The Brighton property features 124 retirement suites that opened in 2024 and currently maintain a 95% occupancy rate. Alongside these, the complex includes 41 senior apartments opened in 2025 that are undergoing lease-up, as well as five ground-floor commercial units. To mitigate risks associated with the newer components of the property, the agreement includes $1.5 million in income support. An additional $5 million earnout provision hinges on the residence meeting specific financial performance targets.
Sienna expects to finalize the acquisition in the fourth quarter of this year. The company intends to utilize existing cash reserves and established credit facilities to fund the purchase. This move reflects a broader trend of consolidation within the Canadian senior housing market as operators seek to bolster their portfolios with modern, high-occupancy assets.
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