Leston Holdings acquires 26-storey Pinnacle Tower for $61 million, pledges tenant protections

Leston Holdings, an Edmonton-based real estate developer, acquired the Pinnacle Tower at 121 Street NW on Thursday for $61 million, signaling its continued confidence in downtown revitalization even as the building carries the weight of tragedy from its previous ownership.

The 26-storey tower contains 249 residential units, 200 of which are designated as affordable. David Mitton, owner and CEO of Leston Holdings, committed that rent increases on those units will be indexed to inflation only — a protection for a tenant base already vulnerable to market pressures. "We'd like to reassure the residents at Pinnacle that we're only there to make improvements," Mitton said. "They don't have to be worried about rental increases. We'd like to improve the property, add some more amenities, make the commercial space nicer."

The acquisition arrives nearly a year after a five-year-old, Keyeron Nure, fell to his death from a Pinnacle unit in 2025 while under the previous owner, Hazelview Properties. Hazelview stated staff were "heartbroken" by the tragedy. No building code compliance audit or safety review following the death has been made public.

Leston's stated priority is revitalizing the ground-floor retail podium, which currently houses a convenience store and liquor outlet. The company plans to protect existing leaseholder businesses while modernizing the streetscape. "To the east, we've got Citizen Tower, and they did a very good job down on the main floor with their restaurants," Mitton said. "Now that they finished the sidewalk widening on Jasper Avenue, it would be nice to carry that look down towards Pinnacle Tower at the corner of 121 Street."

The purchase is one of three major downtown acquisitions Leston has announced recently. The company also acquired an undeveloped parcel at 124 Street and Jasper Avenue, planning an 18-storey building with 130 units, and a city block bounded by 112 Street, 113 Street, 105 Avenue and 106 Avenue, where it plans approximately 600 units in three phases — beginning with 209 suites and a park.