Blackstar Urban Fund II Completes $3.8M Restoration on Historic Memphis Building
- Mar 25, 2009
By Anuradha Kher, Online News EditorMemphis, Tenn.–Blackstar Urban Fund II, owned by Blackstar Capital Partners, a real estate private equity fund, recently completed restoration of The Greenstone, the first and only multifamily building to be listed on the National Register of Historic Places in Memphis. The Blackstar Urban Fund II is an internally capitalized fund, which has no set amount of equity, and an agenda to invest in distressed properties. The Greenstone is one such property. The building itself, which was built in 1927 and operated as a multifamily rental community for 82 years, hadn’t been given the appropriate attention. “Though it was reasonably successful, the property was never properly cared for,” Tobey Price Hubbard, managing principal of Blackstar Capital Partners, tells MHN. “The Blackstar Urban Fund made an investment of $3.8 million, including the purchase price and renovations, which included the gut of the building, plumbing etc.”The restoration has transformed the building into a historically significant condominium community featuring 18 units. It now features two- and three-bedroom units ranging in price from $165,000 to $335,000. The building’s exterior, however, designed by architect Hubert T. McGee, remains untouched. Located at the intersection of Poplar Avenue and North Waldran Boulevard, in Memphis’ Medical District, The Greenstone is surrounded by the neighborhoods’ $1 billion renaissance and gentrification construction. Nearly 25 percent of the units have been closed and move ins have begun. “While the building’s history is attracting buyers, nothing is immune during these tough times,” says Hubbard addressing how the recession is affecting demand for The Greenstone. “A couple of years ago, the building would have been sold out in six to eight months.” The units include hardwood and Italian marble floors throughout, 9-10’ ft. ceilings, extensive millwork, fully equipped kitchens with full custom cabinetry and Italian marble countertops. All finish and design choices reflect the period and era of the building (1920’s) so as to preserve the historic significance and value of the estate.