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The Dose

Welcome to The Dose, which tackles the business and economics inside the turbulent world of health care and life sciences in Indiana. Your host is John Russell. To contact me call 317-472-5383.

Invesque to add 39 jobs as part of expansion, headquarters move

September 24, 2018

Carmel-based Invesque, a real estate investment company that specializes in health care and senior living, is expanding operations, with plans to add 39 jobs by 2024.

The company, which once had close ties to Mainstreet, a developer of nursing homes, has moved its headquarters staff out of a building the two companies had shared and relocated to a new office at 211 W. Main St., about three miles away in the Carmel Arts and Design District

Invesque has about 25 full-time employees—18 in Indiana and seven who work remotely from other locations.

The company said the new positions will include investment, underwriting, accounting, finance and business development.

Invesque said it is spending about $1.472 million on the expansion project. The Indiana Economic Development Corp. is offering the company up to $700,000 in conditional tax credits based on the job-creation plans.

The company was formed in 2015 when Mainstreet bought a Canadian long-term-care company, Kingsway Arms, which traded on the Toronto Stock Exchange, with an eye on using the company’s funds to buy its nursing-home developments.

Mainstreet set up the real estate investment trust in its building, 14390 Clay Terrace Blvd., changed the name to Mainstreet Health Investments and installed several Mainstreet executives to run it.

But the two operations quickly grew apart. In September 2016, the REIT announced that it had “internalized” its management team, rather than having Mainstreet executives run the operation.

Last fall, the REIT changed its name to Invesque Inc., and says it now has no relationship with Mainstreet, but is completely independent with no overlapping employees.

Invesque’s portfolio includes 104 properties with more than 9,000 beds and suites in 19 states and Canada.

Last year, it reported revenue of $68.1 million and profit of $16.2 million.

 

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