Two major seniors residence acquisitions reshape Ottawa's retirement housing market
Verve Senior Living acquired The Ravines in Nepean and will invest $20 million, while Sienna Senior Living paid $170.7 million for Stonemont On the Park.
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Two retirement residence companies are expanding their footprints in Ottawa with major acquisitions that signal strong demand for seniors housing in the region.
Verve Senior Living, a Toronto-based operator of 25 seniors residences across four Canadian provinces, announced Wednesday it has acquired The Ravines at 626 Prado Private in Nepean. The facility includes two buildings—one for independent seniors and another providing supportive living, assisted living, and memory care, plus respite and trial stays. Verve will invest $20 million over the next two years to upgrade suites, care floors, and dining and lobby spaces. "We see an outstanding community with great people, a strong reputation, and tremendous potential," said president Scott Quinney in a statement. "Our commitment is to invest in the building, invest in the resident experience, invest in our team members, and in the future of senior living in the greater Ottawa and Nepean areas." Verve operates one other facility in eastern Ontario: Carp Commons Retirement Village. Terms of the transaction were not disclosed.
Meanwhile, Markham-based Sienna Senior Living entered a purchase agreement for Stonemont On the Park, a 305-suite residence at 1068 Cummings Avenue, for a gross purchase price of $170.7 million—or $560,000 per suite. The transaction includes a $10 million earnout contingent on exceeding financial targets. Stonemont, which opened in 2024, is currently 99 per cent occupied. The transaction is expected to close in the last quarter of 2026.
This is Sienna's third acquisition in Ottawa in the past two years. The company previously acquired Hazeldean Gardens (172 suites) and Wildpine Residence (165 suites), both in Stittsville, in 2025. Sienna also operates Granite Ridge Care Community in Stittsville and Red Oak Retirement Residence in Kanata. Earlier this year, it submitted a proposal to renovate and expand the Madonna Nursing Home in Orléans, which shuttered four years ago, into a 160-bed comprehensive long-term care facility with a new 64-bed retirement home addition.
"Following this transaction, we will have added approximately $1.2 billion of assets through acquisitions and developments since 2025," said Nitin Jain, Sienna's president and CEO.
What rental or care costs do residents pay at these facilities, and how do they compare to other Ottawa seniors homes?
Will Sienna's Madonna Nursing Home proposal move forward, and what timeline is proposed for renovation and opening?
We'll update this story as answers emerge.
The facts
What is Verve Senior Living acquiring in Nepean?
Verve Senior Living is acquiring The Ravines at 626 Prado Private in Nepean. The facility has two buildings: one for independent seniors and another providing supportive living, assisted living, memory care, plus respite and trial stays.
How much will Verve invest in The Ravines?
Verve Senior Living will invest $20 million over the next two years to upgrade suites, care floors, and dining and lobby spaces at The Ravines.
What is the purchase price for Stonemont On the Park?
Sienna Senior Living is paying a gross purchase price of $170.7 million for Stonemont On the Park, which equals $560,000 per suite. The transaction includes a $10 million earnout contingent on exceeding financial targets.
