RIPPLE CAPITAL GROUP

Ripple Capital Group is a boutique real estate investment and development firm with a mission to revitalize residential and commercial properties throughout the Rocky Mountains, while earning above-market risk-adjusted returns for our investors. With over 50 years of combined experience across asset classes including multifamily, hospitality, office, industrial, and retail, we leverage our expertise to identify and capitalize on lucrative and unique opportunities in the markets that we cover. Our diversified approach mitigates risk while maximizing returns, ensuring sustainable growth and positive community impact.

Ripple Capital Group is a boutique real estate investment and development firm with a mission to revitalize residential and commercial properties throughout the Rocky Mountains, while earning above-market risk-adjusted returns for our investors. With over 50 years of combined experience across asset classes including multifamily, hospitality, office, industrial, and retail, we leverage our expertise to identify and capitalize on lucrative and unique opportunities in the markets that we cover. Our diversified approach mitigates risk while maximizing returns, ensuring sustainable growth and positive community impact.

INVESTMENT STRATEGY

Ripple Capital Group is a value-investment firm at heart. We seek opportunities in which we can create value through capital improvements,  asset management, asset repositioning, and development. Our market and asset-management expertise along with our long-standing relationships provide competitive advantages through each stage of the economic and investment cycle.

Primary Focus

Under-performing, value added or distressed assets in both the residential and commercial real estate markets, along with select development opportunities.

Investment & Capitalization

Each opportunity is unique. RCG welcomes creative capitalization structures including, but not limited to:

    • Limited Partner Institutional Investments
    • Co-GP Partnerships
    • Equity Syndications
    • Levered and Unlevered Strategies

Investment Locations

Rocky Mountains – Colorado, Utah, Montana, Idaho, Wyoming

INVESTMENTS

Altus Flats

Altus Flats was completed in 2024 and stabilized in 2025, prior to acquisition. We acquired the asset at a 20% discount to the current replacement cost. The Property is located in Flathead County, the fastest growing MSA in Montana. Ripple Capital Group partnered with Alpine Investments on the acquisition.

  • Location: Kalispell, MT
  • Property Type: Multifamily
  • Units: 48
  • Acquisition Date: November 2025

RIPPLE CAPITAL GROUP TEAM

Eric Kessler, Principal

ekessler@ripple-cap.com
(720) 377-6607

Eric is a co-founder and Principal of Ripple Capital Group. Prior to co-founding Ripple Capital Group, Eric founded Nat Capital Group in 2017 as a real estate consulting and investment firm. Before launching Nat Capital Group, Eric was actively involved in the development of Country Club Towers II as well as asset management for the Broe Real Estate Group’s multifamily portfolio. Prior to joining the Asset Management & Development team, he was a member of Broe Real Estate Group’s Acquisitions department, where he closed more than $200 million of office and retail transactions. Prior to joining Broe, Eric was involved in acquisition, development and disposition of condominium, townhome, multifamily, industrial, office and land opportunities with Craft DeLay. To date, Eric has more than $540 million of real estate transaction and management experience. Eric graduated from the University of Iowa with a BBA in finance and received an MBA from the Daniels College of Business at University of Denver.

Eric Kessler, Principal

ekessler@ripple-cap.com
(720) 377-6607

Eric is a co-founder and Principal of Ripple Capital Group. Prior to co-founding Ripple Capital Group, Eric founded Nat Capital Group in 2017 as a real estate consulting and investment firm. Before launching Nat Capital Group, Eric was actively involved in the development of Country Club Towers II as well as asset management for the Broe Real Estate Group’s multifamily portfolio. Prior to joining the Asset Management & Development team, he was a member of Broe Real Estate Group’s Acquisitions department, where he closed more than $200 million of office and retail transactions. Prior to joining Broe, Eric was involved in acquisition, development and disposition of condominium, townhome, multifamily, industrial, office and land opportunities with Craft DeLay. To date, Eric has more than $540 million of real estate transaction and management experience. Eric graduated from the University of Iowa with a BBA in finance and received an MBA from the Daniels College of Business at University of Denver.

Steve Eaton, Principal

seaton@ripple-cap.com
(303) 941-0329

Steve is a co-founder and Principal of Ripple Capital Group. Prior to co-founding Ripple Capital Group, Steve served as Senior Vice President, Investments for Crescent Real Estate LLC. Steve joined Goff Capital Partners in November 2011, before its merger with Crescent Real Estate LLC in 2016. At Crescent, Steve led the sourcing, underwriting, and procuring JV equity and debt for acquisition and development opportunities in select western U.S. markets. During his time at Crescent, Steve led the acquisition/development and asset management of over 3.5 million square feet of office and office/flex assets. Prior to 2011, Steve served as a Principal of Circle Capital Partners where he was responsible for deal sourcing, underwriting and transaction execution. Additionally, he oversaw the asset management of a portfolio consisting of over 2.2 million square feet of office, office/flex and industrial assets within the Circle Capital portfolio. Prior to Circle Capital, Steve served as a Vice President of Acquisitions and Operations for Affordable Residential Communities (“ARC”), a Denver-based real estate investment trust focused on the manufactured housing sector. Steve graduated from Denison University with a Bachelor of Arts in Economics and received a Master of Business Administration and a Master of Science in Real Estate and Construction Management from the University of Denver’s Daniels College of Business.

Steve Eaton, Principal

seaton@ripple-cap.com
(303) 941-0329

Steve is a co-founder and Principal of Ripple Capital Group. Prior to co-founding Ripple Capital Group, Steve served as Senior Vice President, Investments for Crescent Real Estate LLC. Steve joined Goff Capital Partners in November 2011, before its merger with Crescent Real Estate LLC in 2016. At Crescent, Steve led the sourcing, underwriting, and procuring JV equity and debt for acquisition and development opportunities in select western U.S. markets. During his time at Crescent, Steve led the acquisition/development and asset management of over 3.5 million square feet of office and office/flex assets. Prior to 2011, Steve served as a Principal of Circle Capital Partners where he was responsible for deal sourcing, underwriting and transaction execution. Additionally, he oversaw the asset management of a portfolio consisting of over 2.2 million square feet of office, office/flex and industrial assets within the Circle Capital portfolio. Prior to Circle Capital, Steve served as a Vice President of Acquisitions and Operations for Affordable Residential Communities (“ARC”), a Denver-based real estate investment trust focused on the manufactured housing sector. Steve graduated from Denison University with a Bachelor of Arts in Economics and received a Master of Business Administration and a Master of Science in Real Estate and Construction Management from the University of Denver’s Daniels College of Business.

Dustin Scaplo, Partner

dscaplo@ripple-cap.com
(719) 671-6486

Dustin Scaplo leads design, entitlement, and construction management for all Ripple Capital Group development and renovation projects. Dustin has more than 15 years of experience managing the processes involved in the planning, design, and implementation of complex construction projects. Dustin’s experience in real estate development, and management includes: master planning, entitlement, due diligence, capital budgeting, conceptual estimating, schedule and cash flow forecasts, team leadership, and design & construction management. Dustin’s recent experience has been as an owner’s representative for multi-family projects ranging in size from 100 to over 550 units. Previous experience includes various roles with a regional Real Estate Investment Trust. Dustin graduated from the University of Colorado, Boulder with a BS in mechanical engineering and received an MBA from Robert H. Smith School of Business at the University of Maryland.

Dustin Scaplo, Partner

dscaplo@ripple-cap.com
(719) 671-6486

Dustin Scaplo leads design, entitlement, and construction management for all Ripple Capital Group development and renovation projects. Dustin has more than 15 years of experience managing the processes involved in the planning, design, and implementation of complex construction projects. Dustin’s experience in real estate development, and management includes: master planning, entitlement, due diligence, capital budgeting, conceptual estimating, schedule and cash flow forecasts, team leadership, and design & construction management. Dustin’s recent experience has been as an owner’s representative for multi-family projects ranging in size from 100 to over 550 units. Previous experience includes various roles with a regional Real Estate Investment Trust. Dustin graduated from the University of Colorado, Boulder with a BS in mechanical engineering and received an MBA from Robert H. Smith School of Business at the University of Maryland.

Sam deRoque, Acquisitions Analyst Intern

sderoque@ripple-cap.com
(925) 899-1085

Sam deRoque executes the market and financial analysis of real estate assets and investment opportunities for Ripple Capital Group. Prior to joining Ripple, Sam worked as a civil engineer at SmithGroup, MacKay & Somps, and Westwood Professional Services, where he designed horizontal infrastructure for commercial, residential, and renewable energy developments. During this time, he contributed to the design and cost estimation of over $100 million in infrastructure improvements. After three years in the engineering industry, Sam transitioned into real estate by enrolling in the Master of Science in Real Estate program at the University of Denver. Specializing in real estate finance and investments, he has developed experience in financial underwriting, market analysis, pro forma modeling, and due diligence. Sam holds a Bachelor of Science in Civil Engineering from Montana State University and is currently completing his Master of Science in Real Estate at the University of Denver.

Sam deRoque, Acquisitions Analyst Intern

sderoque@ripple-cap.com
(925) 899-1085

Sam deRoque executes the market and financial analysis of real estate assets and investment opportunities for Ripple Capital Group. Prior to joining Ripple, Sam worked as a civil engineer at SmithGroup, MacKay & Somps, and Westwood Professional Services, where he designed horizontal infrastructure for commercial, residential, and renewable energy developments. During this time, he contributed to the design and cost estimation of over $100 million in infrastructure improvements. After three years in the engineering industry, Sam transitioned into real estate by enrolling in the Master of Science in Real Estate program at the University of Denver. Specializing in real estate finance and investments, he has developed experience in financial underwriting, market analysis, pro forma modeling, and due diligence. Sam holds a Bachelor of Science in Civil Engineering from Montana State University and is currently completing his Master of Science in Real Estate at the University of Denver.

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