Director of Asset Management- ESL
About The Position
Evergreen Real Estate Group is scaling a pipeline of 4% LIHTC Affordable Assisted Living communities across Ohio under the Green Oaks brand, alongside an operating portfolio of assisted living communities in Indiana and Illinois. The communities are operated by third-party operators, led by Gardant Management Solutions. The Director of Asset Management owns portfolio performance from the ownership perspective by setting strategy, leading operator relationships, developing analytical and reporting infrastructure, and translating operator data into decisions and communications for lenders, investors, and Evergreen leadership. The role manages the Manager of Assisted Living Asset Management, who handles day-to-day operator calls, site visits, and property-level follow-through. The position is based at Evergreen’s Chicago corporate office on a hybrid schedule and includes regular travel to communities in Ohio and Indiana, as well as to operator, lender, and investor meetings. Work is primarily in a professional office setting, with extended computer use and periodic visits to assisted living communities.
Requirements
- Bachelor’s degree required.
- 10+ years of ownership-side asset management or portfolio management experience in real estate.
- Demonstrated experience overseeing third-party operators or property managers and holding operator leadership accountable to performance expectations.
- Strong financial analysis skills; fluency in operating statements, proformas, partnership documents, and loan documents, with the ability to independently audit operator numbers.
- Ability to build useful reporting from imperfect operator data.
- Ability to travel regularly to communities in Ohio and Indiana and to operator, lender, and investor meetings, typically several days per month, with travel varying according to openings and portfolio needs.
- Clear, concise communication for ownership, lender, and investor audiences.
- Strategic thinking and ability to translate data into ownership decisions.
- Comfort holding operator leadership accountable to agreed expectations.
- People leadership and coaching skills.
- Ability to build systems and processes that scale with a growing portfolio.
Nice To Haves
- MBA, MSRE, or related graduate degree.
- Senior housing or assisted living experience.
- Working knowledge of Medicaid waiver assisted living and/or LIHTC structures.
Responsibilities
- Own asset-level business plans and portfolio strategy; monitor census and payor mix, rates, labor, expenses, reserves, and NOI against proforma.
- Maintain a watchlist for underperforming and lease-up assets; develop turnaround plans with operators and hold both sides accountable.
- Present portfolio performance, risks, and recommended actions to ESL leadership and Evergreen’s executive team.
- Own leadership-level relationships with Gardant and future operating partners, independently of individual deals.
- Conduct 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 management when warranted.
- Own the consolidated assisted living portfolio report, including monthly financial reviews, variance analysis, and reforecasts for ESL leadership.
- Build portfolio-wide analysis of Medicaid rate and policy changes, labor and expense benchmarks, and proforma-versus-actual performance to inform decisions.
- Establish reporting processes and tools that scale with the pipeline; support underwriting of new deals using assumptions grounded in portfolio performance.
- Oversee openings and lease-up through stabilization from the ownership side, 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 post-closing asset management contact for lenders, investors, syndicators, and agencies; resolve data and methodology disputes.
- Manage and develop the Manager of Assisted Living Asset Management; build the systems, processes, and future team needed as the portfolio grows.
- Coordinate with corporate asset management, accounting, and compliance to integrate the assisted living portfolio into company-wide reporting.
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What This Job Offers
Job Type
Full-time
Career Level
Director
