Buy Rental Near New Luxury Apartments?

[Marissa Carroll]

Hey BP!

I was wondering what everyone thought about buying a unit that backs up to a new Luxury Aparment and mixed development complex, and what that does to future values and rents. Here's the general info on the situation. - 

Unit is a half duplex in a class A area and needs a lot of updates, but the rent should be close to 1% once done. The back yard direcly abuts a new development that will have 700 luxury apartment units, 4 office buildings, and a tiny bit of retail. There's also an age resticted hotel looking building. The apartments are ugly as sin on the outside, in my opinion. The offices will be very nice, but VERY close to the actual home with highly reflective curtain wall glass that is south facing. There's a possibility of solar glare into the unit. As for the retail, there won't be much and it will be far out of walking distance from the unit. 

Any ideas on how something like this affects home values, generally? The overall location is great, so it probably wouldn't be terrible either way. If there was more retail I think it would be awesome, but those mega apartments are dreadfull in my opinion. 

Thanks for any insight!