Morgan Properties, one of the largest apartment owners in the United States, has formalised a generational transition that reshapes leadership of its multistate real estate portfolio.
Founder Mitch Morgan, 71, is stepping down as chief executive and promoting his sons Jonathan and Jason to co-chief executives. The brothers have served as co-presidents since 2024 and have managed day-to-day operations for several years, while their father remained involved in major acquisitions and investment decisions. He will continue as chairman and retain a role on the investment committee. Morgan founded the company in 1985 in the Philadelphia suburbs and expanded it into an enterprise spanning more than 110,000 apartment units across 22 states, underpinning his estimated $6.1bn fortune.
The transition follows a gradual shift in responsibilities. Morgan estimates he has devoted about 15 per cent of his time to the company in recent years, compared with a greater commitment to his roles as a trustee of Temple University and in non-profit work. The ownership structure remains unchanged, with partnership stakes previously granted to his sons and daughter. The company’s model, in which family members and dozens of employees invest in individual deals, will continue, and all three men will retain a requirement for unanimous agreement on investment decisions.
Strategic diversification has accelerated under the next generation. Jonathan, who joined in 2009 after working at Apollo’s real estate arm, established a joint venture division and partnered with Saudi investment firm Olayan on a $1.8bn acquisition of more than 14,000 units in 2021. He has also led a near $7bn expansion that added tens of thousands of apartments to the portfolio. Jason, who entered the business in 2017 from Sculptor Capital Management, directed the company’s move into credit and recapitalisation strategies, overseeing $2.5bn in mortgage-backed securities, loans and preferred equity investments.
The leadership change occurs amid a broader intergenerational wealth transfer in the US, yet within Morgan Properties it is presented as the culmination of a long-planned corporate succession rather than a restructuring of control.
