Sienna Senior Living (SIA-T) continues to focus on Ontario with its 2025 acquisitions, announcing Thursday it has an agreement to purchase The Hygate on Lexington, a retirement residence in Waterloo containing 216 units.

The transaction is Sienna’s fifth across Ontario in 2025, and pushes its total investment in the province this year to almost $330 million. It is acquiring The Hygate for $93.3 million, representing a per-suite cost of approximately $432,000 and a stabilized investment yield of six per cent, the announcement states.

"We are excited to continue expanding our retirement portfolio with this recently built, highly desirable property in Waterloo," Sienna president and chief executive officer Nitin Jain said in the announcement. “Hygate will further strengthen our presence in southwestern Ontario and elevate the quality of our asset base in one of Canada’s leading technology and innovation hubs.”

The Hygate in Waterloo

Built in 2021, the six-storey property offers a diverse range of accommodations, including 126 independent supportive living units, 40 assisted living units and 50 seniors’ apartments. The property also includes a 4.7-acre development site with municipal zoning for a retirement residence or residential condominium.

Currently in lease-up, the facility has an approximate 65 per cent occupancy rate, and the company expects it to reach stabilized occupancy within two years of closing. Sienna expects the transaction to close within 60 days pending customary regulatory and other closing conditions.

Sienna says it is acquiring the property at a discount to replacement cost.

Sienna intends to finance the Hygate purchase with cash on hand and its credit facilities. 

Sienna’s other Ontario acquisitions

As Sienna and several of its competitors in the sector continue to acquire seniors living facilities and consolidate the sector, the firm has been buying newer facilities in Ontario during 2025.

Among its other acquisitions are:

• the Cawthra Gardens long-term care home in Mississauga, a 192-bed facility purchased for $32.6 million;
• the 133-unit Credit River Retirement Residence in Mississauga, for $60.2 million, in June;
• Hazeldean Gardens in Ottawa. Completed in 2018, the 172-apartment retirement residence was acquired for $85.25 million; and
• the 165-suite Wildpine Residence, also in Ottawa, for $48 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 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 approximately 90 seniors residences across Canada, operates a dozen more for other firms, and employs approximately 14,500 people in its operations.