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MIDDLETOWN, N.Y. — Value Cos. is nearing completion for the newest residential building at The Point at Sutton Hill in Middletown. The building will contain 12 units and is expected to be complete this spring. It will join five already-completed buildings containing 52 apartments. Value Cos. plans to proceed with development of the remaining 48 units in the project in the near future. The Point at Sutton Hill consists of luxury one- through three-bedroom apartments. Unit sizes range from 773 to 1,234 square feet and monthly rents range from $1,200 to $1,795. Value Cos. also owns the adjacent 276-unit Sutton Hill community, which it recently repositioned.