Bunks in the closet, leaves the rest of the room as a play area. This is a GREAT idea! I would take the doors off though. Maybe cute curtains instead. I used to love hanging out in my closet. And to free up the room for more play area?
This is another example of a layout that would be easy to install in a studio apartment - a loft bed with stairs would be a cheaper and nicer space saving solution than buying a Murphy bed. Maybe even in a small bedroom.
two twin beds. A curtain hung from that cute heading would disguise your "bedroom" if you chose. A curtain would work above as well for either a bed or built in shelves and hanging space for your clothing; I really love the idea of deep, built-in beds