As others have said before me, this is a tough one to answer. Many factors come into play such as the number of units to be built, will there be ample parking or will the tenants rely on street parking, and how will it impact the local schools, traffic and businesses?
Recently, I had a buyer who refused to buy a home close to apartment complexes as he associated it with an increased risk of crime. While I don't know if there is data to support his position, there may be other buyers who share his sentiments.
I would suggest obtaining more information on the proposed development to see how it may impact you and take it from there.
Best of luck to you!
I am sorry to be so vague but there really is no way to know for sure without knowing more details. Feel free to call me if you would like to discuss further. I am happy to go into more detail with you.