Located near intersection of MD Routes 23 and 24, north of Bel Air in Harford County, sale price was $2 million

Lee & Associates Maryland, a fully-integrated commercial real estate brokerage and management firm, has brokered the sale of 5.38 acres of land in the Forest Hill section of Harford County for $2 million to Rock Spring Apartments, LLC. The new owners intend to develop a mixed-use project on the site, located near the intersection of MD Routes 23 and 24, containing multi-family affordable housing and retail product. Steve Weiss of Lee & Associates represented the seller, 2000 Rock Spring Road, LLC in this transaction.

Rock Spring Station is configured as a three-story building with apartment units contained on the second and third floor and retail on the ground level. It will contain more than 50 one, two and three-bedroom apartment homes as well as trails that will enable residents to walk to the nearby amenities.

Steve Weiss

Featuring access and roadside visibility from Rock Spring Road, the site is approximately three miles north of Bel Air and is adjacent to Rock Spring Shopping Center and Red Pump Shopping Center. More than 36,000 people reside within a three-mile radius of the site, including more than 13,000 households, with a median household income exceeding $90,000.

“The buyer has extensive experience in developing high-quality multifamily projects and has identified Forest Hill as an area that contains the proper demographics to support this product type,” explained Steve Weiss of Lee & Associates.

Lee & Associates is a commercial real estate brokerage, management and appraisal services firm. Established in 1979, Lee & Associates has grown its service platform to include offices in the United States and Canada. Lee & Associates provides superior market intelligence in office, industrial, retail, investment and appraisal to meet the specialized needs of our clients. Visit www.leeassociates.com.