Founded in 2005, JOSS Realty is in its second decade of operation. During this time period, we have raised over $300 MN in equity and put these funds to work in twenty-two investments which included advising family offices on how best to utilize real estate for capital preservation, appreciation, and cash flow. Our asset investment focus continues to be boutique urban properties in six Tier 1 markets: New York, Philadelphia, Washington DC, South Florida, Los Angeles, and San Francisco. Our fully integrated property management business headquartered in Washington, DC is thriving and has 2 MN square feet under management. Our goal has always been to identify opportunities to add value to properties and get them to the right market position in order to generate returns for our investors. In short Identify, Right, Return.
JOSS is committed to focused investing in well-located boutique urban properties that combine a measure of stability with upside through a hands-on, value-added strategy. JOSS thoughtfully invests in the markets and products that have been our mainstay for the past decade, a strategy that has generated returns exceeding 10% annually. We take advantage of our presence across the six distinct markets we know well. The key is selectively identifying opportunities, capitalizing prudently to execute our business plan through economic cycles, and exiting at the optimal time to maximize returns to our investors.
We purchased a well-located asset in 2007 that had been a printing loft and converted into a best-in-class office property through large scale redevelopment and above-market tenant improvement package, increased occupancy from 43% to 100% and sold it in 2014 at a whole dollar return multiple of 1.85X. IRR of 10.1%
The Sheridan Building; 125 South Ninth Street, in Philadelphia, PA; IRR of 14.3%. We purchased another well-located asset and combined capital improvements and building upgrades with an aggressive leasing program targeting neighboring hospital and health care systems to raise building occupancy from 75% to 95%. We sold the asset in 2015 generating a whole dollar return multiple of 2.98X.
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