Do new apartment complexes increase local property value?
I am a US citizen living in the US. I recently purchased a condo in Philadelphia. Within a 2 block radius of my property are a lot of vacant lots. In addition to new home/condo construction that has been popping up around the area, I have received word that a large 8 story apartment complex is going to be built around ~1 block away from my place. Of course, as older construction is replaced with new construction and as vacant lots get turned into properties, the surrounding home values rise (people would rather live in a residential area as opposed to a few stand alone house clusters surrounded by vacant lots, after all). My question is, does this same new construction -> property value increase apply for apartment complexes as well? Perhaps this is an obvious question, as intuitively it would seem to me that this would indeed follow the aforementioned causal relationship, assuming that parking is not adversely affected. I just want to make sure I am not missing anything.
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