The third-largest multifamily owner in the U.S. is undergoing its biggest leadership shake-up in its 40-year history.
Morgan Properties founder Mitchell Morgan is stepping back to a chairman role while passing the CEO job to his two sons, Jonathan and Jason Morgan, the company announced Wednesday.
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The new co-CEOs were previously co-presidents since 2024, Forbes reported. Jason has additionally headed the company's Morgan Properties Special Situations subsidiary since 2017, and Jonathan has led its Morgan Properties JV arm since 2011.
Additionally, Morgan Properties promoted seven others to C-suite positions, including its first-ever chief operating officer, Greg Curci. Curci was previously an executive vice president and has been with Morgan since 2019.
In adding the new slate of C-Suite members, the company is “formalizing the leadership team and enabling streamlined decision-making,” it said in its release.
“These leadership changes empower our executive team with more autonomy, enabling us to move faster and continue to act boldly in uncertainty,” Jason Morgan said.
Founded in 1985, the Conshohocken, Pennsylvania-based company was the third-largest multifamily owner in the United States last year, with 96,727 units owned, according to the National Multifamily Housing Council, just below Greystar and MAA.
Morgan’s release said its 110,000-unit portfolio across 22 states has more than doubled in the past five years and that it’s deployed $2.5B in equity since 2015.
In the mid-2010s, Morgan went on a buying spree in the D.C. suburbs, Bisnow reported at the time. The company owned 4,000 units in 2012, and by 2017, it had 24,000 units in the region, more than half of its portfolio at the time.
Last year, the company expanded its portfolio with the $354M acquisition of Canadian REIT Dream Residential. And it says it spent roughly $300M last year on renovations to its existing properties.
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