BPM Real Estate sold its entire portfolio of high-quality seniors housing communities in the western United States, and the assisted living industry saw off one of its early pioneers, Walter Bowen. After more than 30 years in assisted living, the real estate investor will focus on other real estate classes, including multifamily, apartment and office buildings, in addition to the independent living market.
Totaling 670 units, these communities feature a combination of independent living, assisted living and memory care services at locations in Nevada (1), California (2) and Oregon (3). They consist of both stabilized assets and newly renovated communities with some operational upside, but all in high barrier-to-entry markets and infill locations. There was strong in-place yield as well.
The buyer of the portfolio was not disclosed, but Rick Swartz, Jay Wagner, Aaron Rosenzweig, Jim Dooley and Dan Baker of Cushman & Wakefield represented BPM in the transaction.
