As 2023 comes to a close, Leston Holdings Ltd., a prominent property group based in Edmonton, has made a significant real estate move, acquiring two notable towers for a combined total of $60 million. This strategic transaction brings their portfolio to an impressive count of 10 high-rise buildings spread across the city.

On December 17, Leston finalized the deals for the David Thompson building located at 9717 111 St. and Albany Tower at 10155 116 St. Leston’s president, David Mitton, expressed particular enthusiasm about the David Thompson acquisition, noting it as a unique find. Remarkably, this building had never been on the market since it was built in 1980.

Mitton highlighted the tower's prime location atop the riverbank in Edmonton, describing it as one of the most prestigious addresses for purpose-built rentals in the city. Leston’s successful bid of $38.85 million outcompeted several other offers, showcasing the high demand for property in this coveted area.

The David Thompson building boasts 18 stories and 138 units, a mix of one- and two-bedroom apartments, accommodating approximately 200 residents. Unlike some of Leston’s other recent acquisitions, this building will not require significant renovations. Mitton pointed out that the spacious units, some exceeding 1,000 square feet, are highly valued, especially by long-term tenants, including a notable number of seniors who consider their apartments as "little houses in the sky."

As for Albany Tower, purchased for nearly $21 million, it is set to undergo a comprehensive renovation slated to cost an additional $4 million. Enhancements will include new vinyl plank flooring, marble tiles, upgraded kitchens, quartz countertops, and modern light fixtures. A significant exterior transformation is also on the horizon, with plans to replace large concrete slabs with sleek glass elements—an upgrade that Mitton believes will give the building a fresh and contemporary look.

The renovation process for Albany Tower is expected to take place over the next year, but residents won’t need to worry about displacement. Renovations will be carried out suite by suite as units become vacant, ensuring that current residents can enjoy uninterrupted living conditions during the upgrades.

In an exciting twist, Mitton revealed plans to rename Albany Tower to "Access," reflecting its enviable location within the Wîhk wântôwin (formerly known as Oliver) neighborhood, putting residents near the Brewery District, south Jasper Avenue, and downtown Edmonton.

This acquisition marks a bold step for Leston Holdings, contributing to the evolving landscape of Edmonton’s real estate market. With their continued investments and upgrades, the company aims to not only enhance its portfolio but also to uplift the living standards for its tenants in the vibrant city of Edmonton.

Stay tuned for more updates on real estate developments and investments as Edmonton continues to grow.