The Pennbrook Company of Bend has changed owners. Co-founder and long-time owner, Don Bauhofer, has transferred ownership to his daughter, Kelly Stewart.
Founded as Pennbrook Development Company in 1986 by Bauhofer and two partners, Al Levage and Larry Havinear, Pennbrook grew from a small, local real estate development firm into a regional developer and home builder in the 1990s and early 2000s. The company had offices in Scottsdale, Arizona, San Diego, Everett, Washington and Portland.
In 2000 and 2001, the company spun off two divisions into separate companies: Arrowood Development, LLC and Pennbrook Homes, Inc. Pennbrook Homes was wound down during the 2008 recession. Arrowood continues to develop townhome and single-family communities around Central Oregon. Those projects include Triple Knot Townhomes and Tartan Druim at Tetherow Resort, along with Points West Townhomes at Widgi Creek and the new 1925 Townhomes adjoining Bend Golf Club.
After the Great Recession, The Pennbrook Company grew its Management and Leasing Division, adding residential and commercial properties throughout Central Oregon, the Portland and Salem metropolitan areas and Klamath Falls. The company also increased its real estate sales activity for both its partners and clients.
Kelly, who grew up in Bend, received her bachelor’s degree from the University of Oregon in 2004 and an MBA from Georgetown University in Washington, DC. She and her husband, Alan Stewart, moved from D.C. to Bend in 2011 and joined Pennbrook in 2017. Kelly is quick to point out the reason for her return to Bend: “While there were tremendous business opportunities in DC and elsewhere, we both love the lifestyle Central Oregon provides. Having grown up in Bend, I was spoiled with great people, family and an abundance of recreational opportunities. Alan and I wanted to provide the same for our kids. We are fortunate Bend has grown to the point it can also provide career opportunities for both of us.”
Pennbrook anticipates remaining an active member of Bend’s real estate community. Don Bauhofer says he is planning to work with Pennbrook in a consulting role, assisting with construction and development projects for the company’s managed properties. He also will remain an active partner in development projects, including the new residential-rental community, Reside Bear Creek, now under construction on Bear Creek Road just east of 15th Street.
For additional information about Pennbrook, please contact Kelly Stewart at kstewart@pennbrook.com or Don Bauhofer at dbauhofer@pennbrook.com.
