The general impression from visiting personally multiple times and hints I've received from friends and acquaintances who are familiar with the area was that I should avoid "brick and mortar" housing options with fancy websites and massive marketing. Many of these housing options won't have windows that open for *energy efficiency purposes* (brutalist tactic from the 60s that will often cause people sick indoor syndrome from poor HVAC systems). If anything, they should be the last in your list in case you can't find anywhere else... since most of them will always have something available.
The area is mainly consisted of undergrads. I know there are some grad students that found other grad students to room with, but you'll be taking chances at noise levels when the Thursday nights come around.
Most of the grad students I know that live in that particular area live farther away to the south of Univ. ave, or farther down Univ. ave to the east.
Since light rail started operating since 6/15, you won't have as much problem getting to school living closer to St. Paul and get bang for your buck.
I was told by a few people that st. anthony village to the northwest of the campus in the east bank is very grad student friendly.
it's ~20~35 min walk depending on where your classes are in campus, but if you get a bike or a U-Pass... it shouldn't be too bad.