Philip Morgan Steps Up as MORGAN CEO
- Jul 09, 2020
Philip Morgan has taken the reins as CEO of Houston-based apartment developer Morgan Group (MORGAN), succeeding his father Michael Morgan at the helm of the family business. Evan Schlecker, formerly division head of the East Coast region, has also been promoted to executive vice president of the company, which owns and manages more than 10,000 units across Texas, California, Arizona, Colorado and Florida.
Michael Morgan will retain his title as chairman of the firm that he incorporated with his brother Ronnie in 1987 and rebranded as MORGAN in 2011 after buying the latter’s stock. The company has its roots in the 1950s, when their father, first-generation immigrant William Morgan, began investing in real estate in Houston.
Philip Morgan, who previously held the title of executive vice president of investments and development, plans to drive expansion in the company’s existing markets while growing its acquisitions platform. The executive has been involved in developing more than 4,500 units at a cost exceeding $1 billion since joining the firm in 2012. He previously worked as an analyst at CBRE Investors.
Schlecker, who joined the company in 2012 after co-founding distressed real estate specialist BlueRoot Partners, has played a role in the development of more than 2,000 units with a cost of more than $500 million at MORGAN. He started his career at Torchlight Investors, formerly ING Clarion.
As division head of the East Coast region, Schlecker oversaw all aspects of MORGAN’s activities across Florida. The executive will take on responsibility for overseeing risk management in his new role, while helping shape national strategy and remaining involved in the company’s executive and investment committees. He will continue to be based in MORGAN’s Miami office.
Forging ahead in Houston
Philip Morgan’s recent activities include leading the development of Pearl Midtown, a 264-unit luxury community in Houston’s Midtown district that finished construction last year. The mixed-use project, which will feature a 40,000-square-foot Whole Foods Market on the ground floor, is about three-quarters of the way through its lease up, he told Multi-Housing News. “We’ve got high-net-worth investors in that deal and it’s going to be a long-term hold for us,” he said.
Morgan noted that rent collections in the company’s portfolio have weathered the coronavirus crisis well, but as with other sectors, new business has been largely put on hold over the past four months. “It’s been tough with investors not being able to travel, and certainly the lending market has tightened up a bit,” Morgan said.
“We remain as bullish as we were before, if not more so, just given how well we’ve held up through this so far,” he added.