Leston Holdings has acquired two prominent apartment towers for a combined total of $60 million, the Edmonton Journal reported.

The acquisitions bring Leston’s portfolio of high-rises in the city to 10, with deals finalized in December.

The properties include the David Thompson building at 9717 111 Street and Albany Tower at 10155 116 Street. According to Leston’s president, David Mitton, the Thompson acquisition was a particularly notable milestone, as the property had never been sold since its construction in 1980.

“Its location is just amazing: at the top of the river bank in Edmonton,” he told the Journal. “I think it’s one of the most prestigious addresses for our purpose-built rentals in the city.

The company secured the 18-storey building, featuring 138 units, for $38.85 million amidst competitive offers, according to the Journal.

Nicknamed “little houses in the sky” by Mitton, the Thompson’s spacious units, some spanning more than 1,000 square feet, cater to long-term residents, including many seniors. The building’s contemporary design will remain largely unchanged, unlike other recent Leston acquisitions that underwent extensive renovations.

In contrast, Albany Tower, purchased for nearly $21 million, will undergo a comprehensive $4-million renovation, Mitton told the Journal.

“Suites will get new vinyl plank flooring, marble tiles, new kitchens, quartz countertops, new light fixtures—a complete upgrade,” he told his interviewer.

The transformation will also replace much of the building’s exterior cladding with glass, giving it a modern aesthetic.

Renovations at Albany Tower, to be renamed Access, will roll out gradually to avoid displacing residents, he told the Journal.

The acquisitions came after Leston acquired the Edmonton House apartment tower for $51 million in spring 2024.

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

Photo: RentFaster.ca