I don't think maven supports this. If you're on Unix, and don't want to leave your current directory, you could use a small shell script, a shell function, or just a sub-shell:
user@host ~/project$ (cd ~/some/location; mvn install)
[ ... mvn build ... ]
user@host ~/project$
As a bash function (which you could add to your ~/.bashrc):
function mvn-there() {
DIR="$1"
shift
(cd $DIR; mvn "$@")
}
user@host ~/project$ mvn-there ~/some/location install)
[ ... mvn build ... ]
user@host ~/project$
I realize this doesn't answer the specific question, but may provide you with what you're after. I'm not familiar with the Windows shell, though you should be able to reach a similar solution there as well.
Regards