At the intersection of real estate investment and social impact, something special is happening in Memphis. Stephen Zappala and Shaun Stone, co-founders of Zapstone Properties based out of New York, are not just investors—they are advocates for opportunity.
For many individuals transitioning out of homelessness, securing stable housing can be an overwhelming challenge, especially for those with past convictions. But when Greg, a former guest of Hub Hall, was working to rebuild his life after incarceration for arson in a residential space, Stephan was the one who offered him a second chance. Where others might have seen risk, Stephan saw opportunity. He took the time to understand Greg’s story, acknowledge his progress, and provide him with an opportunity to start fresh. That single decision became a turning point in Greg’s journey—and a reflection of the larger mission that defines Zapstone Realty.
This willingness to look beyond a renter’s past and invest in their future is at the heart of what makes Zapstone’s approach to real estate unique. What started as a business venture quickly evolved into a passion for transforming lives through housing—and Memphis has become their mission. Originally from Long Island, Stephan and Shaun came to Memphis because they saw real estate potential—but what they found was a city rich in possibility and resilience. Their first experience with homelessness was eye-opening:
“We ended up with a tent city in our backyard. We had 20 people in tents on our first-ever property. It was a culture shock. We asked ourselves—how did all these people end up here?” –Stephen Zappalla
Instead of walking away, they leaned in. They learned about homelessness, rapid rehousing programs, and the challenges individuals face in securing stable housing. Rather than seeing problems, they saw solutions.
While many real estate investors remain distant from the communities they invest in, Stephan and Shaun made it a priority to immerse themselves in Memphis—to see, learn, and invest in more than just buildings.
“We enjoy coming out here. When we leave, we look forward to coming back. There’s so much upside in Memphis, and we want to be part of that growth.” –Shaun Stone
The Zapstone team is actively collaborating with local nonprofits, social programs, and city leaders to create housing solutions that support both individuals and the broader community. They recognize that Memphis has untapped potential, particularly in developing affordable housing models that help individuals regain stability and self-sufficiency.
One of the most exciting aspects of the Zapstone–Hub partnership is Stone’s and Zappalla’s commitment to aligning real estate investment with social good. Instead of focusing solely on financial returns, they are working toward ensuring long-term stability for tenants transitioning from homelessness.
“We could just collect rent and move on, but we want to know: What happens if someone can’t pay? How can we create a system that prevents people from falling back into homelessness?” –Stephen Zappalla
This type of forward-thinking approach is what makes the Zapstone–Hub collaboration so impactful. By working together, they are bridging the gap between landlords, nonprofits, and social services to create a sustainable housing model that prioritizes people while still making financial sense.
Memphis, like many cities, faces misconceptions and negative narratives—particularly regarding homelessness and economic development. But Stephan and Shaun see a different reality:
“The media loves to push crime, crime, crime. But look at what’s happening here. Look at the people putting in the work. Memphis has so much potential—it just needs momentum.” –Shaun Stone
By investing in Memphis, forming local partnerships, and remaining engaged in the community, they are changing the narrative—one property, one tenant, and one opportunity at a time.
Through their partnership with the Hub, Zapstone is launching a new housing model that combines affordable rent, tenant support services, and a long-term sustainability plan. The goal? To develop a scalable system that helps more people transition out of homelessness for good.
“A lot of people say they want to help, but when it’s time to show up, they don’t. We are here to show up. We believe in this city, and we believe in the people here.” –Stephen Zappalla
The Zapstone Realty–Hub partnership is just beginning, but the impact is already being felt. By combining real estate investment, community engagement, and social support, they are proving that business can be a force for good—and that real change happens when people choose to show up.
