Major Housing Developer Pulls Out Of California

Atlanta-based Wood Partners, one of the country's largest real estate developers, did not provide a reason for its withdrawal, but said it would complete projects already underway in the state.

The company said it was "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," according to a statement from CEO Joe Keough provided to Multifamily Dive.

Newsweek contacted Wood Partners on Thursday after the first unconfirmed report of the developer's withdrawal from California appeared on social media, but did not receive a response.