In this Dakota Research Interview, Chris LeRoy and Alex deMarco sit down with Brad Case, Chief Economist at Middleburg, to explore the firm’s vertically integrated real estate investment platform and its research-driven approach to multifamily and build-to-rent (BTR) housing.
Founded in 2004, Middleburg has grown into a fully integrated developer, owner, and operator with capabilities spanning land acquisition, construction, property management, and investment. Brad Case, a Yale-trained economist with more than 30 years of real estate research experience, brings a unique analytical lens to the firm. His background at the Federal Reserve, Fannie Mae, and Nareit underscores Middleburg’s belief that rigorous economic research and proprietary modeling can unlock value in a sector often driven by intuition rather than data.
Case highlights how Middleburg targets high-growth regions across the Mid-Atlantic, Southeast, and Texas, focusing on “middle market Class A” housing for teachers, nurses, and young professionals. By leveraging machine learning on census block-level data, the firm identifies off-market land opportunities where its vertically integrated team can execute efficiently. This approach, combined with proprietary rent modeling, helps Middleburg underwrite new developments, identify mismanaged properties, and evaluate indirect investments.
A major focus of the conversation is the structural rise of build-to-rent communities. Unlike scattered single-family rentals, Middleburg develops professionally managed neighborhoods with community amenities. These properties tend to attract slightly older, more stable tenants who stay longer and care for their homes, making them an attractive and durable investment category.
Case also discusses how Middleburg manages risk through constant monitoring of macroeconomic factors such as interest rates and recession risk. Rather than fearing high interest rates, he views them as a competitive advantage, as they eliminate weaker players from the market. Looking forward, he predicts a sharp increase in the U.S. rentership rate through 2030, driven by affordability challenges in homeownership, strong household formation, and the emergence of BTR as a viable alternative to buying.
Overall, the interview offers investors and allocators a window into Middleburg’s disciplined, research-first philosophy and its focus on creating resilient, long-term value in the multifamily and BTR housing sectors.
LISTEN AND WATCH THE FULL INTERVIEW HERE: SPOTIFY | YOUTUBE
