A Jasper Avenue apartment building that’s home to hundreds of people has been acquired by an Edmonton-based real estate and development company. The Pinnacle was acquired by Leston Holdings for $61 million. The 26-storey tower is located at Jasper Avenue and 121 Street and has 249 residential suites and 25,000 square feet of retail space on the ground level. Leston Holdings says it plans to redevelop the retail space. In July 2025, a five-year-old boy died after falling from the tower. “I believe what Hazelview, the previous owner, did was add plexiglass to the existing railings. As far as I know, they’re all up to code,” David Mitton of Leston Holdings told CTV News Edmonton on Thursday. “I don’t know too much about the details, but I’ll certainly bring it up with our management team. And if there’s something that we could do or should do to improve the safety of the balconies, then that’s what we’re going to do.” The purchase of The Pinnacle is one of several by Leston Holdings in central Edmonton; it recently bought an undeveloped parcel at 12415 Jasper Ave. and a city block between 112 Street and 113 Street and 105 Avenue and 106 Avenue. Leston Holdings says there is potential for more than 700 new homes between those two sites. The company also bought Edmonton House for $51 million in April 2024 as well as the David Thompson and Axis Tower for a combined $60 million in Dec. 2024. The company has faced criticism about their rental rates. “I think our rents are at or below market value, and a lot of the buildings that we purchase are actually under CMHC affordable housing programmes, where we agree to cap the rent at certain levels,” Mitton said. He added 200 of the 249 units in The Pinnacle are designated as affordable housing units.
