Depends on your neighbors and your ability to limit yourself. My apartment living room is a 16x12 and I've got what I consider to be overkill for the space, but if I keep it reasonable my neighbors don't complain. I'm running Jamo S606 and S506 towers, a S60 center and an outlaw lfm-1ex sub with an onkyo tx-nr609 receiver. I can (and have) rattled the walls in my downstairs neighbors apartment but, I don't unless I'm watching a movie during a reasonable hour. The times I did do it, he was understanding and only asked that I keep it to a minimum. Your neighbors may be less understanding. In any event. you don't have to turn it up past normal listening levels to enjoy a home theater set-up.
Another thing to consider is the amount of time you intend to spend in your apartment. If your not going to be there long (less than a year or so) It might be best to settle for tv speakers and save your money for when you move into a house and want a bigger system. If you just can't wait, keep it cheap so not much is lost when you want to upgrade (trust me you will, lol)....Personally I think the set-up you have chosen would work good in an apartment if you can limit yourself.