Sienna Senior Living Inc. announced that it has completed its previously disclosed acquisition of Hygate on Lexington 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 stabilized investment yield of approximately 6.0%. The property, which is currently in lease-up, was acquired at a discount to replacement cost.
