BridgeBilt, a real estate investment and management company, has appointed Claude E Hooton as director and chief executive officer, succeeding Mike Meyer who will assume a newly created position of president, community stabilisation.

A seasoned business executive, Mr. Hooton, 49, was most recently president of PMB Real Estate Services, a national leader in the management of medical office buildings and outpatient centres. During his tenure, the company grew square feet under management approximately 350 percent to 3.5 million, while developing an operation that was Sarbanes-Oxley compliant, and generating property net operating incomes in excess of $60 million. The company successfully transitioned from being privately held to being 50% owned by the nation’s largest healthcare REIT, Ventas, Inc. (NYSE: VTR). He has 25 years of strategic, operational and corporate management experience with extensive expertise in the field of real estate services and operations.

Hooton received his undergraduate degree from San Diego State University and an MBA from Harvard Business School. He is a California licensed real estate broker and a Certified Property Manager (CPM®)

"Claude brings strategic, operational and industry specific experience to BridgeBilt, with a proven track record of growth – all qualities that were critical in our search process," said John Cappetta, Chairman of the BridgeBilt board. "BridgeBilt has significant opportunities to grow, as we execute against our plans to expand geographical markets, sourcing channels and asset management strategies. We see a clear path to create greater value for our partners, shareholders, and investors. We believe that Claude is ideally suited to lead our team and accelerate these opportunities. Having Claude in this role will also allow Mike Meyer the necessary time to support our not-for-profit strategic relationships as well as to develop new opportunities for sourcing assets."

Hooton says: "BridgeBilt provides the platform for a very unique opportunity. It has the look and feel of a rapidly growing high-tech startup while being an operational focused real estate investment firm. The fact that we are also working with our not-for-profit partners to help revitalise underserved neighbourhoods makes it especially rewarding. I am very fortunate to be able to come into the company at this stage of its lifecycle and to be able to partner with our board, Mike Meyer, and the rest of the BridgeBilt team as we navigate these tremendous opportunities. I have been very impressed in my early discussions with the board and management team and look forward to working with them."

BridgeBilt is a national real estate investment and asset management firm with a focus on the acquisition, rehabilitation, management and sale of distressed single family homes. In addition to focusing on the private sector, the company is a Strategic Development Partner of the National Community Stabilisation Trust which, in collaboration with Fannie Mae, and Freddie Mac, provides private sector resources to local units of government and housing-focused non-profit organisations to acquire, rehabilitate, and return to productive use foreclosed family residences.