I'm not sure how 'posh' you want your apartment to be but we stayed in the MarAlvor apartments for a week last month in a 2 bed apt.
It's not a huge complex and has a nice pool area but truthfully we never used it as our balcony was huge and we had sunbeds on there. Although our apartment was a bit tired, it was spotless and we found it good value for money, costing less than £100 for a week.
Although their website makes you think it's more central than it is when you get there, it's not far to walk to the bars and restaurants really and is actually closer than some of the bigger complexes & hotels.
You'll find my review here -
http://www.holidaytruths.co.uk/reviews/portugal/algarve/alvor/maralvor-apartments/