Rather than a wall, what about some sort of curtain? That way, they can have their physical 'divide' but still have the ability to have one larger room if a certain game or type of play needs extra space?

I live in an apartment too so you might be worried about having to screw a rod into the wall, but chances are you could find a tension rod that would work (I know I've seen some that extend up to 7 1/2 feet or so.
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How about a Shoji screen?

http://www.tatamiroom.com/
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You can't, they are just going to have to work it out between themselves. There might be a fight or two (or twenty) but they'll figure it out. Just make sure they have separate places to store their stuff and they'll be fine, eventually.
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My advice would be to invest in bunk beds. I have two very different girls sharing a room. The little one was constantly getting into the older ones 'stuff'.

Now, the older one gets top and has her 'own world.' I put a tall shelf next to the bed, and the top two shelves are totally off limits to the little one. The older one now has a spot for all the things she doesn't want her little sister getting into, like her Nintendo DS, favorite stickers, art stuff, etc. I also hung another shelf above the top bunk to serve as a 'nightstand' if you will...right now --she has a flashlight and a book on it. She has some posters up at her level too--she is into the Jonas Brothers and stuff like that --while the little one is all about the Spongebob right now.

The little one loves the bottom bunk because we can easily make her a 'tent,' which she is really into right now too. All her things are within reach.

If you go the bunk bed route-try and find one that separates in case you change your mind later.

The attached image is just an example- our shelf is taller and mounted to the wall.
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You could also possibly build a loft, shaped so that one child has "space" on one side and the other has space on the other. If you put them in an L shape, you can put a square shelf in the corner so at night their heads are seperated. If you put the loft a few feet from one of the walls, you can then put one desk/toybox so that that child has room not only under his loft, but between the loft and the wall--kind of a cubby. The other one then gets to work at his own desk without having his sibling right in his face, and also has the place space under the loft. The space in the room without a loft overhead belongs to both.
Source(s):
Friend with two sets of twins did this in the room of each set--they're currently in an apartment

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