Director of Asset Management- ESL

Job Details: Job Location: Evergreen Real Estate Group - Chicago, IL, Position Type: Full Time, Education Level: 4 Year Degree, Salary Range: $165000.00 - $185000.00Salary, Job Category: IL Leasing License NOT Required, 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.

Qualifications