Bill Josan left India and arrived in Canada looking for better opportunities in his life. After settling into the service sector for a time, his love of farming, owning and working the land, as he had done in his home country, came back. This sparked his desire to go into real estate, sowing the seeds for what would eventually become Josan Properties.
Bill’s son, Raka, President of Josan Properties, explains, “He initially started his career in residential real estate as an agent but eventually Bill put the licence aside and started to build his own portfolio, first in single family homes and then eventually in apartment buildings.
Within just eight short years, Bill grew the portfolio from 40 single family homes to 130 apartment units.
Raka joined Josan Properties in 2006 after finishing an MBA at the University of Calgary and working for Brookfield Properties as a financial analyst.
“I grew up around my dad’s business and I always enjoyed real estate,” he says. “Something about the physical and bricks and mortar aspect of real estate always made it feel very tangible. My dad called me in mid-2006 and told me that he wanted to retire and travel more with my mother. He asked whether I wanted to take over or if he should just liquidate the business. It was an easy decision for me!”
When Raka joined, he was advised to keep the status quo of the various factions running under different numbered companies. However, he didn’t care for this idea at all. Taking immense pride in the business along with wanting to be open, transparent, visible and accessible for investors and tenants alike, Raka incorporated the companies under one name: Josan Properties Ltd.
From there, he went to work expanding the brand. In 2009, Josan Properties entered the hospitality sector, and in 2019 the company entered the office and the retail CRE sectors, growing its staff to around 100 along the way. By 2023, Josan Properties hit a major milestone of $100 million in assets under management and now boasts a team that is 130 employees strong.
“Josan Properties is a diversified commercial real estate asset owner and manager. We own and manage properties across all four major CRE asset classes and in addition, we own and manage a hospitality portfolio,” Raka says of where the company stands today. “The bulk of our assets are in Alberta but more recently, we have branched out into British Columbia and we plan to continue that expansion.”
He continues, “Our corporate culture is one of hard work, creativity, compassion, honesty and integrity. We achieve this by having our leaders, namely myself, strive to exemplify these values. For example, if there is a choice between making a little bit of extra money but doing something that would compromise our culture and our values, we always try to make the right decision, which would be to forgo the extra monetary benefit to preserve our culture and stick to our principles.”
Raka says what helps set Josan Properties apart is its willingness to make purpose-led decisions and think about the future, not just the here and now.
“We really understand that real estate is not a get-rich-quick business. For us, it is a generational business and something that I hope to pass on to my children and their children. That sets us apart from real estate investors focused on rapid turnarounds or short-term gains.”
“However,” he continues, “I will say that Edmonton is blessed to have a lot of great local CRE companies, some family owned and some that are more syndications, but they are also playing that long game and are investing in our city and our province for the long-term. I really like seeing some of the larger players making moves in Edmonton and I, personally, take inspiration from the multi-generational companies that exist in our market.”
Josan’s success is also a part of its unique challenge.
“We have grown quite rapidly over the past five years so, as exciting as it is, managing that growth is somewhat of a challenge,” Raka admits. “Many a real estate investment company has run into trouble by getting over their heads. It is very easy to get overextended in this business when times are good, especially in terms of credit. Easy credit often makes mediocre real estate deals look better than they really are in a neutral credit market.”
Ever mindful of this, Raka and his team ensure they made decisions that align with the company values of doing the right things for the right reasons, and for building long-term success for themselves and for future generations.
“The most rewarding aspect of Josan Properties is, for me, our people and the passion and dedication that they bring to their work,” says Raka. “Almost daily, I find myself personally thanking one or more of our employees for going above and beyond the call of duty or their job duties. The look on their faces when I thank them is very rewarding. I truly feel blessed and humbled by the opportunities that I have been given in business and in life. My parents came to this country with literally nothing; no property, no assets and very little money. So, I feel blessed to be able to be in the position that I am in now.”
He reflects further on those humble beginnings and his commitment to doing things right from the start.
“The company was originally incorporated as a numbered company. At the time, I was advised not to put my name on the company because in the case something went wrong, the wronged party would always know how to find me. As I took the reigns, I realized that if someone felt wronged by me or the company, I actually wanted them to be able to find me so that we could figure it out. I wanted to be proud of Josan Properties and in a way, having my name on the company is a guiding light to make sure I don’t compromise my business and family values for any financial gain. Business is tough and never perfect, but I promise that we will always work with the clients to make things right if or when things go wrong.”
As a leader and community steward, this passion is also evident in the way he shapes the corporate culture and supports the places where Josan Properties does business.
“There is no micromanaging. There is a lot of trust with our managers and employees. We value creativity and individuality and think this is an asset to the business.
“As a business community, we love Edmonton investors’ belief in the city and their willingness to embrace what we are and own it. For example, we are a winter city, which at some times has a negative connotation. But Edmonton has embraced this and is much better for it. Looking further out to Alberta, it is a land of opportunity. What is the Alberta advantage? A young population and low taxes, a great mix of socially liberal and fiscally conservative values and a willingness to adapt as seen in our energy transition. Alberta could have stuck to its guns on oil and gas, but it didn’t; it’s adapting to hydrogen and alternative clean energy sources. Great immigration policies, manageable city sizes, great mountains and lakes – this province is an entrepreneur’s dream.”
Bill once said he was living the Canadian dream. Raka understands this.
“It’s amazing. He ran away from home at 19 years old because his family didn’t have enough money to pay his college tuition. Bill went through struggles but in half a generation he was able to put down the roots of a successful company that hopefully lasts for generations to come.”
While Raka is proud of every project Josan Properties put out, he is particularly excited about three of them.
Paradise Village is where he says he “earned his stripes.” Comprising 84 residential units spread across five buildings, this development spans four acres and boasts over 130,000 square feet of luxurious living space. Situated at 2505 42 Street, Edmonton, Paradise Village shows Josan Properties’ exceptional quality and craftsmanship.
Raka enjoys the impact Quantum Apartments has in Wetaskiwin.
“Quantum injects some much-needed new and vibrant energy into an older city,” he says. “Wetaskiwin went through a period of an exodus of young, skilled people. We were told by some that they would have stayed if they had a nice place to live like Quantum. That made it very special to us.”
Made up of two buildings housing a total of 83 units on a sprawling two-acre site, these five-story towers proudly stand as the tallest structures in the area. With over 80,000 square feet of living space, each unit offers top-notch amenities including air-conditioning, elevators, in-suite laundry and contemporary finishes. This project is now fully finished, with an impressive occupancy rate exceeding 98 per cent.
The current focus of Josan Properties is the iconic Phipps McKinnon building in downtown Edmonton. This landmark sits in the entertainment district on Rice Howard Way. A distinguished structure, it hosts a mix of retail and office tenants, offering a bustling environment for business and leisure. Lui-Chi’s Coffee kiosk and Bianco, one of the city’s fine-dining restaurants, are both located in the building. The planned transformation of this redevelopment project hopes to bring 150-200 residents into the asset while marking it as a highlight of the area’s ongoing revitalization.
“The conversion includes turning a portion of the building into upscale residences, complemented by a cutting-edge amenity floor, enhancing the allure of this great location.”
In addition to transforming buildings, Josan Properties transforms lives. Along with supporting many non-profit organizations, Josan team is behind the Breaking the Silence (breakingthesilence.com) mental health campaign and fundraiser, which Josan Properties has supported since the event’s inception in 2014.
Raka is thankful for the success of the organization, the community he shares with colleagues and friends, the many clients of Josan Properties and of course, his family.
“We are a family business,” he says. My father started it, my mother supported it, as my wife supports me. We would not have the success we have had without the support of my wife and my family.”
He concludes, “What is next? Growth! There is so much opportunity in Edmonton right now because of a generational shift and institutional change.”
Learn more at www.josanproperties.com.