Great location. From my impressions of Bologna it is not large, at least the old city portion, but a lot is crammed into the relatively small area. This apartment is located on a quiet street which is nevertheless within walking distance of the rest of the city. Just a couple blocks away is one of the large piazas and plenty of food options. Just north of the apartment is a great store called Co-op, which has amazing produce and anything else you could want to eat. The kitchen at Arturo's place is not large, but it is plenty for any cooking you might want to do, and all necessary implements are there. There is also a Great showerhead!
The beds are upstairs in this loft and the area does not really get affected byt he air conditioning. This is probably okay for most people. My fiancee had no trouble with this, but I tend to have trouble sleeping when not cold.