Petir Capital · Chicago · est. 2020
Petir Capital buys, renovates and holds apartment buildings, brick and frame, on Chicago's North and West Sides, and has renovated property in Michigan, Indiana, Tennessee, New Hampshire and Arizona. Sourcing, construction management, leasing and ownership sit under one roof.
Portfolio
Two- to seven-unit brick and frame buildings in Bucktown, Humboldt Park, Irving Park, Lincoln Square, Logan Square, Pilsen, Roscoe Village, Ukrainian Village and West Town. Numbers match the pins on the map.
| Address | Neighborhood | Units | Acquired | Status | ||
|---|---|---|---|---|---|---|
| 1 |  |
944 N. Damen Ave.Three-storey brick on the Damen corridor. The ground-floor storefront is converting to a live/work unit; the five apartments above are being fully renovated and the masonry restored. Permit set approved January 2026. | Ukrainian Village60622 | 6 | 2024 | Renovating |
| 2 |  |
3249–51 N. Damen Ave.Six three-bedroom apartments in Roscoe Village. Renovated 2023–24 and professionally managed. | Roscoe Village60618 | 6 | 2015 | Held |
| 3 |  |
2301 N. Leavitt St.Seven-unit corner building. Renovated through 2025 and re-leased. | Bucktown60647 | 7 | 2024 | Held |
| 4 |  |
1311 W. Ohio St.Six units including two coach-house apartments. Gut renovation completed in 2025. | West Town60642 | 6 | 2024 | Held |
| 5 |  |
815 N. Fairfield Ave.Legal six-unit building of two-bedroom apartments with garage parking. Renovated unit by unit since 2022 and held. | Humboldt Park60622 | 6 | 2022 | Held |
| 6 |  |
2607 W. Haddon Ave.Six-flat acquired in 2025. Apartments are updated one at a time as they turn. | Humboldt Park60622 | 6 | 2025 | Held |
| 7 |  |
3801 N. Albany Ave.Three-unit building. Full renovation under way in 2026, new kitchens throughout. | Irving Park60618 | 3 | 2025 | Renovating |
| 8 |  |
4414 N. Hamilton Ave.Two-flat a block from Welles Park. Renovation in progress. | Lincoln Square60625 | 2 | 2024 | Renovating |
| 9 |  |
1846 W. 18th St.Legal eight-unit building acquired in 2020 and managed in-house; seven apartments let, the garden unit kept in reserve. Renovated over the years, two units most recently in 2024. | Pilsen60608 | 8 | 2020 | Held |
| 10 |  |
2049 W. Coulter St.1898 three-storey six-flat in Heart of Chicago. Fully renovated in 2019, the first building the two principals did together. | Pilsen60608 | 6 | 2019 | Held |
| 11 |  |
2031 W. 23rd St.Legal eight-unit building held with partners in Pilsen. Renovated over the years and kept as a long-term investment. | Pilsen60608 | 8 | — | Held |
| 12 | 1743 N. Whipple St.Renovation and expansion designed in 2026 with Nexus Construction. Plans issued August 2026. | Logan Square60647 | — | 2026 | In design | |
Under contract | ||||||
| A | 3501 N. Damen Ave.1891 six-flat on a corner lot. Two-phase renovation planned. | North Center60618 | 6 | — | Under contract | |
| B | 4050–52 N. Central Park Ave.Five apartments across two buildings. Unit-by-unit turnover and repositioning. | Irving Park60618 | 5 | — | Under contract | |
Realized | ||||||
| 2338 W. 18th Pl.Three-flat renovated and sold. | Pilsen | 3 | 2020–2022 | Sold | ||
Projects
Every building, before and after. The left frame is the listing photo from the day Petir bought it; the right is the same building once it was renovated and re-let. Thirteen buildings; two are still under construction. Tap a thumbnail in the ledger above to jump to its card.
Ukrainian Village · 6 units · Renovating
Three-storey brick on the Damen corridor. The ground-floor storefront is converting to a live/work unit; the five apartments above are being fully renovated and the masonry restored. Permit set approved January 2026.
Roscoe Village · 6 units · Held
Six three-bedroom apartments in Roscoe Village. Renovated 2023–24 and professionally managed.
Bucktown · 7 units · Held
Seven-unit corner building. Renovated through 2025 and re-leased.
West Town · 6 units · Held
Six units including two coach-house apartments. Gut renovation completed in 2025.
Pilsen · 6 units · Held
1898 three-storey six-flat in Heart of Chicago. Fully renovated in 2019, the first building the two principals did together.
Coloma, Michigan · 6 units · For sale
Heron's Nest: a complete renovation of a six-unit vacation resort on Paw Paw Lake, bought in November 2020 and reopened as a short-term rental the following season. Every cabin was taken down to the studs and refitted. Now offered for sale.
Cosby, Tennessee · 3 units · Held
Three one-bedroom cabins on nearly four wooded acres above Cosby, fifteen minutes from Gatlinburg and the Greenbrier entrance to the national park. Bought in March 2021 and renovated; run as vacation rentals.
Humboldt Park · 6 units · Held
Six-flat acquired in 2025. Apartments are updated one at a time as they turn.
Pilsen · 8 units · Held
Legal eight-unit building acquired in 2020 and managed in-house; seven apartments let, the garden unit kept in reserve. Renovated over the years, two units most recently in 2024.
Pilsen · 8 units · Held
Legal eight-unit building held with partners in Pilsen. Renovated over the years and kept as a long-term investment.
Humboldt Park · 6 units · Held
Legal six-unit building of two-bedroom apartments with garage parking. Renovated unit by unit since 2022 and held.
Irving Park · 3 units · Renovating
Three-unit building. Full renovation under way in 2026, new kitchens throughout.
Lincoln Square · 2 units · Renovating
Two-flat a block from Welles Park. Renovation in progress.
How we work
We are owners, not flippers. 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.
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.
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.
Renovated buildings are leased, managed and refinanced, not sold. Where we bring in partners on a building, they invest alongside us in the same entity on the same terms.
Beyond Chicago
Petir has renovated and held property outside Chicago as well, mostly vacation rentals in places Chicagoans go. Petir co-owns and, in most cases, manages each one.
Southwest Michigan
Paw Paw Lake · Coloma, MI
Heron's Nest, a six-unit lakeside resort, bought in 2020 and completely renovated; a lake house renovated and sold in 2024; and a second lake house held nearby. Ninety minutes from the city, in Harbor Country.
Indiana Dunes
Michigan City, IN
A vacation rental near the Lake Michigan shore, co-owned with partners.
Great Smoky Mountains
Cosby, TN
Three cabins on four acres at 4501 Donna Allen Way, bought in 2021 and renovated. Run as vacation rentals on the quiet side of the national park.
New Hampshire
Grantham, NH
A lake-country house in the Upper Valley, renovated and sold in 2026.
Arizona
Phoenix & Scottsdale, AZ
A Phoenix house renovated in 2022, and asset and construction management for a Scottsdale property.
Principals
Petir Capital is owned equally by its two founders, Richard Pedi and Mitir Patel, and has been since it was formed in 2020.
Co-founder & Principal
Richard has partnered with Mitir on Chicago multifamily since 2019, when the two joined forces to expand their apartment holdings and grow the management business. He leads Petir's lender and financing relationships and its Southwest Michigan hospitality operation.
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 rather than partner on one? 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 ↗Contact
Off-market buildings, partnership on a specific project, or a building you'd like renovated and managed. For brokerage, buying or selling, go through Mitir's practice at Essex Three-Twelve.