Sienna Senior Living (SIA-T) has acquired a 305-suite retirement residence in Ottawa for $170.7 million, marking its fifth Ontario acquisition this year. The property, Stonemont on the Park, opened in 2024 and operates at approximately 99 per cent occupancy, according to the company’s announcement.
Expansion in Ottawa
Stonemont is situated in Ottawa’s east end and offers amenities including a salon & spa, heated pool, fitness centre, on-site cinema, bar/bistro lounge, and a tuck shop. The acquisition price equates to $560,000 per suite. The company noted the transaction includes a $10 million earnout contingent on meeting financial targets. The company plans to finance the deal using cash reserves and credit facilities, with closing expected in Q4.
“With the addition of Stonemont, we are further expanding Sienna’s retirement platform in a key market,” said President and CEO Nitin Jain. The deal brings the company’s total acquisition and development activity since 2025 to approximately $1.2 billion in assets.
Ontario Acquisitions in 2026
Sienna has completed or signed agreements for four other seniors residences in Ontario during 2026. In April, the company acquired The Bartlett in Oshawa for $59.4 million, a 129-suite independent living community in the Greater Toronto Area. In May, it acquired two additional properties: Rockland Manor in Rockland for $41 million, a 160-suite retirement residence in the Greater Ottawa Area, and Ballycliffe in Ajax for $68.3 million, a 224-bed long-term care facility in the GTA with closing expected later this year.
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In January, Sienna increased its stake in LaSalle Park, a 123-suite retirement residence in Burlington, by 10.9 per cent, bringing its total interest to 89.1%.
Long-Term Care Focus
Last month, Sienna partnered with Fiera Infrastructure (FSZ-T) in a $625 million joint venture aimed at accelerating long-term care developments. Jain explained that the company’s redevelopment program prioritizes modernizing older long-term care facilities and expanding capacity to address a waitlist over 50,000 people in Ontario. Recent provincial funding model changes for redevelopments in the GTA have made such projects financially viable.
Long-term care accounts for roughly half of the company’s 107-community portfolio. Jain stated the joint venture and acquisition pipeline enable the company to scale operations, enhance resident and employee experiences, and deliver shareholder value. The company remains the only publicly traded Canadian senior living provider operating across retirement living and long-term care sectors, including senior apartments, independent living, assisted living, memory care, and long-term care.
