of ours started minimal payments in March & April. It seems that the properties are viable assets but maybe a bit of mismanagement.

      0Reply
  • Denver McClurePro Member
    Financial Advisor · Flower Mound, TX · Member since 2018 · 659 posts · 479 votes
    1y

    @Steve Cameron check FactRight and MountainDell - both are independent of all DSTs. Feel free to PM me if you'd like to chat sometime. 

    [email protected]
    0Reply
  • Patrick Freeny
    Member since 2025 · 2 posts · 1 vote
    1y

    I am having my DST broker look into the property. I do not have any other information.

    1Reply
  • Deborah Flint
    Member since 2025 · 24 posts · 18 votes
    1y

    I don't know if you have added The Element in Sacramento and Cincy in Cincinnati. Those dividend checks also stopped in April 2024.

    2Reply
    • David Walser
      Member since 2025 · 30 posts · 30 votes
      1y
      Quote from @Deborah Flint:

      I don't know if you have added The Element in Sacramento and Cincy in Cincinnati. Those dividend checks also stopped in April 2024.

      It looks like Brett has both of those properties on his list of 14. 
      0Reply
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