MZ Capital Partners brings attainable housing to Naperville
MZ Capital Partners, developer of the Vantage Naperville Apartments at 1350 E Ogden in Naperville, Illinois, has announced a key milestone in its new "attainable housing" concept, with the full lease-up of the 112-unit, full amenity apartment community within three months after opening.
Without tax credits or subsidies, and setting no income cap for renters, the Vantage represents a new national model for attainable housing where the market, not government, determines rent.
According to Michael H. Zaransky, founder and managing principal of MZ Capital Partners, "It's the first Chicago suburban experiment with this type of product. There's a broader problem nationally of providing enough rental housing at an affordable price point. Every caring community that's thinking strategically about their future wants to solve that problem."
Built on the site of a dilapidated motel, the Vantage proves how city governments can work with developers to supply housing to those who need it most. The project passed unanimously without significant community opposition when it came before the planning commission and city council.
For Naperville Mayor Steve Chirico, the Vantage "is an investment opportunity that checks all the boxes of the city's goals: adding affordable housing that's also profitable. It's a win-win for everybody."
Situated at the gateway to the revitalized Ogden Area Corridor, the Vantage offers bright studio and 1-bedroom convertible apartments with 9-foot ceilings, in-home full-size washers/dryers, and stainless steel appliances at monthly rents as low as $950. Featuring private work from home office suites, 24/7 smart package delivery and pickup, high speed fiber optic internet connection, and balconies in select units, the Vantage represents what a community might look like in a post-COVID-19 world.
Christine Jeffries, President of Naperville Development Partnership said, "The Vantage Apartments are ahead of the pack by creating an environment that provides for remote working, spacious social interactions, outdoor amenities, and a high-end exercise facility."
To commemorate the opening of the Vantage in April 2021, and to reinforce its commitment to the Naperville community, MZ Capital Partners donated to the Northern Illinois Food Bank to feed a local family of four for a full year.
"We firmly believe in the obligation to give back, support the most vulnerable in our community, and 'do good while doing well,'" says Brad Zaransky, MZ Capital Partners principal.
MZ Capital Partners, headquartered in Northbrook, Illinois is a demographically driven real estate investment firm with a specialty niche in multifamily assets throughout the United States. The firm has been recognized with placement on the INC 500 list of the fastest growing private companies in America and was recently named overall winner of "Best Places to Work" in the multifamily industry by the National Apartment Association.