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Sienna Senior Living (SIA-T) has made its fifth acquisition in Ontario this year, announcing this morning it has acquired a 305-suite retirement residence in Ottawa for $170.7 million.
The property, Stonemont on the Park, opened in 2024 and is approximately 99 per cent occupied, Sienna said in the announcement.
"With the addition of Stonemont, we are further expanding Sienna’s retirement platform in a key market," Sienna president and CEO Nitin Jain said.
“Following this transaction, we will have added approximately $1.2 billion of assets through acquisitions and developments since 2025."
Stonemont is located in Ottawa's east end. Among the amenities at the property are: a salon & spa, heated pool, fitness centre, on-site cinema, a bar/bistro lounge and a tuck shop. The purchase price breaks down to $560,000 per suite.
Sienna said the transaction includes an additional $10-million earnout, contingent upon exceeding certain financial targets. The company intends to finance the acquisition with available cash on hand and its credit facilities.
The Stonemont transaction is expected to close in Q4.
Other acquisitions in Ontario announced this year
Sienna has completed or signed agreements to purchase four other seniors residences in Ontario to date in 2026.
- The Bartlett (Oshawa) - Acquired in April for $59.4 million, it is a 129-suite independent living retirement residence located in the Greater Toronto Area.
- Rockland Manor (Rockland) - The purchase agreement was announced in May for $41 million. Rockland is a 160-suite retirement residence in the Greater Ottawa Area.
- Ballycliffe (Ajax) - This $68.3-million acquisition was also announced in May. It is a 224-bed long-term care community in the GTA and is expected to close later this year.
- In January, Sienna acquired an additional 10.9 per cent interest in LaSalle Park, a 123-suite retirement residence located in Burlington, bringing its interest in the asset to 89.1 per cent.
JV with Fiera Infrastructure for long-term care
Last month, Sienna and Fiera Infrastucture (FSZ-T) announced they had formed a $625-million joint venture to accelerate long-term care developments.
Jain told RENX that Sienna’s redevelopment program in Ontario is focused on modernizing older long-term care communities in its portfolio and increasing capacity in the system.
"In Ontario, there are over 50,000 people on the waitlist for a long-term care bed," Jain said, in an earlier email interview with RENX.
"Last year, the Ontario government made significant changes to their construction funding model for long-term care redevelopments which now makes it financially feasible for us to move forward with redevelopments in the GTA."
Jain said long-term care represents about half of Sienna's portfolio of 107 communities.
"We continue to build on this momentum with a strong acquisition pipeline and Sienna’s $625 million joint venture partnership with Fiera Infrastructure to accelerate long-term care redevelopments," Jain said in the announcement yesterday. "These opportunities allow us to further scale our platform, enhance the experience of Sienna’s residents and team members, while creating long-term value for our shareholders."
Sienna Senior Living is a Canadian owner, operator, and developer of senior housing real estate. It is the only publicly traded senior living company to own and operate in both retirement living and long-term care, including senior apartments, independent retirement living, assisted living, memory care and long-term care.
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