Sienna Senior Living has acquired another retirement home in Stittsville as the Markham-based company continues to expand its footprint in the National Capital Region. Sienna said this week it has agreed to purchase Hazeldean Gardens Retirement Residence on Hazeldean Road for $85.25 million. The price includes a performance-based payment of $3.75 million and is subject […]
Sienna Senior Living has acquired another retirement home in Stittsville as the Markham-based company continues to expand its footprint in the National Capital Region.
Sienna said this week it has agreed to purchase Hazeldean Gardens Retirement Residence on Hazeldean Road for $85.25 million. The price includes a performance-based payment of $3.75 million and is subject to an additional performance-based contingent payment of $1.25 million.
Built in 2018, the 172-suite property features 129 independent living, 31 assisted living and 12 memory care units. According to the building's website, it is currently 90 per cent occupied.
Sienna said the retirement home is poised to benefit from “rapidly improving supply-demand fundamentals in the Ottawa market.”
The acquisition is one of the biggest multi-residential transactions in Ottawa since the start of 2024, trailing only Forum Asset Management’s $183-million purchase of the Envie Rideau student apartments from Choo Communities and Minto Group’s $86-million sale of an affordable townhouse complex to Ottawa Community Housing last year.
It comes a couple of months after Sienna agreed to buy Wildpine Residence, a 165-suite retirement home on nearby Wildpine Court, for $48 million.
The company also operates two other properties in Ottawa, the Red Oak retirement home in Kanata and the Bearbrook retirement home in Blackburn Hamlet, as well as retirement residences in Arnprior and Perth.
In a news release Wednesday, Sienna said its newest property “will benefit from significant synergies” with its other holdings in the National Capital Region.
"Our expanding presence in Ottawa reflects our confidence in this market and is supported by the impressive performance across our existing portfolio in the region,” David Hung, Sienna’s chief financial officer and executive vice-president of investments, said in a statement.
Founded in 1972 as Leisureworld Senior Care Corp., Sienna went public on the Toronto Stock Exchange in 2010 and adopted its current name in 2015.
The company currently owns and operates more than 80 facilities in Ontario, British Columbia, Saskatchewan and Alberta. 
