Historic Rice Apartments in Houston to be Renovated by New Owner

Greystar has unveiled plans to renovate the Rice Apartments in Houston. The Rice, formerly the Rice Hotel, has 308 units and was originally built in 1913 on the site of the capitol of the Republic of Texas, and a couple of previous, smaller hotels in the 19th century, which for a time were owned by William Rice, founder of Rice University.

Houston—Greystar has unveiled plans to renovate the Rice Apartments in Houston. The Rice, formerly the Rice Hotel, has 308 units and was originally built in 1913 on the site of the capitol of the Republic of Texas, and a couple of previous, smaller hotels in the 19th century, which for a time were owned by William Rice, founder of Rice University.

During much of the early and mid-20th century, the hotel was a grand downtown property, featuring fine fining and a variety of retail shops. In 1977, the hotel closed and sat vacant for about 20 years. In the late 1990s, investors bought the property and redeveloped it as apartments. The building is current listed on the National Register of Historic Places.

Dallas-based Crow Holdings Capital Partners acquired the property earlier this year, and tapped Greystar to manage it and oversee renovations.  The property will become Rice Urban Lofts and the renovations will be complete in the next 24 to 36 months, according to Greystar.

The property offers studios, one-, and two-bedroom lofts, as well as penthouses with downtown views; the units range in size from 485 square feet to 2,452 square feet. Upgrades to apartment interiors will include new kitchens with islands, marble countertops, high-end cabinetry, and new stainless steel appliances. Bathrooms will be renovated to include frameless glass showers, marble countertops with dual sinks, tile flooring and linen closets. Also, each apartment will receive designer lighting fixtures, new paint and full-sized washers and dryers.

The entrance and lobby will be fully remodeled to showcase a grand chandelier, resident lounge, conference rooms, management offices as well as valet and concierge services. The fitness center will be relocated to the second floor clubroom and will be upgraded to a health club, and the indoor pool area will be converted into a spa. The outdoor terrace will be redesigned with new seating, outdoor lighting, surround sound speakers, and dining areas.