About

Owners, not flippers.

Petir Capital is a Chicago real estate development and holding company, owned equally by its two founders and operated by them directly.

How we work

Buy. Renovate. Hold.

A building is bought because it will be worth holding for decades once it has been put right, whether it is a brick six-flat or a frame two-flat.

Buy

Two- to twelve-unit brick and frame buildings in the North and West Side neighborhoods we already own in. Many come off-market, through relationships built over twenty years of transacting in these blocks.

Renovate

Permits, masonry and framing, plumbing and electrical, kitchens and baths, unit reconfiguration where the building allows it. Petir manages construction directly rather than handing it to a general contractor and hoping.

Hold

Renovated buildings are leased, managed and refinanced, not sold. Where a building has been held with additional owners, they have held the same interest the principals hold, in an entity formed around that one building.

Principals

Two owners, one desk

Petir Capital is owned equally by its two founders, Richard Pedi and Mitir Patel, and has been since it was formed in 2020.

Richard M. Pedi

Founder & Principal

Richard founded Petir Capital with Mitir in 2019. His real estate portfolio includes ownership interests in more than 500 units across Chicago, Northwest Indiana and Southeast Wisconsin. He leads Petir's lender and financing relationships and its Southwest Michigan hospitality operation.

A graduate of DePaul University with a double major in economics and finance, Rick spent much of his early career trading stocks and options. His approach to investing is the same now as it was then: find the undervalued asset and build long-term value in it.

He lives with his family in Park Ridge, Illinois, plays basketball and soccer, and is an avid student of European history from 1500 to 1950. An enthusiastic backgammon player, he intends to compete in the World Championships in Monte Carlo.

Mitir Patel

Co-founder & Principal

A Chicago native and a 2000 graduate of Loyola University Chicago, Mitir has invested in Chicago real estate since 2003, acquiring buildings across the city and renovating, stabilizing and managing them himself. Before real estate he traded options at TradeLink and on the floor of the Chicago Mercantile Exchange.

He is also a licensed broker and a Director at Essex Three-Twelve, one of Chicago's multifamily investment brokerages. That practice is separate from Petir and lives at mitirpatel.com.

Looking to buy or sell a building? Mitir's brokerage practice at Essex Three-Twelve handles 3–12 unit multifamily across the North and Northwest Sides. Petir does not own the buildings he lists.

Visit mitirpatel.com ↗

Ownership

Owned equally by its two founders, and held building by building.

How the company is owned, how the buildings are held, and what Petir deliberately is not.

How Petir is owned