FORM 10-KSB--ANNUAL OR TRANSITIONAL REPORT UNDER
                                SECTION 13 OR 15(d)

                                   Form 10-KSB
(Mark One)
[X]  ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE  SECURITIES  EXCHANGE ACT OF
     1934 [No Fee Required]

                    For the fiscal year ended December 31, 2000

[ ]  TRANSITION  REPORT UNDER SECTION 13 OR 15(d) OF THE  SECURITIES  EXCHANGE
     ACT OF 1934 [No Fee Required]

                For the transition period from _________to _________

                         Commission file number 0-11934

                           CENTURY PROPERTIES FUND XVIII
                   (Name of small business issuer in its charter)

         California                                              94-2834149
(State or other jurisdiction of                               (I.R.S. Employer
 incorporation or organization)                              Identification No.)

                          55 Beattie Place, PO Box 1089
                        Greenville, South Carolina 29602
                      (Address of principal executive offices)

                    Issuer's telephone number (864) 239-1000

           Securities registered under Section 12(b) of the Exchange Act:

                                      None

           Securities registered under Section 12(g) of the Exchange Act:

                      Units of Limited Partnership Interest
                                (Title of class)

Check  whether the issuer (1) filed all reports  required to be filed by Section
13 or 15(d) of the  Exchange  Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports),  and (2) has been
subject to such filing requirements for the past 90 days. Yes X No___

Check if there is no disclosure of delinquent  filers in response to Item 405 of
Regulation S-B contained in this form, and no disclosure  will be contained,  to
the best of the  registrant's  knowledge  in  definitive  proxy  or  information
statements  incorporated  by  reference  in Part III of this Form  10-KSB or any
amendment to this Form 10-KSB. [X]

State issuer's revenues for its most recent fiscal year.  $5,183,000

State the aggregate  market value of the voting  partnership  interests  held by
non-affiliates  computed  by  reference  to the price at which  the  partnership
interests  were sold,  or the average bid and asked  prices of such  partnership
interests as of December 31, 2000. No market exists for the limited  partnership
interests of the Registrant,  and,  therefore,  no aggregate market value can be
determined.

                       DOCUMENTS INCORPORATED BY REFERENCE
                                      None
<PAGE>
                                     PART I

Item 1.     Description of Business

Century  Properties Fund XVIII (the "Partnership" or "Registrant") was organized
in July 1982 as a  California  limited  partnership  under the  Uniform  Limited
Partnership Act of the California  Corporations Code. Fox Partners, a California
general  partnership,  is the  general  partner of the  Registrant.  The general
partners of Fox Partners are Fox Capital  Management  Corporation (the "Managing
General  Partner" or "FCMC"),  a California  corporation,  Fox Realty  Investors
("FRI"),  a California  general  partnership,  and Fox Partners 82, a California
general  partnership.  NPI Equity Investments II, Inc. ("NPI Equity"), a Florida
corporation,  is the  managing  general  partner of FRI.  The  Managing  General
Partner and NPI Equity are  subsidiaries of Apartment  Investment and Management
Company ("AIMCO"), a publicly traded real estate investment trust (See "Transfer
of Control").  The  Partnership  agreement  provides that the  Partnership is to
terminate on December 31, 2020, unless terminated prior to such date.

The  principal  business  of the  Registrant  is to operate and hold real estate
properties for investment.  From February 1983 to September 1983, the Registrant
offered and sold pursuant to a Registration  Statement filed with the Securities
and Exchange  Commission,  75,000  Units of Limited  Partnership  Interest  (the
"Units") at a purchase price of $1,000 per Unit for an aggregate of $75,000,000.
The net proceeds of the offering  were used to acquire  twelve  income-producing
real  estate  properties.  The  Registrant's  original  property  portfolio  was
geographically  diversified  with  properties  acquired  in  seven  states.  The
Registrant's acquisition activities were completed in June 1984, and since then,
the principal activity of the Registrant has been managing its portfolio. In the
period from 1987  through  February  1994,  ten  properties  were either sold or
otherwise  disposed.  The  Registrant  continues  to own  and  operate  the  two
remaining properties. See "Item 2. Description of Properties".

The  Partnership  has no full time  employees.  The Managing  General Partner is
vested with full authority as to the general  management and  supervision of the
business and affairs of the  Partnership.  The Limited Partners have no right to
participate in the management or conduct of such business and affairs.  Property
management  services  were  performed  at  the  Partnership's  properties  by an
affiliate of the Managing General Partner.

The  real  estate  business  in which  the  Partnership  is  engaged  is  highly
competitive.  There are other  residential  properties within the market area of
the Partnership's properties.  The number and quality of competitive properties,
including  those which may be managed by an affiliate  of the  Managing  General
Partner,  in such market area could have a material  effect on the rental market
for the  apartments  at the  Registrant's  properties  and the rents that may be
charged  for  such  apartments.  While  the  Managing  General  Partner  and its
affiliates  own and/or  control a significant  number of apartment  units in the
United  States,  such  units  represent  an  insignificant  percentage  of total
apartment units in the United States and competition for apartments is local.

Both  the  income  and  expenses  of  operating  the  properties  owned  by  the
Partnership are subject to factors outside of the Partnership's control, such as
changes in the supply and demand for similar  properties  resulting from various
market  conditions,  increases/decreases  in unemployment or population  shifts,
changes in the availability of permanent mortgage  financing,  changes in zoning
laws or changes in  patterns  or needs of users.  In  addition,  there are risks
inherent in owning and operating residential  properties because such properties
are  susceptible to the impact of economic and other  conditions  outside of the
control of the Partnership.

There have been, and it is possible there may be other, Federal, state and local
legislation  and  regulations   enacted   relating  to  the  protection  of  the
environment.  The Partnership is unable to predict the extent,  if any, to which
such new  legislation  or  regulations  might occur and the degree to which such
existing or new legislation or regulations might adversely affect the properties
owned by the Partnership.

The Partnership  monitors its properties for evidence of pollutants,  toxins and
other dangerous substances, including the presence of asbestos. In certain cases
environmental  testing has been performed which resulted in no material  adverse
conditions or liabilities.  In no case has the Partnership  received notice that
it is a potentially  responsible party with respect to an environmental clean up
site.

A further description of the Partnership's business is included in "Management's
Discussion and Analysis or Plan of Operation"  included in "Item 6" of this Form
10-KSB.

Transfer of Control

Pursuant  to a series  of  transactions  which  closed  on  October  1, 1998 and
February 26, 1999,  Insignia Financial Group, Inc. and Insignia Properties Trust
merged into AIMCO, a publicly traded real estate  investment  trust,  with AIMCO
being the surviving  corporation.  As a result,  AIMCO  acquired 100%  ownership
interest in the Managing General Partner.  The Managing General Partner does not
believe  that this  transaction  has had or will have a  material  effect on the
affairs and operations of the Partnership.

Item 2.     Description of Properties

The following table sets forth the Partnership's investment in properties:

                                 Date of
Property                         Purchase     Type of Ownership           Use

Overlook Point Apartments          07/83    Fee ownership subject     Apartments
  Salt Lake City, Utah                      to first mortgage          304 units

Oak Run Apartments                 11/83    Fee ownership subject     Apartments
  Dallas, Texas                             to first mortgage (1)      420 units

(1)   The property was held by Oak Run, LLC in which the Registrant was the sole
      owner.  Effective  December  1999,  Oak  Run  LLC's  interest  in Oak  Run
      Apartments was transferred to Oak Run, LP in which the Registrant owns, on
      a fully liquidated basis, a 100% interest.

Schedule of Properties

Set forth below for each of the  Registrant's  properties is the gross  carrying
value,  accumulated  depreciation,  depreciable life, method of depreciation and
Federal tax basis.
<TABLE>
<CAPTION>

                              Carrying   Accumulated                        Federal
Property                       Value    Depreciation    Rate     Method    Tax Basis
                                  (in thousands)                         (in thousands)

<S>                           <C>          <C>        <C>                   <C>
Overlook Point Apartments     $10,970      $ 5,404    5-30 yrs    S/L       $ 2,167
Oak Run Apartments             17,442        6,612    5-30 yrs    S/L         6,336

                              $28,412      $12,016                          $ 8,503
</TABLE>

See  "Item  7.  Financial  Statements  - Note A" to the  consolidated  financial
statements  included  in  "Item  7"  for  a  description  of  the  Partnership's
depreciation policy.

Schedule of Property Indebtedness

The  following  table  sets  forth  certain  information  relating  to the loans
encumbering the Registrant's properties.
<TABLE>
<CAPTION>

                         Principal                                        Principal
                         Balance At     Stated                             Balance
                        December 31,   Interest    Period    Maturity      Due At
      Property              2000         Rate     Amortized    Date     Maturity (1)
                       (in thousands)                                  (in thousands)
Overlook Point
<S>                       <C>            <C>      <C>         <C>          <C>
  Apartments              $ 8,757        6.33%    30 years    09/2005      $ 8,127
Oak Run Apartments         10,255        7.36%    30 years    10/2004        9,728

                          $19,012                                          $17,855
</TABLE>

(1)   See "Item 7. Financial  Statements - Note C" for information  with respect
      to the Registrant's  ability to prepay these loans and other more specific
      details as to the terms of the loans.

Schedule of Rental Rates and Occupancy

Average annual rental rate and occupancy for 2000 and 1999 for each property:

                                        Average Annual           Average Annual
                                         Rental Rates               Occupancy
                                          (per unit)
 Property                             2000         1999         2000        1999
 Overlook Point Apartments           $7,457       $7,433         96%         96%
 Oak Run Apartments                   7,415        7,108         93%         92%

As noted under "Item 1.  Description of Business",  the real estate  industry is
highly  competitive.  All of the  properties of the  Partnership  are subject to
competition  from other  apartment  complexes in the area. The Managing  General
Partner  believes  that  all of  the  properties  are  adequately  insured.  The
multi-family  residential  properties'  lease terms are for one year or less. No
individual  tenant leases 10% or more of the available  rental space. All of the
properties are in good physical  condition,  subject to normal  depreciation and
deterioration as is typical for assets of this type and age.

Real Estate Taxes and Rates

Real estate taxes and rates in 2000 for each property were:

                                      2000            2000
                                    Billing           Rate
                                 (in thousands)

Overlook Point Apartments             $104            0.76%
Oak Run Apartments                     380            2.72%

Capital Improvements

Overlook Point Apartments:  The Partnership completed  approximately $323,000 in
capital expenditures at Overlook Point Apartments during the year ended December
31,  2000,  consisting  primarily  of floor  covering,  appliance,  and plumbing
replacements.  These  improvements  were funded from  operating  cash flow.  The
Partnership  is  currently  evaluating  the  capital  improvement  needs  of the
property for the upcoming year. The minimum amount to be budgeted is expected to
be $275 per unit or $83,600.  Additional improvements may be considered and will
depend on the physical condition of the property as well as replacement reserves
and anticipated cash flow generated by the property.

Oak Run Apartments:  The Partnership completed approximately $225,000 in capital
expenditures  at Oak Run  Apartments  during the year ended  December  31, 2000,
consisting  primarily of floor covering and appliance  replacements,  structural
enhancements,  interior improvements and other improvements.  These improvements
were funded from operating cash flow and replacement  reserves.  The Partnership
is currently  evaluating the capital  improvement  needs of the property for the
upcoming year. The minimum amount to be budgeted is expected to be $275 per unit
or $115,500.  Additional  improvements  may be considered and will depend on the
physical  condition  of  the  property  as  well  as  replacement  reserves  and
anticipated cash flow generated by the property.

The additional  capital  expenditures will be incurred only if cash is available
from  operations  and  Partnership  reserves.  To the extent that such  budgeted
capital improvements are completed, the Registrant's distributable cash flow, if
any, may be adversely affected at least in the short term.

Item 3.     Legal Proceedings

In March 1998, several putative unit holders of limited partnership units of the
Partnership  commenced an action  entitled  Rosalie  Nuanes,  et al. v. Insignia
Financial  Group,  Inc., et al. in the Superior Court of the State of California
for the County of San Mateo. The plaintiffs  named as defendants,  among others,
the  Partnership,  its Managing  General Partner and several of their affiliated
partnerships  and corporate  entities.  The action  purports to assert claims on
behalf of a class of limited  partners and derivatively on behalf of a number of
limited  partnerships  (including  the  Partnership)  which are named as nominal
defendants,  challenging,  among other things,  the  acquisition of interests in
certain general partner entities by Insignia Financial Group, Inc.  ("Insignia")
and entities which were, at one time, affiliates of Insignia; past tender offers
by the Insignia affiliates to acquire limited  partnership units;  management of
the  partnerships  by the  Insignia  affiliates;  and the Insignia  Merger.  The
plaintiffs  seek  monetary  damages and  equitable  relief,  including  judicial
dissolution of the  Partnership.  On June 25, 1998, the Managing General Partner
filed a motion  seeking  dismissal of the action.  In lieu of  responding to the
motion, the plaintiffs filed an amended complaint.  The Managing General Partner
filed demurrers to the amended complaint which were heard February 1999.

Pending the ruling on such  demurrers,  settlement  negotiations  commenced.  On
November 2, 1999,  the parties  executed and filed a Stipulation  of Settlement,
settling claims, subject to court approval, on behalf of the Partnership and all
limited partners who owned units as of November 3, 1999. Preliminary approval of
the  settlement  was obtained on November 3, 1999 from the Court,  at which time
the Court set a final  approval  hearing for  December  10,  1999.  Prior to the
December  10,  1999  hearing,  the  Court  received  various  objections  to the
settlement, including a challenge to the Court's preliminary approval based upon
the alleged lack of authority of prior lead counsel to enter the settlement.  On
December 14, 1999, the Managing  General  Partner and its affiliates  terminated
the  proposed  settlement.  In  February  2000,  counsel  for some of the  named
plaintiffs filed a motion to disqualify plaintiff's lead and liaison counsel who
negotiated  the  settlement.  On June  27,  2000,  the  Court  entered  an order
disqualifying  them  from the case and an  appeal  was  taken  from the order on
October 5, 2000. On December 4, 2000, the Court  appointed the law firm of Lieff
Cabraser  Heimann & Bernstein  LLP as new lead  counsel for  plaintiffs  and the
putative class.  Plaintiffs filed a third amended complaint on January 19, 2001.
On March 2, 2001,  the  Managing  General  Partner  and its  affiliates  filed a
demurrer to the third amended  complaint.  The Managing General Partner does not
anticipate  that  costs  associated  with  this  case  will be  material  to the
Partnership's overall operations.

The  Partnership is unaware of any other pending or outstanding  litigation that
is not of a routine nature arising in the ordinary course of business.

Item 4.     Submission of Matters to a Vote of Security Holders

During the quarter ended December 31, 2000, no matter was submitted to a vote of
unit holders through the solicitation of proxies or otherwise.

                                     PART II

Item 5.   Market for the Partnership's Common Equity and Related Security Holder
          Matters

The  Partnership,  a  publicly-held  limited  partnership,  sold 75,000  Limited
Partnership  Units  aggregating  $75,000,000.  The  Partnership has 75,000 units
outstanding  held by 3,618  Limited  Partners  of record at December  31,  2000.
Affiliates  of the  Managing  General  Partner  owned  39,555.5 or 52.74% of the
limited  partnership  units at December 31, 2000. No public  trading  market has
developed  for the  Units,  and it is not  anticipated  that such a market  will
develop in the future.

The following table sets forth the distributions made by the Partnership for the
years ended  December  31, 1999 and 2000  subsequent  to December  31, 2000 (see
"Item 6. Management's  Discussion and Analysis or Plan of Operation" for further
details):

                                         Aggregate           Per Unit
                                      (in thousands)

       01/01/99 - 12/31/99               $1,620 (1)           $21.39
       01/01/00 - 12/31/00                  703 (1)             9.28
      Subsequent to 12/31/00                390 (1)             5.15

(1)  Distributions  were  made  from  prior  cumulative  undistributed  sale and
refinancing proceeds.

Future cash  distributions  will depend on the levels of net cash generated from
operations,  the  availability of cash reserves,  the timing of debt maturities,
refinancings  and/or property sales. The  Partnership's  distribution  policy is
reviewed on a quarterly  basis.  There can be no assurance that the  Partnership
will  generate   sufficient  funds  from  operations,   after  required  capital
expenditures,  to permit any additional distributions to its partners in 2001 or
subsequent   periods.   See  "Item  2.   Description  of  Properties  -  Capital
Improvements" for information  relating to anticipated  capital  expenditures at
the properties.

In addition to its  indirect  ownership of the general  partner  interest in the
Partnership,  AIMCO and its affiliates owned 39,555.5 limited  partnership units
in the Partnership  representing  52.74% of the outstanding units as of December
31, 2000. A number of these units were  acquired  pursuant to tender offers made
by AIMCO or its  affiliates.  It is possible that AIMCO or its  affiliates  will
acquire additional limited partnership  interests in the Partnership for cash or
in exchange  for units in the  operating  partnership  of AIMCO  either  through
private  purchases or tender offers.  In this regard, on February 8, 2001, AIMCO
Properties, L.P., commenced a tender offer to acquire all of the Units not owned
by affiliates of AIMCO for a purchase price of $95.00 per Unit. Pursuant to this
offer,  AIMCO acquired an additional 342 units  resulting in its total ownership
being  increased  to 39,897.5  units or 53.20% of the total  outstanding  units.
Under the Partnership Agreement, unitholders holding a majority of the Units are
entitled  to take  action  with  respect to a variety of  matters,  which  would
include  without  limitation,  voting on certain  amendments to the  Partnership
Agreement and voting to remove the Managing General Partner.  As a result of its
ownership  of  53.20%  of the  outstanding  units,  AIMCO  is in a  position  to
influence all voting  decisions with respect to the  Registrant.  When voting on
matters,  AIMCO would in all  likelihood  vote the Units it acquired in a manner
favorable  to the  interest  of the  Managing  General  Partner  because  of its
affiliation  with  the  Managing  General  Partner.   Insignia  Properties  L.P.
("IPLP"), an affiliate of AIMCO and the Managing General Partner indirectly, had
agreed for the  benefit  of  non-tendering  unitholders,  that it would vote its
Units acquired in January 1996: (i) against any increase in compensation payable
to the Managing General Partner or to affiliates;  and (ii) on all other matters
submitted  by it  or  its  affiliates,  in  proportion  to  the  votes  cast  by
non-tendering  unitholders.  Except for the foregoing,  no other limitations are
imposed on IPLP's,  AIMCO's or any of their  affiliates' right to vote each unit
acquired.

Item 6.     Management's Discussion and Analysis or Plan of Operation

The  matters  discussed  in this Form  10-KSB  contain  certain  forward-looking
statements  and  involve  risks and  uncertainties  (including  changing  market
conditions,   competitive  and  regulatory   matters,   etc.)  detailed  in  the
disclosures  contained  in this  Form  10-KSB  and the  other  filings  with the
Securities and Exchange Commission made by the Registrant from time to time. The
discussion of the  Registrant's  business and results of  operations,  including
forward-looking  statements  pertaining  to such  matters,  does not  take  into
account the effects of any changes to the  Registrant's  business and results of
operation.  Accordingly,  actual  results  could  differ  materially  from those
projected in the forward-looking  statements as a result of a number of factors,
including those identified herein.

This  item  should  be read  in  conjunction  with  the  consolidated  financial
statements and other items contained elsewhere in this report.

Results of Operations

The Registrant's  net income for year ended December 31, 2000 was  approximately
$496,000 as compared to  approximately  $540,000 for the year ended December 31,
1999. Net income decreased due to an increase in total expenses, which more than
offset  an  increase  in total  revenues.  The  increase  in total  revenues  is
attributable  to an increase in rental and other income.  The increase in rental
income is the result of an  increase  in  average  annual  rental  rates at both
investment  properties  as well as an increase in average  occupancy  at Oak Run
Apartments,  partially  offset  by an  increase  in  concessions.  Other  income
increased due to an increase in cable  television  fees received from tenants at
both  investment  properties  and  late  charges  and  utility  fees  at Oak Run
Apartments,  partially  offset by a reduction  in telephone  commission  fees at
Overlook Point Apartments.

Total expenses  increased  primarily due to increases in operating  expenses and
depreciation expense. Operating expenses increased primarily due to increases in
employee  related  expenses and  utilities,  particularly  natural gas and water
costs.   The  increase  in  depreciation   expense  is  the  result  of  capital
improvements and replacements during 2000 and 1999 now being depreciated.

Included in general and  administrative  expenses at both  December 31, 2000 and
1999 are management reimbursements to the Managing General Partner allowed under
the Partnership Agreement. In addition,  costs associated with the quarterly and
annual  communications  with  investors and  regulatory  agencies and the annual
audit required by the Partnership Agreement are also included.

As part of the ongoing  business plan of the  Partnership,  the Managing General
Partner monitors the rental market  environment of its investment  properties to
assess the feasibility of increasing rents,  maintaining or increasing occupancy
levels and protecting the Partnership from increases in expense. As part of this
plan, the Managing  General Partner attempts to protect the Partnership from the
burden of  inflation-related  increases  in  expenses  by  increasing  rents and
maintaining a high overall  occupancy  level.  However,  due to changing  market
conditions,  which  can  result  in the use of  rental  concessions  and  rental
reductions to offset softening market conditions, there is no guarantee that the
Managing General Partner will be able to sustain such a plan.

Capital Resources and Liquidity

At  December  31,  2000,  the  Registrant  had  cash  and  cash  equivalents  of
approximately  $870,000 as compared to  approximately  $462,000 at December  31,
1999,  an  increase of  approximately  $408,000.  The  increase in cash and cash
equivalents  is primarily  due to  approximately  $1,747,000 of cash provided by
operating activities. This increase was offset by approximately $914,000 of cash
used  in  financing  activities  and  approximately  $425,000  of  cash  used in
investing   activities.   Cash  used  in  financing   activities   consisted  of
distributions  to  partners  and  principal   payments  made  on  the  mortgages
encumbering  the  Registrant's  properties.  Cash used in  investing  activities
consisted of capital  improvements and  replacements,  offset by net withdrawals
from  restricted  escrows  maintained  by the mortgage  lender.  The  Registrant
invests its working capital reserves in interest-bearing accounts.

An  affiliate  of  the  Managing  General  Partner  has  made  available  to the
Partnership  a  credit  line  of  up to  $150,000  per  property  owned  by  the
Partnership. At the present time, the Partnership has no outstanding amounts due
under this line of credit.  Based on present plans, the Managing General Partner
does not anticipate  the need to borrow in the near future.  Other than cash and
cash equivalents,  the line of credit is the Partnership's only unused source of
liquidity.

The sufficiency of existing  liquid assets to meet future  liquidity and capital
expenditure   requirements   is  directly   related  to  the  level  of  capital
expenditures  required at the  properties  to  adequately  maintain the physical
assets and other  operating  needs of the Registrant and to comply with Federal,
state, and local legal and regulatory requirements. The Partnership is currently
evaluating  the capital  improvement  needs of the  properties  for the upcoming
year.  The minimum to be  budgeted is expected to be $275 per unit or  $199,100.
Additional  improvements  may be  considered  and will  depend  on the  physical
condition of the properties as well as replacement reserves and anticipated cash
flow generated by the properties.

The  Registrant's  current assets are thought to be sufficient for any near-term
needs  (exclusive  of capital  improvements)  of the  Registrant.  The  mortgage
indebtedness  of  approximately  $19,012,000 is amortized over thirty years with
balloon payments of approximately  $9,728,000 and $8,127,000 due in October 2004
and September 2005,  respectively.  The Managing General Partner will attempt to
refinance such  indebtedness  and/or sell the properties  prior to such maturity
dates. If the properties  cannot be refinanced or sold for a sufficient  amount,
the Partnership may risk losing such properties through foreclosure.

Cash  distributions  of prior  cumulative  undistributed  sale  and  refinancing
proceeds  of  approximately  $703,000  (approximately  $696,000  to the  limited
partners or $9.28 per limited  partnership  unit) and $1,620,000  (approximately
$1,604,000 to the limited partners or $21.39 per limited  partnership unit) were
made during the years ended December 31, 2000 and 1999, respectively. Subsequent
to December 31, 2000, cash distributions of prior cumulative  undistributed sale
and  refinancing  proceeds of  approximately  $390,000  were  declared  and paid
(approximately $386,000 to the limited partners or $5.15 per limited partnership
unit). Future cash distributions will depend on the levels of net cash generated
from  operations,  the  availability  of cash  reserves  and the  timing of debt
maturities,  refinancings and/or property sales. The Partnership's  distribution
policy is reviewed  on a quarterly  basis.  There can be no  assurance  that the
Partnership  will  generate  sufficient  funds from  operations  after  required
capital  expenditures to permit any additional  distributions to its partners in
2001 or subsequent periods.

In addition to its  indirect  ownership of the general  partner  interest in the
Partnership,  AIMCO and its affiliates owned 39,555.5 limited  partnership units
in the Partnership  representing  52.74% of the outstanding units as of December
31, 2000. A number of these units were  acquired  pursuant to tender offers made
by AIMCO or its  affiliates.  It is possible that AIMCO or its  affiliates  will
acquire additional limited partnership  interests in the Partnership for cash or
in exchange  for units in the  operating  partnership  of AIMCO  either  through
private  purchases or tender offers.  In this regard, on February 8, 2001, AIMCO
Properties, L.P., commenced a tender offer to acquire all of the Units not owned
by affiliates of AIMCO for a purchase price of $95.00 per Unit. Pursuant to this
offer,  AIMCO acquired an additional 342 units  resulting in its total ownership
being  increased  to 39,897.5  units or 53.20% of the total  outstanding  units.
Under the Partnership Agreement, unitholders holding a majority of the Units are
entitled  to take  action  with  respect to a variety of  matters,  which  would
include  without  limitation,  voting on certain  amendments to the  Partnership
Agreement and voting to remove the Managing General Partner.  As a result of its
ownership  of  53.20%  of the  outstanding  units,  AIMCO  is in a  position  to
influence all voting  decisions with respect to the  Registrant.  When voting on
matters,  AIMCO would in all  likelihood  vote the Units it acquired in a manner
favorable  to the  interest  of the  Managing  General  Partner  because  of its
affiliation  with  the  Managing  General  Partner.   Insignia  Properties  L.P.
("IPLP"), an affiliate of AIMCO and the Managing General Partner indirectly, had
agreed for the  benefit  of  non-tendering  unitholders,  that it would vote its
Units acquired in January 1996: (i) against any increase in compensation payable
to the Managing General Partner or to affiliates;  and (ii) on all other matters
submitted  by it  or  its  affiliates,  in  proportion  to  the  votes  cast  by
non-tendering  unitholders.  Except for the foregoing,  no other limitations are
imposed on IPLP's,  AIMCO's or any of their  affiliates  right to vote each unit
acquired.

<PAGE>

Item 7.     Financial Statements

CENTURY PROPERTIES FUND XVIII

LIST OF FINANCIAL STATEMENTS

     Report of Ernst & Young, LLP Independent Auditors

     Consolidated Balance Sheet - December 31, 2000

     Consolidated  Statements of Operations - Years ended  December 31, 2000 and
     1999

     Consolidated  Statements of Changes in Partners'  (Deficit) Capital - Years
     ended December 31, 2000 and 1999

     Consolidated  Statements of Cash Flows - Years ended  December 31, 2000 and
     1999

     Notes to Consolidated Financial Statements


<PAGE>


                 Report of Ernst & Young LLP, Independent Auditors



The Partners
Century Properties Fund XVIII


We  have  audited  the  accompanying   consolidated  balance  sheet  of  Century
Properties  Fund XVIII as of December  31,  2000,  and the related  consolidated
statements of operations, changes in partners' (deficit) capital, and cash flows
for each of the two years in the period ended December 31, 2000. These financial
statements  are  the  responsibility  of  the  Partnership's   management.   Our
responsibility  is to express an opinion on these financial  statements based on
our audits.

We conducted our audits in accordance with auditing standards generally accepted
in the United States. Those standards require that we plan and perform the audit
to obtain reasonable  assurance about whether the financial  statements are free
of material misstatement. An audit includes examining, on a test basis, evidence
supporting  the amounts and  disclosures in the financial  statements.  An audit
also includes assessing the accounting principles used and significant estimates
made  by the  Partnership's  management,  as  well  as  evaluating  the  overall
financial  statement  presentation.   We  believe  that  our  audits  provide  a
reasonable basis for our opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all material respects, the consolidated financial position of Century Properties
Fund XVIII at December 31, 2000, and the consolidated  results of its operations
and its cash flows for each of the two years in the period  ended  December  31,
2000, in conformity with accounting  principles generally accepted in the United
States.


                                                            /s/ERNST & YOUNG LLP


Greenville, South Carolina
March 15, 2001


<PAGE>



                          CENTURY PROPERTIES FUND XVIII
                           CONSOLIDATED BALANCE SHEET
                          (in thousands, except unit data)

                                December 31, 2000
<TABLE>
<CAPTION>


Assets
<S>                                                                          <C>
   Cash and cash equivalents                                                 $   870
   Receivables and deposits                                                       57
   Restricted escrows                                                             31
   Other assets                                                                  270
   Investment properties (Notes C and F):
      Land                                                    $ 7,296
      Buildings and related personal property                   21,116
                                                                28,412
      Less accumulated depreciation                            (12,016)       16,396
                                                                            $ 17,624

Liabilities and Partners' (Deficit) Capital
Liabilities
   Accounts payable                                                           $   65
   Other liabilities                                                             188
   Accrued property taxes                                                        367
   Tenant security deposit liabilities                                            76
   Mortgage notes payable (Note C)                                            19,012

Partners' (Deficit) Capital
   General partner                                            $ (6,254)
   Limited partners (75,000 units
      issued and outstanding)                                    4,170        (2,084)
                                                                            $ 17,624
</TABLE>

           See Accompanying Notes to Consolidated Financial Statements


<PAGE>
<TABLE>
<CAPTION>


                          CENTURY PROPERTIES FUND XVIII
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                          (in thousands, except unit data)


                                                           Years Ended December 31,
                                                              2000         1999
Revenues:
<S>                                                          <C>          <C>
   Rental income                                             $ 4,879      $ 4,790
   Other income                                                  304          258
      Total revenues                                           5,183        5,048

Expenses:
   Operating                                                   1,749        1,623
   General and administrative                                    277          290
   Depreciation                                                  822          721
   Interest                                                    1,377        1,404
   Property tax                                                  462          470
      Total expenses                                           4,687        4,508

Net income                                                   $   496      $   540

Net income allocated to general partner                      $    50      $    53
Net income allocated to limited partners                         446          487

                                                             $   496      $   540

Net income per limited partnership unit                      $  5.95      $  6.49

Distributions per limited partnership unit                   $  9.28      $ 21.39
</TABLE>

           See Accompanying Notes to Consolidated Financial Statements


<PAGE>


                           CENTURY PROPERTIES FUND XVIII
         CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' (DEFICIT) CAPITAL
                          (in thousands, except unit data)

<TABLE>
<CAPTION>


                                         Limited
                                       Partnership     General    Limited
                                          Units        Partner    Partners    Total

<S>                                       <C>          <C>        <C>        <C>
Original capital contributions            75,000       $    --    $75,000    $75,000

Partners' (deficit) capital at
   December 31, 1998                      75,000       $(6,334)   $ 5,537     $ (797)

Distributions to partners                     --           (16)    (1,604)    (1,620)

Net income for the year ended
   December 31, 1999                          --            53        487        540

Partners' (deficit) capital at
   December 31, 1999                      75,000        (6,297)     4,420     (1,877)

Distributions to partners                     --            (7)      (696)      (703)

Net income for the year ended
   December 31, 2000                          --            50        446        496

Partners' (deficit) capital at
   December 31, 2000                      75,000       $(6,254)   $ 4,170    $(2,084)
</TABLE>

           See Accompanying Notes to Consolidated Financial Statements

<PAGE>

                          CENTURY PROPERTIES FUND XVIII
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (in thousands)
<TABLE>
<CAPTION>

                                                              Years Ended December 31,
                                                                  2000        1999
Cash flows from operating activities:
<S>                                                              <C>           <C>
  Net income                                                     $  496        $ 540
  Adjustments to reconcile net income to net
   cash provided by operating activities:
     Depreciation                                                   822          721
     Amortization of loan costs                                      63           71
     Change in accounts:
      Receivables and deposits                                      397           47
      Other assets                                                    4           (5)
      Accounts payable                                                3           41
      Other liabilities                                             (45)          56
      Accrued property taxes                                          1           18
      Tenant security deposit liabilities                             6          (16)

        Net cash provided by operating activities                 1,747        1,473

Cash flows from investing activities:
  Property improvements and replacements                           (548)        (721)
  Net withdrawals from restricted escrows                           123           87

        Net cash used in investing activities                      (425)        (634)

Cash flows from financing activities:
  Payments on mortgage notes payable                               (211)        (234)
  Distributions to partners                                        (703)      (1,620)

        Net cash used in financing activities                      (914)      (1,854)

Net increase (decrease) in cash and cash equivalents                408       (1,015)

Cash and cash equivalents at beginning of year                      462        1,477

Cash and cash equivalents at end of year                         $  870      $   462

Supplemental disclosure of cash flow information:
  Cash paid for interest                                        $ 1,207      $ 1,443
</TABLE>

           See Accompanying Notes to Consolidated Financial Statements

<PAGE>

                          CENTURY PROPERTIES FUND XVIII
                     NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


Note A - Organization and Significant Accounting Policies

Organization:  Century Properties Fund XVIII (the "Partnership" or "Registrant")
is a  California  limited  partnership  organized  in July 1982 to  acquire  and
operate residential  apartment complexes.  The Partnership's  general partner is
Fox Partners.  The general  partners of Fox Partners are Fox Capital  Management
Corporation  (the "Managing  General  Partner" or "FCMC"),  Fox Realty Investors
("FRI"),  and Fox  Partners  82. The Managing  General  Partner,  as well as the
managing  general  partner of FRI, are  affiliates of Apartment  Investment  and
Management Company ("AIMCO"). See "Note B - Transfer of Control". As of December
31, 2000, the Partnership  operates two residential  apartment complexes located
in Texas and Utah. The Partnership Agreement provides that the Partnership is to
terminate  on  December  31,  2020  unless  terminated  prior to such date.  The
directors and officers of the Managing  General  Partner also serve as executive
officers of AIMCO.

Principles of Consolidation:  The Partnership's financial statements include the
accounts of the Partnership  and its  wholly-owned  partnership,  Oak Run LP the
entity which holds title to Oak Run Apartments.

Allocations to Partners:  Net income, losses and cash available for distribution
(excluding  those arising from the occurrence of sales or  dispositions)  of the
Partnership  will be  allocated  (i) 9% to the  General  Partner  and  (ii)  the
remainder allocated 1% to the General Partner and 99% to the Limited Partners on
an annual basis.

In accordance  with the Partnership  Agreement,  any gain from the sale or other
disposition  of  Partnership  properties  shall be  allocated;  (i) first to the
General  Partner to the extent it is entitled to receive  distributions  of cash
pursuant to the above and from the sale or disposition of properties  (ii) next,
until such time as the  General  Partner  does not have a deficit in its capital
account,  10% to the General  Partner and 90% to the  Limited  Partnership  Unit
Holders, and (iii) to the Limited Partnership Unit Holders.

Cash from  sales or other  dispositions,  or  refinancing  and  working  capital
reserves are distributed 99% to the Limited  Partnership  Unit Holders and 1% to
the General Partner, until: (i) each Limited Partnership Unit Holder receives an
amount which equals the total of their original invested capital contributed for
his Limited Partnership Units and (ii) a sum equal to 8% per year, as determined
on a cumulative,  non-compounded  basis, on the Adjusted  Invested  Capital,  as
adjusted from time to time, of such Limited Partnership Unit Holder,  calculated
from the first day of the month in which he was  admitted as a Limited  Partner.
Thereafter,  the General  Partner will receive 15% of any  additional  cash from
sales or refinancing and working capital reserve available for distribution and,
finally,  the remainder of such being  allocated 99% to the Limited  Partnership
Unit  Holders and 1% to the General  Partner.  Upon sale of all  properties  and
termination  of  the  Partnership,  the  General  Partner  may  be  required  to
contribute  certain funds to the  Partnership in accordance with the Partnership
Agreement.

At December 31, 2000  approximately  $2,336,000 of cumulative  net proceeds from
sales and refinancings remained undistributed.  Therefore,  future distributions
will be  distributed  in  accordance  with  the  previous  paragraph  until  the
cumulative net proceeds from sales and refinancings are fully distributed.

Depreciation:  Depreciation is calculated by the  straight-line  method over the
estimated  lives of the rental  properties and related  personal  property.  For
Federal income tax purposes,  the  accelerated  cost recovery method is used (1)
for real property over 15 years for additions  prior to March 16, 1984, 18 years
for  additions  after  March 15,  1984 and before May 9, 1985,  and 19 years for
additions  after May 8, 1985,  and before  January 1, 1987, and (2) for personal
property over 5 years for additions prior to January 1, 1987. As a result of the
Tax Reform Act of 1986,  for  additions  after  December 31, 1986,  the modified
accelerated  cost recovery method is used for  depreciation of (1) real property
over 27 1/2 years and (2) personal property additions over 5 years.

Cash and Cash Equivalents: Cash and cash equivalents include cash on hand and in
banks and money market accounts.  At certain times, the amount of cash deposited
at a bank may exceed  the limit on  insured  deposits.  Cash  balances  included
approximately $752,000 at December 31, 2000 that are maintained by an affiliated
management  company  on  behalf of  affiliated  entities  in cash  concentration
accounts.

Security Deposits:  The Partnership  requires security deposits from lessees for
the  duration of the lease and such  deposits are  included in  receivables  and
deposits.  The security deposits are refunded when the tenant vacates,  provided
the tenant has not damaged its space and is current on its rental payments.

Leases: The Partnership  generally leases apartment units for twelve-month terms
or less. The Partnership recognizes income as earned on its leases. In addition,
the Managing  General  Partner's  policy is to offer rental  concessions  during
particularly  slow months or in response to heavy competition from other similar
complexes  in the  area.  Concessions  are  charged  against  rental  income  as
incurred.

Loan Costs: Loan costs of approximately $415,000 are included in other assets in
the  accompanying  consolidated  balance  sheet  and are  being  amortized  on a
straight-line  basis  over  the  life  of  the  loans.  At  December  31,  2000,
accumulated  amortization is approximately $185,000.  Amortization of loan costs
is included in interest expense in the accompanying  consolidated  statements of
operations.

Investment Properties:  Investment properties consist of two apartment complexes
and are  stated  at cost.  Acquisition  fees are  capitalized  as a cost of real
estate.  In accordance with Financial  Accounting  Standards Board Statement No.
121,  "Accounting  for the  Impairment of Long-Lived  Assets and for  Long-Lived
Assets  to be  Disposed  Of",  the  Partnership  records  impairment  losses  on
long-lived assets used in operations when events and circumstances indicate that
the assets might be impaired  and the  undiscounted  cash flows  estimated to be
generated by those assets are less than the carrying amounts of these assets. No
adjustments  for  impairment of value were recorded in the years ended  December
31, 2000 or 1999.

Income  Taxes:  Taxable  income or loss of the  Partnership  is  reported in the
income tax returns of its partners.  Accordingly,  no provision for income taxes
is made in the consolidated financial statements of the Partnership.

Fair Value of Financial Instruments: Statement of Financial Accounting Standards
("SFAS") No. 107,  "Disclosures about Fair Value of Financial  Instruments",  as
amended by SFAS No. 119, "Disclosures about Derivative Financial Instruments and
Fair  Value  of  Financial  Instruments",  requires  disclosure  of  fair  value
information  about  financial  instruments,  whether  or not  recognized  in the
balance sheet, for which it is practicable to estimate fair value. Fair value is
defined in the SFAS as the amount at which the instruments could be exchanged in
a  current  transaction  between  willing  parties,  other  than in a forced  or
liquidation  sale.  The  Partnership  believes that the carrying  amounts of its
financial  instruments (except for long term debt) approximate their fair values
due to the short  term  maturity  of these  instruments.  The fair  value of the
Partnership's  long term debt, after  discounting the scheduled loan payments to
maturity, approximates its carrying balance.

Use of Estimates:  The  preparation of financial  statements in conformity  with
generally accepted  accounting  principles requires management to make estimates
and assumptions that affect the amounts reported in the financial statements and
accompanying notes. Actual results could differ from those estimates.

Segment Reporting: SFAS No. 131, "Disclosure about Segments of an Enterprise and
Related  Information"  established  standards  for the way that public  business
enterprises  report  information  about operating  segments in annual  financial
statements and requires that those enterprises report selected information about
operating segments in interim financial reports.  It also establishes  standards
for related disclosures about products and services, geographic areas, and major
customers.  As defined in SFAS No. 131, the  Partnership has only one reportable
segment.  The Managing General Partner believes that  segment-based  disclosures
will  not  result  in a  more  meaningful  presentation  than  the  consolidated
financial statements as currently presented.

Advertising  Costs:  The  Partnership  expenses  the  costs  of  advertising  as
incurred. Advertising costs of approximately $110,000 and $103,000 for the years
ended  December  31,  2000 and 1999,  respectively,  were  charged to  operating
expense.

Note B - Transfer of Control

Pursuant  to a series  of  transactions  which  closed  on  October  1, 1998 and
February 26, 1999,  Insignia Financial Group, Inc. and Insignia Properties Trust
merged into AIMCO, a publicly traded real estate  investment  trust,  with AIMCO
being the surviving  corporation.  As a result,  AIMCO  acquired 100%  ownership
interest in the Managing General Partner.  The Managing General Partner does not
believe  that this  transaction  has had or will have a  material  effect on the
affairs and operations of the Partnership.

Note C - Mortgage Notes Payable

The terms of mortgage notes payable are as follows:
<TABLE>
<CAPTION>

                        Principal     Monthly                            Principal
                        Balance At    Payment    Stated                   Balance
                       December 31,  Including  Interest   Maturity        Due At
        Property           2000       Interest    Rate       Date         Maturity
                           (in thousands)                              (in thousands)
Overlook Point
<S>                      <C>           <C>        <C>       <C>           <C>
  Apartments             $ 8,757       $  56      6.33%     09/2005       $ 8,127
Oak Run Apartments        10,255          73      7.36%     10/2004         9,728

                         $19,012       $ 129                              $17,855
</TABLE>

All mortgage agreements include non-recourse provisions which limit the lenders'
remedies in the event of default to the specific property  collateralizing  each
loan.  The notes  require  prepayment  penalties  if prepaid  prior to maturity.
Further, the properties may not be sold subject to existing indebtedness.

An  affiliate  of  the  Managing  General  Partner  has  made  available  to the
Partnership  a  credit  line  of  up to  $150,000  per  property  owned  by  the
Partnership. At the present time, the Partnership has no outstanding amounts due
under this line of credit.

Scheduled  principal  payments  on the  mortgage  notes  payable  subsequent  to
December 31, 2000 are as follows (in thousands):

                            2001               $   246
                            2002                   264
                            2003                   283
                            2004                 9,990
                            2005                 8,229
                                               $19,012

Note D - Income Taxes

Differences between the net income as reported and Federal taxable income result
primarily from  depreciation  over different  methods and lives and on differing
cost basis. The following is a reconciliation of reported net income and Federal
taxable income:

                                                     2000          1999
Net income as reported                              $  496        $  540
Add (deduct):
  Depreciation differences                             374           212
  Other                                                (51)           49
Federal taxable income                              $  819        $  801
Federal taxable income per limited
  partnership unit                                  $ 9.84        $ 9.62

The following is a reconciliation between the Partnership's reported amounts and
Federal tax basis of net assets and liabilities (in thousands):

                                                 2000
Net liabilities as reported                    $(2,084)
Land and buildings                               1,195
Accumulated depreciation                        (9,088)
Syndication and distribution costs               9,592
Other                                              136
Net liabilities - Federal tax basis             $ (249)

Note E - Transactions with Affiliated Parties

The  Partnership  has no employees  and is  dependent  on the  Managing  General
Partner  and  its  affiliates  for  the  management  and  administration  of all
Partnership  activities.  The Partnership Agreement provides for (i) payments to
affiliates for services and (ii)  reimbursement of certain expenses  incurred by
affiliates on behalf of the Partnership. The following payments were made to the
Managing General Partner and affiliates during the years ended December 31, 2000
and 1999:

                                                                  2000      1999
                                                                  (in thousands)

 Property management fees (included in operating expense)         $262      $254
 Reimbursement for services of affiliates (included in
   general and administrative expenses and investment
   properties)                                                     184       126

During the years ended  December 31, 2000 and 1999,  affiliates  of the Managing
General  Partner were entitled to receive 5% of gross  receipts from both of the
Registrant's   properties  for  providing  property  management  services.   The
Registrant paid to such affiliates  approximately  $262,000 and $254,000 for the
years ended December 31, 2000 and 1999, respectively.

An  affiliate  of  the  Managing  General  Partner  received   reimbursement  of
accountable  administrative  expenses  amounting to  approximately  $184,000 and
$126,000 for the years ended December 31, 2000 and 1999, respectively.

As  compensation  for the  services  rendered in managing the  Partnership,  the
Managing  General  Partner is entitled to receive a Partnership  Management  Fee
equal to 9% of  distributions  from  operations  as defined  in the  Partnership
Agreement.  During the years ended  December 31, 2000 and 1999,  no amounts were
paid to the Managing General Partner.

In addition to its  indirect  ownership of the general  partner  interest in the
Partnership,  AIMCO and its affiliates owned 39,555.5 limited  partnership units
in the Partnership  representing  52.74% of the outstanding units as of December
31, 2000. A number of these units were  acquired  pursuant to tender offers made
by AIMCO or its  affiliates.  It is possible that AIMCO or its  affiliates  will
acquire additional limited partnership  interests in the Partnership for cash or
in exchange  for units in the  operating  partnership  of AIMCO  either  through
private  purchases or tender offers.  In this regard, on February 8, 2001, AIMCO
Properties, L.P., commenced a tender offer to acquire all of the Units not owned
by affiliates of AIMCO for a purchase price of $95.00 per Unit. Pursuant to this
offer,  AIMCO acquired an additional 342 units  resulting in its total ownership
being  increased  to 39,897.5  units or 53.20% of the total  outstanding  units.
Under the Partnership Agreement, unitholders holding a majority of the Units are
entitled  to take  action  with  respect to a variety of  matters,  which  would
include  without  limitation,  voting on certain  amendments to the  Partnership
Agreement and voting to remove the Managing General Partner.  As a result of its
ownership  of  53.20%  of the  outstanding  units,  AIMCO  is in a  position  to
influence all voting  decisions with respect to the  Registrant.  When voting on
matters,  AIMCO would in all  likelihood  vote the Units it acquired in a manner
favorable  to the  interest  of the  Managing  General  Partner  because  of its
affiliation  with  the  Managing  General  Partner.   Insignia  Properties  L.P.
("IPLP"), an affiliate of AIMCO and the Managing General Partner indirectly, had
agreed for the  benefit  of  non-tendering  unitholders,  that it would vote its
Units acquired in January 1996: (i) against any increase in compensation payable
to the Managing General Partner or to affiliates;  and (ii) on all other matters
submitted  by it  or  its  affiliates,  in  proportion  to  the  votes  cast  by
non-tendering  unitholders.  Except for the foregoing,  no other limitations are
imposed on IPLP's,  AIMCO's or any of their  affiliates  right to vote each unit
acquired.

Note F - Investment Properties and Accumulated Depreciation
<TABLE>
<CAPTION>

                                                   Initial Cost
                                                  To Partnership
                                                  (in thousands)

                                                          Buildings          Costs
                                                         and Related      Capitalized
                                                          Personal       Subsequent to
     Description           Encumbrances       Land        Property        Acquisition
                          (in thousands)                                (in thousands)

Overlook Point
<S>                          <C>             <C>           <C>              <C>
  Apartments                 $ 8,757         $ 1,082       $ 8,225          $ 1,663
Oak Run Apartments            10,255           6,218         8,713            2,511

Total                        $19,012         $ 7,300       $16,938          $ 4,174
</TABLE>

<TABLE>
<CAPTION>

                        Gross Amount At Which Carried
                             At December 31, 2000
                                (in thousands)

                                     Buildings
                                     And Related
                                      Personal            Accumulated    Date    Depreciable
      Description           Land     Property    Total   Depreciation  Acquired     Life
                                       (in thousands)

<S>                        <C>        <C>       <C>        <C>         <C>        <C>
Overlook Point Apartments  $ 1,078    $ 9,892   $10,970    $ 5,404     07/83      5-30 yrs
Oak Run Apartments           6,218     11,224    17,442      6,612     11/83      5-30 yrs

Total                      $ 7,296    $21,116   $28,412    $12,016
</TABLE>


Reconciliation of "Investment Properties and Accumulated Depreciation":

                                                Years Ended December 31,
                                                  2000            1999
Investment Properties                                (in thousands)
Balance at beginning of year                    $27,864          $27,143
    Property improvements                           548              721
Balance at end of year                          $28,412          $27,864

Accumulated Depreciation
Balance at beginning of year                    $11,194          $10,473
    Additions charged to expense                    822              721
Balance at end of year                          $12,016          $11,194

The aggregate cost of the investment  properties for Federal income tax purposes
at December 31, 2000 and 1999, is  approximately  $29,607,000  and  $29,045,000,
respectively. The accumulated depreciation taken for Federal income tax purposes
at December 31, 2000 and 1999, is  approximately  $21,104,000  and  $20,658,000,
respectively.

Note G - Legal Proceedings

In March 1998, several putative unit holders of limited partnership units of the
Partnership  commenced an action  entitled  Rosalie  Nuanes,  et al. v. Insignia
Financial  Group,  Inc., et al. in the Superior Court of the State of California
for the County of San Mateo. The plaintiffs  named as defendants,  among others,
the  Partnership,  its Managing  General Partner and several of their affiliated
partnerships  and corporate  entities.  The action  purports to assert claims on
behalf of a class of limited  partners and derivatively on behalf of a number of
limited  partnerships  (including  the  Partnership)  which are named as nominal
defendants,  challenging,  among other things,  the  acquisition of interests in
certain general partner entities by Insignia Financial Group, Inc.  ("Insignia")
and entities which were, at one time, affiliates of Insignia; past tender offers
by the Insignia affiliates to acquire limited  partnership units;  management of
the  partnerships  by the  Insignia  affiliates;  and the Insignia  Merger.  The
plaintiffs  seek  monetary  damages and  equitable  relief,  including  judicial
dissolution of the  Partnership.  On June 25, 1998, the Managing General Partner
filed a motion  seeking  dismissal of the action.  In lieu of  responding to the
motion, the plaintiffs filed an amended complaint.  The Managing General Partner
filed demurrers to the amended complaint which were heard February 1999.

Pending the ruling on such  demurrers,  settlement  negotiations  commenced.  On
November 2, 1999,  the parties  executed and filed a Stipulation  of Settlement,
settling claims, subject to court approval, on behalf of the Partnership and all
limited partners who owned units as of November 3, 1999. Preliminary approval of
the  settlement  was obtained on November 3, 1999 from the Court,  at which time
the Court set a final  approval  hearing for  December  10,  1999.  Prior to the
December  10,  1999  hearing,  the  Court  received  various  objections  to the
settlement, including a challenge to the Court's preliminary approval based upon
the alleged lack of authority of prior lead counsel to enter the settlement.  On
December 14, 1999, the Managing  General  Partner and its affiliates  terminated
the  proposed  settlement.  In  February  2000,  counsel  for some of the  named
plaintiffs filed a motion to disqualify plaintiff's lead and liaison counsel who
negotiated  the  settlement.  On June  27,  2000,  the  Court  entered  an order
disqualifying  them  from the case and an  appeal  was  taken  from the order on
October 5, 2000. On December 4, 2000, the Court  appointed the law firm of Lieff
Cabraser  Heimann & Bernstein  LLP as new lead  counsel for  plaintiffs  and the
putative class.  Plaintiffs filed a third amended complaint on January 19, 2001.
On March 2, 2001,  the  Managing  General  Partner  and its  affiliates  filed a
demurrer to the third amended  complaint.  The Managing General Partner does not
anticipate  that  costs  associated  with  this  case  will be  material  to the
Partnership's overall operations.

The  Partnership is unaware of any other pending or outstanding  litigation that
is not of a routine nature arising in the ordinary course of business.

Note H - Distributions

Cash  distributions  of prior  cumulative  undistributed  sale  and  refinancing
proceeds  of  approximately  $703,000  (approximately  $696,000  to the  limited
partners or $9.28 per limited  partnership  unit) and $1,620,000  (approximately
$1,604,000 to the limited partners or $21.39 per limited  partnership unit) were
made during the years ended December 31, 2000 and 1999, respectively. Subsequent
to December 31, 2000, cash distributions of prior cumulative  undistributed sale
and  refinancing  proceeds of  approximately  $390,000  were  declared  and paid
(approximately $386,000 to the limited partners or $5.15 per limited partnership
unit).


Item 8. Changes in and Disagreements with Accountant on Accounting and Financial
        Disclosures

        None.

<PAGE>
                                    PART III

Item 9. Directors, Executive Officers, Promoters and Control Persons; Compliance
        with Section 16(a) of the Exchange Act

Neither the  Registrant,  nor Fox Partners  ("Fox"),  the general partner of the
Registrant,  has any officers or directors.  Fox Capital Management  Corporation
(the "Managing General Partner" or "FCMC"), the managing general partner of Fox,
manages  and  controls  substantially  all of the  Registrant's  affairs and has
general  responsibility  and  ultimate  authority in all matters  affecting  its
business.

The  names  and ages of,  as well as the  positions  and  offices  held by,  the
executive  officers and directors of the Managing  General Partner are set forth
below.  There are no family  relationships  between  or among  any  officers  or
directors.

Name                        Age    Position

Patrick J. Foye              43    Executive Vice President and Director
Martha L. Long               41    Senior Vice President and Controller

Patrick J. Foye has been  Executive  Vice President and Director of the Managing
General  Partner  since October 1, 1998.  Mr. Foye has served as Executive  Vice
President  of AIMCO  since May 1998.  Prior to  joining  AIMCO,  Mr.  Foye was a
partner in the law firm of Skadden, Arps, Slate, Meagher & Flom LLP from 1989 to
1998 and was  Managing  Partner  of the  firm's  Brussels,  Budapest  and Moscow
offices from 1992  through  1994.  Mr. Foye is also Deputy  Chairman of the Long
Island  Power   Authority  and  serves  as  a  member  of  the  New  York  State
Privatization  Council.  He received a B.A. from Fordham College and a J.D. from
Fordham University Law School.

Martha L. Long has been Senior Vice  President  and  Controller  of the Managing
General  Partner since October 1998 as a result of the  acquisition  of Insignia
Financial  Group,  Inc. As of February 2001, Ms. Long was also appointed head of
the service  business for AIMCO.  From June 1994 until January 1997, she was the
Controller for Insignia, and was promoted to Senior Vice President - Finance and
Controller in January 1997,  retaining that title until October 1998.  From 1988
to June 1994,  Ms. Long was Senior Vice  President and  Controller for The First
Savings Bank, FSB in Greenville, South Carolina.

One or more of the above persons are also directors and/or officers of a general
partner (or general partner of a general partner) of limited  partnerships which
either have a class of  securities  registered  pursuant to Section 12(g) of the
Securities Exchange Act of 1934, or are subject to the reporting requirements of
Section  15(d) of such Act.  Further,  one or more of the above persons are also
directors and/or officers of Apartment Investment and Management Company and the
general  partner  of  AIMCO  Properties,  L.P.,  entities  that  have a class of
securities  registered  pursuant to Section 12(g) of the Securities Exchange Act
of 1934, or are subject to the reporting  requirements of Section 15 (d) of such
Act.

The executive  officers and director of the Managing General Partner fulfill the
obligations  of the Audit  Committee  and  oversee the  Partnership's  financial
reporting process on behalf of the Managing General Partner.  Management has the
primary  responsibility  for the financial  statements and the reporting process
including  the  systems  of  internal  controls.  In  fulfilling  its  oversight
responsibilities,  the executive  officers and director of the Managing  General
Partner reviewed the audited  financial  statements with management  including a
discussion  of the  quality,  not  just  the  acceptability,  of the  accounting
principles,  the  reasonableness  of significant  judgments,  and the clarity of
disclosures in the financial statements.

The executive  officers and director of the Managing  General  Partner  reviewed
with the independent auditors,  who are responsible for expressing an opinion on
the conformity of those audited  financial  statements  with generally  accepted
accounting  principles,  their  judgments  as  to  the  quality,  not  just  the
acceptability, of the Partnership's accounting principles and such other matters
as are required to be discussed with the Audit Committee or its equivalent under
generally  accepted  auditing  standards.   In  addition,  the  Partnership  has
discussed  with  the  independent  auditors  the  auditors'   independence  from
management and the Partnership  including the matters in the written disclosures
required by the Independence Standards Board and considered the compatibility of
non-audit services with the auditors' independence.

The executive  officers and director of the Managing  General Partner  discussed
with the  Partnership's  independent  auditors  the overall  scope and plans for
their audit. In reliance on the reviews and discussions  referred to above,  the
executive officers and director of the Managing General Partner has approved the
inclusion of the audited  financial  statements  in the Form 10-KSB for the year
ended December 31, 2000 for filing with the Securities and Exchange Commission.

The Managing  General Partner has  reappointed  Ernst & Young LLP as independent
auditors to audit the financial  statements of the  Partnership  for the current
fiscal  year.  Fees for the last  fiscal  year were  annual  audit  services  of
approximately  $36,000  and  non-audit  services  (principally  tax-related)  of
approximately $15,000.

Item 10.    Executive Compensation

No direct form of compensation  or  remuneration  was paid by the Partnership to
any officer or director of Fox Partners.

Item 11.    Security Ownership of Certain Beneficial Owners and Management

Except as noted below, no person or entity was known by the Registrant to be the
beneficial owner of more than 5% of the Registrant's  limited  partnership units
as of December 31, 2000.

               Name of                                         Percentage
          Beneficial Owner                Number of Units       of Class

Insignia Properties, LP
  (an affiliate of AIMCO)                    21,717.0            28.96%
Madison River Properties, LLC
  (an affiliate of AIMCO)                     5,259.5             7.01%
AIMCO Properties, LP
  (an affiliate of AIMCO)                    12,479.0            16.64%
Fox Capital Management Company
  (an affiliate of AIMCO)                       100.0             0.13%

Madison  River  Properties,  LLC and  Insignia  Properties  LP and  Fox  Capital
Management  Company are  indirectly  ultimately  owned by AIMCO.  Their business
address is 55 Beattie Place, Greenville, SC 29602.

AIMCO Properties LP is indirectly  ultimately  controlled by AIMCO. Its business
address is 2000 South Colorado Blvd, Denver, Colorado 80222.

No director or officer of the Managing General Partner owns any Units.

Item 12.    Certain Relationships and Related Transactions

The  Partnership  has no employees  and is  dependent  on the  Managing  General
Partner  and  its  affiliates  for  the  management  and  administration  of all
Partnership  activities.  The Partnership Agreement provides for (i) payments to
affiliates for services and (ii)  reimbursement of certain expenses  incurred by
affiliates on behalf of the Partnership. The following payments were made to the
Managing General Partner and affiliates during the years ended December 31, 2000
and 1999:

                                                                  2000      1999
                                                                  (in thousands)

 Property management fees                                         $262      $254
 Reimbursement for services of affiliates                          184       126

During the years ended  December 31, 2000 and 1999,  affiliates  of the Managing
General  Partner were entitled to receive 5% of gross  receipts from both of the
Registrant's   properties  for  providing  property  management  services.   The
Registrant paid to such affiliates  approximately  $262,000 and $254,000 for the
years ended December 31, 2000 and 1999, respectively.

An  affiliate  of  the  Managing  General  Partner  received   reimbursement  of
accountable  administrative  expenses  amounting to  approximately  $184,000 and
$126,000 for the years ended December 31, 2000 and 1999, respectively.

As  compensation  for the  services  rendered in managing the  Partnership,  the
Managing  General  Partner is entitled to receive a Partnership  Management  Fee
equal to 9% of  distributions  from  operations  as defined  in the  Partnership
Agreement.  During the years ended  December 31, 2000 and 1999,  no amounts were
paid to the Managing General Partner.

In addition to its  indirect  ownership of the general  partner  interest in the
Partnership,  AIMCO and its affiliates owned 39,555.5 limited  partnership units
in the Partnership  representing  52.74% of the outstanding units as of December
31, 2000. A number of these units were  acquired  pursuant to tender offers made
by AIMCO or its  affiliates.  It is possible that AIMCO or its  affiliates  will
acquire additional limited partnership  interests in the Partnership for cash or
in exchange  for units in the  operating  partnership  of AIMCO  either  through
private  purchases or tender offers.  In this regard, on February 8, 2001, AIMCO
Properties, L.P., commenced a tender offer to acquire all of the Units not owned
by affiliates of AIMCO for a purchase price of $95.00 per Unit. Pursuant to this
offer,  AIMCO acquired an additional 342 units  resulting in its total ownership
being  increased  to 39,897.5  units or 53.20% of the total  outstanding  units.
Under the Partnership Agreement, unitholders holding a majority of the Units are
entitled  to take  action  with  respect to a variety of  matters,  which  would
include  without  limitation,  voting on certain  amendments to the  Partnership
Agreement and voting to remove the Managing General Partner.  As a result of its
ownership  of  53.20%  of the  outstanding  units,  AIMCO  is in a  position  to
influence all voting  decisions with respect to the  Registrant.  When voting on
matters,  AIMCO would in all  likelihood  vote the Units it acquired in a manner
favorable  to the  interest  of the  Managing  General  Partner  because  of its
affiliation  with  the  Managing  General  Partner.   Insignia  Properties  L.P.
("IPLP"), an affiliate of AIMCO and the Managing General Partner indirectly, had
agreed for the  benefit  of  non-tendering  unitholders,  that it would vote its
Units acquired in January 1996: (i) against any increase in compensation payable
to the Managing General Partner or to affiliates;  and (ii) on all other matters
submitted  by it  or  its  affiliates,  in  proportion  to  the  votes  cast  by
non-tendering  unitholders.  Except for the foregoing,  no other limitations are
imposed on IPLP's,  AIMCO's or any of their  affiliates  right to vote each unit
acquired.

Item 13.  Exhibits and Reports on Form 8-K

      (a) Exhibits:

          None.

      (b) Reports on Form 8-K filed during the quarter ended December 31, 2000:

          None.

<PAGE>

                                   SIGNATURES


In  accordance  with  section 13 or 15(d) of the Exchange  Act,  the  registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.


                                    CENTURY PROPERTIES FUND XVIII


                                    By:   Fox Partners
                                          General Partner


                                    By:   Fox Capital Management Corporation
                                          Managing General Partner


                                    By:   /s/Patrick J. Foye
                                          Patrick J. Foye
                                          Executive Vice President


                                    By:   /s/Martha L. Long
                                          Martha L. Long
                                          Senior Vice President and
                                          Controller


                                    Date:


In  accordance  with the Exchange  Act, this report has been signed below by the
following  persons on behalf by the  registrant and in the capacities and on the
date indicated.


/s/Patrick J. Foye            Date:
Patrick J. Foye
Executive Vice President
and Director


/s/Martha L. Long             Date:
Martha L. Long
Senior Vice President and
Controller


<PAGE>


                          CENTURY PROPERTIES FUND XVIII

                                  EXHIBIT INDEX


Exhibit Number    Description of Exhibit

     2.5       Master Indemnity Agreement  Incorporated by reference to Form 8-K
               filed by Insignia  Financial Group,  Inc. with the Securities and
               Exchange Commission on September 1, 1995. (Page 2)

     3.4       Agreement  of Limited  Partnership  Incorporated  by reference to
               Exhibit A to the Prospectus of the  Registrant  dated November 5,
               1982,  as  revised  December  30,  1982,  and after  supplemented
               contained in the  Registrant's  Agreement  on For S-11 (Reg.  No.
               2-78495). (Page 1)

    10.1       Promissory Note between Oak Run, L.L.C., a South Carolina limited
               liability company, and Lehman Brothers Holdings Inc. d/b/a Lehman
               Capital,  a division of Lehman Brothers Holdings Inc., a Delaware
               corporation,  dated September 1997.  Filed with December 31, 1997
               10-KSB.

    10.2       Deed of Trust and Security  Agreement  between Oak Run, L.L.C., a
               South Carolina limited liability company,  David M. Parnell,  and
               Lehman Brothers Holdings Inc. d/b/a Lehman Capital, a division of
               Lehman  Brothers  Holdings  Inc., a Delaware  corporation,  dated
               September 1997. Filed with December 31, 1997 10-KSB.

    10.3       Multi-Family Note between Century  Properties Fund XVIII, L.P., a
               California  limited  partnership,  and Newport Mortgage  Company,
               L.P., a Texas limited  partnership,  dated August 24, 1998. Filed
               with December 31, 1998 10-KSB.

    16         Letter  dated  November  11,  1998 from the  Registrant's  former
               Independent Auditor regarding its concurrence with the statements
               made by the  Registrant  in  Current  Report  on Form  8-K  dated
               November 10, 1998. Filed with December 31, 1998 10-KSB.