2C — June 26 - July 16, 2020 — 30 Under 30 — M id A tlantic Real Estate Journal
www.marej.com
30 U nder 30 Jason Morgan, Morgan Properties Leader of Morgan Properties
eal estate organiza- tions / affiliations: Board Member for Federal Housing (September 2018- Present) Member of the Jewish Fed- eration of Greater Philadel- phia (May 2017- present) and the Jewish Federation Real Estate Committee (December 2017-Present) Member of The Chamber of Commerce of Greater Phila- delphia’s Middle-Market Ac- tion Team (MMAT) (February 2019- Present) and the Middle Market’s Steering Committee (February 2019- Present) Member of the Children's Hospital of Philadelphia's (CHOP) Facilities Expansion Advisory Committee (March 2020-Present) What is your greatest professional accomplish- ment? I am very proud of my role as Principal and a second- generation leader of Morgan Properties. When I joined the family business in May 2017, Morgan Properties was the 25th largest apartment owner. Now, we’re the fifth largest in the country with over 75,000 units and $10 billion in assets under management. My pri- mary responsibilities include sourcing, underwriting, and executing both multifamily equity and debt investment opportunities. I founded and lead Morgan Properties’ debt investment platform where I put together a team and developed the processes that have enabled us to become a major investor in the Freddie Mac K-series CMBS space. However, I hold a dual role and am equally involved in growing the company’s equity business where I’m able to apply my background in real estate finance and structuring. What is your most notable project, deal or transaction? In 2019, Morgan Proper- ties acquired over $3 billion in total acquisition volume – the company’s biggest year since our founding. I helped spearhead the acquisition of Morgan Communities in October, which resulted in Morgan Properties acquir- ing nearly 95 apartment communities encompassing approximately 18,000 units across eight states. The deal brought our total portfolio to 300 apartment communities and more than 75,000 units in 15 states throughout the R
and evaluating properties for best use. I am a member of The Chamber of Commerce of Greater Philadelphia’s Middle Market Action Team (MMAT) and play an active role on the Middle Market’s Steering Committee. TheMMAT brings together 70+ key stakeholders and top middle-market ex- ecutives committed to creat- ing and sustaining long-term success for middle-market companies – defined as busi - nesses with $10 million to $1 billion in annual revenue. As a team, we are working through the Chamber to accelerate growth by leveraging regional assets and strengthening con- nectivity. I also serve on the Chil- dren's Hospital of Philadel- phia's (CHOP) Facilities Ex- pansion Advisory Committee. I help oversee CHOP's real estate portfolio which includes advising on the purchase and development of real estate; reviewing capital improve- ments; providing advice and screening on building issues; and more. Who or what has been the strongest influence in your career? Without a doubt, my father Mitchell Morgan, founder and CEO of Morgan Properties, has been the strongest influ - ence in my career. I fondly remember when my father would come home from work and conversation around the dinner table would center around deals. It was here that I had my first lessons in making leadership decisions, structuring deals, growing employees, and servicing resi- dents. I’m grateful my father was so transparent in sharing the good, the bad, and the ugly of running a business because it’s prepared me for my leader- ship position in the company and a successful career in multifamily real estate. Tell us how and when you began your career in the profession you are in, about your current posi- tion and why you choose the field/profession you are in today? Growing up in the family business, I always intended to join Morgan Properties but it was important I first gain outside experience and learn from the smartest peo- ple in the industry. Prior, I worked at Och-Ziff Capital
Management where I fo- cused on equity investments, preferred equity structures, mezzanine financing, and se - nior loans across traditional and niche real estate asset classes. It was here that I learned the art of structuring highly-complicated transac- tions and gained tremendous value working with smart, financially-savvy people who showed me the ropes of navi- gating complex real estate deals. Before Och-Ziff, I worked at Goldman Sachs in the real estate investment banking group. In this role, I had my hands in different real estate sectors beyond just multi- family and gained a solid foundation in capital markets working through IPOs, merg- ers, debt offerings, and more. Both of my prior roles are key to my success today. My abil- ity to successfully structure complicated transactions and undergo tremendous growth for Morgan Properties as well as bring in a different perspective is a direct result of my financial experience. What unique qualities and or personality do you feel makes you most suc- cessful in your profession? I pride myself on being hard-working, diligent, and passionate about my career. I’m a long-term planner with a vision for the future and prepared to outwork my competition to take Morgan Properties to the next level. I have a deep interest in real estate finance/deal structur - ing and am excited to wit- ness our continued growth towards the number one spot on NMHC’s Top Multifamily Owners list. Additionally, as we continue to rapidly expand our footprint, I’m committed to enhancing the overall liv- ing experience for the thou- sands of residents who call Morgan Properties home. I’m never willing to rest on my laurels and ensure Morgan Properties always stays one step ahead of our competi- tion by investing back into our apartment communities and providing best-in-class services and amenities at an affordable price. My passion and forward-thinking mind- set allow me to see past the initial complexities of a deal and run towards challenges as opposed to away from them. continued on page 18C
Jason Morgan Principal Years with company/firm: 3 Years in field: 7 Years in real estate industry: 7
country, making us one of the five largest multifamily own - ers in the U.S. We have since retained and transitioned more than 750 new employ- ees to the Morgan Properties’ team. This transaction solidi- fied our position as the largest multifamily owner/operator in the states of Pennsylvania, Maryland and New York. The Morgan Communities acquisition presented many challenges. First, Morgan Properties had to differenti- ate itself from the unaffiliated Morgan Communities whose senior executives were being indicted for fraud. Despite the similar names, Morgan Prop- erties has never been affiliated with Morgan Communities and the two companies are fully independent. Second, a deal of this magnitude, espe- cially given the circumstances, required careful consideration, complex corporate structuring and extensive discussions to ensure a positive end result for all parties. Third, this transac- tion brought us to completely new markets, significantly expanded our footprint, par- ticularly in New York, and as a result we had to deploy re- sources quickly. I ensured that our Morgan Properties of King of Prussia, PA distinguished itself in these new markets, got up to speed quickly and structured the transaction ef- fectively for the benefit of the residents, employees, lenders and investors. Howdo you contribute to your company and / or the industry? I sit on Morgan Properties’ investment committee where I evaluate all of the company’s acquisition and debt opportu- nities. I am then intimately in- volved in every step of closing the deal from identifying and leveraging Morgan’s partners and capital relationships to underwriting and structuring the opportunities to executing on the business plan post- closing. Additionally, I am a firm be - liever that Morgan Properties’
success is a direct result of our people and am dedicated to providing Morgan’s more than 2,000 employees opportunities for career advancement and creating an environment where people want to work. Passion- ate about promoting from within, I have helped put ini- tiatives in place to grow senior executives and allow emerging leaders to rise through the ranks. I am also committed to attracting young, innovative talent that will help propel the company forward for genera- tions to come. I played a key role in the company’s decision to move its corporate head- quarters in King of Prussia, PA to a larger, more modern office complex in Conshohocken, PA in 2021 to accommodate and better serve our over 250 corpo- rate office employees in a more collaborative fashion. In regards to contributing to the industry, I currently serve as a board member for Federation Housing, an organization that develops and manages quality, af- fordable, independent liv- ing communities for low and moderate-income seniors in the Philadelphia region. The organization’s mission is to provide much-needed afford- able housing communities and services that empower low- and-moderate-income seniors to live independently and with an enhanced quality of life. There is a huge affordability problem in this country and I am passionate about helping in any way I can. I am a proud member of the Jewish Federation of Greater Philadelphia. I also serve on the Jewish Federation Real Estate Committee where I help oversee their real es- tate portfolio, including real estate and personal property evaluation for gift acceptance or disposal. Responsibilities include: advising on the sale, purchase, and development of Jewish Federation real estate; reviewing capital improve- ments; providing advice and screening on building issues;
Made with FlippingBook - professional solution for displaying marketing and sales documents online