NAPERVILLE, IL – MZ Capital Partners, developer of the Vantage Naperville Apartments at 1350 E Ogden, Naperville, Illinois, has announced a major milestone in its new approach to "accessible living" within three amenity apartment community with the full lease of the 112 unit Months after opening.
With no tax credits or subsidies, and no income cap for tenants, the Vantage represents a new national model of accessible housing where the market, not the state, determines rent.
Michael H. Zaransky, Founder and Managing Director of MZ Capital Partners, says, “It is the first experiment in suburban Chicago with this type of product. There is a broader problem at the national level of providing enough rental housing at an affordable price. Every caring community that thinks strategically about its future wants to solve this problem. "
Built on the site of a dilapidated motel, the Vantage is a testament to how city governments can work with property developers to provide housing for those who need it most. The project was passed unanimously without significant resistance from the community when it came before the planning commission and the city council.
For Naperville Mayor Steve Chirico, the Vantage is "an investment opportunity that meets all the criteria of the city's goals: creating affordable housing that is also profitable. It's a win-win for everyone."
Located at the gateway to the revitalized Ogden Area Corridor, the Vantage offers bright studio and one-bedroom convertible apartments with eight-foot ceilings, full-size washers / dryers, and stainless steel appliances for monthly rentals starting at $ 950. With private work from home office suites, intelligent 24/7 parcel delivery and collection, high-speed fiber optic internet connection and balconies in select units, the Vantage represents what a community could look like in a post-Covid world.
Christine Jeffries, president of the Naperville Development Partnership, said, "The Vantage Apartments are ahead of the competition by creating an environment that enables remote working, lavish social interactions, outdoor amenities and a high-end exercise facility."
To commemorate the opening of Vantage in April 2021 and to strengthen its commitment to the Naperville community, MZ Capital Partners made a donation to the Northern Illinois Food Bank to support a local family of four for a full year.
"We firmly believe in a commitment to give back, to support the most vulnerable in our community, and to 'do good while doing well," "said Brad Zaransky, director of MZ Capital Partners.