Sienna Senior Living's acquisition of Wildpine Residence, a 110,000-square-foot assisted living facility in Ottawa's Kanata neighbourhood, last year came amid growing demand for space in such facilities across the country.
Canada’s senior population surpassed the number of children in the country in 2023, and Ontario, in particular, suffers from a dearth of assisted living facilities. In Ottawa, seniors comprise 17% of the city’s population, according to 2021 Census data.
The Housing Registry of Ottawa has noted that the city “is experiencing a severe shortage of seniors’ living homes” relative to high demand.
Sienna's Ottawa transaction highlights the healthy appetite among investors and operators for high-quality assets. Sienna owns additional properties nearby and said it was able to purchase the asset at a significant discount to replacement cost.
Sienna's acquisition of Wildpine Residence was selected as the recipient of the 2026 CoStar Impact Award for Sale/Acquisition of the Year for Ottawa/Gatineau, as judged by a panel of independent professionals in the market.
Sienna financed the purchase by assuming CMHC insured debt of $25.2 million and cash on hand. Following the acquisition, the property was re-launched under Sienna’s Aspira Retirement Living brand..
About the project: Wildpine, a 110,000-square-foot assisted living facility built in 2019, sold for $48 million. The transaction was financed through the assumption of $25.2 million in Canada Mortgage and Housing Corporation-insured debt at a 3.69% interest rate, with the remaining balance paid for in cash.
What the judges said: “I believe Wildpine Residence is the most impactful Sale/Acquisition of the Year because it shows clear investor confidence in a critical part of Ottawa’s evolving housing continuum, seniors living,” said Krishon Walker, a planner with Ottawa's Economic Development Services department. “The acquisition of a high-quality, recently constructed assisted living facility, supported by CMHC-insured financing, shows how thoughtful capital investment can stabilize operations, improve financing efficiency and secure long-term care capacity at a cost below replacement value.”
“Tough asset class and new build sale,” noted Sachin Anand, vice president of acquisitions and dispositions with Regional Group, in saying why he voted for the project. The acquisition "combines scale, financing sophistication, strategic portfolio expansion and demographic sector importance,” added James McNeil, managing principal at JJ McNeil Commercial.
They made it happen: Raffaele Guglielmelli, senior vice president of investments with Marcus & Millichap, played a major role in arranging the transaction.