Does adding apartments to an existing neighborhood hurt property values?

[/u/MangoAtrocity]

My HOA just announced that 252 apartments and a daycare will be constructed between the two entrances to our neighborhood. There are just under 1000 homes in our neighborhood. We’re deep in the suburbs with no retail for 10 minutes in each direction. Will these apartments have an impact on our property values?

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Does adding apartments to an existing neighborhood hurt property values?
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