Quarter 1
COMPANY NEWSLETTER
Living the Difference
VOLUME 8, ISSUE 1
A LETTER FROM OUR CEO As we embark on the new year, I find myself reflecting on my soon to be 20 years with FRED and I’m amazed at how far we’ve come. At the same time, I’m even more energized about where we are headed. Last fall, we shared an important announcement about the future of our leadership at FRED: the beginning of a thoughtful, intentional transition of the CEO role over the next two years and the leadership reorganization of our Property Management Team, Development Team, and Board of Directors, all of which will mean the continuing cultivation of a new generation of leaders at FRED. As part of this next chapter, I’m proud to officially welcome Steve Bersell into his new role as President. Steve has been a steady, values-driven leader at FRED since he joined us 14 years ago. His vision, operational expertise, and deep understanding of and concern for our people and business make him the right person to lead us in the next chapter of our story. I also want to officially welcome Austin Mautz to the leadership of our Property Management division. Austin is also a steady, values-driven leader that deeply cares about our people and our business. Austin will bring a strong perspective, experience, and a clear commitment to excellence in all our operations, which will continue to evolve and elevate how we serve our communities and support our teams. Finally, the reorganization of our Development Team and Board of Directors has provided us with a strategic advantage well into the future. Ryan Schultz’s promotion to Executive Chairman will solidify the Kellner Family ownership of FRED for the next generation while still allowing Ryan to focus on growing our development business. Tony DeRosa’s promotion to Chief Development Officer, heading up our Development Team, will provide us with significant operational advantages, making a strong development arm even stronger. Since their merger with FRED, both Ryan and Tony have demonstrated a keen and steady understanding of our operations and concern for our people. As we look ahead to 2026, I’m incredibly optimistic. We have the right people, the right focus, and a shared sense of purpose that excites me for what’s next. Thank you for the work you do every day to make FRED what it is and for “Living the Difference!” I’m proud and grateful to be on this journey with you. Here’s to 2026, a year of momentum, collaboration, and opportunity.
Sincerely,
Brett Miller CEO
DEPARTMENT UPDATE DEVELOPMENT
Did you know?
BY TONY DEROSA
your ideas and feedback!
FRED’s Corporate support team is always happy to help and loves to hear
We’re excited to announce a major milestone for Fiduciary Real Estate Development: after operating as two separate development teams for many years, we have officially united into one single, cohesive team. This transformation dramatically increases our bandwidth and capacity, allowing us to deliver even greater impact across the development side of the business. By bringing all disciplines together, we’re creating a structure that fosters ownership, efficiency, and collaboration while cultivating next-generation talent. This alignment ensures seamless coordination from site identification through pre-construction, positioning us to execute projects with precision and speed. Each member brings a unique skill set to the equation, an expertise that makes us stronger together. This diversity of talent is the foundation for innovation and excellence, ensuring we deliver best-in-class developments for FRED. With this unified approach, we’re not just increasing capacity; we’re unlocking new opportunities to elevate our projects and strengthen partnerships across the organization. Development
encompasses
everything
from
site
acquisition,
entitlements,
and
design
coordination to financial modeling and pre-construction planning. From there, construction takes the baton, focusing on the physical building execution. These two functions complement each other, enabling projects to move seamlessly from concept to completion. The future has never been brighter for the Development Team at FRED. One team. One vision. Unlimited potential and we’re just getting started!
THE TEAM
TONY DEROSA Chief Development Officer
PAUL SCHMITTER Director of Development
ASHLEY HEIDORN Development Coordinator
CRAIG RADDATZ Executive VP
DAVID FERRELL Director of Development
SAM ELLIOT Development Coordinator
PROJECT UPDATE ECHELON AT CHARLOTTE BY PETE TODD CHARLOTTE
Echelon
at
Charlotte
represents
a
modern
approach to multifamily housing—one that blends market-driven planning, thoughtful architectural design, and disciplined construction execution. Located in Charlotte’s rapidly expanding northeast corridor, the development was conceived to serve a growing population drawn to the University City employment base, nearby medical facilities, and the convenience of I-85 and I-485. From the earliest planning phases, the project team focused on creating a residential community that delivered both high-quality living spaces and long-term asset returns. It also marks FRED’s strategic expansion into the Southeast, reinforcing our company’s commitment to one of the hottest and most competitive multifamily markets in the country. The planning effort began with a detailed analysis of site constraints, zoning allowances, and density targets. The parcel’s topography, utility access, and stormwater requirements shaped the initial site layout, as Charlotte’s standards for water quality, detention, and erosion control remain among the most
demanding
in
the
Southeast.
Early
engagement with civil engineers ensured the grading plan supported efficient building pads, minimized
retaining
walls,
and
allowed
for
circulation. Market studies identified strong demand for a balanced unit mix—including studios, onebedrooms, two-bedrooms, and three-bedrooms—supporting both absorption and sustained rent growth. Amenity programming, a defining feature of today’s Class-A multifamily communities, was elevated even further for this project. In fact, Echelon’s amenities are among the highest-end that FRED has delivered to date. The community features a resort-style pool, state-of-the-art fitness center, clubhouse, and activated outdoor spaces. These amenities were deliberately positioned near the community entrance to create a strong visual identity.
Construction proceeded with a disciplined schedule that sequenced sitework, foundation pads, and vertical framing. A notable design feature of this community is the new 4/3 split building type, where the rear elevation steps down to include a basement-level unit tier—an approach that responds well to the site's natural grade and maximizes density. Charlotte’s explosive growth (the region has been among the fastest-growing in the nation) introduced new challenges, particularly in the approval process. The local water department’s workload created some delays in permitting and inspections, which slowed the installation and progress of the wood-framed three-story structures. Despite these hurdles, trade partners coordinated closely and overcame challenges. We will welcome our first residents in February 2026. Stormwater infrastructure, erosion control, and utility extensions were critical early milestones due to Charlotte’s stringent regulatory environment. Once these sitework components were stabilized,
vertical
construction
accelerated.
Framing,
roofing,
window
installation,
and
mechanical rough-ins advanced in a staggered, production-style sequence across buildings, allowing the team to maintain consistent momentum and efficiently deploy labor resources. Echelon at Charlotte now stands as a well-executed example of modern multifamily development—balancing market needs, design excellence, regulatory navigation, and construction efficiency. The result is a community built for long-term relevance in one of Charlotte’s most dynamic and fast-growing submarkets, while also serving as a benchmark project for FRED’s continued growth in the Southeast.
GROUNDWORK BY FIDUCIARY REAL ESTATE DEVELOPMENT, INC.
Groundwork by FRED launched in 2025 with a big idea: bring people together through service and create meaningful impact in the communities where we live and work. In its very first year, Groundwork quickly became something special. Teams across regions showed up, volunteered their time, supported causes they care about, and helped turn shared values into action. That momentum came to life in a big way during our first ever Giving Week in November. Throughout the week, employees across the company volunteered, donated, and participated in local initiatives that supported multiple community partners at the same time. Giving Week created a powerful sense of connection and collective impact, reminding us what is possible when we focus our energy together. The enthusiasm and participation set the tone for what Giving Week can become in the years ahead and marked an exciting milestone for Groundwork’s first year. As we look ahead to 2026, there is even more to be excited about. The Groundwork committee is building on this strong foundation by shaping opportunities for more recurring volunteer events and initiatives that teams can plan for and rally around year after year. Volunteering will continue to be the heart of Groundwork, with more chances for employees to get involved locally and be part of something bigger. The committee is also focused on better supporting property level initiatives by making it easier for teams to connect with Groundwork, tap into shared resources, and seek support or funding where possible. The goal is to remove barriers, amplify great work already happening, and help good ideas go further. Groundwork by FRED is just getting started. Thank you to everyone who helped bring it to life in 2025 through your time, generosity, and willingness to show up. We are excited to build on this momentum and make 2026 an even bigger year for giving back together.
EVENT RECAP 2025 HOLIDAY GALA BY JULIE LINCOLN The holiday season was officially underway on Friday evening, December 5th, as FRED employees and guests came together for the annual FRED Holiday Gala at Gather in the Deer District. The venue provided an elevated, open setting for an evening dedicated
to
celebrating
the
year’s
accomplishments and the people who make FRED such a special place to work. Guests were welcomed with delicious food and drinks, creating the perfect backdrop for catching up
with
colleagues,
meeting
new
faces,
and
enjoying meaningful conversations. As the night unfolded, the live band brought the energy, setting the tone for an evening full of music, dancing, and festive cheer. The dance floor quickly filled as guests embraced the moment and celebrated the season together. The Gala was a chance to pause, reflect, and show appreciation for the hard work and dedication demonstrated throughout the year. It was wonderful to see everyone come together outside the office to relax, laugh, and create lasting memories in such a lively atmosphere.
📸 Click here to view event photos!
Thank you to everyone who attended and helped make the evening unforgettable. Your enthusiasm and holiday spirit truly brought the event to life. Wishing you and your families Happy Holidays from FRED!
UPCOMING EVENTS & HOLIDAYS JANUARY
19
MLK JR DAY Offices Closed
You may have noticed our new newsletter cover! In 2026, we’re shifting this newsletter to a quarterly
cadence,
giving
us
space to share richer stories, deeper insights, and content that truly matters.
CELEBRATING FRED’S MILESTONE ANNIVERSARIES JANUARY-MARCH 2026 FREDDY ALMONTE IT FIELD TECHNICIAN CORPORATE 5 YEARS
CRAIG RADDATZ EXECUTIVE VICE PRESIDENT CORPORATE 30 YEARS
EMMA SWENSON LEASING PROFESSIONAL THE JUNCTION 5 YEARS
ERIN BALL DIRECTOR OF MARKETING AND ENABLEMENT 10 YEARS
CURT STROMMEN ASST. SUPERINTENDENT CORPORATE 5 YEARS Did you know? All FRED employees who celebrate a milestone anniversary receive a $75 credit to spend at the FRED Spirit Store!
2026 FRED UNIT COUNT
9778
Total 10000
9778
Delivered
Under Construction
8732
8000 6000 4000 1346
2000 0
Total
ON THE COVER: 2025 FRED HOLIDAY GALA
Delivered
Under Construction