Praia do Vau is a lovely little Bay between Praia do Rocha and Alvor,It will take you about 20 mins to walk into Rocha and about 40 mins to walk to Alvor but the taxis are reasonable and there is a bus that runs from Vau into Portimao via Rocha .In Vau itself there is one Pub a few bars and restaurants and that is it. But you have access to one of the lovliest beaches and when the tide is out you can walk from Vau right onto Portimao Marina.
Cannot tell you anything about apartments except have seen some good reviews for it