Peak Management Developing $60M Rental in Bel Air, Md.
Peak Management is developing Five43 Apartments, a 184-unit multifamily community in Bel Air, Md., which will cost $60 million to build, according to the company.
The Lutherville, Md.-based development company acquired the land in 2017 for $3.75 million. The property is positioned at the intersection of U.S. 1 and Maryland Route 543 in Hartford County.
Five43 Apartments will offer one-, two- and three-bedroom units ranging from 980 to 1,900 square feet. The units will feature 9-foot ceilings, private balconies, and open kitchen areas with stainless-steel appliances.
“Residents are increasingly attracted to larger unit sizes to accommodate people working remotely, having multiple people living within the space, and for empty nesters that may be downsizing from a single-family home,” Teresa Rosier, vice president of Peak Management, told Commercial Observer. “Several apartments will feature a unique loft design that can be used for an entertainment center, workspace, additional bedroom or for overflow storage.”
The homes will also be outfitted with technology which will allow residents to program their thermostats and enjoy remote access into the buildings, apartments and amenity areas.
Other amenities include a resort-style clubhouse, a pool and fitness center and a dog wash facility. Private garages will be available to rent.
Harford Community College is approximately three miles from the site, while MedStar Health and UM Upper Chesapeake Medical Center are also nearby.
Rents in Bel Air currently average around $1,587 for a 922-square-foot apartment, according to RentCafe.
The development is slated to be completed in early 2024.
Keith Loria can be reached at Kloria@commercialobserver.com.