Director of Asset Management- ESL

Position Title: Director of Asset Management – ESL

Department: Evergreen Senior Living (ESL)

Reports To: VP of Development (ESL)

Location: Chicago, IL (hybrid), with regular travel to Ohio and Indiana communities

FLSA Status: Exempt

Salary Range: $165,000 – $185,000 + Bonus Structure

Job Summary

Evergreen Real Estate Group is scaling a pipeline of 4% LIHTC Affordable Assisted Living (AAL) communities across Ohio under the Green Oaks brand, alongside an operating portfolio of assisted living communities in Indiana and Illinois. All communities are operated by third-party operators, led by Gardant Management Solutions.

Evergreen Senior Living (ESL) is seeking a Director of Asset Management to own the performance of this portfolio from the ownership seat. The Director sets portfolio strategy, owns the leadership-level relationship with our operating partners, builds the analytical and reporting infrastructure the portfolio needs as it grows, and translates operator data into ownership decisions and clear narratives for lenders, investors, and Evergreen leadership. The Director manages the Manager of Assisted Living Asset Management, who runs day-to-day operator calls, site visits, and property-level follow-through.

Key Responsibilities

Portfolio Strategy & Performance

- Own asset-level business plans and portfolio strategy; monitor census and payor mix (private pay and Medicaid waiver), rate, labor, expenses, reserves, and NOI versus proforma

- Maintain a watchlist for underperforming and lease-up assets; build turnaround plans with the operator and hold both sides to them

- Present portfolio performance, risks, and recommended actions to ESL leadership and Evergreen's executive team

Operator Relationship Management

- Own the leadership-level relationship with Gardant and any future operating partners — a standing relationship held by ownership, independent of any individual deal

- Run structured business reviews with operator leadership; set performance expectations and hold operators accountable to management agreement terms

- Independently verify operator reporting; evaluate operator effectiveness and recommend changes — to terms, scope, or manager — when performance warrants

Financial Analysis & Reporting

- Own the consolidated assisted living portfolio report: monthly financial review, variance analysis, and reforecasts for ESL leadership

- Build programmatic, portfolio-wide analysis — Medicaid rate and policy changes, labor and expense benchmarking, proforma versus actual — that turns property data into portfolio decisions

- Establish reporting processes and tools that scale with the pipeline; support underwriting of new deals with assumptions grounded in actual portfolio performance

Lease-Up, Stabilization & Stakeholders

- Own ownership-side oversight of openings and lease-up through stabilization, including census ramp targets and marketing accountability

- Track occupancy and stabilization tests, guaranty exposure, and reserve levels against loan and partnership requirements

- Serve as ESL's primary asset management contact for lenders, investors, syndicators, and agencies post-closing; resolve data and methodology disputes

Team Leadership & Function Building

- Manage and develop the Manager of Assisted Living Asset Management; build the systems, processes, and eventual team the function needs as the portfolio grows

- Coordinate with Evergreen's corporate asset management, accounting, and compliance functions so the assisted living portfolio is fully integrated in company-wide reporting

Education & Experience

- Bachelor's degree required; MBA, MSRE, or related graduate degree a plus

- 10+ years of ownership-side asset management or portfolio management experience in real estate — senior housing, assisted living strongly preferred

- Demonstrated experience overseeing third-party operators or property managers, including holding operator leadership accountable to performance expectations

- Working knowledge of Medicaid waiver assisted living and/or LIHTC structures strongly preferred

Technical & Physical Skills

- Strong financial analysis skills; fluent in operating statements, proformas, and partnership and loan documents, and able to audit an operator's numbers independently

- Able to build useful reporting from imperfect operator data

Other Requirements

- Ability to travel regularly to communities in Ohio and Indiana and to operator, lender, and investor meetings — typically several days per month, flexing with openings and portfolio needs

Skills

- Clear, concise communication for ownership, lender, and investor audiences

- Strategic thinking with the ability to translate data into ownership decisions

- Partner accountability — comfortable holding operator leadership to agreed expectations

- People leadership and coaching

- Builder mindset — creating systems and processes that scale with a growing portfolio

Work Environment & Physical Demands

Based at Evergreen's corporate office in Chicago on a hybrid schedule, with regular travel to communities in Ohio and Indiana and to operator, lender, and investor meetings. Work is primarily performed in a professional office setting and requires extended periods of computer use, along with periodic site visits to assisted living communities.

Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions of this position.