Federal authorities have launched a criminal investigation into DJE Texas Management Group, a San Antonio-based real estate syndication firm led by Devin Elder. The move follows a June warrant that sought to seize more than 1,000 acres of land associated with DJE’s portfolio across six counties in South Texas, according to reporting from the San Antonio Business Journal.
The U.S. Attorney’s Office for the Western District of Texas has requested a pause in proceedings related to the land seizure warrant. In a recent court filing, prosecutors said they want to continue discovery but are concerned that overlapping investigations could hinder evidence gathering.
DJE has already been under FBI investigation for alleged money laundering and wire fraud connected to its real estate transactions. Details of that part of the probe remain sealed. It is unclear whether the new criminal case stems from these earlier civil inquiries or involves different allegations. Judge Orlando Garcia has not yet ruled on the government’s motion or approved the original land seizure warrant.
Although Elder is not named directly in court documents related to the warrant, land records indicate he is the sole beneficiary of all DJE entities involved in the investigation.
The properties targeted by federal authorities include undeveloped parcels acquired during DJE’s shift from multifamily syndication to rural acreage sales, as well as an empty industrial site and the long-vacant Leeds Building in downtown San Antonio. Earlier this year, DJE’s main redevelopment project—the historic Travis Building—entered foreclosure after defaulting on an $18 million loan partially backed by PACE financing.
DJE stopped investor distributions in February and hired Max Wayman & Associates of Fort Worth in April to oversee asset sales. In July, Platte Canyon Capital of Denver purchased Allure Apartments—a 268-unit property—as part of this process; terms were not disclosed.
Amid ongoing scrutiny, Elder announced in July that he had started Ark 40 Consulting, based on information from web domain records and his personal website biography.
