HOUSTON -(Realty News Report) – Morgan, a Houston-based multifamily firm founded 61 years ago by a man with incredible entrepreneurial drive, has announced that Philip Morgan, the grandson of the company’s founder, has been named Chief Executive Officer.
As the new CEO, Philip Morgan represents the third generation of leadership for the company, which essentially started in 1959 with the construction of three single family homes in Northeast Houston. The firm, which has built or acquired over $3 billion of multifamily assets, consisting of over 20,000 units, has regional offices in Denver and Miami.
The Morgan firm has been noted as capitalism success story. Company founder Bill Morgan, who lost his entire family in the Holocaust, arrived in the United States in 1949, penniless with only a sixth grade education. Mr. Morgan, a fundamental figure in the establishing the Holocaust Museum Houston, began working in America as a janitor, then a shoe salesman and eventually saved enough money to buy a small convenience store at the corner of Texas Avenue and Caroline in downtown Houston. From there, the Morgan multifamily organization was born.
Founder Bill Morgan’s son, Mike Morgan will retain his title as Chairman as the company prepares for the future with the founder’s grandson, Philip, as CEO, the company announced with a Tuesday press release.
“Philip started at the bottom at Morgan and became involved in every department over the past 10 years,” said Mike Morgan. “More importantly, he has earned the respect of everyone here with his work ethic, caring personality, and vision for the company’s future growth while protecting our corporate culture and core values. Philip has been a leader all of his life, so this comes as no surprise to me. He will prove himself to be an excellent CEO. I’m very proud to make this announcement and can’t wait to watch and further support his success.”
As CEO, Philip Morgan will oversee Morgan’s strategy and vision going forward and plans to take an active role in growing the company’s acquisitions platform. He recently managed the development of the new midrise Pearl Marketplace mixed-use project on Elgin Street, which has 264 multifamily units above a Whole Foods.
The company said Alan Patton will continue as President of Morgan and head the firm’s investment committee, and Stan Levy will remain Chief Operating Officer and Chief Financial Officer.
As part of the Morgan multifamily leadership changes, the firm also announced the promotion of Evan Schlecker to Executive Vice President.
Schlecker has been overseeing Morgan’s activities across the state of Florida, including the new Midtown 29, a high-rise residential tower in Miami. The Miami tower, located in the Wynwood arts district, is near the noteworthy Wynwood Walls creative development.
“I’m extremely grateful for the opportunity to follow in my father’s footsteps and lead this terrific organization,” CEO Philip Morgan said. “We have a diverse team of thoughtful and selfless leaders that share in the vision of seeing the company continue to grow for decades to come.”
July 8, 2020 Realty News Report Copyright 2020