Michael J. Levitt, founder and chairman of The Michaels Organization, died June 12. He was 94.
Levitt founded the New Jersey-based company in 1973 and grew it into one of the nation’s leading residential real estate companies, providing housing for low- and moderate-income families. In addition to owning more than 41,000 affordable housing units across the country, Michaels’ portfolio includes military housing at 12 installations as well as student and market-rate housing. Overseeing more than $12 billion in assets, Michaels manages more than 75,000 units spanning almost 600 communities across 39 states, Washington, D.C., and the U.S. Virgin Islands.
“No words can adequately express our sadness at Mike's death or our gratitude for the opportunity to build a first-class national housing organization with him,” said John J. O’Donnell, CEO of Michaels.” We will honor his memory by dedicating ourselves to continuing the work he loved so much, and to remaining committed to our mission of ‘Creating Communities that Lift Lives.’”
Levitt was among the first developers to use government-assisted housing programs when Congress passed the Housing and Community Development Act of 1974. Since then, the organization has been at the forefront of tax credit-financed housing, public housing revitalization, Choice Neighborhoods, and affordable housing in rural areas.
In 2004, Michaels began a partnership with the Department of Defense, becoming one of a select group of private companies to develop and own military housing for service members and their families. Six years later, it developed its first student housing community as a partner to Rutgers University in Camden, New Jersey.
Additionally, Levitt was among the first in the affordable housing industry to create a scholarship program for residents of affordable housing. Since it was created in 1991, The Michaels Organization Educational Foundation, chaired by Levitt’s wife, Patricia, has expanded to include residents of all of Michaels communities, and has awarded more than $19 million in scholarships to residents.
Under Levitt’s leadership, Michaels was named Development Company of the Year three times by the National Association of Home Builders (NAHB) and Property Management Company of the Year, first by NAHB and then by the Institute of Real Estate Management. In 2012, he was inducted into Affordable Housing Finance’s Affordable Housing Hall of Fame, one of the industry’s most prestigious honors.
Born in Philadelphia, Levitt grew up in Ventnor, New Jersey. He attended Pennsylvania Military Prep School and graduated from Dickerson College. He planned to attend Harvard Law School but changed his mind after starting a summer job selling real estate. He sold his first house, made a $300 commission, and was hooked. He and a partner, Jack Soble, started Soble Construction. After Soble died in a plane crash in 1972, Levitt sold their business to US Homes. By the following year, he had established the development and property management companies that would become The Michaels Organization.
An avid fisherman, Levitt was often in the waters off Atlantic City in his boat “The Jersey Devil” and traveled the world to fish. In 2017, he was inducted into the International Game Fishing Hall of Fame for his achievements in sports fishing and conservation. A former chairman of the International Game Fish Association (IGFA), Levitt spearheaded efforts to build the IGFA headquarters in Dania Beach, Florida, and Michaels led the financing and development of the project. By leading the design and financing of a succession of custom sport fishing boats, He also helped to develop the prototype for the large sport fishing boats widely used today.
Levitt’s philanthropic causes included many local animal shelters along the East Coast and in the Virgin Islands. He was a devoted member of Best Friends Animal Society, a nonprofit at the heart of the no-kill movement. In 2017, Best Friends was the recipient of a major gift from the Levitts, which enabled the organization to establish the Patricia Levitt Medical Fund to help treat vulnerable shelter dogs and cats, with the ultimate goal of getting them adopted into forever homes.
Levitt is survived by wife Pat; children Dennis (Sharyn), Jill Ramos (Carlos), and AJ Bocchino (Phoebe); as well as eight grandchildren and four great-grandchildren. He was predeceased by a son, M. Andrew Levitt, and two brothers.
A celebration of Levitt’s life is planned for later this summer.