I will not lie: this is a lower income area of Austin. If security is a major sticking point for you, this is not the place for you. That being said, my three friends and I have never had a problem with our apartments, cars, or persons being a target of crime (for those that care, we are four white people in a predominately hispanic crowd).
Other than security, though, this place is very good for the price. We are in a 2/2 for $600. Maintenance is outstanding - they've always come the same day in response to reports, even when requested late in the day. Besides a couple of intermittantly leaky windows, I've only had to call them for problems caused by us, not with the apartment.
Management was a little flaky at first, but they've improved since a national chain took over management and they've hired permenant staff.
If apartments were rated like hotels, i'd say Villas is 2 out of 5 stars.