Are there cheaper places closer or as close to Ross School of Business? Yes.
But is there a new building (2-3 years old) with a gym and outdoor running track all-inclusive this close to Ross? Nope.
Having building controlled heat/cooling is definitely not ideal and living with 5-6 other grad students may not be your ideal option (weigh this heavily). I happened to luck out with 6 complete strangers and a wonderful living situation...
Also, coming from a Californian, you get used to not having natural light in your personal room as the common areas have large windows. Sounds unbearable but it's AMAZING for mid-day naps.

Great option but no sunlight

Munger is brand new and is very well furnished. It is close to Ross and most other things on campus. The only downside is the lack of windows in bedrooms.

It was a really nice place to live and make friends, especially if you want to get a break from seeing the same people and groups at your school/community. Many activities and events.

Roommates can be upside (become your Ann Arbor's family and friends) or downside (annoying, noisy).

Most of the bedroom do not have windows, but for me it was not a problem (can take a nap between classes uninterrupted).

Close to downtown, only ~10 mins walk to Ross and other central campus location, an advantage during the winter.

Fire alarm goes off easily and can make you being evacuated in the middle of the cold night.

Everything is good except two things: the window and the roommates, some of which are just not mature and considerate at all.

Munger is an easy 6 minute walk to Ross, and has all the amenities you could hope for. From a gym to bike storage, to a movie theater and study spaces - this is a relatively affordable place to live when compared with other apartment buildings. Downsides include not being able to choose your roommates, and no windows in the bedrooms. Neither have been a big issue for me. My roommates are from all over the University and we keep a clean, peaceful space.

Close to Ross. Brand new with fantastic facilities. However, will only provide 12 month contracts (which is unfortunate for second year students). A little bit of a walk to downtown and Liberty/Main St. for nightlife. You get a private bedroom (no windows in the room however) and bath in a house with 5-6 other graduate students.

The Munger facility is amazing and beautiful, and my room is great! You can't pick your roommates, which can be great because of the opportunity to meet new people across grad schools, but can be difficult if living styles don't match (as in my case).

Pros: Spacious common area, private bedroom with our own bathroom. 8 minute walk to Ross and downtown. Lots of MBAs live here, so easy place to meet up to study at any time of the day. Only grad students live here and they are from all the different programs, so great place to meet new people and get out of the Ross bubble. Lots of study spaces. Gym and rooftop track.

Cons: Most bedrooms don't have windows. Hit or miss on your roommates.

Wonderful! Works well for me for 2 years. Super central to everywhere and 7 min walk to campus. Management is a struggle but stuff is still pretty new so it's been fine.