What Fiduciary Real Estate Development does

Fiduciary Real Estate Development, Inc. (FRED) is a privately held, fully integrated multi-family real estate investment and operating company headquartered in Milwaukee, Wisconsin. Founded in 1985, FRED designs, develops, constructs, and manages its own portfolio of residential apartment communities, differentiating itself from conventional property management firms by controlling the full value chain from land acquisition through long-term asset management. The company's portfolio spans 45+ named communities across Wisconsin, Illinois, and North Carolina, organized around branded collections (the "Seasons" and "Echelon" lines) and standalone luxury and conventional apartment, townhome, and senior living assets. As of 2016, FRED reported 5,182 units and $669 million in assets; the company has continued to expand through both organic development and the 2018 merger with HSI Properties.

FRED generates revenue through three primary streams: recurring rental income from owned and managed apartment communities, one-time development and construction fees tied to new project delivery, and recurring investment and asset management fees from its investor capital base. The company sells through direct-to-consumer leasing channels at each property, supported by individual property microsites, a corporate website, and a dedicated investor portal (invest.fred-inc.com) for accredited and institutional capital partners. Customer segments are diversified across residential renters, senior residents (via Liberty Square), and real estate investors, with a horizontal segmentation approach. The company maintains no proprietary technology platform; operations rely on conventional real estate development, construction, and property management tooling. Ownership is closely held, with Ted Kellner (Chairman, majority shareholder), Ryan Schultz (Executive Chairman), and Bill Arpe (Founder) holding material stakes, and no external private equity or venture capital is disclosed.

FRED is led by Brett Miller (CEO), Steve Bersell (President & COO), and Austin Mautz (CFO), with functional leadership across development, construction, property management, and asset management. The company has been recognized as one of Milwaukee's Best & Brightest Employers consecutively since 2017, signaling organizational stability and talent retention in a tight Midwestern labor market.

Name

Fiduciary Real Estate Development

Legal name

Fiduciary Real Estate Development, Inc.

Website

https://fred-inc.com

Company type

Private

Founded year

1985

Operating status

Operating

Headcount range

101–250 employees

Short description

Fiduciary Real Estate Development (FRED) is a privately held, fully integrated multi-family housing company that designs, builds, and manages its own apartment communities across Wisconsin, Illinois, and North Carolina, serving residential renters, seniors, and real estate investors.

Ownership category

akta.pro rank

Product category

Multi-Family Residential Real Estate

NAICS

Residential Building Construction (2361), Continuing Care Retirement Communities and Assisted Living Facilities for the Elderly (62331)

SIC

Real Estate (6500), Operative Builders (1531)

akta.pro primary industry

Independent Living Real Estate Owners/Operators (REITs & Management Companies) (HLADAAAG)

Keywords

• Multi-family housing development
• Apartment property management
• Residential real estate investment
• Apartment community leasing
• Real estate construction services

Headquarters

HQ city

Milwaukee

HQ country

United States

HQ region

North America

Offices28 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Marketing or Sales, Supply Chain

Revenue model

1. Property Management: Revenue generated from managing apartment communities that FRED has developed and built. The company manages its own portfolio, ensuring quality and care at every stage from development through ongoing operations.
2. Development & Construction: Revenue from developing and building new residential communities. FRED expanded into construction and development in 1994, enabling the company to shape communities from the ground up.
3. Investment Management: Revenue from managing real estate investments and assets. Growing value through strategic insight and asset management of the portfolio.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

Fiduciary Real Estate Development (FRED) is a fully integrated multi-family housing real estate investment company that designs, develops, constructs, and manages its own residential apartment, senior living, and townhome communities. The company operates a portfolio of approximately 45+ communities totaling over 5,182 units across Wisconsin, Illinois, and North Carolina, generating revenue primarily through apartment rentals to residents and investment management services to real estate investors.

Product overview

Fiduciary Real Estate Development (FRED) is a fully integrated real estate investment company that designs, builds, and manages its own apartment communities. The company operates a portfolio of over 45 residential communities across Wisconsin, Illinois, and North Carolina, including the Seasons collection (Seasons at Cary, Crest Hill, Elgin, Franklin, Grafton, Gurnee, Hoffman Estates, Mount Pleasant, North Aurora, Orchard Hills, Plainfield, River View, Spring Street), the Echelon brand (Echelon at Charlotte, Echelon at Cary coming soon), and standalone communities such as 1505, 22 Slate, 50 Twenty, Apex at Verona, Arbor Lakes, Arrabelle, Domain, Drexel Ridge, Elan, and others. FRED's core services include Development (turning vision into thriving communities), Property Management (enhancing living experiences), Construction (building with care and precision), and Investment Management (growing value through strategic insight). The company also operates Groundwork by FRED, a community engagement initiative. FRED was founded in 1985 and has grown to over 5,000 units with $669 million in assets.

Differentiator

Problem solved

Functional benefit

Products and services

• Development Real estate development service that turns vision into thriving communities, encompassing site acquisition, planning, design, and project execution for multi-family residential communities. This service was added to FRED's offering in 1994 and is targeted at the company's own portfolio pipeline and broader development opportunities in Wisconsin, Illinois, and North Carolina.
• Property Management Property management service enhancing living experiences for residents at FRED's owned and developed apartment communities, with on-site leasing professionals handling direct leasing at each property. The service operates across the company's Wisconsin, Illinois, and North Carolina portfolio.
• Construction Construction service building communities with care, quality, and precision, executed in-house as part of FRED's vertically integrated operations since 1994. The service supports new development of apartment, townhome, and senior living communities.
• Investment Management Investment management service growing value through strategic insight and asset management of FRED's real estate portfolio, distributed through a dedicated investor portal (invest.fred-inc.com). Targeted at accredited investors and institutional capital partners seeking exposure to multi-family residential real estate.
• Liberty Square (Senior Living Community) Senior living community located in Sun Prairie, Wisconsin, providing independent living options for seniors seeking age-appropriate housing with supportive amenities. Marketed as a distinct offering from FRED's conventional apartment communities.
• Seasons Apartment Communities Collection Collection of FRED-managed Seasons-branded apartment communities across Wisconsin and Illinois, including Seasons at Cary (IL), Crest Hill (IL), Elgin (IL), Franklin (WI), Grafton (WI), Gurnee (IL), Hoffman Estates (IL), Mount Pleasant (WI), North Aurora (IL), Orchard Hills (WI), Plainfield (IL), River View (WI), and Spring Street (WI). Each community is a multi-family residential apartment property with its own dedicated website.
• Echelon Apartment Communities Collection of FRED-managed Echelon-branded apartment communities in North Carolina, including Echelon at Charlotte (operating) and Echelon at Cary (coming soon). The Echelon brand represents FRED's expansion into the North Carolina market.
• Wisconsin Apartment Communities Standalone FRED-managed apartment communities across Wisconsin locations including 1505 (Grafton), 22 Slate (Madison), 50 Twenty (Madison), Apex at Verona (Verona), Arbor Lakes (Middleton), Arrabelle (Cedarburg), Creekwood (Green Bay), Domain (Madison), Drexel Ridge (Oak Creek), Elan (Fitchburg), Fitchburg Square (Fitchburg), Foxcroft (Green Bay), High Bluff at Creekwood Crossing (Menomonee Falls), Manchester Oaks (Franklin), Ridge View (St. Francis), Riverwood (Kenosha), Saddle Brook (Pewaukee), State Street Station (Wauwatosa), Wells Street Station (Delafield), Terrapin Run Townhomes (Deforest), and others.
• Groundwork by FRED Grassroots community initiative powered by FRED team members focused on giving back through collective impact in local communities across FRED's operating markets.

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• HSI PropertiesmajorStrategic or Co-development Partner · 1 January 2018In 2018, FRED completed a merger with HSI Properties, bringing new properties, talent, and opportunities to FRED's growing portfolio. This merger was a significant milestone that expanded the company's portfolio and capabilities.

Scale indicators5 records

Recent moves11 records

Expansion highlights6 records

Direct peers

• Weidner Apartment Homes: Weidner is a privately held multifamily owner, developer, and operator with a regional focus comparable to FRED's integrated platform. It builds, owns, and manages rental communities across multiple U.S. markets, making its business model closely aligned with FRED's design-build-manage strategy.
• Continental Properties: Continental Properties is a privately held multifamily developer and operator with strong Midwest presence (including Wisconsin). Its vertical integration across development, construction, and property management mirrors FRED's core operating model.
• Gorman & Company: Gorman & Company develops and manages multifamily housing concentrated in the Midwest, with a vertically integrated platform similar to FRED's. Both companies target similar markets and renter segments with built-and-managed communities.
• Bozzuto Group: Bozzuto is a privately held real estate services firm that develops, constructs, and manages multifamily communities across the Mid-Atlantic and Midwest. It shares FRED's integrated model and resident-service orientation in similar asset classes.
• Edward Rose Building Enterprise: Edward Rose is a privately held Midwest-based multifamily developer, owner, and operator. It closely resembles FRED in scale, vertical integration, and geographic focus on Wisconsin and the broader Midwest.
• The NRP Group: NRP is a vertically integrated multifamily developer, owner, and property manager with a similar full-platform model to FRED. Both target Class A apartment development with in-house construction and property management.
• Cardinal Group Companies: Cardinal Group provides multifamily property management, investment, and development services with a similar integrated offering to FRED. Its footprint in student and conventional housing provides a comparable resident-driven operating model.

Broad incumbents

• Greystar Real Estate Partners: Greystar is the largest U.S. apartment operator and a major developer, providing a broad incumbent comparison for FRED's property management and development verticals. Its scale dwarfs FRED but validates the operating platform thesis.
• Mid-America Apartment Communities (MAA): MAA is a large-cap multifamily REIT with a Sun Belt-heavy portfolio that includes Charlotte and Raleigh-Durham—markets where FRED is expanding. It serves as a public-market comp for FRED's NC strategy.
• AvalonBay Communities: AvalonBay is a national multifamily REIT developing and operating high-quality rental communities. As a broad incumbent it provides a benchmark for FRED's luxury and Class A apartment positioning (e.g., 1505, Echelon).

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/thefredway
• LinkedInlinkedin.com/company/fiduciary-real-estate-development
• Instagraminstagram.com/thefiduciarydifference
• Xx.com/_fred_inc

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Fiduciary Real Estate Development