It is possible! You just email housing and explain the situation and they'll refund the deposit that you have to pay up front when you accept your invitation. I had considered doing it myself, but after I talked to a large handful of people about it, I realized that there's quite a few non-traditional age students that live in the apartments so it's not entirely all 18-21 year olds.
Also, I was told it might be hard to make rent by yourself in an apartment, depending on the hours you get. You have to either sign a short term lease or pay month to month, as well as figure out what to do about short term utilities. If you plan on staying after the college program or if you plan on living with some roommates, I don't think these things will really be an issue, but they gave me something to think about! Also, you aren't able to use the bus transportation that's available for the CP if you don't live in housing, which was a big decision factor for me, since with the way gas prices are going I don't necessarily want to be forking out a chunk of my paycheck every week for gas!