Crew Enterprises DST Investors with suspended distributions please PM me

[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.

[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.