Early Life
Mitchell Morgan was born in Philadelphia and grew up in a middle-class family. To pay his way through Temple University, he worked full-time at his father's shoe store. This experience instilled in him a strong work ethic and a practical approach to business. He graduated from Temple University with a degree in Accounting in 1976 and earned his Juris Doctor from Temple Law in 1980. While he passed the bar, he chose not to practice law, instead leveraging his legal knowledge in the business world.
Rise to Success
Morgan's career began in accounting. However, his entrepreneurial spirit led him to the multifamily apartment business. In 1985, at the age of 31, he founded Morgan Properties with a partner. The company's initial portfolio comprised just three apartment communities. Morgan's strategy involved acquiring older, value-add apartment buildings in mid-sized cities, renovating them, and increasing rents. This strategy proved successful, leading to significant growth and expansion.
Key Business Strategies
Morgan's business acumen lies in his focus on Class B, value-add multifamily assets. He targeted markets where there was less competition and a greater opportunity for renovation and value creation. He has also emphasized a frugal approach to managing his firm, keeping debt relatively low compared to industry standards, and locking in fixed-rate loans. His children, Jonathan and Jason Morgan, now work as co-presidents, and Brittany serves on the board.
Philanthropy
The Morgan family is actively involved in philanthropy, supporting numerous organizations in the Philadelphia area and beyond. The Morgan Family Foundation has contributed to causes including education, health and medicine, and the arts. Notable beneficiaries include the Children's Hospital of Philadelphia (CHOP), Temple University, and the Philadelphia Museum of Art. In 2024, Mitchell and Hilarie Morgan donated $50 million to CHOP to support the construction of the Morgan Center for Research and Innovation.
