Kelsey K. Hornig (Malecha), MAI, CCIM
Owner & CEO; Certified General Appraiser

Professional Expertise

As owner of The Appraisal Group, Kelsey completes professional real estate valuations, consulting and market analyses of various types of real estate. She leads a team of highly qualified appraisers, including three MAI-designated appraisers that have a combined experience of over 115 years! Assignments include office, retail and shopping centers, multifamily (including student housing), healthcare (medical offices and hospitals, independent living, retirement communities, skilled nursing facilities and memory care facilities), industrial, land, residential subdivisions and special purpose properties. The specific purposes of these assignments have included mortgage financing, potential sale or purchase, leasehold and rental analysis, portfolio valuation consulting, tax appeals and expert witness testimony, charitable donations and internal management decisions.

As of March 2024, The Appraisal Group is a certified Women’s Business Enterprise (WBE) through the Women’s Business Enterprise National Council (WBENC); Certification Number: WBE2400711.

Memberships, Licenses and Professional Affiliations

  • Designated Member, Appraisal Institute. As of the current date, Kelsey K. Hornig (Malecha), MAI has completed the requirements of the continuing education program of the Appraisal Institute
    • Appraisal Institute North Star Chapter – Secretary /Treasurer: 2024
    • Appraisal Institute North Star Chapter – Member Board of Directors: 2023
  • Certified Commercial Investment Member (CCIM Designation)
  • Certified General Real Estate Appraiser in the following states:
    • Colorado – CG200003836
    • Iowa – CG03179
    • Michigan – 1205078275
    • Minnesota – 40026271
    • North Dakota – CG-222177
    • South Dakota – 1231CG
    • Wisconsin – 1818-10
  • Member of Urban Land Institute (ULI) – Affiliate of Minnesota Market Council Group; 2021-2023
  • Member of NAIOP; participated in Developing Leaders program for three years
  • Member and Co-Chair of Membership Committee – MNCREW; 2012-2014
  • Co-Founder of C.R.E.C.; a networking group comprised of 100+ cyclists in the commercial real estate industry – Founded in 2022

Work Experience

  • Owner and CEO at The Appraisal Group (a 100% woman-owned business) – Current
  • Developer and Senior Vice President of Analytics at CIP – January 2018 – June 2022
  • Director of Valuation and Advisory at Cushman & Wakefield – July 2012 – December 2017
  • Cheerleader for Minnesota Vikings – 2015 and 2016 football seasons – SKOL, Vikes!
  • Commercial Real Estate Appraiser at Mardell Partners – September 2005 – June 2012
  • Geographic Information Systems (G.I.S.) Intern at United Properties – Summer 2005


  • Bachelor of Science – Real Estate Studies, University of St. Thomas
  • Bachelor of Arts – Business Communication, University of St. Thomas