According to their website, Nelson Partners, LLC is a nationally recognized real estate investment firm specializing in developing, acquiring and managing high quality purpose-built off-campus student housing properties throughout the U.S.

According to the Complaint, NP SkyLoft, DST (the "Trust") is a Delaware statutory trust formed to acquire a high-rise, student-housing apartment complex commonly known as SkyLoft, located near the University of Texas at Austin at 507 West 23rd Street, Austin, Texas (the “Trust Property”). The Trust used a Confidential Private Placement Memorandum dated December 19, 2018 (the “PPM”) and the Supplement to the Private Placement Memorandum dated March 2, 2019 (the “Supplement”) to market the Interests to Plaintiff and the other Class Members (the "Class" or "Investors").

The Complaint alleges that the PPM and Supplement omitted material facts and failed to disclose material provisions of secret agreements between Defendants, and that in December 2020, unbeknownst to the Investors, the Preferred Equity Provider sold the Trust Property, leaving the Investors with a now worthless interest in a Trust that has no property or assets. Plaintiff on behalf of herself and the other Investors now brings this action to recover the damages resulting from Defendants’ alleged concealment and fraud.

Defendants filed a Motion to Dismiss the Complaint on May 17, 2021. On September 17, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiff filed a notice appealing the Court's Dismissal Order on October 4. The appeal was voluntarily dismissed on July 13, 2022.