WILLIAMSBURG, Va. — Dougherty & Co. has acquired an unfinished memory care community in Williamsburg for $7.5 million. The Minneapolis-based investment bank and brokerage firm will open the community as Berkeley Oaks and lease it to Solvere Senior Living, a New Jersey-based operator.
New Dawn Assisted Living was developing the community before the project declared bankruptcy in late 2015. In addition to the purchase price, Dougherty plans to invest $2 million into 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 is Lantz-Boggio designed the project, which is scheduled to open in February.
Berkeley Oaks will be the fourth partnership between Dougherty and Solvere.