The location is in my opinion the best in Ipanema. 2 streets away from the beach, its cornering the park and the "luxury" street.
The apartment is totally fine. Nothing extraordinary. Good size, very nice entryway and security. It's quite filthy and had a lot of tiny insect's crawling the walls due to mold and stains. But it's still a better standard than most apartments in Brazil. You can't cook in the kitchen due to size, only the most basic. The bathroom is quite unhygienic due to mold and stains. Still I'd give it 3/4 stars out if 5 for the overall stay.
(Infrastructure in BR just isn't very good, so they do the most out of it.)