Federal authorities have escalated their investigation into DJE Texas Management Group, a real estate syndication firm led by San Antonio’s Devin Elder. The U.S. Attorney’s Office in the Western District of Texas recently filed to pause proceedings related to a June warrant that aimed to seize more than 1,000 acres of land associated with DJE across six South Texas counties, according to the San Antonio Business Journal.
Prosecutors indicated in a court filing last week that they are seeking this pause so as not to interfere with an ongoing criminal probe. “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 and its affiliates were already under federal scrutiny for alleged money laundering and wire fraud through real estate transactions. That portion of the FBI investigation remains sealed, and it is unclear if the new criminal probe stems from these earlier civil inquiries or involves separate allegations.
Although Elder’s name does not appear directly in the seizure filings, property records confirm he is the sole beneficiary of all DJE entities currently under investigation.
The assets targeted by investigators include undeveloped rural parcels acquired during DJE’s recent shift from multifamily projects toward rural land sales. Other properties listed are a vacant industrial site and the long-inactive Leeds Building in downtown San Antonio. The Travis Building, considered DJE’s main redevelopment project, entered foreclosure earlier this year after a default on an $18 million loan partly secured with PACE financing.
In February, DJE halted distributions to investors and subsequently hired Max Wayman & Associates from Fort Worth to oversee asset liquidation efforts. By July, Platte Canyon Capital—a Denver-based investment firm—had purchased Allure Apartments, a 268-unit complex formerly held by DJE; financial details of this transaction were not disclosed.
Amid ongoing legal challenges and asset sales, Elder launched Ark 40 Consulting in July. This was confirmed via web domain records and biographical information posted on his personal website.
