Morgan Properties was founded by Mitch Morgan in 1985, and has grown today to be one of the largest multi-family residential landlords in the Mid-Atlantic, with over 50,000 units and over $8bn in assets under management. There are three adult children active in the business and Mitch and his wife Hilarie wanted a board to ensure family continuity and harmony. The second generation, all of whom have significant real estate experience outside the family business, wanted access to both institutional capital and strategic guidance for the growth they envisioned.
Lodestone Global assembled a board that included the head of Xerox’s U.S. real estate, GE’s European real estate and Starwood’s Asian real estate; the COO of the largest publicly traded healthcare REIT in the U.S; the managing partner of a multi-billion dollar mezzanine real estate investment fund; and an owner of a successful real estate family business with operations in multiple asset classes.
The board has subsequently provided effective guidance in more than $2bn worth of acquisitions since being instituted in 2017.
Diesco is a large conglomerate based in Santo Domingo and one of the largest bottlers in the Caribbean. Since we put our board in place, we have quadrupled EBITDA, attracted Goldman Sachs' first investment in the Caribbean, won Advisory Board of the Year from Directors and Boards magazine, survived a hurricane in Puerto Rico only to come back stronger, winning exclusive supply contracts with Costco, Wal-Mart and more, and most recently, faced the tragedy of an explosion in our Santo Domingo plant that killed four people and injured more than 50.
The Board has played an integral role in our story, and it is an excellent example of the partnership we have created that has helped management, the company and our customers to achieve best in class performance. The board has driven strategy, demanded accountability, and mentored management team members as they grew into more complex and demanding roles.