According to this streetmap
http://www.islas.co.uk/castell_map.htm
your villa IS near the Castell Playa
This means that although you will have splendid views of the bay...it will be a steep descent to the beach and a worse climb back up again......
I don't know anything about the specific property, I'm afraid.
Oh, you will be near a stop for the little road train that goes round the resort and to the nearby fishing village of Na Macarena. (assuming it is still in operation...my son worked in Arenal for the summer of 2005, so that's when we were there).
Arenal is a pretty little resort, and I'm sure you will have a good time there.