Walter Bowen Sells Six-Property Portfolio, Exits Assisted Living Sector

PORTLAND, Ore. — Walter Bowen, real estate developer, founder of BPM Real Estate and an early pioneer in the assisted living industry, has sold six seniors housing communities. The disposition marks Bowen’s exit from the seniors housing industry.

The communities comprise of a total of 670 independent living, assisted living and memory care units in Oregon, California and Las Vegas. No terms of the transaction were released.

“I have enjoyed this industry immensely and I will always remember the wonderful people I have worked with throughout my 30 years in the business,” says Bowen.

The Cushman & Wakefield team of Rick Swartz, Jay Wagner, Aaron Rosenzweig, Jim Dooley and Dan Baker represented BPM in the transaction.

Bowen entered the assisted living industry in the late 1980s by acquiring and developing communities in 11 Western states. In 1995, Bowen founded an assisted living company in Portland. That same year, he took Regent public. At one time, the company was one of the top 10 assisted care companies in the United States.

“I am proud to have played a part in the industry’s founding and development,” Bowen said. “Now, the time is right for me to leave assisted living for new opportunities. We will remain active in the development, ownership and operation of independent living communities.