Sienna Senior Living Buys Stonemont On The Park in Ottawa for CA$170.7 Million

OTTAWA, Ontario — Sienna Senior Living Inc. has acquired Stonemont On The Park, a 305-bed seniors housing property at 1068 Cummings Avenue in Ottawa, from Stonemont Retirement Living for CA$170.7 million, or approximately US$119.7 million, Marcus & Millichap announced Nov. 13, 2026. The brokerage firm arranged the transaction.

The price equates to approximately CA$560,000 per bed and includes an additional CA$10 million earnout contingent on the property exceeding certain financial targets. The deal closed in late October 2026 and is among Sienna's largest acquisitions this year.

Deal Terms and Parties in the Stonemont On The Park Sale

Raffaele Guglielmelli, senior managing director of investments in Marcus & Millichap's Ottawa office, represented the seller, Stonemont Retirement Living, and procured the buyer, Sienna Senior Living Inc.

Sienna funded the acquisition with cash on hand.

"The transaction equates to approximately CA$560,000 per bed and includes an additional CA$10 million earnout contingent upon exceeding certain financial targets," Guglielmelli said. "The sale underscores the strength of Canada's seniors housing investment market, which is undergoing a historic recovery driven by surging demographic demand and limited new supply."

Property Details: A Six-Story Ottawa Seniors Housing Residence

Stonemont On The Park is a six-story, single-building facility offering studio, one-, two- and three-bedroom accommodations. Marcus & Millichap's release states the property was completed in 2025; Sienna describes the residence as having opened in 2024. Sienna identifies the asset as a 305-suite retirement residence, and the property was nearly 100% occupied at acquisition.

The property offers a range of senior living and care options, from fully independent seniors' apartments to supportive and assisted living with enhanced care services. Amenities include restaurant-style dining, a bistro, community gathering spaces, a theater, an indoor heated swimming pool, a fitness center and landscaped outdoor areas.

The site is across from Ken Steele Park and near shopping destinations, medical facilities and public transportation. Nearby healthcare institutions include Hôpital Montfort and The Ottawa Hospital's General and Civic campuses.

Sienna's 2026 Acquisition Program

The purchase fits Sienna's strategy of expanding through newly built, highly occupied retirement residences rather than relying solely on internal development. The company has completed or contracted approximately CA$430 million of acquisitions across seven transactions in 2026, including Stonemont On The Park.

Other 2026 Sienna acquisitions include:

• Rockland Manor, Greater Ottawa: 160 units acquired for CA$41.0 million at a reported 6.00% yield.
• The Bartlett, Greater Toronto Area: 129 units acquired for CA$59.4 million at a reported 5.75% yield.
• Brighton Retirement & Active Living, Ontario: 165 suites under contract for approximately CA$74 million.

Sienna management has indicated that going-in yields on recent acquisitions were expected to be roughly 5%, rising toward 6% over time. Stonemont's per-bed price is higher than the per-unit pricing of the Rockland Manor and Bartlett transactions. The properties may differ in age, care mix, building specifications and operating margins, so direct comparisons should be made with caution.

For the third quarter of 2026, Sienna's revenue rose 12.4% year over year to CA$295.7 million, below the approximately CA$309.5 million analyst consensus. Same-property net operating income increased 8.7% to CA$57.8 million, and adjusted funds from operations per share rose 5.2% to CA$0.325.

Canadian Seniors Housing Market Context

Guglielmelli said national seniors housing occupancy in Canada is expected to reach a record 95% by the end of 2026. He said sustained operational momentum has triggered notable cap rate compression across the sector, and that further yield tightening is anticipated over the coming quarters as mainstream investor competition intensifies.

Marcus & Millichap, which has offices throughout the United States and Canada, reported 1,808 investment sales and financing professionals in more than 80 offices as of Dec. 31, 2025. The firm closed 8,818 transactions in 2025 with sales volume of approximately US$50.9 billion.

Sources

• Marcus & Millichap press release, Nov. 13, 2026: https://www.marcusmillichap.com/news-events/press/2026/11/marcus-millichap-brokers-seniors-housing-sale-in-ottawa