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