Middleburg Named to NMHC Top 25 Developers and Builders Lists

Recognition reflects sustained delivery at scale across high-growth markets

VIENNA, Va.--(BUSINESS WIRE)--Middleburg today announced it has been named to the National Multifamily Housing Council’s (“NMHC”) 2026 Top 25 Developers (No. 11) and Top 25 Builders (No. 13) lists. The recognition reflects sustained execution at scale, with more than 4,100 units started in 2025 across the highest-growth markets in the United States.

Since its founding in 2004, Middleburg has delivered more than 32,000 homes across nine states. In 2025, the firm started 4,150 units—an increase of 62% year-over-year—driven by a disciplined approach to market selection, underwriting, and execution. The company continues to expand into new high-growth markets, including Dallas, Phoenix, Denver, Houston, and Austin.

“Recognition like this is a byproduct, not an objective,” said Chris Finlay, founder and CEO of Middleburg. “In this environment, outcomes are determined by discipline—how you underwrite, how you build, and how you operate over time. Our focus has been consistent: protect the downside, execute with precision, and deliver communities that create real value for our stakeholders. That’s what this reflects.”

The NMHC Top 50 is the National Multifamily Housing Council’s authoritative ranking of the nation’s 50 largest apartment owners, 50 largest apartment managers, 25 largest apartment developers, 25 largest builders, and 10 largest syndicators, based on self-reported activity data. Developers and Builders are ranked by the number of units started in the prior calendar year. The 2026 rankings reflect 2025 development starts.

Middleburg operates a vertically integrated platform with a foundation in proprietary research and data analytics that spans land acquisition, development, construction, and property management. This structure allows the firm to create alpha and control outcomes across the full lifecycle—reducing variability, accelerating execution, and compounding learning across projects.

Middleburg currently has an additional 52 projects under control and in the development process for over 18,000 new units across its expanded target markets, where sustained job growth, population inflows, and rapidly declining supply continue to support long-term demand. The firm’s focus remains consistent: delivering housing at scale through disciplined execution across cycles.

About Middleburg

Middleburg is a vertically integrated real estate investment, development, and construction firm operating in the highest growth markets across the United States. Since 2004, the firm has completed more than $4.5 billion in transactions and delivered over 32,000 homes across nine states. Headquartered in Vienna, Virginia, Middleburg operates through four integrated companies and has achieved a 30%+ realized IRR across multiple market cycles. For more information, please visit www.middleburg.com.