Middleburg Ranks in NMHC Top 25 Developers & Builders Lists
Middleburg has announced that it has been included in the National Multifamily Housing Council (NMHC) 2026 rankings, earning spots on both the Top 25 Developers list at No. 11 and the Top 25 Builders list at No. 13. The recognition reflects the company’s continued large-scale execution in the U.S. multifamily housing sector, supported by strong development activity across high-growth markets.
The rankings are based on 2025 development performance, during which Middleburg started more than 4,100 housing units nationwide. Specifically, the company initiated 4,150 units, representing a 62% year-over-year increase in construction starts. This growth highlights Middleburg’s expanding footprint and its disciplined strategy focused on carefully selected markets with strong long-term demand fundamentals.
Since its founding in 2004, Middleburg has delivered more than 32,000 homes across nine U.S. states. Over the years, the company has built a reputation for scaling development while maintaining a consistent focus on execution quality, market selection, and financial discipline. Its portfolio spans a wide range of multifamily communities designed to serve growing urban and suburban populations.
In 2025, Middleburg expanded its development activity across several high-growth metropolitan areas, including Dallas, Phoenix, Denver, Houston, and Austin. These markets have been central to the company’s growth strategy due to strong job creation, population inflows, and sustained housing demand. The company continues to target regions where long-term demographic trends support multifamily housing development.
Chris Finlay, founder and Chief Executive Officer of Middleburg, emphasized that industry recognition is a result of consistent operational discipline rather than an end goal. He noted that performance in the current market environment is driven by careful underwriting, precise execution, and long-term operational focus. According to Finlay, Middleburg’s strategy is centered on protecting downside risk while delivering strong outcomes across market cycles.
He further highlighted that the company’s success is built on a disciplined approach to development, construction, and asset management. By maintaining a clear focus on fundamentals, Middleburg aims to create long-term value for stakeholders while ensuring stability and efficiency throughout the development process.
The NMHC Top 50 rankings are among the most widely recognized benchmarks in the U.S. multifamily housing industry. Published annually by the National Multifamily Housing Council, the rankings identify the largest apartment owners, managers, developers, builders, and syndicators in the country. Developer and builder rankings are specifically based on the number of housing units started during the previous calendar year.
In addition to its current achievements, Middleburg reported a significant development pipeline. The company currently has 52 projects under control and in various stages of development, representing more than 18,000 additional residential units. These projects are spread across its target expansion markets, reinforcing its long-term growth strategy.
The company’s vertically integrated platform plays a central role in its execution capabilities. Middleburg operates across the full development lifecycle, including land acquisition, design, construction, and property management. This integrated structure enables the firm to leverage proprietary research and data analytics to guide investment decisions, reduce execution risk, and improve project outcomes.
By maintaining control over multiple stages of development, Middleburg aims to enhance efficiency and consistency across its portfolio. This approach also allows the company to apply lessons learned from each project to future developments, creating a continuous improvement cycle that supports long-term scalability.
Market conditions across Middleburg’s core regions continue to support multifamily housing demand, driven by sustained job growth, population migration, and a tightening supply pipeline. These factors have contributed to strong occupancy and development opportunities in key Sun Belt and Mountain West markets.
Looking ahead, Middleburg remains focused on disciplined expansion, leveraging its pipeline and market expertise to continue scaling its development platform. The company’s inclusion in the NMHC Top 25 Developers and Builders lists reinforces its position as a major player in the U.S. multifamily housing industry and highlights its sustained performance across multiple economic cycles.
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