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Sienna to Purchase Hygate Seniors Residence in Waterloo
Sienna Senior Living has agreed to acquire the the Hygate on Lexington seniors residence in Waterloo, Ont., for $93.3 million.
The purchase price for the 216-unit property equates to $432,000 per suite, with a stabilized 6% investment yield, said Sienna. The property is currently in lease-up and has a 65% occupancy rate. It is expected to reach stabilized occupancy within two years of the proposed deal closing.
“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,” said Nitin Jain, Sienna’s president and CEO.
Built in 2021, the six-storey residence includes 126 independent-living units, 40 assisted-living units and 50 seniors apartments. The property also has a 4.7-acre development site with municipal zoning for a retirement residence or residential condominium.
Sienna plans to finance the full purchase price with cash on hand and through the company’s credit facilities. The proposed deal is expected to close within 60 days.
Pictured: Lexington Hygate, a retirement home located in Waterloo, Ont.
