New buyer plans to finish assisted living project in Williamsburg
WM Dougherty & Co. LLC has purchased Berkeley Oaks, an assisting living community in Williamsburg that fell into bankruptcy after it was substantially completed. The company says it plans to finish the project and open it by Feb. 1.
The company, based in Jacksonville, Fla., said it was the high bidder at a court-appointed sale of the project at 1807 Jamestown Road, which it purchased for about $7.5 million.
New Dawn Assisted Living, based in Phoenix, and various affiliates filed for Chapter 11 bankruptcy relief in November 2015.The project was planned with 48 private suites to serve people with memory-related impairments.
WM Dougherty & Co. said that nearly $2 million would be invested to complete and open all three phases of the community. The opening is expected to bring 50 new jobs to the Williamsburg area.
“The opportunity exists to fill a serious need for certain members of our community. At the same time, I believe that we have found an excellent investment opportunity in Williamsburg,” William Daugherty, founder and CEO of the company, said in a statement.
The firm announced an alliance with Princeton, N.J-based Solvere Senior Living in opening and operating the community, with Berkeley Oaks representing Solvere’s first foray into Virginia.
“Berkeley Oaks is a great opportunity to help meet the expanding demand for memory care in the Williamsburg area. We’ve partnered with WMD-related entities on several other communities in Maryland, Indiana, and West Virginia and believe that our expansion into Virginia is a natural fit …” Kristin Kutac-Ward, Solvere’s President and CEO, said in a statement.
Berkeley Oaks plans to provide a family environment in three one-story, detached community houses. Each house will have 16 private studio apartments with individual baths.