By BisNow
Wood Partners is shuttering its West Coast operations after it finishes up the projects already underway.
The Atlanta-based firm is the fourth-largest apartment developer in the country, with more than 5,000 units started last year, according to the National Multifamily Housing Council.
It plans to kick off construction of another 5,000 units this year, but none of the upcoming projects will be in California, Oregon or Washington, Wood Partners CEO Joe Keough confirmed to Bisnow in a statement. Multifamily Dive first reported Wood’s West Coast retreat.
“We are deeply grateful for the contributions of our amazing West Coast employees and we will support them through this strategic transition,” Keough said in a statement. “We remain fully committed to the execution of the construction, lease-up and stabilization of our projects in these impacted markets while continuing to be good fiduciaries for our capital partners.”
