From what I have seen in various posts, when you have overheating problems on these engines, it can be a real pain trying to find the cause and solve it. Water pumps should last 100K miles or more. There was an issue with some water pumps that had plastic blades that failed early, I know this was a problem on the 3 series in the 90's, I assume the 6 cylinder 5 series also had the problem, but I don't know that for a fact. What year is your car?
The 3 series requires a specific bleeding procedure to remove air from the system, I'll guess that the 5 is similar. If it is not bled properly, overheating can occur. I guess I would start by doing a flush and coolant change, make sure that all the air is bled out, and see what happens.
If you loose coolant level quickly and see no leaks, you have a cracked block or head, or blown head gasket. Another clue is steam and a sweet coolant smell in the exhaust, or water in the oil. Look for these clues. If these do not show up, you probably do not have a cracked block or head gasket problem.
I have read that another cause of overheating can be related to the heater divert valve, but I have no specific experience with this, and don't know if that applies to your model.