What is the impact of a large apartment complex?

[Michael Wang]

Hey guys,  based on your experience, what is the impact of a large apartment complex to the local rental market?

There is a new construction in my area of 200 apartments that will be completed in a few months. They will be leased out at the top range of my local rental market. The positive camp of my local investors are telling me it is going to transform the area because more people more business moving in will raise the house prices and rents, while the negative camp is saying that the complex will draw all the quality renters in my area so the house prices and rents will actually go down.

If you have come across something similar before, please can you comment what was the impact?