There are of course a myriad of options for living in N.Paltz, and the townhouses have been a "beach head" for many who have eventually moved here. Much of the decision depends on you and your situation regarding transportation and geographic necessity. So if you can share a bit of that information, you're likely to get a better answer than what I lay out here.
Here's my $0.02: The condo's flooded last year, and the entire development was without power for several days. That's the first time I know about it happening, but the episodes like that on the Wallkill River seem to be on the increase.
I've had friends who lived there and they've found it to be convenient, noisy and shabby. It a jumping off point for most people, in all kinds of different directions. You should be aware that there was a murder in one of the apartments about 2 years back, so perhaps that gives you an idea of how wide the population ranges there.
I think there are many other alternatives to the apartments, many of them a lot less expensive and probably a nicer experience. A lot of people I know started out taking rooms in other people's houses, a fairly common practice around here. I would also suggest broadening your vision to encompass the towns of Gardiner, Rosendale, and possibly Marbletown. To me, the apartments are possibly the least nice place to live in New Paltz.