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    Real Estate Rumblings

    Big foreign money: Korean buyers behind near-record $480 million Houston office tower sale

    Ralph Bivins
    Ralph Bivins
    Apr 26, 2013 | 4:17 pm

    Korean investors are believed to be behind the $480 million purchase of the 46-story BG Group Place office tower in downtown Houston, in a deal organized by Invesco Real Estate, a Dallas-based firm that represents major real estate investors, according to Real Estate Alert, a highly respected real estate investor newsletter.

    The $480 million sales price represents one of the highest sales prices in Houston’s history.

    According to people in the investment community, Invesco is buying the skyscraper on behalf of the National Pension Service of Korea or a similar Korean organization, the newsletter reported.

    Korean money has been reallocated and invested in U.S. realty in a fast pace recently because of political unrest and the nuclear threat from North Korea.

    “Koreans have been coming to the U.S. and they are buying assets,” said CBRE's Bernard Branca. “We are seeing a lot of Korean buyers.”

    “Koreans have been coming to the U.S. and they are buying assets,” said Bernard Branca, senior vice president of office investments for the CBRE real estate firm in Houston. “We are seeing a lot of Korean buyers.”

    The sellers of the BG Group Place building, Hines and Calpers, were represented by Eastdil Secured, a real estate investment firm with significant contacts in the Far East.

    The 973,000-square-foot tower is expected have a final sales price of $485 per square foot, the second-highest per square-foot sales price ever in Houston, Real Estate Alert reported.

    The record sales price in Houston was set when H&R REIT paid $524 per square foot or $442 million for the 845,000-square-foot Hess Tower in 2011.

    The highest dollar price was set when the 1.8-million-square-foot One and Two Shell Plaza sold for $550 million last summer to an affiliate of Enterprise Products, Real Estate Alert said. The sale is expected to close soon.

    BG Group Place is 92 percent leased. The BG Group energy firm is the largest tenant, with KPMG and the BakerHostetler law firm also having large offices. The building, completed in 2011, is located at 801 Main Street. Pickard Chilton was the architect.

    In developing BG Group Place, Hines anointed Main Street as a viable venue for new office development today. Years ago Main Street had been ceded to transit domination, making Main Street not much more than an elongated bus stop. But Main Street has enjoyed a revival in recent years as METRO rail arrived and new development has occurred.

    Hines has proposed to build another Main Street tower on Block 69 at the southeast corner of Main and Texas Avenue, just a couple of blocks from BG Group Place.

    BG Group Place in downtown Houston has been sold for a near record price.

    News_Ralph_Hines building_exterior_BG Group Place_skyscraper
    Photo by Ralph Bivins
    BG Group Place in downtown Houston has been sold for a near record price.
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    news/real-estate
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    housing news

    Houston ranks among top 10 U.S. cities for mobile home living

    Amber Heckler
    Dec 24, 2025 | 11:30 am
    Interior of a manufactured home
    Photo by Brian Wangenheim on Unsplash
    Manufactured homes have come a long way from the "trailers" of the past, according to StorageCafe.

    As Houston residents navigate the city's fluctuating real estate market, manufactured homes – also known as mobile homes – are gaining traction among potential buyers seeking an affordable path to homeownership.

    A recent housing study found Houston ranks among the top 10 U.S. cities with the largest mobile home inventory. Texas, as a whole, has the second-highest share of manufactured housing in the nation.

    StorageCafe's housing insights report analyzed the supply of manufactured housing inventory, average sales prices of new manufactured homes, and compared pricing trends against the median value of all housing units (regardless of construction date) across all 50 states and 100 U.S. cities.

    The report's author hails manufactured housing as "a cornerstone of affordability" in the country, with just under 8 million mobile homes representing about 5.4 percent of the U.S. housing supply.

    There are 776,232 manufactured homes in Texas, the report found, which is 6.2 percent of the state's entire housing stock. Houston is home to the 8th highest number of mobile homes in the nation, at 10,953 units.

    Here's how the rest of the top 10 shakes out:

    • No. 1 – Mesa, Arizona (29,335 units)
    • No. 2 – Phoenix, Arizona (20,564 units)
    • No. 3 – Jacksonville, Florida (15,393 units)
    • No. 4 – Largo, Florida (14,131 units)
    • No. 5 – Tuscon, Arizona (14,128 units)
    • No. 6 – San Jose, California (11,668 units)
    • No. 7 – San Antonio, Texas (11,208 units)
    • No. 8 – Houston, Texas (10,953 units)
    • No. 9 – Los Angeles, California (10,622 units)
    • No. 10 – Sunrise Manor, Nevada (9,952 units)

    Why manufactured home living is gaining popularity
    Affordability is of the main reasons Texas residents are turning to manufactured home living. The average sale price for a mobile home in Texas was $112,500 in 2024, or less than half of the median sale price for all Texas homes ($313,200).

    The report specifies that the cost for a manufactured home does not include the cost of land in the same way that a conventional home does. Depending on zoning and local laws, residents who own a mobile home either lease the lot their home sits on, or they have to purchase a lot outright.

    "Most manufactured homes sit either in parks (land rent, higher exposure to rent hikes or park closures) or subdivisions (you own the land)," the report said. "In some communities, resident-owned cooperatives (co-ops) allow homeowners to collectively purchase the land beneath their homes. This setup provides stability and protection against rising lot rents, which can otherwise affect those living in privately owned parks."

    Nevertheless, StorageCafe maintains that the generally lower cost of a manufactured home still makes it a viable path to homeownership. Affordability is especially crucial for younger adults like Gen Zers and Millennials who also don't want to "compromise on quality or independence."

    "Today’s younger buyers value flexibility, efficiency, and minimal maintenance, and many are drawn to simpler lifestyles that align with financial freedom and mobility," the report said. "With the rise of remote work, more Millennials and Gen Zers are exploring the idea of living affordably in smaller, well-designed spaces, often in communities with shared amenities or scenic settings that were once thought to appeal only to retirees."

    Manufactured homes have also experienced a "glow up" in recent years, the report added. Most manufactured homes have open floor plans, "stylish interiors," and come equipped with modern amenities like smart-home technology and energy efficient features.

    "As a result, they’re no longer viewed as a fallback option, but rather as a savvy, forward-thinking path to homeownership for cost-conscious Americans of all ages," the report said.

    Mobile home living elsewhere in Texas
    Other than San Antonio in Houston in the top 10, there were 12 more Texas cities that ranked among the top 100. El Paso came in at No. 16 with 7,089 mobile homes in the city, and Laredo ranked two spots behind with 6,785 units.

    Here's how other Texas cities fared in the report:

    • No. 20 – Dallas (6,195 units)
    • No. 21 – Austin (6,184 units)
    • No. 22 – Fort Worth (6,069 units)
    • No. 29 – Corpus Christi (4,823 units)
    • No. 34 – Pharr (4,409 units)
    • No. 48 – Arlington (3,818 units)
    • No. 60 – Mission (3,207 units)
    • No. 65 – Bryan (3,063 units)
    • No. 67 – Edinburg (3,407 units)
    • No. 98 – Denton (2,441 units)
    housing markethousing reportstoragecafetexasmanufactured housinghouston
    news/real-estate

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