Location Great, but be prepared that you are in the middle of the party area of Ipanema so if you arent there to party and are a light sleeper, the noise from the surrounding establishments might bother you. But thats a trade-off. The other side is that the location is great and minutes to the beach and shopping and bars.
Second, this apartment is great for large parties in that it has 3 bedrooms each with 2 beds in them. Each bedroom has its own bathroom. In addition there is a "maids" room in the back for one more small bed. So the apartment can handle large groups or families.
But the living area itself is small. You can make do quite well for 3 or 4 days with most people sitting on the dining table chairs and a small 2-seater sofa, but there isnt a lot of space for 6 people to just hang out without it feeling cramped after awhile. If I were the owner, I would add one or 2 more seaters to this space.
All-in-all I would rent this place again if I want to be in Ipanema and had a large groupas we did (6 of us)