Federal authorities have initiated a criminal investigation into DJE Texas Management Group, led by San Antonio syndicator Devin Elder. This follows a June warrant that targeted the seizure of more than 1,000 acres of land connected to Elder’s real estate portfolio across six counties in South Texas, as reported by 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 June land seizure warrant, citing concerns that concurrent investigations could hinder evidence gathering. According to court filings, “The U.S. Attorney’s Office said that it would like to continue discovery proceedings in the case but believes overlapping investigations could adversely impact turning up evidence.”
DJE has already been under FBI investigation for alleged money laundering and wire fraud involving real estate transactions. Details of this part of the probe remain sealed. It is not clear if the new criminal inquiry stems from these earlier civil allegations or another issue. Judge Orlando Garcia has yet to approve the government’s motion or sign off on the property seizure warrant.
Although Elder is not specifically named in court documents related to the warrants, property records indicate he is the sole beneficiary of DJE entities under scrutiny.
The properties involved include undeveloped rural parcels acquired during DJE’s recent shift from multifamily syndication toward land sales, as well as a vacant industrial site and downtown San Antonio’s long-vacant Leeds Building. The company’s main redevelopment project, the historic Travis Building, entered foreclosure this spring after DJE defaulted on an $18 million loan partially secured through PACE financing.
Earlier this year, DJE halted investor distributions and hired Max Wayman & Associates from Fort Worth to oversee asset liquidation efforts. In July, Platte Canyon Capital from Denver purchased Allure Apartments—a 268-unit complex—through one such sale; financial terms were not disclosed.
Amid these developments and ongoing legal scrutiny, Elder announced in July his launch of Ark 40 Consulting according to web domain records and information posted on his personal website.
