Federal regulators are investigating GVA Real Estate Group, an Austin-based real estate operator, and its founder and CEO, Alan Stalcup, amid allegations of investor fraud. The Securities and Exchange Commission (SEC) launched a probe following multiple lawsuits that accuse Stalcup of misappropriating up to $100 million from investors.
The investigation became public when the law firm Jackson Walker, which represents a family suing Stalcup for fraud, revealed it had received an SEC subpoena in October requesting documents related to the case. A Texas judge later ordered those records be turned over to law enforcement. In a court filing, an attorney for Jackson Walker stated: “based on the SEC subpoena, it appears the SEC is investigating Mr. Stalcup for securities fraud.”
Stalcup responded to these developments by telling the press that he welcomed the SEC’s involvement and described the claims against him as “defamatory fictions.”
GVA Real Estate Group was founded in 2015 and operates as both a property manager and debt syndicator. The company pools investor funds to acquire underperforming apartment complexes; many of these investment vehicles are registered with the SEC as securities. According to court filings, GVA owns or manages about 150 apartment properties mainly in Texas, Tennessee, and Kentucky. Its website states it has acquired 43,000 units across nine states with $10 billion in transactions since inception.
Legal challenges increased last year due in part to rising interest rates affecting floating-rate debt structures within GVA’s portfolio. In June, Starwood Capital sued Stalcup over alleged mismanagement of three properties and failure to address liens on them—actions said to violate loan guarantees. Earlier in February, Benefit Street Partners filed suit in New York claiming Stalcup mishandled insurance proceeds and tenant funds among other accusations.
Across several lawsuits, investors allege that Stalcup commingled funds between properties and used company accounts for personal expenses such as private jet travel and luxury items—a complaint from investor Brian Kastleman’s attorneys estimates more than $38 million spent this way. Other suits accuse GVA of inflating rental income figures by over $20 million in 2023 alone and falsifying financial reports.
Stalcup has denied wrongdoing through counterclaims—including one asserting that Kastleman aimed to damage GVA’s reputation for financial gain.
