Edmonton-based Leston Holdings has acquired the Pinnacle, a 26-storey apartment tower at 10127 121 Street NW, for $61 million.

The Jasper Avenue property contains 249 rental apartments and a 25,000-square-foot retail podium. Leston said it plans to revitalize the commercial space, though it did not disclose a budget, construction schedule or details about the proposed work.

“As part of our investment, we plan to revitalize the retail space to support the continued growth and vibrancy of the area,” the company said.

Leston also said it recently acquired two development sites in central Edmonton with capacity for more than 700 homes. Its Pinnacle announcement did not identify the properties, disclose their purchase prices or indicate whether applications have been filed.

The company separately announced the acquisition of North Yards, a full-block site between 105th and 106th avenues and 112th and 113th streets, in May. Leston said that property could accommodate more than 600 homes. In April, it announced its purchase of land at 12415 Jasper Avenue.

The Pinnacle deal follows several large apartment purchases completed in 2024. Leston acquired the 320-unit Edmonton House for $51 million that spring, followed by the David Thompson and Axis Tower properties for a combined $60 million in December.

Completed in 1972, Pinnacle offers one- and two-bedroom apartments, underground parking, a fitness centre and bicycle storage. Leston said the acquisition brings its assets under management close to $1 billion. It did not identify the seller in the transaction.