Early Life
Mitchell Morgan was born in Philadelphia in 1954. His father owned a shoe store, where Mitchell worked to support himself while attending Temple University. He earned a Bachelor of Science in Accounting from Temple University in 1976 and a law degree in 1980, although he never practiced law.
Rise to Success
Morgan founded Morgan Properties in 1985. Initially, he focused on acquiring and renovating older apartment buildings in midsize cities. His strategy involved purchasing properties in less fashionable locations and improving them to increase rental income. By 2024, Morgan Properties had become the third-largest owner of apartments in the U.S..
Key Business Strategies
Morgan's key strategy involves acquiring Class B apartments and renovating them. He also focuses on markets where there is less competition. His approach includes a frugal approach, honed during his time working through college. Morgan's company owns over 350 properties with over 97,000 units in 20 states. His success is also attributed to his focus on workforce housing, with rents typically between $1,500 and $1,800 per month.
Philanthropy
Mitchell Morgan and his family are active philanthropists. He and his family donated $50 million to the Children's Hospital of Philadelphia for a new research building. Morgan is also a major donor to Temple University. He currently serves as the Chairman of the Board of Trustees at Temple University.
