Fredrik Eklund Is Leaving the Million Dollar Listing Franchise: 'It's Time for the Next Chapter'

Eklund | Gomes

Fredrik Eklund will no longer be a part of the Million Dollar Listing franchise.

The Bravo star, 44, who has appeared on both Million Dollar Listing: LA and Million Dollar Listing: New York, announced via Instagram on Monday that he would be leaving both shows as he looks towards the future.

"After an amazing 11 years, I've decided it's time for the next chapter in my life, and to leave Million Dollar Listing. It's an end of an era and a new start for me," he began the lengthy post, which delves into his decision.

A representative for Bravo confirmed to PEOPLE that Eklund will not be returning to the series.

"I let Andy [Cohen], the Producers and the Executives know last week how grateful I am. Eternally grateful, I mean what an incredible run we had together," he continued, before going on to share some of the most special moments he experienced over more than a decade of filming the series, and thanking viewers for being there with him along the way.

He also mentioned some of the major accomplishments he's seen throughout his time on the show, including that the Eklund Gomes Team at Douglas Elliman "has become the nation's largest and most prolific team that reached $4.5 billion in 2021."

Now, he says "it's time for my next chapter. There's more to do, new projects and experiences, my kids are growing and my business is pulling me in all sorts of exciting directions," he added near the end of the post. "Thank you to Bravo, my cast mates from both coasts, and the incredible crew. We made television history together."

Eklund shares 4-year-old twins Milla and Fredrik Jr. with husband Derek Kaplan.

RELATED: Josh Altman Admits He 'Cut' Fredrik Eklund Out of His Life After Finale of MDLLA

A source tells PEOPLE exclusively that "while [Eklund] is really proud of Million Dollar Listing, this is the perfect time to say goodbye, as he's leaving to work on new projects and wants to end on a high note."

The source also shares that the recent falling out between Eklund and his costars and fellow Douglas Elliman agents Josh Altman and Josh Flagg, which fans saw on the finale of MDLLA, had no impact on his decision to leave. He will be staying at the firm and will just will no longer be a part of the show.

"The fallout is from six months ago and it is not even on Fredrik's radar and didn't factor in any of his decisions," the source says.

Eklund's costar Tracy Tutor shared her parting thoughts on her fellow agent exclusively with PEOPLE: "Fredrik has had an incredible ride on the MDL franchise, although we had some up's and down's on the show, I wish him nothing but the best in all his endeavors," said the bestselling author.

Josh Altman + Fredrik Eklund Josh Altman and Fredrik Eklund

RELATED: How MDLLA's Josh Flagg & Josh Altman Turned a Years-Long Rivalry into Friendship and a Spinoff

In an exclusive interview with PEOPLE last week, Altman revealed that he has not spoken to Eklund since MDLLA finished filming its finale months ago — and has made the decision to "cut" him out of his life.

"We don't see eye to eye on a lot of things, but especially I'm just not a fan of ordering your own trophy," said Altman. "I was friends with him for a long time, and I noticed many things that I let slip, that I swept under the rug, but it got to the point where now that I'm a dad, you kind of just cut people out of your life that don't bring positive support."

Altman also weighed in on what he referred to as the "real, real, horrible thing" Eklund did to Flagg.

RELATED VIDEO: Josh Flagg Shares Thoughts on Fredrik Eklund and If He Desires to Sell Real Estate in New York

RELATED: Fredrik Eklund on New Rivals and Conquering a New Market on Million Dollar Listing Los Angeles

"I'll just respond to what you see on the show. I just thought it was a real, real, horrible thing to do what he did to Flagg, and we'll just leave it at that," Altman added. "But no friend in the world would ever do that to somebody. It's been confirmed multiple times since, and it is what it is, so we move on. Flagg and I, we're busy. We got great friends and family, and that's it. You move on. You cut certain people out of your life, and he has absolutely been cut."

Flagg was also asked for his input on the matter and did not comment at the time.