09:06 AM EDT, 06/23/2025 (MT Newswires) -- Sienna Senior Living ( LWSCF ) on Monday said it is acquiring Credit River Retirement Residence, a 133-suite retirement residence in Streetsville in the Greater Toronto Area, for $60.2 million.

The residence consists of 84 independent living, 25 assisted living, and 24 memory care units, a statement noted. It also includes health & fitness facilities, a movie theatre, multiple dining rooms and an outdoor terrace.

With a current occupancy rate of 90%, Sienna expects to achieve stabilized occupancy of 95% within the first year of operations, with an initial investment yield of 5.75%. The company will finance the acquisition with its credit facilities. The transaction is expected to close within 60 days.

"We are excited to continue our platform expansion in one of the most sought-after markets in Canada by adding this high quality property in an exceptional location within the GTA to our asset base," said Nitin Jain, chief executive officer. "Given Sienna's substantial presence in the region, we expect meaningful synergies and minimal incremental G&A costs, making it an ideal strategic fit for our growing platform."