New Apt Complex being built next door to MFR I'm Considering.

[John Walter]

I am considering putting in an offer on a MFR in NJ. The neighborhood has a ton of investment pouring in the past few years, and the city's plan makes me think property values will continue to increase for the foreseeable future.

Case and point: There is a brand new apartment complex being built next door to the property I am purchasing. Will this increase the property value of the neighborhood, decrease it, or have a minimum effect?

[Greg Dickerson]

Originally posted by @John Walter:

I am considering putting in an offer on a MFR in NJ. The neighborhood has a ton of investment pouring in the past few years, and the city's plan makes me think property values will continue to increase for the foreseeable future.

Case and point: There is a brand new apartment complex being built next door to the property I am purchasing. Will this increase the property value of the neighborhood, decrease it, or have a minimum effect?

The construction of a new Apartment complex will not necessarily have an impact on values in the area unless it's a high end luxury project or low income. That can have an effect but It generally take more than one project to drive demand and change values especially in larger areas.