Leston Holdings has acquired the Edmonton House apartment tower for $51 million, the Edmonton Journal reported.

Leston announced the deal on its website but did not disclose the purchase price. The Journal did not cite a source when reporting the $51-million figure.

Jane Pascal, vice-president of investments for brokerage firm Institutional Property Advisors, announced on LinkedIn that her firm participated in the deal. But she and other IPA brokers, who also reported the company’s participation on LinkedIn, did not elaborate on the firm’s role in the transaction.

IPA is affiliated with Marcus and Millichap, which is based in California and has its Canadian headquarters in Toronto.

IPA did not disclose the seller and purchase price.

The 48-storey tower is located on Bellamy Hill at 10205 100 Avenue in downtown Edmonton and contains 328 units. Built in 1971, the property has also served as a hotel for a time.

Mitton told the Journal that the company plans to spruce up the building’s exterior and convert some remaining office space to residential use. Edmonton House will continue to operate as a rental-apartment building.

Leston is a Mitton family-owned investment and development firm. The company invests and operates exclusively in Edmonton.

Mitton told the Journal that Leston has invested about $150 million in the downtown area.

Photo: Zumper