Two retirement residence companies are expanding their footprints in Ottawa with the purchase of local senior living facilities.
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Two retirement residence companies are expanding their footprints in Ottawa with the purchase of local senior living facilities.
Toronto-based Verve Senior Living, which operates 25 seniors residences across four Canadian provinces, announced Wednesday that it has acquired The Ravines at 626 Prado Pvt. in Nepean.
According to a press release, the company will own and operate the facility under the name Verve The Ravines.
"We are very excited about The Ravines and what it represents for Verve," said president Scott Quinney in the release. "We see an outstanding community with great people, a strong reputation, and tremendous potential. Our commitment is to invest in the building, invest in the resident experience, invest in our team members, and in the future of senior living in the greater Ottawa and Nepean areas.”
The facility includes two buildings, one for independent seniors and the other providing supportive living, assisted living and memory care. Respite and trial stays are also offered.
Verve said it will invest $20 million into the facility over the next two years to upgrade suites, care floors and dining and lobby spaces.
The company currently operates one other facility in eastern Ontario: Carp Commons Retirement Village.
Terms of the transaction were not disclosed.
Meanwhile, Markham-based Sienna Senior Living is also expanding its local footprint. The company announced last week that it has entered into a purchase agreement to acquire the 305-suite retirement residence Stonemont On the Park at 1068 Cummings Ave.
According to a press release, the gross purchase price for the residence is $170.7 million, or $560,000 per suite. The transaction includes an additional $10 million earnout “contingent upon exceeding financial targets.” The transaction is expected to close in the last quarter of 2026.
The property first opened in 2024 and is currently 99 per cent occupied, the release added.
“With the addition of Stonemont, we are further expanding Sienna’s retirement platform in a key market,” said president and CEO Nitin Jain in the release. “Following this transaction, we will have added approximately $1.2 billion of assets through acquisitions and developments since 2025.”
The acquisition is the company’s third in the city in the past two years. The company previously acquired the 172-suite Hazeldean Gardens Retirement Residence and the 165-suite Wildpine Residence, both in Stittsville, in 2025.
Also in Stittsville, the company operates Granite Ridge Care Community. It operates Red Oak Retirement Residence in Kanata.
Earlier this year, it submitted a proposal to renovate and expand the Madonna Nursing Home in Orleans, which shuttered four years ago. The proposal calls for the existing three-storey building to be converted into a 160-bed comprehensive long-term care facility. Additionally, it proposes the construction of a new two-storey addition to be used as a 64-bed retirement home.
