I'm currently living at College Mall Apartments (Jan 2009- Aug 2010). The location is absolutely wonderful - it is super convenient to get to the bus, CVS, the College Mall, and O'Malia's grocery store. If I need anything, its just a quick walk across the parking lot or across the street. That being said, the location is the only thing this place really has going for it. Its not a slum, but its a poorly managed property. Things are constantly breaking, getting maintenance to do anything is like pulling teeth, and management is very slow to respond. They don't seem to be good record keepers (for example, I had a member of management come to my apartment and play with my cat while I registered him with the complex's records. Three months later, after having paid the pet deposit and three months worth of pet fees, the same woman called to say that they had just discovered I had an unregistered cat. That was a confusing conversation, to say the least). The walkways are falling apart, the nice grassy areas turn to complete slush when it rains, the windows are poorly insulated, etc. etc.
So, its a fairly cheap apartment. But if you can afford it, I would go up in your budget by a bit and check out the other apartments in the area. If you do rent from here, don't expect it to be long-term. Also, GO FOR THE RENOVATED KITCHEN! While we were seduced by the prospect of $100 off rent and a stable water fee, we are REALLY regretting not getting the nicer kitchen with a dishwasher.