Marathon Development

What Marathon Development does

Marathon Development Inc. is a private real estate development and consulting firm founded in 1997 by Ted Johnson and headquartered in Issaquah, Washington. The firm specializes exclusively in senior housing development, providing turn-key development and consulting services to private operators, non-profit organizations (including faith-based 501c3 entities, housing authorities, hospital districts, and health districts), and healthcare systems nationwide. Its service portfolio comprises five core modules — Pre-Development & Feasibility, Turn-Key Development, Consulting Services, Community Repositioning, and Design Services — applied across six specialization areas: Alzheimer's & Memory Care, Assisted Living, Independent Living, Skilled Nursing, Continuing Care Retirement Communities (CCRCs), and Medical Office Buildings.

Marathon's revenue model is structured around lender-allowed development fees disbursed from construction loans, positioning the firm as a project cost rather than an additional expense to the project. The firm coordinates architect, engineering, and general contractor partners from project inception through occupancy and management handoff. The team is intentionally small (1-10 employees), relying on a curated ecosystem of repeat architectural partners, general contractors, management companies (including Village Concepts and Silverado), and lender relationships (HUD, USDA RD, conventional and mezzanine financing). Founder Ted Johnson has developed nearly $1 billion in senior housing across 4,700+ units over his 40+ year career.

The firm differentiates through exclusive domain focus on senior housing, established lender relationships across multiple financing structures, and the ability to navigate both private ownership and non-profit board governance decision processes. Distribution is primarily through direct enterprise sales and professional network referrals, with no traditional marketing or sales channels.

Name

Marathon Development

Legal name

Marathon Development Inc.

Website

https://marathondev.com

Company type

Private

Founded year

1997

Operating status

Operating

Headcount range

1–10 employees

Short description

Marathon Development is a private real estate firm founded in 1997 that provides turn-key development and consulting services exclusively for senior housing, serving private operators, non-profits, and healthcare systems nationwide from its Issaquah, Washington headquarters.

Ownership category

akta.pro rank

Product category

Senior Housing Development Services

NAICS

Residential Building Construction (23611), Commercial and Institutional Building Construction (23622), Land Subdivision (23721)

SIC

Operative Builders (1531), Land Subdividers & Developers (No Cemeteries) (6552)

akta.pro primary industry

Independent Living Community Development & Construction (Senior Housing Developers) (HLADAAAH)

akta.pro secondary industry

Residential Affordable Housing Development & Construction (IMAFABAI)

Keywords

• Senior housing development
• Real estate consulting
• Assisted living development
• Turn-key development services
• Memory care development

Headquarters

HQ city

Issaquah

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Development Fees: Marathon earns a development fee that is a lender allowed project cost. The development fee is financed and disbursed from the loan in the same manner as the architect or general contractor. The development fee is not an additional project cost but is paid with overall project savings derived from professional project management, design/value engineering, project schedule and financing options.

Pricing tiers

Go-to-market motion2 records

Distribution channels1 record

Marketing channels2 records

Core offering

Marathon Development is a real estate development and consulting firm that provides turn-key senior housing development services for private and non-profit organizations. The company manages the entire development lifecycle from initial vision and feasibility through design, permitting, financing, construction, and occupancy, specializing exclusively in assisted living, independent living, memory care, skilled nursing, continuing care retirement communities, and medical office buildings.

Product overview

Marathon Development is a real estate development company providing turn-key development and consulting services exclusively for senior housing. The company offers five core service modules—Pre-Development & Feasibility, Turn-Key Development, Consulting Services, Community Repositioning, and Design Services—that work together to guide clients from initial vision through project completion and occupancy. These services support six specialized development areas: Alzheimer's & Memory Care, Assisted Living Facilities, Independent Living Facilities, Skilled Nursing Facilities, Continuing Care Retirement Communities (CCRCs), and Medical Office Buildings. The company primarily serves private and non-profit organizations including health districts, housing authorities, hospital districts, faith-based organizations, and private operators.

Differentiator

Problem solved

Functional benefit

Products and services

• Pre-Development & Feasibility

Named customers13 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

14 partnerships are on record, tiered core.

• CDA Pirscher ArchitectscoreStrategic or Co-development PartnerArchitectural firm providing design services for senior housing projects including Woodland Village Retirement Community. Partnered on multiple development projects providing site and building design coordination.
• LRS ArchitectscoreStrategic or Co-development PartnerArchitectural firm providing design services for multiple projects including Franke Tobey Jones and Silverado Bellevue developments.
• Accrete ConstructioncoreStrategic or Co-development PartnerGeneral contractor partner providing construction services for multiple senior housing projects including Franke Tobey Jones and Woodland Village.
• Sage Architectural AlliancecoreStrategic or Co-development PartnerArchitectural firm providing design services for Spiritwood Garden Homes development.
• BMDC (Belotti + McHugh)coreStrategic or Co-development PartnerGeneral contractor providing construction services for Spiritwood Garden Homes project.
• Accrete ConstructioncoreStrategic or Co-development PartnerGeneral contractor providing construction services for Woodland Village Retirement Community project.
• DRK DevelopmentcoreStrategic or Co-development PartnerDevelopment partner for Brannan Park Retirement Community project providing asset re-positioning and rehab services.
• Zenczak & Partners ArchitectscoreStrategic or Co-development PartnerArchitectural firm providing design services for Greystone on Bridgeport development.
• Madsen Mitchell ArchitectscoreStrategic or Co-development PartnerArchitectural firm providing design services for Klondike Hills development.
• Rice Fergus MillercoreStrategic or Co-development PartnerArchitectural firm providing design services for Bay Vista Commons and Spiritwood at Pine Lake projects.
• NAC ArchitectscoreStrategic or Co-development PartnerArchitectural firm providing design services for Evergreen Estates Retirement and Assisted Living project.
• Ankrom Moison ArchitectscoreStrategic or Co-development PartnerArchitectural firm providing design services for Sisters of St. Mary of Oregon Maryville Memory Care project.
• Village ConceptscoreStrategic or Co-development PartnerManagement company partner for multiple senior housing projects including Brannan Park, Spiritwood Garden Homes, and Village Concepts of Fairwood. Marathon assists in management selection as part of turn-key services.
• SilveradocoreStrategic or Co-development PartnerMemory care management company for Silverado Bellevue development. Marathon completed turn-key development with Silverado as management partner.

Scale indicators4 records

Recent moves6 records

Expansion highlights4 records

Broad incumbents

• Ventas: Ventas is a major healthcare and senior housing REIT with significant development and acquisition activity across senior living. A broad incumbent in the senior housing capital stack that shapes deal flow for boutique developers like Marathon.
• Welltower: Welltower is a large healthcare and senior housing REIT that partners with operators on new development and acquisition. Operates at far greater scale and capital base than Marathon but is a key counterparty in the senior housing development ecosystem.

Emerging players

• National Health Investors: National Health Investors is a healthcare and senior housing REIT that provides financing and development capital to senior living operators. Identified in Marathon's own customer list, indicating an active client/partner relationship and a directly comparable business model.
• Lancaster Pollard: Lancaster Pollard provides real estate capital and advisory services for senior living, healthcare, and multifamily clients, including development consulting and HUD financing. Closely comparable to Marathon on the financing and development advisory side, though more finance-led.

Direct peers

• HJ Sims: HJ Sims is an investment bank specializing in senior living and healthcare financing, providing capital solutions and development advisory. Comparable to Marathon on the financing and development advisory dimensions of senior housing projects.
• LCS Development (Life Care Services): Life Care Services operates one of the largest senior living development platforms in the U.S., providing turn-key development, management, and consulting for CCRC, assisted living, and memory care communities. Directly comparable to Marathon's turn-key senior housing development model and was actually a Marathon client (per company data).
• Lument: Lument is a real estate capital solutions firm with a strong senior housing and healthcare practice, providing investment sales, financing, and development advisory. Overlaps with Marathon on development consulting and HUD/USDA financing expertise.
• Capitol Seniors Housing: Capitol Seniors Housing is a dedicated senior housing development and investment firm that partners with operators to develop assisted living, memory care, and independent living communities nationwide. Closely comparable in focus and scale to Marathon's senior housing development practice.
• Greystone: Greystone provides real estate finance, development, and consulting services with a dedicated senior housing practice covering HUD, USDA, and conventional financing. Comparable to Marathon on the development-consulting side and on the senior housing financing expertise the firm relies on.
• Ziegler: Ziegler is an investment bank and advisor focused on senior living, healthcare, and education sectors, providing capital markets, development advisory, and consulting services. Comparable to Marathon on the advisory/consulting side of senior housing development.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Marathon Development