The Walk
Student housing property in Tuscaloosa, AL — sponsor not disclosed
Show sources (8)Hide sources (8)
These links support the historical public record; individual details may come from different sources.
- U.S. Securities and Exchange Commission — Versity Form 1-A/A ↗
- U.S. Securities and Exchange Commission — Versity Form 1-A/A ↗
- Supreme Court of the State of New York, County of New York — Commercial Division (copy hosted by MDF Law) ↗
- The Walk Tuscaloosa property website ↗
- sec.gov ↗
- tsbrealty.com ↗
- thewalktuscaloosa.com ↗
- thewalktuscaloosa.com ↗
What is this, in one paragraph?
The Walk is a Delaware statutory trust — a structure that lets 1031 exchange investors hold fractional interests in real estate — that owns a four-story, Class A student-housing building at 899 12th Street in Tuscaloosa, adjacent to the University of Alabama.1 The Trust acquired the property on April 29, 2022 and filed its exempt-offering notice with the SEC on May 9, 2022.
Minimum investment
Not stated
Offering size
$24.7M
How much has sold
None sold yet
Financing
All cash. This offering reports no mortgage debt.
Sponsor-reported, from SEC filings and cited sources.
On a 45-day clock? Find day 45 and day 180 from the sale date, then come back to this record.
What exactly is the property?
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
Who is the tenant, and what's the lease?
The Trust master-leases the building to The Walk LeaseCo, LLC, an affiliate that in turn signs the actual leases with student residents — so income tracks how the building fills each academic year rather than one corporate tenant's credit.1 The property's own website says management is transitioning to Book & Ladder, LLC.4
How did it end?
Still operating
In its August 7, 2026 update, WTVY reported that The Walk remained an operating student-housing complex: Book N’ Ladder was addressing mold, units were expected to be ready for move-in, and the unaffected remainder continued to operate as planned; no cited source establishes a later sale, full-cycle return, or trust-level exit.
The offering document identifies The Walk Trust as acquiring the property and describes it as a mid-rise, Class A student-housing community adjacent to the University of Alabama; it states 87 units, 251 beds and approximately 85,083 square feet of net rentable residential area, with acquisition on 2022-04-29.
87 units; 251 beds; approximately 85,083 square feet of net rentable residential areaSupporting evidence
Counted on the sponsor’s Record Card as: No outcome recorded · under 7 years Document
How is it financed, and what does it pay?
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.
Who's behind it?
SEC-filed offering material identifies Versity Invest, LLC as the company offering these interests, with Blake W. Wettengel and Tanya E. Muro as its only managers.1 The same filing reported Versity holding 54.00% of the Trust as of June 30, 2022.1 A later amendment put that stake at 1.06% as of June 30, 2023.2 A verified amended complaint filed in New York County on August 13, 2024 names The Walk, DST as a defendant and alleges Trust proceeds were misappropriated; those allegations are unadjudicated.3
- Sponsor
- Sponsor not disclosedThe filing does not identify a sponsor we can confirm.
- May convert to a REIT
- Not stated
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
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.
- Form D filedFirst and latest filing on record.
- Legal Trust name
- WALK, DST
- Filings on record
- 1
- How it may be offered
- Rule 506(b)Not advertised publicly. Offered through existing relationships.
- Source filing
- Read the filings on SEC EDGAR
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.
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 Private Placement Memorandum before investing.
Common questions
What happened to The Walk?
The Walk is a Historical offering: its latest SEC filing is outside the Active window. The outcome and source documents are shown separately.
Where does Top1031 get the data for The Walk?
Top1031 builds this record from the sponsor’s own SEC filings and cited sponsor disclosures. Filings can lag what is happening now. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.
Is The Walk still open to new investors?
The SEC file holds one Form D, filed May 9, 2022, and it was never amended. A later Versity Invest Form 1-A/A reported the offering as substantially complete as of June 30, 2023, with approximately 1% of the Trust remaining available. No closing notice or final raise total appears in the SEC record.
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.
Chapter 9TSB Realty closes sale of The Walk, 251-bed boutique student housing property at the University of Alabama in TuscaloosaTSB Realty reported the sale of The Walk, an 87-unit, 251-bed boutique mid-rise student-housing property, from Spaces Management to Versity Invest.