Sienna Senior Living has agreed to acquire a recently built Ottawa retirement residence for $170.7M, continuing an acquisition and development push that has added about $1.2B of assets since 2025.

The company will pay about $560K per suite for Stonemont On the Park, a 305-suite residence at 1068 Cummings Ave. in Ottawa’s east end. The property opened in 2024 and is about 99% occupied.

The deal also includes a potential $10M earnout if the property exceeds certain financial targets. Sienna plans to fund the acquisition using cash and its credit facilities, with closing expected in the fourth quarter.

“With the addition of Stonemont, we are further expanding Sienna’s retirement platform in a key market,” CEO Nitin Jain said.

The purchase extends a string of senior housing investments tracked by Connect. Sienna acquired the 129-suite Bartlett in Oshawa for $59.4M in April after previously buying retirement and long-term care properties in Ottawa and Mississauga.

Sienna also formed a 50-50 joint venture with Fiera Infrastructure this summer targeting about $625M of long-term care redevelopment projects in Ontario.

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