From his office at 1331 N.W. Lovejoy St., Walter Bowen can look out the window and see how his hometown has changed since he was growing up in Southeast Portland.

“People in Portland specifically didn’t want to live in a condominium; they wanted a house with a yard, and now people really like living in condos,” he said. “Of course, the rents have come up substantially, but the amenities have increased as well.”

Bowen’s first development was a 261-unit apartment complex on Barnes Road during the 1980s. Since then, he has developed more than $2 billion in projects that encompass mid- and high-rise office space, hotels and retail space. His projects include the Pearl West office building completed in April 2016 – the first building developed in Portland after the Great Recession – and the mixed-use Broadway Tower now under construction at Southwest Broadway and Columbia Street.

When a change in tax law impacted the apartment market in the late 1980s, Bowen branched out and founded Regent Assisted Living. Now called BPM Senior Living Company, it has grown to become one of the largest senior housing companies in the country and a leader in memory care.

“Looking into the future, I think we’re going to see a lot more 55-plus apartments and communities that offer a choice for people who don’t want to be around kids,” he said, noting the amenities often create the atmosphere of an extended-stay hotel without the hotel rates. “There are lots of things going on in the housing business other than just straight up-and-down apartments.”

Bowen, a 2016 91��Ƶ Newsmaker and recipient of several industry awards, has been a mentor for other local developers. He is a founding member of the American Senior Housing Association, a former member of the advisory board for the National Investment Center for Senior Housing and Care, and a former board member of the Assisted Living Federation of America.

In addition, he is a board member for Providence St. Vincent Medical Foundation and supports several organizations that include St. Mary’s Home for Boys, SEI Inc., the Maurice Lucas Foundation and OHSU cancer research.

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