Sienna Senior Living (SIA-T) has an agreement to acquire the Credit River Retirement Residence in the Greater Toronto Area (GTA) city of Mississauga for $60.2 million, the firm announced Monday.

The 133-suite residence at 175 Rutledge Rd., in the Streetsville community offers a range of options for residents from independent living (84 suites) to assisted living (25 beds) and memory care (24 beds).

It has been operated by Verve Senior Living, which has a portfolio of approximately 30 retirement properties across Canada.

“We are excited to continue our platform expansion in one of the most sought-after markets in Canada by adding this high-quality property in an exceptional location within the GTA to our asset base,” Nitin Jain, Sienna’s president and chief executive officer, said in the announcement.

“Given Sienna’s substantial presence in the region, we expect meaningful synergies and minimal incremental G&A costs, making it an ideal strategic fit for our growing platform.”

The Credit River residence

Built in 2016, the six-storey class-A Credit River property offers a range of amenities including health and fitness facilities, a movie theatre, multiple dining rooms and an expansive outdoor terrace area. 

It has an occupancy rate of 90 per cent, though Sienna expects to achieve stabilized occupancy of 95 per cent within the first year of operations after closing the transaction. Sienna expects to take ownership within the next 60 days.

Sienna says the $60.2 million purchase price is well below replacement costs, and offers an initial investment yield of 5.75 per cent. It intends to finance the purchase price with its credit facilities and expects the transaction to be immediately accretive to AFFO per share. 

The transaction is subject to regulatory approvals and customary closing conditions.

Sienna's other 2025 acquisitions

Sienna has been steadily expanding its portfolio through the first half of 2025, with acquisitions in several markets. Among them are:

• Hazeldean Gardens in Ottawa’s Stittsville community. Completed in 2018, the 172-apartment retirement residence was acquired for $85.25 million from a small family-owned operator;
• the 165-suite Wildpine Residence, also in Ottawa’s Stittsville community, for $48 million.
• the $181-million purchase of four continuing care homes in Alberta on April 1; and
• the $26.5-million acquisition of the 30 per cent interest it did not already own in Nicola Lodge in Port Coquitlam, B.C.

Sienna also has Cawthra Gardens long-term care home in Mississauga under contract in a sale expected to close in early 2026. The 192-bed facility is being purchased for $32.6 million.

On the development front, it is building new facilities in the Ontario communities of Brantford, North Bay and Keswick. The long-term care properties will total 480 beds, 147 suites and $307 million in development costs. The Brantford and North Bay projects are to be completed late this year; Keswick in Q1 2027.

Sienna Senior Living offers a full range of seniors' living options, including independent living, assisted living and memory care under its Aspira retirement brand, long-term care, and specialized programs and services.

It owns almost 90 seniors residences across Canada, operates a dozen more for other firms, and employs approximately 14,500 people in its operations.