About Mad River Homes
Built on experience.
Driven by community.
We are investment managers, developers, construction professionals, and asset managers focused on creating lasting value across the Midwest through thoughtful renovations and resident-first operations.
A vertically integrated real estate firm rooted in the Midwest.
Mad River Homes (operating as Mad River Capital on the investment side) is the evolution of Pepper Pike Capital Partners, founded in 2002. We acquire, renovate, and manage both single-family homes and multifamily apartment communities across Indiana, Michigan, and Ohio.
We are comprised of a diverse team of entrepreneurial real estate professionals. Our principals have acquired and redeveloped over 35,000 apartment homes and hundreds of single-family residences, with a cumulative transactional value in excess of $4 billion.
Real estate uniquely provides an opportunity for the forced creation of value through effective repositioning. We have given new life to outdated and under-capitalized properties across the Midwest, made possible by our creative, programmatic approach to development and our deep commitment to the communities we serve.
What sets Mad River apart.
Market Knowledge
We're not just buying an asset. We're investing in a community. We seek to understand local market fundamentals and demand drivers before considering the asset itself, often spending three to five years exploring a market before our first transaction.
Unique Deal Flow
Our experience has allowed us to form close relationships with brokers, managers, and owners. We are often presented with the first look at off-market deals, affording us the ability to negotiate with limited or no competition.
Vertically Integrated
Mad River and its affiliates acquire, renovate, and manage each of the properties in our portfolio. This vertical integration strengthens our overall platform and supports our long-term investment goals across both single-family and multifamily assets.
Ability to Execute
We are well respected in the market for our ability to close transactions quickly and at agreed-upon terms. As owners, we stick to the business plan and only deviate when market conditions genuinely support it.
How Mad River creates value.
Mad River Capital acquires, renovates, and manages real estate on behalf of private investors, family offices, and institutional equity partners. As stewards of our partners' capital, we invest with a clear focus on strong cash flow, value creation, and above all, the preservation of value. We employ a value-add strategy, achieved through significant improvements to unit interiors, community amenities, and focused, efficient property management.
Middle Market Opportunities
We invest in institutional-grade real estate requiring $3 million to $30 million of equity. These opportunities are too small for large institutional investors, which allows us to acquire mispriced assets with the potential to generate strong returns.
Active Management
We are engaged owners who work closely with trusted third-party management partners. Through active collaboration and regular site visits, we maintain a clear understanding of property operations and local market conditions while empowering partners to deliver exceptional results.
Diligent Underwriting
It's easy to underwrite a deal. It takes skill and experience to evaluate the impact of a confluence of factors on an investment. We meticulously examine all aspects of our underwriting assumptions and mitigate downside risk through conservatism.
Buying Power
The majority of our renovations are completed within a short timeframe, allowing us to purchase materials in bulk directly from suppliers and manufacturers, delivering meaningful cost savings across every redevelopment.
Our capabilities.
Single Family Homes
Mad River Homes acquires, fully renovates, and sells move-in-ready single-family homes across Indianapolis, Willoughby, Lorain, and Mooresville. Every home is thoughtfully updated: new kitchens, bathrooms, flooring, mechanicals, and curb appeal, so buyers can move in without a single punch list item. We also purchase homes as-is directly from sellers looking for a fast, fair cash offer, and offer a referral program for homeowners who know someone ready to buy or sell.
Acquisitions
Our acquisition team engages in the sourcing, evaluation, due diligence, and disposition of compelling real estate investments. Having acquired over 30,000 apartment units and hundreds of single-family homes since inception, we have refined our processes to efficiently apply stringent investment criteria to every opportunity. The team evaluates hundreds of deals each year, ensuring only the strongest opportunities reach execution, creating consistent value for investors. We favor opportunities in strong locations priced well below replacement cost, with favorable demographic trends.
Construction & Renovation
Construction specialists are the driving force of every project. Once a project is planned, our teams get their hands dirty to make it a reality, transforming outdated and undervalued properties into remarkable places for residents and buyers to call home. Our institutional discipline and extensive track record allow us to take calculated risks with regard to renovation aesthetics, floor plans, interior design, and overall strategy. This applies equally to a 500-unit apartment community and a three-bedroom bungalow on the near east side of Indianapolis.
Property Management
We believe exceptional property management is essential to the success of every community. We partner with best-in-class third-party management companies that share our commitment to quality, service, and performance, conducting thorough due diligence to ensure each partner is the right fit for the asset. By collaborating with top-performing firms, we deliver an elevated resident experience, strong operational results, and long-term value for investors and communities alike.
Design & Marketing
Our marketing and design teams work collaboratively from concept to execution to ensure every property stands out in the market. We build cohesive brand identities that connect with the right audience across digital and traditional channels, managing listings across major platforms, developing targeted social media campaigns, implementing CRM and SEO strategies, and creating impactful advertising for our communities. Our in-house design capabilities extend to logo development, print collateral, signage, and full website management.
Accounting
Our accounting team provides comprehensive financial management across the portfolio. We oversee all accounting, bookkeeping, and asset management functions, ensuring accurate reporting and strong fiscal performance at every property. We specialize in real estate accounting for private, commercial, and mixed-use assets, managing everything from property sales and acquisitions to rental income, expense tracking, and financial analysis.
Let's build something together.
Whether you're an investor, a prospective resident, a home seller, or just curious about what we do, we'd love to connect.