HSI Properties to merge into Fiduciary Real Estate

Schultz to join Milwaukee real estate management firm

Last updated on May 15th, 2019 at 04:50 pm

Brookfield-based HSI Properties LLC plans to merge its operations into Milwaukee-based Fiduciary Real Estate Development Inc., the companies announced today.


Fiduciary, founded in 1985, is a multi-family property management and development company with about 7,000 apartments under management.

Real estate and property management firm HSI was established in 2007 by Ryan Schultz, and has a $300 million asset portfolio, including more than 1,000 market-rate apartments and 500,000 square feet of industrial, retail and health care properties.

Schultz, president and chief executive officer of HSI, is the son-in-law of Ted Kellner, co-founder of Fiduciary. Schultz will serve in the role of executive vice president at Fiduciary. He will also be an executive leadership committee member, shareholder and director. Kellner and co-founder William Arpe will retain their roles as executive chairman and chairman, respectively.

“With the addition of HSI’s people to Fiduciary, we have added a strong partner in Ryan and taken an excellent management team under Brett (Miller, president and CEO of Fiduciary) and made it even better,” Kellner said. “I’m excited about the future of Fiduciary with the team we have built.”

HSI Properties’ State Street Station development in Wauwatosa.

“With both organizations being strong developers and owners, there are significant synergies between HSI and Fiduciary, and we are excited to wrap HSI’s principal, Ryan Schultz, and his development team into our operations,” said Miller. “Ryan will be a great partner and play a key role in our organization’s growth and succession plan. We are equally excited about adding HSI’s nearly 1,000 existing residential units into our management portfolio.”

“Joining forces with Fiduciary accomplishes a myriad of strategic objectives,” Schultz said. “This merger will allow us to utilize Fiduciary’s existing platform and infrastructure while leveraging our combined financial strength to grow the company’s diverse portfolio of assets in Wisconsin and beyond. Our combined portfolio will eclipse $1 billion in market value, making Fiduciary the largest Wisconsin-based multifamily owner/operator.”

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Molly Dill, former BizTimes Milwaukee managing editor.

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