Sienna Senior Living Inc. announced that it has completed its previously disclosed acquisition of Hygate on Lexington (Hygate) in Waterloo, Ontario.

Built in 2021, the six-story, 216-suite retirement residence offers a diverse range of accommodations, including 126 independent supportive living units, 40 assisted living units and 50 seniors apartments. The property also includes a 4.7-acre development site with municipal zoning for a retirement residence or residential condominium.

Sienna acquired Hygate for $93.3 million, or approximately $432,000 per suite, with a stabilised investment yield of approximately 6.0 per cent. The property, which is currently in lease-up, was acquired at a discount to replacement cost.

“With the addition of Hygate, we continue to strengthen our presence in southwestern Ontario and further elevate the quality of our growing asset base,” said Nitin Jain, President and Chief Executive Officer. “We will leverage our extensive experience and market knowledge to reach stabilised occupancy at this highly desirable property within the next two years.”