Crew Enterprises - Aliso Viejo, California

Eric C.

Stay clear of this company and all management and principals associated with former and current versions of this company -
Nelson Brothers Professional Real Estate (NBPRE), and later Nelson Partners Student Housing, NB Private Capital (NBPC), Versity, Versity Invest, Versity Investments, and Crew Enterprises.

If you were recommended by a financial advisor/broker to invest with Crew, I would find a new financial advisor/broker (there might also be legal remedies available). A simple google search will reveal multiple ongoing lawsuits including one related to an alleged misappropriation of funds - search "Khca Funding versity lawsuit". There are many unhappy investor reviews stating poor performance and lack of communication as well.

Examples from my personal experience include -

- Poor communication. Some questions took 8 months (yes, 8 months!!) to get a valid response.. many incompetent employees work here.. it's a revolving door of personnel. Quarterly reports are often delayed. Some were sent out 3-4 months after quarter ended (typical is 4-6 weeks from other sponsors).

- Even the current CEO misrepresented facts in an update call (they only provide pre-recorded updates to avoid having investors ask live questions). He stated that property YoY NOI increased 35% when in reality, the comparison was based on data after an accounting change. If you factor in the change, the actual NOI was 4.4%. It's inconceivable to me how the CEO can possibly think a stabilized property NOI can increase 35% YoY.

- Lies about expenses and whether investors would be liable to pay them. Versity stated in writing that certain expenses would be absorbed by Versity/Crew, but when the property sold, the expenses were deducted without any further explanation.

- Lack of proper property management. The investment I was in had ongoing property tax asessment issues. Versity/Crew would not provide any details of the current situation. As a result, I called the county tax assessors office directly and was told that they have been trying to reach Versity/Crew about the property tax issue and that the person they have on file is not an employee anymore.

- False statements such as "all distributions are supported by cash flow" touted in quarterly reports. ~$1M was siphoned off from disposition proceeds to repay Versity/Crew for previously sent out distributions. When asked for further information supporting the previously undisclosed approx ~$1M difference, my e-mails went unanswered.

- Financial statements (ie. operating statement) net income #s do not match what Versity/Crew state to support their siphoning of proceeds. Net Income #s were positive large values and after closing, Versity/Crew stated that the numbers were actually negative without any sort of explanation.

- Refusal to provide financial books and records as stipulated in the PPM.

Many recent investors are finally sharing their experiences with this sponsor. Make sure to do a google search.

Sharon D.

Work was done at one of their properties in Tuscaloosa, Alabama,
THE WALK. Work was approved, done to completion and invoiced in August. You can't reach them for payment!!! Manager at the property said they are having AP Issues. Really!!!!
Make sure people pay their bills before investing!!!

samir S.

Their communication is very poor. I am an experienced real estate investor and they have been the worst syndication managers that I have ever invested with. They have completely mismanaged a syndication deal that I am in. When asked to communicate, they avoid all questions and hide behind staff . They are surreptitious with information. Do not invest with this firm if you value your hard earned money

Tia

No communication from them. Everytime I call they are never available. Their overflow line agents would take my message and inform me that someone will reach out to me shortly, which is a lie. I’ve already called 6 times for a month and a half, yet the same thing happens each time.

Thomas M.

Well I guess my $200k is gone. Between Brian Nelson and versity investment the west Seneca property has been foreclosed on I guess. Incredibly poor management of our investment. No communications whatsoever. I’m glad some investors are happy I certainly am not. Absolutely awful experience. Brian Nelson and his crew screwed investors on Eden Heights.

Nirmal B.

This company (Crew Enterprises, previously known as Versity Invest) has poorly managed my assets. Really poor communication and transparency. I’ve lost money in both of my investments with them. Not recommended.

vino M.

I have been an investor in Nelson Brothers Private Capital student housing program and investment funds. They have great leadership team. They have performed as expected over the years. They have well diversified portfolio and worth looking for managed real estate investment.

Ken O.

We have known Brian Nelson and his company for nine years and invested in several of his offerings. We spent time becoming friends before we invested and are pleased with both the personal and business relationships with the entire team. We consider their integrity the highest, as is their competence in developing and managing the business.