According to economic theory, an older apartment complex should be charging less rent to compete with a new apartment complex. That's not happening.
Sometimes greedy investors are stupid, buy a complex for way too much, and eventually lose a lot of money. Their only way out is to find someone who has the same grand ideas, and pass the property off at cost and write the improvements off as a loss. Improvements cost them very little in the long run as they are depreciated on taxes, and can be written off as a loss at sale.
My apartment complex is down the street from but not directly on the light rail line. Old warehouses up and down the light rail lines are being torn down for mixed developments. Many of them already under construction.
That kind of mixed development has gotten really popular with city planners, so they are approved right away. We'll see more and more of this. We won't make much noise about it until they run out of warehouses and start rezoning and tearing down single family neighborhoods. But that's a long way away. Apartment complexes pay very little property tax per tenant relative to a single family home, and a commercial-industrial building pays less than any kind of residential. The city pulls in a ton more taxes with these new residential buildings.