Early Life
Mitchell Morgan was born in Philadelphia and grew up in a middle-class family. He worked at his father's shoe store to fund his education. Morgan earned a Bachelor of Science in Accounting from Temple University in 1976 and a law degree from Temple Law in 1980. He decided not to practice law and instead pursued his entrepreneurial ambitions.
Rise to Success
In 1985, at the age of 31, Morgan founded Morgan Properties in King of Prussia, Pennsylvania. Starting with just three apartment communities, he grew the company to become a major player in the multifamily housing market. Morgan's approach involved acquiring older apartment buildings in midsize cities, renovating them, and increasing rents. His strategic acquisitions and value-add strategies propelled the company's rapid growth, making him the third-largest apartment owner in the U.S..
Key Business Strategies
Morgan Properties focuses on acquiring, managing, and renovating multifamily properties. The company emphasizes strong customer service, capital relationships, and operational expertise. A key strategy involves investing in older properties and upgrading them to enhance their marketability and increase revenue. Morgan's approach is hands-on, with a focus on quick decision-making and strong community relationships. Under his leadership, the company has expanded to over 350 properties across 19 states.
Philanthropy
Mitchell Morgan and his wife, Hilarie, are actively involved in philanthropy through the Morgan Family Foundation. They support various organizations, including Children's Hospital of Philadelphia, Temple University, University of Pennsylvania, and the Philadelphia Museum of Art. The family's commitment to giving back is demonstrated by their significant donations, including a $50 million gift to Children's Hospital of Philadelphia for a new research building, now known as the Morgan Center for Research and Innovation.