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Dive Brief:
Atlanta-based Wood Partners, the country’s fourth-largest apartment developer, is no longer pursuing projects on the West Coast, according to a statement that Joe Keough, CEO of Wood Partners, provided to Multifamily Dive.

Nevertheless, the firm “remains 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,” Keough said.

In the statement, Keough didn’t provide a reason for the decision to exit. However, California is a notoriously difficult place to build and has a severe housing shortage.