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A dusty-pink facade is only a hint of what’s inside this 18th-century structure. For Sérgio Antunes, cofounder of Lisbon-based Aurora Arquitectos, the charming exterior and its rich pigment provided a fascinating starting point for the renovation of the Rose Building—a single-family residence in southern Portugal that his team turned into five glowing apartments in collaboration with Lisbon architecture studio FURO. Throughout are huge swaths of color with unique touches: For example, painted on the ceiling of the central stair is a moody mural of a woman in the style of a fresco, and in one of the unit’s bathrooms, more ceiling artwork depicts a mermaid emerging from a swirl of waves. Elsewhere, arched windows, sloped ceilings, ornate moldings, and wooden doors elegantly play off Portuguese marble and patterned ceramic tiles. With the go-ahead from the city, the architects were also able to construct a modern addition at the rear—The Mustard Building—that pairs natural wood partitions with the subdued tones of creamy terrazzo.