WM Dougherty Buys Memory Care Project in Virginia Out of Bankruptcy for $7.5M

WILLIAMSBURG, VA. — WM Dougherty & Co. LLC has acquired an unfinished memory care community in Williamsburg for $7.5 million. The Jacksonville, Fla.-based investment bank and brokerage firm will open the community as Berkeley Oaks. Solvere Senior Living, a New Jersey-based operator, will manage the property upon completion. New Dawn Assisted Living was developing the community before the project declared bankruptcy in late 2015. In addition to the purchase price, WM Dougherty plans to invest $2 million in the community. When completed, Berkeley Oaks will offer 48 memory care units divided into three 16-unit buildings that will operate as separate neighborhoods. Architectural firm Lantz-Boggio designed the project, which is scheduled to open in February 2017. Berkeley Oaks will be the fourth developer-operator partnership between Dougherty and Solvere.