Top1031

The Walk

Student housing property in Tuscaloosa, AL · sponsored by Nelson Brothers

HistoricalLast Form D filed May 9, 2022 (opens in a new tab)

The Walk was a DST sponsored by Nelson Brothers that owned a student housing property in Tuscaloosa, AL (87 units). Its last Form D was filed May 9, 2022.

How it ended

No outcome recorded · under 7 years

Last Form D filed May 9, 2022.

Key facts

Minimum investment
Not in the Form D
From the Form D
Offering size
$24,694,414
Equity offered, per the Form D
Sold
Not reported after the first Form D (May 9, 2022)
Form D, May 9, 2022
Selling commissions
$2,222,497 · 8.9% of offering
Form D Item 15; the % is our arithmetic
Financing
Leveraged. This offering reports mortgage debt on the property.
How it is financed ↓
Offered under
Rule 506(b)
General advertising and solicitation are not permitted under this exemption.

Figures come from SEC Form D filings unless a source is cited. Sponsor-stated figures are as reported by the sponsor; Top1031 does not independently audit them. On a 45-day clock? Find day 45 and day 180 →

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Ask a 1031 specialist about this recordFree. About: The Walk. Top1031 is not a broker-dealer.
The Walk image

The Walk · Tuscaloosa, AL · Photo: thewalktuscaloosa.com

What did The Walk own?

The building dates to 2020 and was sold by Spaces Management to Versity Investments after a marketed sale process that closed in spring 2022 (TSB Realty, May 16, 2022). It occupies roughly 0.92 acres, four stories above a gated, four-level subterranean garage with 253 parking spaces. 1 SEC amendments disagree on what the Trust paid on April 29, 2022: $25,500,000 in a March 28, 2023 filing and $45,500,000 in a November 1, 2023 filing. 2

Reported location
Tuscaloosa, AL
Property size
87 units; 251 beds; approximately 85,083 square feet of net rentable residential area

How was it financed, and what did it cost to sell?

This is a leveraged Trust rather than an all-cash one. SEC-filed material describes a $27,834,000 loan on a seven-year term, interest-only for its first five years, then amortizing on a 25-year schedule in years six and seven. 1 Lenders are repaid before beneficial owners in any sale or refinancing.

Debt

Financing
Leveraged. This offering reports mortgage debt on the property.

Costs and terms from the Form D

Selling commissions
$2,222,497 · 8.9% of offering
Finders’ fees
$0
Paid to officers, directors and promoters
$1,638,000 · 6.6% of offering
Form D Item 16
Broker-dealers named in the Form D
None named in the Form D
Date of first sale
Not in the Form D
Minimum investment
Not in the Form D

Form D Item 15 and Item 16 amounts may be the issuer’s estimates; each percentage is Top1031’s arithmetic on two Form D figures. Item 16 can overlap Item 15, so Top1031 does not add them together. The issuer marked these amounts as an estimate.

What does the SEC record show?

The SEC record here is a single exempt-offering notice that was never amended, so the public file reflects the terms set at launch rather than anything that followed. Versity's later Form 1-A/A reported the offering substantially complete as of June 30, 2023, with roughly 1% remaining. 2 Interests were sold privately to accredited investors, without public advertising.

Legal Trust name
WALK, DST
SEC CIK
1926553
First Form D
May 9, 2022
Latest Form D
May 9, 2022
Filings on record
1
Offered under
Rule 506(b)
General advertising and solicitation are not permitted under this exemption.
Source filing
Read the filings on SEC EDGAR

SEC Form D filings, newest first

FiledFormOffering amountAmount sold
Form D$24,694,414
$0
EDGAR

Amounts, investor counts and minimums are as filed with the SEC on Form D. The change lines are Top1031’s arithmetic between consecutive filings; a new Form D notice starts a new count.

A Form D is the notice a sponsor files when it starts raising money. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.

Common questions

What happened to The Walk?
The Walk is a Historical offering. Last Form D filed May 9, 2022.
Who sponsors this Trust?
The Form D itself carries no sponsor attribution. SEC-filed offering material from Versity Invest, LLC identifies Versity as the company offering interests in The Walk DST, and names Blake W. Wettengel and Tanya E. Muro as its only managers. Versity's filings also reported its own ownership of the Trust at 54.00% as of June 30, 2022 and 1.06% as of June 30, 2023.
Why do the filings show different purchase prices and offering sizes?
Two Versity amendments describe the same April 29, 2022 acquisition differently: the March 28, 2023 filing states a $25,500,000 purchase price, while the November 1, 2023 filing states $45,500,000. The November 2023 filing also states that $29,897,965 of Walk DST interests were offered, a different figure from the original May 2022 notice. No reviewed source reconciles the two sets of disclosures.
What are the 2026 mold reports about?
WBRC reported on July 22, 2026 that the mother of a University of Alabama student alleged mold at The Walk ahead of an August 7 move-in, and reported on August 6, 2026 that the City of Tuscaloosa had declared six units uninhabitable, leaving some students seeking housing. No reviewed source states what effect, if any, this has had on the Trust's operations.
Is the Trust named in litigation?
Yes. A verified first amended complaint filed August 13, 2024 in the Supreme Court of the State of New York, County of New York (Index No. 651885/2024), names The Walk, DST and The Walk ST, LLC among the defendants and alleges that proceeds from the Trust were misappropriated rather than used to redeem the initial beneficiary's interests and repay the plaintiffs. Those allegations have not been adjudicated.
What kind of lease does the Trust have?
Not a single-tenant net lease. Concurrent with the April 29, 2022 acquisition, the Trust leased the property to The Walk LeaseCo, LLC, which subleases units to student residents. Filed lease economics describe a 1.0% monthly asset-management fee on gross revenue, a 3.0% monthly property-management fee on gross property revenues paid to an affiliate, and a disposition fee of up to 3.0% on a sale.

In the news

Sources

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DST interests are illiquid private securities. You may lose some or all of your investment. Distributions, tax treatment, and exit timing are not guaranteed. Review the current offering documents before investing.