UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   Form 10-KSB
(Mark One)
[X]   ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
      OF 1934

                 For the fiscal year ended December 31, 2004

[ ]   TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
      ACT OF 1934

             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.  $2,187,000

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, 2004. 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

The matters discussed in this report contain certain forward-looking statements,
including, without limitation, statements regarding future financial performance
and the effect of government  regulations.  Actual results may differ materially
from those described in the forward-looking statements and will be affected by a
variety of risks and factors including,  without limitation:  national and local
economic  conditions;  the terms of  governmental  regulations  that  affect the
Registrant and interpretations of those regulations; the competitive environment
in which the Registrant operates;  financing risks, including the risk that cash
flows from operations may be insufficient to meet required payments of principal
and interest;  real estate risks, including variations of real estate values and
the general  economic  climate in local markets and  competition  for tenants in
such markets;  litigation,  including  costs  associated  with  prosecuting  and
defending  claims  and  any  adverse   outcomes,   and  possible   environmental
liabilities.   Readers  should  carefully  review  the  Registrant's   financial
statements and the notes thereto,  as well as the risk factors  described in the
documents  the  Registrant  files  from  time to time  with the  Securities  and
Exchange Commission.


                                     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.  The
Partnership  Agreement provides that the Partnership is to terminate on December
31, 2007,  unless such date is modified or amended in accordance with applicable
law.

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 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  pursuant to a
Registration  Statement filed with the Securities and Exchange  Commission.  The
net  proceeds  of the  offering  were used to acquire 12  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.  In October 2003, the Partnership sold Overlook  Apartments.
At December 31, 2004, the Registrant  continues to own and operate one remaining
property. See "Item 2. Description of Property".

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  are  performed  at  the  Partnership's  properties  by  an
affiliate  of  the  Managing  General  Partner.  Management  and  administrative
services are provided by the Managing  General Partner and by agents retained by
the Managing General Partner.  Property  management  services are provided by an
affiliate of the Managing General Partner.

Risk Factors

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  property.  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  Partnership's  property  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.

Laws benefiting  disabled persons may result in the Partnership's  incurrence of
unanticipated  expenses.  Under the Americans with  Disabilities Act of 1990, or
ADA,  all places  intended to be used by the public are required to meet certain
Federal  requirements  related to access and use by disabled persons.  Likewise,
the Fair Housing Amendments Act of 1988, or FHAA, requires apartment  properties
first occupied after March 13, 1990 to be accessible to the  handicapped.  These
and other  Federal,  state  and  local  laws may  require  modifications  to the
Partnership's  property, or restrict renovations of the property.  Noncompliance
with these laws could result in the  imposition  of fines or an award of damages
to  private  litigants  and  also  could  result  in an  order  to  correct  any
non-complying  feature,  which could result in substantial capital expenditures.
Although the Managing General Partner believes that the  Partnership's  property
is  substantially in compliance with present  requirements,  the Partnership may
incur unanticipated expenses to comply with the ADA and the FHAA.

Both the income and expenses of operating the property 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.

From time to time, the Federal Bureau of  Investigation,  or FBI, and the United
States  Department  of  Homeland  Security  issue  alerts  regarding   potential
terrorist threats  involving  apartment  buildings.  Threats of future terrorist
attacks,  such as those  announced  by the FBI and the  Department  of  Homeland
Security,  could  have a  negative  effect on rent and  occupancy  levels at the
Partnership's  property.  The effect that future terrorist activities or threats
of such activities could have on the  Partnership's  operations is uncertain and
unpredictable. If the Partnership were to incur a loss at a property as a result
of an act of  terrorism,  the  Partnership  could  lose all or a portion  of the
capital  invested  in the  property,  as well as the  future  revenue  from  the
property.  In this regard, the Partnership has purchased insurance to cover acts
of terrorism.  The Managing General Partner does not anticipate that these costs
will  have  a  negative  effect  on  the  Partnership's  consolidated  financial
condition or results of operations.

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 property
owned by the Partnership.

The  Partnership  monitors its property 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.

Item 2.     Description of Property

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

                                 Date of
Property                         Purchase     Type of Ownership        Use

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

(1)   The property is held by Oak Run, LP in which the  Partnership  owns,  on a
      fully liquidated basis, a 100% interest.

On October 31, 2003,  the  Partnership  sold  Overlook  Point  Apartments  to an
unrelated third party,  for a gross sale price of $15,600,000.  The net proceeds
realized by the  Partnership  were  approximately  $15,317,000  after payment of
closing costs of  approximately  $283,000.  The Partnership  used  approximately
$8,397,000 of the net proceeds to repay the mortgage  encumbering  the property.
The Partnership  realized a gain of approximately  $10,546,000 during the twelve
months  ended  December  31,  2003,  as a result of this sale and this amount is
included  in  gain  on  sale  of  discontinued  operations  in the  accompanying
consolidated  statements of  operations.  The property's  operations,  a loss of
approximately  $440,000 for the twelve months ended December 31, 2003, including
revenues of  approximately  $1,545,000  are  included in loss from  discontinued
operations.  The loss  from  discontinued  operations  includes  a loss on early
extinguishment  of debt of  approximately  $606,000 for the twelve  months ended
December 31, 2003 due to the write-off of  approximately  $47,000 of unamortized
loan costs and the payment of  approximately  $559,000 for a prepayment  penalty
relating to the repayment of the mortgage encumbering the property.

Schedule of Property

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

                       Carrying   Accumulated    Depreciable                Federal
Property                Value    Depreciation        Life        Method    Tax Basis
                           (in thousands)                                (in thousands)
<S>                    <C>          <C>            <C>                      <C>
Oak Run Apartments     $18,694      $ 8,503        5-30 yrs       S/L       $ 6,256
</TABLE>

See  "Item  7.  Financial  Statements  - Note A" to the  consolidated  financial
statements  for  a  description   of  the   Partnership's   capitalization   and
depreciation policies.

Schedule of Property Indebtedness

The  following  table  sets  forth  certain  information  relating  to the  loan
encumbering the Partnership's property.
<TABLE>
<CAPTION>

                         Principal                                        Principal
                         Balance At     Stated                             Balance
                        December 31,   Interest    Period    Maturity      Due At
      Property              2004         Rate     Amortized    Date     Maturity (1)
                       (in thousands)                                  (in thousands)
<S>                       <C>             <C>        <C>      <C>          <C>
Oak Run Apartments        $ 8,500         (2)        (3)      10/2007      $ 8,500
</TABLE>

(1)   See "Item 7. Financial  Statements - Note B" for information  with respect
      to the  Partnership's  ability to prepay this loan and other more specific
      details as to the terms of the loan.

(2)   Adjustable rate equal to the average of London Interbank Offered Rates for
      a term of one month plus 285 basis points (minimum of 4.69%).  The rate at
      December 31, 2004 was 5.25% and will reset monthly.

(3)   Interest only payments.

On October 1, 2004,  the  Partnership  obtained a mortgage of  $8,500,000 on its
sole investment  property,  Oak Run Apartments,  located in Dallas,  Texas.  The
existing mortgage of approximately $9,728,000 matured on October 1, 2004 and was
repaid  with  proceeds  from  the  new  mortgage  and  an  additional   loan  of
approximately $1,918,000,  which was funded by an affiliate of the Partnership's
managing  general  partner  ("Affiliate  Loan") to cover  closing  costs and the
deficiency between the existing mortgage payoff amount and the new mortgage. The
Affiliate  Loan is a demand  note that bears  interest at the prime rate plus 2%
(7.25% at December 31,  2004).  The new mortgage  requires  monthly  payments of
interest which began on November 1, 2004 until the loan matures October 1, 2007,
with interest being equal to the average of London Interbank Offered Rates for a
term of one month plus 285 basis points  (minimum rate of 4.69%).  In conjuction
with the mortgage note, the Partnership paid approximately $30,000 to enter into
an interest  rate cap  agreement,  which limited the  Partnership's  exposure to
interest  rate   increases.   Under  this  interest  rate  cap  agreement,   the
Partnership's interest rate on the amounts owed to GMAC Commercial Mortgage will
be no higher than 6.00%. This agreement expires October 1, 2007. The Partnership
has adopted SFAS No. 133,  "Accounting  for Derivative  Instruments  and Hedging
Activities",  which  was  amended  by  SFAS  No.  138  "Accounting  for  Certain
Derivative Instruments and Certain Hedging Activities - an Amendment of SFAS No.
133".  The  Partnership's  interest  rate cap does not qualify for special hedge
accounting  treatment as defined by SFAS 133, and  therefore  all changes in the
fair  value of the  interest  rate cap will be  recognized  in the  consolidated
statements of operations as an adjustment to interest  expense.  In addition the
new  mortgage  requires  monthly  escrow  deposits  for  taxes,   insurance  and
replacement  reserves.  As a condition  of making the new  mortgage,  the lender
required an  affiliate  of the  Partnership  to guarantee  the  obligations  and
liabilities of the Partnership with respect to the new mortgage.

Schedule of Rental Rates and Occupancy

Average annual rental rate and occupancy for 2004 and 2003 for the property:

                                        Average Annual           Average Annual
                                         Rental Rates               Occupancy
                                          (per unit)
 Property                             2004         2003         2004        2003

 Oak Run Apartments                  $5,951       $6,201         80%         90%

Occupancy at Oak Run Apartments decreased as a result of changes in the criteria
used to accept new tenants and increased  competition in the Dallas market.  The
changes  were  instituted  in an effort to attract and maintain  more  desirable
tenants which will help to control operating expenses.

As noted under "Item 1.  Description of Business",  the real estate  industry is
highly  competitive.  The Partnership's  property is subject to competition from
other apartment  complexes in the area. The Managing  General  Partner  believes
that the property is adequately  insured.  The property is an apartment  complex
which leases units for lease terms of one year or less.  No  residential  tenant
leases  10% or more of the  available  rental  space.  The  property  is 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 2004 for the property were:

                                      2004            2004
                                    Billing           Rate
                                 (in thousands)

Oak Run Apartments                   $ 317            2.93%

Capital Improvements

During the year ended December 31, 2004 the Partnership completed  approximately
$757,000 of capital  improvements at Oak Run Apartments  consisting primarily of
plumbing fixtures, structural upgrades, exterior painting,  appliances,  counter
top and  floor  covering  replacements.  These  improvements  were  funded  from
operations and replacement  reserves.  The Partnership  regularly  evaluates the
capital improvement needs of the property. While the Partnership has no material
commitments for property improvements and replacements,  certain routine capital
expenditures are anticipated during 2005. Such capital  expenditures will depend
on the  physical  condition  of the  property as well as  anticipated  cash flow
generated by the property.

Capital  expenditures will be incurred only if cash is available from operations
or from Partnership  reserves.  To the extent that such capital improvements are
completed,  the Partnership'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. (the "Nuanes action") 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
purported  to  assert  claims  on  behalf  of a class of  limited  partners  and
derivatively  on behalf  of a number  of  limited  partnerships  (including  the
Partnership)  that are named as nominal  defendants,  challenging,  among  other
things,  the  acquisition  of  interests  in certain  Managing  General  Partner
entities by Insignia Financial Group, Inc.  ("Insignia") and entities that 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 series of  transactions  which  closed on
October 1, 1998 and February 26, 1999 whereby  Insignia and Insignia  Properties
Trust,  respectively,  were merged into AIMCO.  The plaintiffs  sought  monetary
damages and equitable relief, including judicial dissolution of the Partnership.
In addition,  during the third quarter of 2001, a complaint  captioned Heller v.
Insignia  Financial  Group (the  "Heller  action")  was filed  against  the same
defendants  that are named in the  Nuanes  action.  On or about  August 6, 2001,
plaintiffs filed a first amended  complaint.  The Heller action was brought as a
purported derivative action, and asserted claims for, among other things, breach
of fiduciary  duty,  unfair  competition,  conversion,  unjust  enrichment,  and
judicial dissolution.

On January 8, 2003,  the parties filed a  Stipulation  of Settlement in proposed
settlement of the Nuanes action and the Heller action.

In general  terms,  the  proposed  settlement  provides  for  certification  for
settlement  purposes of a settlement class consisting of all limited partners in
this  Partnership and others (the  "Partnerships")  as of December 20, 2002, the
dismissal  with  prejudice  and  release  of claims  in the  Nuanes  and  Heller
litigation,  payment by AIMCO of $9.9  million  (which shall be  distributed  to
settlement  class  members  after  deduction of attorney fees and costs of class
counsel and certain costs of settlement) and up to $1 million toward the cost of
independent  appraisals of the  Partnerships'  properties  by a court  appointed
appraiser.  An affiliate of the Managing General Partner has also agreed to make
at least one round of tender offers to purchase all of the partnership interests
in the Partnerships within one year of final approval,  if it is granted, and to
provide  partners with the independent  appraisals at the time of these tenders.
The proposed  settlement also provided for the limitation of the allowable costs
which  the  Managing   General   Partner  or  its  affiliates  will  charge  the
Partnerships  in connection with this litigation and imposes limits on the class
counsel  fees and  costs in this  litigation.  On April  11,  2003,  notice  was
distributed  to  limited   partners   providing  the  details  of  the  proposed
settlement.

On June 13, 2003, the court granted final approval of the settlement and entered
judgment in both the Nuanes and Heller actions.  On August 12, 2003, an objector
("Objector") filed an appeal (the "Appeal") seeking to vacate and/or reverse the
order approving the settlement and entering  judgment  thereto.  On November 24,
2003,  the Objector  filed an  application  requesting  the court order AIMCO to
withdraw settlement tender offers it had commenced,  refrain from making further
offers  pending  the appeal and auction  any units  tendered  to third  parties,
contending  that the offers did not  conform  with the terms of the  settlement.
Counsel  for the  Objector  (on behalf of another  investor)  had  alternatively
requested the court take certain action  purportedly to enforce the terms of the
settlement agreement. On December 18, 2003, the court heard oral argument on the
motions  and denied them both in their  entirety.  The  Objector  filed a second
appeal challenging the court's use of a referee and its order requiring Objector
to pay those fees.

On January 28, 2004,  the  Objector  filed his opening  brief in the Appeal.  On
April 23, 2004, the Managing General Partner and its affiliates filed a response
brief in support of the settlement and the judgment thereto. The plaintiffs have
also filed a brief in support of the settlement. On June 4, 2004, Objector filed
a reply to the briefs  submitted by the Managing General Partner and Plaintiffs.
In addition both the Objector and plaintiffs filed briefs in connection with the
second appeal.  On March 21, 2005, the Court of Appeals issued  opinions in both
pending appeals. With regard to the settlement and judgment entered thereto, the
Court of Appeals vacated the trial court's order and remanded to the trial court
for further  findings on the basis that the "state of the record is insufficient
to permit meaningful  appellate  review".  With regard to the second appeal, the
Court of Appeals reversed the order requiring the Objector to pay referee fees.

The  Managing  General  Partner  does  not  anticipate  that  any  costs  to the
Partnership, whether legal or settlement costs, associated with these cases will
be material to the Partnership's overall operations.

As previously disclosed,  AIMCO Properties L.P. and NHP Management Company, both
affiliates of the Managing General  Partner,  are defendants in an action in the
United States District Court,  District of Columbia.  The plaintiffs have styled
their  complaint  as a  collective  action  under the Fair Labor  Standards  Act
("FLSA") and seek to certify state subclasses in California,  Maryland,  and the
District of Columbia. Specifically, the plaintiffs contend that AIMCO Properties
L.P. failed to compensate  maintenance  workers for time that they were required
to be "on-call". Additionally, plaintiffs allege AIMCO Properties L.P. failed to
comply  with the FLSA in  compensating  maintenance  workers  for time that they
worked in responding to a call while  "on-call".  The  defendants  have filed an
answer to the amended complaint denying the substantive  allegations.  Discovery
relating  to the  certification  of the  collective  action  has  concluded  and
briefing on the matter is underway.  Although the outcome of any  litigation  is
uncertain,  AIMCO  Properties,  L.P. does not believe that the ultimate  outcome
will have a material  adverse  effect on its  financial  condition or results of
operations.  Similarly,  the Managing  General Partner does not believe that the
ultimate  outcome  will have a  material  adverse  effect  on the  Partnership's
consolidated financial condition or results of operations.

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

During the quarter ended December 31, 2004, 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 3,270  Limited  Partners  of record at December  31,  2004.
Affiliates  of the Managing  General  Partner  owned  42,694.50 or 56.93% of the
limited  partnership  units at December 31, 2004. 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, 2004 and 2003:
<TABLE>
<CAPTION>

                                          Per Limited                     Per Limited
                          Year Ended      Partnership      Year Ended     Partnership
                       December 31, 2004      Unit     December 31, 2003      Unit
                        (in thousands)                   (in thousands)
Sale and
<S>           <C>            <C>              <C>            <C>             <C>
  Refinancing (1)            $ --             $ --           $6,307          $83.25
</TABLE>

(1)   Approximately  $1,358,000  from prior  cumulative  undistributed  sale and
      refinancing  proceeds  and  approximately  $4,949,000  from  the  sale  of
      Overlook Point Apartments.

Future  cash  distributions  will  depend on the levels of cash  generated  from
operations, the timing of debt maturity,  property sale and/or refinancing.  The
Partnership's  cash available for  distribution  is reviewed on a monthly basis.
There can be no assurance that the Partnership  will generate  sufficient  funds
from operations, after anticipated capital expenditures, to permit distributions
to its  partners in 2005 or  subsequent  periods.  See "Item 2.  Description  of
Property - Capital Improvements" for information relating to anticipated capital
expenditures at the property.

In addition to its indirect  ownership of the general  partner  interests in the
Partnership,  AIMCO and its affiliates owned 42,694.50 limited partnership units
(the "Units") in the Partnership  representing  56.93% of the total  outstanding
Units at December 31, 2004.  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  Units in exchange for cash or a combination
of cash and units,  in AIMCO  Properties,  L.P.,  the operating  partnership  of
AIMCO, either through private purchases or tender offers.  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 56.93%
of the total outstanding  Units,  AIMCO is in a position to influence all voting
decisions with respect to the Registrant.  AIMCO IPLP, L.P.,  formerly  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 the 21,513 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.  Although the Managing  General  Partner owes fiduciary
duties to the limited partners of the Partnership,  the Managing General Partner
also owes fiduciary duties to AIMCO as its sole  stockholder.  As a result,  the
duties of the Managing  General Partner,  as managing  general  partner,  to the
Partnership  and its limited  partners may come into conflict with the duties of
the Managing General Partner to AIMCO as its sole stockholder.

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

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

The  Partnership's  financial  results depend upon a number of factors including
the ability to attract and maintain tenants at the investment property, interest
rates on mortgage  loans,  costs  incurred to operate the  investment  property,
general economic conditions and weather. As part of the ongoing business plan of
the  Partnership,  the  Managing  General  Partner  monitors  the rental  market
environment of its investment  property to assess the  feasibility of increasing
rents, maintaining or increasing occupancy levels and protecting the Partnership
from increases in expenses.  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,   the  Managing  General  Partner  may  use  rental
concessions and rental rate reductions to offset  softening  market  conditions,
accordingly,  there is no guarantee  that the Managing  General  Partner will be
able to sustain such a plan.  Further,  a number of factors that are outside the
control of the Partnership,  such as the local economic climate and weather, can
adversely or positively affect the Partnership's financial results.

Results of Operations

The   Partnership's   net  loss  for  the  year  ended  December  31,  2004  was
approximately  $805,000,  as compared to net income of approximately  $9,706,000
for the year ended  December 31, 2003.  The decrease in net income is due to the
recognition  of a gain  from  sale of  discontinued  operations  in 2003  and an
increase in loss from continuing  operations.  Statement of Financial Accounting
Standards  No. 144,  "Accounting  for the  Impairment  or Disposal of Long-Lived
Assets" requires that long-lived  assets held for sale or already disposed of be
reported as discontinued  operations on the statement of operations.  On October
31, 2003, the Partnership  sold Overlook Point  Apartments to an unrelated third
party, for a gross sale price of $15,600,000.  The net proceeds  realized by the
Partnership  were  approximately  $15,317,000  after payment of closing costs of
approximately $283,000. The Partnership used approximately $8,397,000 of the net
proceeds  to repay  the  mortgage  encumbering  the  property.  The  Partnership
realized a gain of  approximately  $10,546,000  during the twelve  months  ended
December 31, 2003,  as a result of this sale and this amount is included in gain
on sale of discontinued  operations in the accompanying  consolidated statements
of operations for the year ended December 31, 2003. The property's operations, a
loss of  approximately  $440,000 for the twelve months ended  December 31, 2003,
including  revenues  of  approximately  $1,545,000,  are  included  in loss from
discontinued  operations.  The loss from discontinued operations includes a loss
on early extinguishment of debt of approximately  $606,000 for the twelve months
ended  December  31,  2003 due to the  write-off  of  approximately  $47,000  of
unamortized  loan  costs  and  the  payment  of  approximately  $559,000  for  a
prepayment  penalty  relating to the repayment of the mortgage  encumbering  the
property.

The  Partnership's  loss from continuing  operations for the year ended December
31,  2004  was  approximately  $805,000  compared  to  a  loss  from  continuing
operations for the year ended December 31, 2003 of approximately  $400,000.  The
increase  in loss from  continuing  operations  was due to a  decrease  in total
revenues and a slight increase in total expenses.  Total revenues  decreased due
to a decrease in rental income  partially offset by an increase in other income.
Rental income decreased due to a decrease in occupancy at Oak Run Apartments and
an increase in bad debt and concession  expenses.  Other income increased due to
increases in lease  cancellation  fees and  cleaning  and damage fees  partially
offset by a decrease in late charges at Oak Run Apartments.

Total expenses  increased for the year ending December 31, 2004 due to increases
in operating and depreciation  expenses partially offset by decreases in general
and  administrative  and  interest  expenses.   Property  tax  expense  remained
relatively constant for the comparable periods.  Operating expense increased due
to increases in advertising, property, and maintenance expenses partially offset
by  decreases  in  administrative  and  management  fee  expenses.   Advertising
increased  due to an increase in web  advertising  and leasing  promotions in an
effort  to  increse  occupancy  levels.  Property  expense  increased  due to an
increase  in utility  costs and leasing  personnel  costs.  Maintenance  expense
increased  due to  increases  in  contract  painting,  electrical  and  plumbing
supplies and contract decorating costs. Administrative expenses decreased due to
a decrease in property  legal fees as a result of the settlement of a civil case
in the prior year and a decrease in tax services. Management fees decreased as a
result  of the  decrease  in  rental  income  on  which  such  fees  are  based.
Depreciation  expense  increased due to property  improvements  and replacements
being  placed into  service  during the past twelve  months  which are now being
depreciated.  Interest expense  decreased due to the refinancing of the mortgage
encumbering Oak Run Apartments as discussed below.

General  and  administrative  expenses  decreased  as a  result  of the  sale of
Overlook  Apartments  during 2003,  which  resulted in a decrease in accountable
reimbursements  paid  to  an  affiliate  of  the  Managing  General  Partner  in
accordance  with  the  Partnership  Agreement.  Also  included  in  general  and
administrative  expenses  are costs  associated  with the  quarterly  and annual
communications  with  investors  and  regulatory  agencies  and the annual audit
required by the Partnership Agreement.

Capital Resources and Liquidity

At  December  31,  2004,  the  Partnership  had  cash and  cash  equivalents  of
approximately  $103,000 compared to approximately $683,000 at December 31, 2003.
Cash and cash  equivalents  decreased  approximately  $580,000 from December 31,
2003. The decrease is due to approximately $647,000 and $558,000 of cash used in
investing  and  operating   activities,   respectively,   partially   offset  by
approximately  $625,000 of cash provided by financing  activities.  Cash used in
investing  activities  consisted  of  property   improvements  and  replacements
partially  offset by  withdrawals  from  restricted  escrows  maintained  by the
mortgage  lender.  Cash provided by financing  activities  consisted of advances
from  an  affiliate  and  proceeds  from  the  new  mortgage   encumbering   the
Partnership's investment property partially offset by principal payments made on
the mortgage encumbering the Partnership's  property,  repayment of the mortgage
encumbering  the same property,  repayment of advances from an affiliate and the
payment of loan costs and a rate cap fee.  The  Partnership  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.  During the year ended  December  31,  2004,  an  affiliate  of the
Managing  General Partner agreed to advance funds in excess of the $150,000 line
of credit to fund operating  expenses of Oak Run Apartments,  an amount to cover
costs  associated  with  obtaining  a new  mortgage  on the  property,  and  the
deficiency  between the existing  mortgage  payoff  amount and the new mortgage.
During the year ended  December 31, 2004  approximately  $2,227,000 was advanced
for these purposes. The Partnership repaid approximately $63,000 during the year
ended December 31, 2004.  There were no advances or repayment of advances during
the year ended December 31, 2003. At December 31, 2004 the  outstanding  balance
was approximately $2,202,000 including accrued interest. Interest accrues at the
prime rate plus 2% (7.25% at December 31, 2004).  Interest  expense  amounted to
approximately $38,000 for the year ended December 31, 2004.

The  Partnership  regularly  evaluates  the  capital  improvement  needs  of the
property.  While  the  Partnership  has no  material  commitments  for  property
improvements  and  replacements,   certain  routine  capital   expenditures  are
anticipated  during 2005. Such capital  expenditures will depend on the physical
condition  of the  property as well as  anticipated  cash flow  generated by the
property.

The Partnership's  current assets are thought to be sufficient for any near-term
needs  (exclusive of capital  improvements)  of the  Partnership.  On October 1,
2004, the  Partnership  obtained a mortgage of $8,500,000 on its sole investment
property, Oak Run Apartments, located in Dallas, Texas. The existing mortgage of
approximately $9,728,000 matured on October 1, 2004 and was repaid with proceeds
from the new mortgage and an additional loan of approximately $1,918,000,  which
was  funded  by an  affiliate  of the  Partnership's  managing  general  partner
("Affiliate  Loan")  to cover  closing  costs  and the  deficiency  between  the
existing  mortgage  payoff amount and the new mortgage.  The Affiliate Loan is a
demand note that bears interest at the prime rate plus 2% (7.25% at December 31,
2004).  The new mortgage  requires  monthly  payments of interest which began on
November 1, 2004 until the loan matures  October 1, 2007,  with  interest  being
equal to the average of London  Interbank  Offered Rates for a term of one month
plus 285 basis points (minimum rate of 4.69%).  In conjunction with the mortgage
note, the Partnership paid approximately  $30,000 to enter into an interest rate
cap  agreement,  which  limited the  Partnership's  exposure  to  interest  rate
increases.  Under this interest rate cap agreement,  the Partnership's  interest
rate on the  amounts  owed to GMAC  Commercial  Mortgage  will be no higher than
6.00%.  This agreement expires October 1, 2007. The Partnership has adopted SFAS
No. 133, "Accounting for Derivative  Instruments and Hedging Activities",  which
was amended by SFAS No. 138 "Accounting for Certain  Derivative  Instruments and
Certain  Hedging  Activities - an Amendment of SFAS No. 133". The  Partnership's
interest  rate cap does not qualify for special  hedge  accounting  treatment as
defined by SFAS 133, and therefore all changes in the fair value of the interest
rate cap will be recognized in the  consolidated  statements of operations as an
adjustment to interest  expense.  In addition the new mortgage  requires monthly
escrow deposits for taxes, insurance and replacement reserves. As a condition of
making the new mortgage,  the lender required an affiliate of the Partnership to
guarantee the obligations and liabilities of the Partnership with respect to the
new mortgage.

The following table sets forth the distributions made by the Partnership for the
years ended December 31, 2004 and 2003:
<TABLE>
<CAPTION>

                                          Per Limited                     Per Limited
                          Year Ended      Partnership      Year Ended     Partnership
                       December 31, 2004      Unit     December 31, 2003      Unit
                        (in thousands)                   (in thousands)
Sale and
<S>           <C>            <C>              <C>            <C>             <C>
  Refinancing (1)            $ --             $ --           $6,307          $83.25
</TABLE>

(1)   Approximately  $1,358,000 from prior  cumulative,  undistributed  sale and
      refinancing  proceeds  and  approximately  $4,949,000  from  the  sale  of
      Overlook Point Apartments.

Future  cash  distributions  will  depend on the levels of cash  generated  from
operations, the timing of debt maturity,  property sale and/or refinancing.  The
Partnership's  cash available for  distribution  is reviewed on a monthly basis.
There can be no assurance that the Partnership  will generate  sufficient  funds
from operations, after anticipated capital expenditures, to permit distributions
to its  partners in 2005 or  subsequent  periods.  See "Item 2.  Description  of
Property - Capital Improvements" for information relating to anticipated capital
expenditures at the property.

Other

In addition to its indirect  ownership of the general  partner  interests in the
Partnership,  AIMCO and its affiliates owned 42,694.50 limited partnership units
(the "Units") in the Partnership  representing  56.93% of the total  outstanding
Units at December 31, 2004.  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  Units in exchange for cash or a combination
of cash and units,  in AIMCO  Properties,  L.P.,  the operating  partnership  of
AIMCO, either through private purchases or tender offers.  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 56.93%
of the total outstanding  Units,  AIMCO is in a position to influence all voting
decisions with respect to the Registrant.  AIMCO IPLP, L.P.,  formerly  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 the 21,513 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.  Although the Managing  General  Partner owes fiduciary
duties to the limited partners of the Partnership,  the Managing General Partner
also owes fiduciary duties to AIMCO as its sole  stockholder.  As a result,  the
duties of the Managing  General Partner,  as managing  general  partner,  to the
Partnership  and its limited  partners may come into conflict with the duties of
the Managing General Partner to AIMCO as its sole stockholder.

Critical Accounting Policies and Estimates

A summary of the Partnership's  significant  accounting  policies is included in
"Note A - Organization and Summary of Significant  Accounting Policies" which is
included  in  the  consolidated  financial  statements  in  "Item  7.  Financial
Statements".   The  Managing   General  Partner  believes  that  the  consistent
application of these policies  enables the Partnership to provide readers of the
financial   statements   with  useful  and   reliable   information   about  the
Partnership's  operating  results and financial  condition.  The  preparation of
consolidated  financial  statements in  conformity  with  accounting  principles
generally  accepted  in the  United  States  requires  the  Partnership  to make
estimates and assumptions.  These estimates and assumptions  affect the reported
amounts of assets and  liabilities  at the date of the  financial  statements as
well as reported  amounts of revenues and expenses during the reporting  period.
Actual results could differ from these  estimates.  Judgments and assessments of
uncertainties are required in applying the Partnership's  accounting policies in
many  areas.  The  Partnership  believes  that  of  its  significant  accounting
policies, the following may involve a higher degree of judgment and complexity.

Impairment of Long-Lived Assets

The  investment  property is recorded at cost,  less  accumulated  depreciation,
unless  considered  impaired.  If  events  or  circumstances  indicate  that the
carrying  amount of a property may be  impaired,  the  Partnership  will make an
assessment of its  recoverability  by estimating  the  undiscounted  future cash
flows,  excluding  interest  charges,  of the property.  If the carrying  amount
exceeds the aggregate  future cash flows,  the  Partnership  would  recognize an
impairment  loss to the extent the carrying amount exceeds the fair value of the
property.

Real  property  investments  are  subject  to varying  degrees of risk.  Several
factors  may  adversely  affect  the  economic  performance  and  value  of  the
Partnership's  investment  property.  These factors include, but are not limited
to,  changes  in the  national,  regional  and  local  economic  climate;  local
conditions,  such as an oversupply of multifamily  properties;  competition from
other available  multifamily property owners and changes in market rental rates.
Any  adverse  changes  in  these  factors  could  cause  an  impairment  in  the
Partnership's asset.

Revenue Recognition

The Partnership generally leases apartment units for twelve-month terms or less.
The Partnership will offer rental concessions during particularly slow months or
in response  to heavy  competition  from other  similar  complexes  in the area.
Rental income attributable to leases, net of any concessions, is recognized on a
straight-line  basis over the term of the lease.  The Partnership  evaluates all
accounts  receivable  from  residents and  establishes  an allowance,  after the
application of security deposits,  for accounts greater than 30 days past due on
current tenants and all receivables due from former tenants.


Item 7.     Financial Statements

CENTURY PROPERTIES FUND XVIII

LIST OF FINANCIAL STATEMENTS

      Report of Independent Registered Public Accounting Firm

      Consolidated Balance Sheet - December 31, 2004

      Consolidated  Statements of  Operations - Years ended  December 31, 2004
      and 2003

      Consolidated  Statements  of Changes in Partners'  (Deficiency)  Capital -
      Years ended December 31, 2004 and 2003

      Consolidated  Statements  of Cash Flows - Years ended  December 31, 2004
      and 2003

      Notes to Consolidated Financial Statements


<PAGE>



           Report of Independent Registered Public Accounting Firm



The Partners
Century Properties Fund XVIII


We  have  audited  the  accompanying   consolidated  balance  sheet  of  Century
Properties  Fund XVIII as of December  31,  2004,  and the related  consolidated
statements of operations,  changes in partners'  (deficiency)  capital, and cash
flows for each of the two years in the period ended  December  31,  2004.  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 the standards of the Public  Company
Accounting Oversight Board (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.  We were not engaged to perform an
audit of the Partnership's internal control over financial reporting.  Our audit
included  consideration of internal control over financial  reporting as a basis
for designing audit  procedures that are appropriate in the  circumstances,  but
not for the  purpose  of  expressing  an  opinion  on the  effectiveness  of the
Partnership's internal control over financial reporting. Accordingly, we express
no such opinion.  An audit also includes  examining,  on a test basis,  evidence
supporting the amounts and  disclosures in the financial  statements,  assessing
the accounting principles used and significant estimates made by management, and
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, 2004, and the consolidated  results of its operations
and its cash flows for each of the two years in the period  ended  December  31,
2004, in conformity with accounting  principles generally accepted in the United
States.


                                                          /s/ERNST & YOUNG LLP


Greenville, South Carolina
March 21, 2005

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

                                December 31, 2004
<TABLE>
<CAPTION>


Assets
<S>                                                                            <C>
  Cash and cash equivalents                                                    $ 103
  Receivables and deposits                                                         450
  Restricted escrows                                                                63
  Other assets                                                                     279
  Investment property (Notes B and E):
    Land                                                        $ 6,218
    Buildings and related personal property                       12,476
                                                                 18,694
    Less accumulated depreciation                                 (8,503)       10,191
                                                                              $ 11,086

Liabilities and Partners' (Deficiency) Capital
Liabilities
  Accounts payable                                                              $ 37
  Other liabilities                                                                132
  Accrued property taxes                                                           317
  Tenant security deposit liabilities                                               41
  Due to affiliates (Note D)                                                     2,275
  Mortgage note payable (Note B)                                                 8,500

Partners' (Deficiency) Capital
  General partner                                               $ (5,355)
  Limited partners (75,000 units issued and outstanding)           5,139          (216)
                                                                              $ 11,086

        See Accompanying Notes to Consolidated Financial Statements
</TABLE>

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

<TABLE>
<CAPTION>

                                                            Years Ended December 31,
                                                              2004            2003
Revenues:
<S>                                                          <C>            <C>
  Rental income                                              $ 1,875        $ 2,250
  Other income                                                   312            260
      Total revenues                                           2,187          2,510

Expenses:
  Operating                                                    1,197          1,062
  General and administrative                                     232            296
  Depreciation                                                   502            473
  Interest                                                       744            765
  Property tax                                                   317            314
      Total expenses                                           2,992          2,910

Loss from continuing operations                                 (805)          (400)
Loss from discontinued operations                                 --           (440)
Gain on sale of discontinued operations                           --         10,546

Net (loss) income                                            $ (805)        $ 9,706

Net (loss) income allocated to general partner                $ (79)        $ 1,027
Net (loss) income allocated to limited partners                 (726)         8,679

                                                             $ (805)        $ 9,706
Per limited partnership unit:
  Loss from continuing operations                            $ (9.68)       $ (4.80)
  Loss from discontinued operations                               --          (5.28)
  Gain on sale of discontinued operations                         --         125.80

Net (loss) income per limited partnership unit               $ (9.68)       $115.72

Distributions per limited partnership unit                    $ --          $ 83.25


        See Accompanying Notes to Consolidated Financial Statements
</TABLE>

                          CENTURY PROPERTIES FUND XVIII
      CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' (DEFICIENCY) 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' (deficiency) capital at
   December 31, 2002                      75,000       $(6,240)   $ 3,430    $(2,810)

Distributions to partners                     --           (63)    (6,244)    (6,307)

Net income for the year ended
   December 31, 2003                          --         1,027      8,679      9,706

Partners' (deficiency) capital at
   December 31, 2003                      75,000        (5,276)     5,865        589

Net loss for the year ended
   December 31, 2004                          --           (79)      (726)      (805)

Partners' (deficiency) capital at
   December 31, 2004                      75,000       $(5,355)   $ 5,139     $ (216)

        See Accompanying Notes to Consolidated Financial Statements
</TABLE>

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

                                                               Years Ended December 31,
                                                                   2004         2003
Cash flows from operating activities:
<S>                                                               <C>         <C>
  Net (loss) income                                               $ (805)     $ 9,706
  Adjustments to reconcile net (loss) income to net cash
   (used in) provided by operating activities:
     Depreciation                                                     502          820
     Loss on early extinguishment of debt                               3          606
     Gain on sale of discontinued operations                           --      (10,546)
     Amortization of loan costs                                        41           56
     Bad debt expense, net                                            143          151
     Change in accounts:
      Receivables and deposits                                       (559)        (125)
      Other assets                                                    (27)         (22)
      Accounts payable                                                 (9)         (69)
      Other liabilities                                                52          (59)
      Accrued property taxes                                            3          (28)
      Tenant security deposit liabilities                               2          (17)
      Due to affiliates                                                96           --
        Net cash (used in) provided by operating activities          (558)         473
Cash flows from investing activities:
  Net proceeds from sale of discontinued operations                    --       15,317
  Property improvements and replacements                             (745)        (269)
  Net withdrawals from (deposits to) restricted escrows                98          (42)
        Net cash (used in) provided by investing activities          (647)      15,006
Cash flows from financing activities:
  Repayment of mortgage note payable                               (9,728)      (8,397)
  Payment of prepayment penalty                                        --         (559)
  Payments on mortgage notes payable                                 (105)        (249)
  Proceeds from mortgage note payable                               8,500           --
  Advances from affiliate                                           2,227           --
  Payments on advances from affiliate                                 (63)         --
  Loan costs paid                                                    (176)          --
  Rate cap fee paid                                                   (30)          --
  Distributions to partners                                            --       (6,307)
        Net cash provided by (used in) financing activities           625      (15,512)
Net decrease in cash and cash equivalents                            (580)         (33)
Cash and cash equivalents at beginning of year                        683          716
Cash and cash equivalents at end of year                          $ 103        $ 683
Supplemental disclosure of cash flow information:
  Cash paid for interest                                          $ 611       $ 1,175

At December 31, 2004 accounts payable and property improvements and replacements
were adjusted by approximately $12,000.

        See Accompanying Notes to Consolidated Financial Statements
</TABLE>

                          CENTURY PROPERTIES FUND XVIII
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                                December 31, 2004

Note A - Organization and Summary of 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").  As of December 31, 2004, the Partnership operates
one residential  apartment  complex located in Texas. The Partnership  Agreement
provides that the Partnership is to terminate on December 31, 2007,  unless such
date is modified or amended in accordance with applicable law.

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.   All   interpartnership
transactions and balances have been eliminated in consolidation.

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
Unitholders, and (iii) to the Limited Partnership Unitholders.

Cash from  sales or other  dispositions,  or  refinancing  and  working  capital
reserves are  distributed 99% to the Limited  Partnership  Unitholders and 1% to
the General Partner,  until: (i) each Limited Partnership Unitholder 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  Unitholder,  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
Unitholders  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.

Depreciation:  Depreciation is calculated by the  straight-line  method over the
estimated lives of the apartment  property and related  personal  property.  For
Federal income tax purposes,  the  accelerated  cost recovery method is used for
real property over 19 years for additions  after May 8, 1985, and before 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 27.5 years and (2) personal property  additions over 5
years.

Cash and Cash Equivalents: Cash and cash equivalents include cash on hand and in
banks.  At certain times,  the amount of cash deposited at a bank may exceed the
limit on insured  deposits.  Cash  balances  included  approximately  $91,000 at
December 31, 2004 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.  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 will offer rental concessions during  particularly slow
months or in response to heavy  competition from other similar  complexes in the
area.  Rental  income  attributable  to  leases,  net  of  any  concessions,  is
recognized on a straight-line  basis over the term of the lease. The Partnership
evaluates all accounts  receivable  from residents and establishes an allowance,
after the application of security  deposits,  for accounts  greater than 30 days
past due on current tenants and all receivables due from former tenants.

Deferred  Costs:  Loan costs of  approximately  $176,000  are  included in other
assets in the  accompanying  consolidated  balance sheet and are being amortized
over the term of the related loan agreement.  At December 31, 2004,  accumulated
amortization is approximately $15,000. Amortization of loan costs is included in
interest  expense in the  accompanying  consolidated  statements of  operations.
Amortization expense is expected to be $59,000 in 2005 through 2007.

Leasing   commissions  and  other  direct  costs  incurred  in  connection  with
successful  leasing  efforts are  deferred and  amortized  over the terms of the
related leases. Amortization of these costs is included in operating expenses.

Investment Property: Investment property consist of one apartment complex and is
stated at cost.  Acquisition fees are capitalized as a cost of real estate.  The
Partnership  capitalizes all  expenditures in excess of $250 that clearly relate
to the acquisition and  installation of real and personal  property  components.
These   expenditures   include  costs  incurred  to  replace  existing  property
components,  costs  incurred to add a material  new  feature to a property,  and
costs  that  increase  the  useful  life  or  service  potential  of a  property
component.  These  capitalized costs are depreciated over the useful life of the
asset.  Expenditures for ordinary  repairs,  maintenance and apartment  turnover
costs are expensed as incurred. In accordance with SFAS No. 144, "Accounting for
the  Impairment  or Disposal of  Long-Lived  Assets,"  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 those assets. No adjustments for impairment of value were recorded in
the years ended December 31, 2004 or 2003.

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: 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  amount of its  financial  instruments  (except for long term
debt)  approximates  their fair value due to the short  term  maturity  of these
instruments.  The Partnership  estimates the fair value of its long term debt by
discounting  future  cash flows  using a discount  rate  commensurate  with that
currently  believed to be available to the Partnership  for similar term,  fully
amortizing long term debt. The fair value of the Partnership's long term debt at
the Partnership's  incremental borrowing rate approximates its carrying value at
December 31, 2004.

Derivative Financial Instruments:  For the Partnership's variable rate debt, the
Managing  General  Partner has entered  into an interest  rate cap  agreement to
reduce the Partnership's  exposure to interest rate  fluctuations.  The interest
rate cap  agreement  entered  into in  conjunction  with the Oak Run  Apartments
refinancing  effectively limits the Partnership's exposure to interest rate risk
by providing a ceiling on the underlying  variable interest rate. The fair value
of this instrument is reflected as an asset in the  consolidated  balance sheet,
and  periodic  changes in fair value are  included  in  interest  expense.  This
instrument is not material to the Partnership's  consolidated financial position
and results of operations.

Use of Estimates:  The  preparation of financial  statements in conformity  with
accounting   principles   generally  accepted  in  the  United  States  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.

Advertising  Costs:  The  Partnership  expenses  the  costs  of  advertising  as
incurred.  Advertising costs of approximately  $48,000 and $86,000 for the years
ended  December  31, 2004 and 2003,  respectively,  are  included  in  operating
expenses and loss from discontinued operations.

Segment Reporting: SFAS No. 131, "Disclosure about Segments of an Enterprise and
Related  Information"   established   standards  for  the  way  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.  SFAS No. 131 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.

Note B - Mortgage Note Payable

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

                                Principal                              Principal
                               Balance At      Stated                   Balance
                              December 31,    Interest   Maturity        Due At
           Property               2004          Rate       Date         Maturity
                             (in thousands)                          (in thousands)
<S>                              <C>             <C>      <C>           <C>
Oak Run Apartments               $ 8,500         (1)      10/2007       $ 8,500
</TABLE>

(1)   Adjustable rate equal to the average of London Interbank Offered Rates for
      a term of one month plus 285 basis points (minimum of 4.69%).  The rate at
      December 31, 2004 was 5.25% and will reset monthly.

On October 1, 2004,  the  Partnership  obtained a mortgage of  $8,500,000 on its
sole investment  property,  Oak Run Apartments,  located in Dallas,  Texas.  The
existing mortgage of approximately $9,728,000 matured on October 1, 2004 and was
repaid  with  proceeds  from  the  new  mortgage  and  an  additional   loan  of
approximately $1,918,000,  which was funded by an affiliate of the Partnership's
managing  general  partner  ("Affiliate  Loan") to cover  closing  costs and the
deficiency between the existing mortgage payoff amount and the new mortgage. The
Affiliate  Loan is a demand  note that bears  interest at the prime rate plus 2%
(7.25% at December 31,  2004).  The new mortgage  requires  monthly  payments of
interest which began on November 1, 2004 until the loan matures October 1, 2007,
with interest being equal to the average of London Interbank Offered Rates for a
term of one month plus 285 basis points  (minimum rate of 4.69%).  In conjuction
with the mortgage note, the Partnership paid approximately $30,000 to enter into
an interest  rate cap  agreement,  which limited the  Partnership's  exposure to
interest  rate   increases.   Under  this  interest  rate  cap  agreement,   the
Partnership's interest rate on the amounts owed to GMAC Commercial Mortgage will
be no higher than 6.00%. This agreement expires October 1, 2007. The Partnership
has adopted SFAS No. 133,  "Accounting  for Derivative  Instruments  and Hedging
Activities",  which  was  amended  by  SFAS  No.  138  "Accounting  for  Certain
Derivative Instruments and Certain Hedging Activities - an Amendment of SFAS No.
133".  The  Partnership's  interest  rate cap does not qualify for special hedge
accounting  treatment as defined by SFAS 133, and  therefore  all changes in the
fair  value of the  interest  rate cap will be  recognized  in the  consolidated
statements of operations as an adjustment to interest  expense.  In addition the
new  mortgage  requires  monthly  escrow  deposits  for  taxes,   insurance  and
replacement  reserves.  As a condition  of making the new  mortgage,  the lender
required an  affiliate  of the  Partnership  to guarantee  the  obligations  and
liabilities of the Partnership with respect to the new mortgage.

The  mortgage  note  payable is  non-recourse  and is secured by a pledge of the
Partnership's rental property and by a pledge of revenues from the property. The
mortgage  note  payable  includes a  prepayment  penalty if repaid  prior to its
maturity.   Further,   the   property  may  not  be  sold  subject  to  existing
indebtedness.

Note C - Income Taxes

Differences between the net (loss) 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 (in thousands, except per unit data):

                                                     2004          2003
Net (loss) income as reported                       $ (805)       $ 9,706
Add (deduct):
  Depreciation differences                              73            431
  Gain on sale                                          --          2,653
  Other                                                 33            (50)
Federal taxable (loss) income                      $  (699)       $12,740
Federal taxable (loss) income per limited
  partnership unit                                 $ (8.39)       $152.17

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

                                                 2004
Net liabilities as reported                     $ (216)
Land and buildings                               1,196
Accumulated depreciation                        (5,131)
Syndication and distribution costs               9,592
Other                                              163
Net assets - Federal tax basis                 $ 5,604

Note D - Transactions with Affiliated Parties

The Partnership has no employees and depends 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.

Affiliates of the Managing  General  Partner  receive 5% of gross  receipts from
both of the Partnership's properties for providing property management services.
The Partnership paid to such affiliates  approximately $106,000 and $219,000 for
the years ended December 31, 2004 and 2003,  respectively,  which is included in
operating expense and loss from discontinued operations.

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, 2004 and 2003,  no amounts were
paid to the  Managing  General  Partner  as all  distributions  were  made  from
cumulative  undistributed  sales and refinancing  proceeds during the year ended
December 31, 2003 and there were no distributions during the year ended December
31, 2004.

An  affiliate  of  the  Managing   General   Partner   charged  the  Partnership
reimbursement of accountable  administrative expenses amounting to approximately
$138,000  and  $177,000  for  the  years  ended  December  31,  2004  and  2003,
respectively,  which is  included  in general  and  administrative  expense.  At
December 31, 2004,  approximately  $73,000 of  reimbursements  for services were
accrued  by the  Partnership  and  are  included  in due  to  affiliates  on the
accompanying consolidated balance sheet.

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.  During the year ended  December  31,  2004,  an  affiliate  of the
Managing  General Partner agreed to advance funds in excess of the $150,000 line
of credit to fund operating  expenses of Oak Run  Apartments,  costs  associated
with  obtaining  a new  mortgage  on the  property  and an  amount  to cover the
deficiency  between the existing  mortgage  payoff  amount and the new mortgage.
During the year ended  December 31, 2004  approximately  $2,227,000 was advanced
for these purposes. The Partnership repaid approximately $63,000 during the year
ended December 31, 2004.  There were no advances or repayment of advances during
the year ended December 31, 2003. At December 31, 2004 the  outstanding  balance
was approximately $2,202,000 including accrued interest. Interest accrues at the
prime rate plus 2% (7.25% at December 31, 2004).  Interest  expense  amounted to
approximately $38,000 for the year ended December 31, 2004.

The  Partnership  insures its properties up to certain  limits through  coverage
provided by AIMCO which is  generally  self-insured  for a portion of losses and
liabilities  related to workers  compensation,  property  casualty  and  vehicle
liability. The Partnership insures its properties above the AIMCO limits through
insurance  policies  obtained  by  AIMCO  from  insurers  unaffiliated  with the
Managing General Partner. During the years ended December 31, 2004 and 2003, the
Partnership  was charged by AIMCO and its affiliates  approximately  $39,000 and
$66,000,  respectively,  for insurance  coverage and fees associated with policy
claims administration.

In addition to its indirect  ownership of the general  partner  interests in the
Partnership,  AIMCO and its affiliates owned 42,694.50 limited partnership units
(the "Units") in the Partnership  representing  56.93% of the total  outstanding
Units at December 31, 2004.  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  Units in exchange for cash or a combination
of cash and units,  in AIMCO  Properties,  L.P.,  the operating  partnership  of
AIMCO, either through private purchases or tender offers.  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 56.93%
of the total outstanding  Units,  AIMCO is in a position to influence all voting
decisions with respect to the Registrant.  AIMCO IPLP, L.P.,  formerly  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 the 21,513 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.  Although the Managing  General  Partner owes fiduciary
duties to the limited partners of the Partnership,  the Managing General Partner
also owes fiduciary duties to AIMCO as its sole  stockholder.  As a result,  the
duties of the Managing  General Partner,  as managing  general  partner,  to the
Partnership  and its limited  partners may come into conflict with the duties of
the Managing General Partner to AIMCO as its sole stockholder.

Note E - Investment Property and Accumulated Depreciation

                                                   Initial Cost
                                                  To Partnership
                                                  (in thousands)
<TABLE>
<CAPTION>

                                                          Buildings          Costs
                                                         and Related      Capitalized
                                                          Personal       Subsequent to
     Description           Encumbrances       Land        Property        Acquisition
                          (in thousands)                                (in thousands)
<S>                          <C>             <C>           <C>              <C>
Oak Run Apartments           $ 8,500         $ 6,218       $ 8,713          $ 3,763
</TABLE>

                          Gross Amount At Which Carried
                              At December 31, 2004
                                 (in thousands)
<TABLE>
<CAPTION>

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

<S>                      <C>        <C>       <C>        <C>         <C>        <C>
Oak Run Apartments       $ 6,218    $12,476   $18,694    $ 8,503     11/83      5-30 yrs
</TABLE>

Reconciliation of "Investment Property and Accumulated Depreciation":

                                                Years Ended December 31,
                                                  2004            2003
Investment Property                                  (in thousands)
Balance at beginning of year                    $ 17,937        $ 28,946
  Property improvements                              757             269
  Sale of investment property                         --         (11,278)
Balance at end of year                          $ 18,694        $ 17,937

Accumulated Depreciation
Balance at beginning of year                    $ 8,001         $ 13,745
  Depreciation expense                               502             820
  Sale of investment property                         --          (6,564)
Balance at end of year                          $ 8,503          $ 8,001

The aggregate cost of the investment property for Federal income tax purposes at
December  31,  2004 and 2003,  is  approximately  $19,890,000  and  $19,132,000,
respectively. The accumulated depreciation taken for Federal income tax purposes
at December 31, 2004 and 2003, is  approximately  $13,634,000  and  $13,204,000,
respectively.

Note F - Disposition of Investment Property

On October 31, 2003,  the  Partnership  sold  Overlook  Point  Apartments  to an
unrelated third party,  for a gross sale price of $15,600,000.  The net proceeds
realized by the  Partnership  were  approximately  $15,317,000  after payment of
closing costs of  approximately  $283,000.  The Partnership  used  approximately
$8,397,000 of the net proceeds to repay the mortgage  encumbering  the property.
The Partnership  realized a gain of approximately  $10,546,000 during the twelve
months  ended  December  31,  2003,  as a result of this sale and this amount is
included  in  gain  on  sale  of  discontinued  operations  in the  accompanying
consolidated  statements of  operations.  The property's  operations,  a loss of
approximately  $440,000 for the twelve months ended December 31, 2003, including
revenues of  approximately  $1,545,000,  are included in loss from  discontinued
operations.  The loss  from  discontinued  operations  includes  a loss on early
extinguishment  of debt of  approximately  $606,000 for the twelve  months ended
December 31, 2003 due to the write-off of  approximately  $47,000 of unamortized
loan costs and the payment of  approximately  $559,000 for a prepayment  penalty
relating to the repayment of the mortgage encumbering the property.

Note G - Contingencies

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. (the "Nuanes action") 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
purported  to  assert  claims  on  behalf  of a class of  limited  partners  and
derivatively  on behalf  of a number  of  limited  partnerships  (including  the
Partnership)  that are named as nominal  defendants,  challenging,  among  other
things,  the  acquisition  of  interests  in certain  Managing  General  Partner
entities by Insignia Financial Group, Inc.  ("Insignia") and entities that 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 series of  transactions  which  closed on
October 1, 1998 and February 26, 1999 whereby  Insignia and Insignia  Properties
Trust,  respectively,  were merged into AIMCO.  The plaintiffs  sought  monetary
damages and equitable relief, including judicial dissolution of the Partnership.
In addition,  during the third quarter of 2001, a complaint  captioned Heller v.
Insignia  Financial  Group (the  "Heller  action")  was filed  against  the same
defendants  that are named in the  Nuanes  action.  On or about  August 6, 2001,
plaintiffs filed a first amended  complaint.  The Heller action was brought as a
purported derivative action, and asserted claims for, among other things, breach
of fiduciary  duty,  unfair  competition,  conversion,  unjust  enrichment,  and
judicial dissolution.

On January 8, 2003,  the parties filed a  Stipulation  of Settlement in proposed
settlement of the Nuanes action and the Heller action.

In general  terms,  the  proposed  settlement  provides  for  certification  for
settlement  purposes of a settlement class consisting of all limited partners in
this  Partnership and others (the  "Partnerships")  as of December 20, 2002, the
dismissal  with  prejudice  and  release  of claims  in the  Nuanes  and  Heller
litigation,  payment by AIMCO of $9.9  million  (which shall be  distributed  to
settlement  class  members  after  deduction of attorney fees and costs of class
counsel and certain costs of settlement) and up to $1 million toward the cost of
independent  appraisals of the  Partnerships'  properties  by a court  appointed
appraiser.  An affiliate of the Managing General Partner has also agreed to make
at least one round of tender offers to purchase all of the partnership interests
in the Partnerships within one year of final approval,  if it is granted, and to
provide  partners with the independent  appraisals at the time of these tenders.
The proposed  settlement also provided for the limitation of the allowable costs
which  the  Managing   General   Partner  or  its  affiliates  will  charge  the
Partnerships  in connection with this litigation and imposes limits on the class
counsel  fees and  costs in this  litigation.  On April  11,  2003,  notice  was
distributed  to  limited   partners   providing  the  details  of  the  proposed
settlement.

On June 13, 2003, the court granted final approval of the settlement and entered
judgment in both the Nuanes and Heller actions.  On August 12, 2003, an objector
("Objector") filed an appeal (the "Appeal") seeking to vacate and/or reverse the
order approving the settlement and entering  judgment  thereto.  On November 24,
2003,  the Objector  filed an  application  requesting  the court order AIMCO to
withdraw settlement tender offers it had commenced,  refrain from making further
offers  pending  the appeal and auction  any units  tendered  to third  parties,
contending  that the offers did not  conform  with the terms of the  settlement.
Counsel  for the  Objector  (on behalf of another  investor)  had  alternatively
requested the court take certain action  purportedly to enforce the terms of the
settlement agreement. On December 18, 2003, the court heard oral argument on the
motions  and denied them both in their  entirety.  The  Objector  filed a second
appeal challenging the court's use of a referee and its order requiring Objector
to pay those fees.

On January 28, 2004,  the  Objector  filed his opening  brief in the Appeal.  On
April 23, 2004, the Managing General Partner and its affiliates filed a response
brief in support of the settlement and the judgment thereto. The plaintiffs have
also filed a brief in support of the settlement. On June 4, 2004, Objector filed
a reply to the briefs  submitted by the Managing General Partner and Plaintiffs.
In addition both the Objector and plaintiffs filed briefs in connection with the
second appeal.  On March 21, 2005, the Court of Appeals issued  opinions in both
pending appeals. With regard to the settlement and judgment entered thereto, the
Court of Appeals vacated the trial court's order and remanded to the trial court
for further  findings on the basis that the "state of the record is insufficient
to permit meaningful  appellate  review".  With regard to the second appeal, the
Court of Appeals reversed the order requiring the Objector to pay referee fees.

The  Managing  General  Partner  does  not  anticipate  that  any  costs  to the
Partnership, whether legal or settlement costs, associated with these cases will
be material to the Partnership's overall operations.

As previously disclosed,  AIMCO Properties L.P. and NHP Management Company, both
affiliates of the Managing General  Partner,  are defendants in an action in the
United States District Court,  District of Columbia.  The plaintiffs have styled
their  complaint  as a  collective  action  under the Fair Labor  Standards  Act
("FLSA") and seek to certify state subclasses in California,  Maryland,  and the
District of Columbia. Specifically, the plaintiffs contend that AIMCO Properties
L.P. failed to compensate  maintenance  workers for time that they were required
to be "on-call".

Additionally,  plaintiffs allege AIMCO Properties L.P. failed to comply with the
FLSA in compensating maintenance workers for time that they worked in responding
to a call while  "on-call".  The defendants  have filed an answer to the amended
complaint  denying  the  substantive  allegations.  Discovery  relating  to  the
certification of the collective  action has concluded and briefing on the matter
is currently  underway.  Although the outcome of any  litigation  is  uncertain,
AIMCO  Properties,  L.P. does not believe that the ultimate  outcome will have a
material  adverse  effect on its financial  condition or results of  operations.
Similarly,  the  Managing  General  Partner  does not believe  that the ultimate
outcome will have a material  adverse effect on the  Partnership's  consolidated
financial condition or results of operations.

The  Partnership  is unaware  of any other  pending  or  outstanding  litigation
matters involving it or its investment property that are not of a routine nature
arising in the ordinary course of business.

Environmental

Various  Federal,  state and local laws subject  property owners or operators to
liability for management,  and the costs of removal or  remediation,  of certain
hazardous  substances  present on a property.  Such laws often impose  liability
without regard to whether the owner or operator knew of, or was responsible for,
the release or presence of the  hazardous  substances.  The  presence of, or the
failure to manage or remedy properly,  hazardous substances may adversely affect
occupancy at affected  apartment  communities and the ability to sell or finance
affected properties.  In addition to the costs associated with investigation and
remediation  actions brought by government  agencies,  the presence of hazardous
substances  on a  property  could  result in claims by  private  plaintiffs  for
personal injury,  disease,  disability or other  infirmities.  Various laws also
impose  liability for the cost of removal,  remediation or disposal of hazardous
substances  through a  licensed  disposal  or  treatment  facility.  Anyone  who
arranges for the disposal or treatment of hazardous  substances  is  potentially
liable  under such laws.  These laws often impose  liability  whether or not the
person arranging for the disposal ever owned or operated the disposal  facility.
In connection with the ownership and operation of its property,  the Partnership
could  potentially be liable for  environmental  liabilities or costs associated
with its property.

Mold

The Partnership is aware of lawsuits  against owners and managers of multifamily
properties asserting claims of personal injury and property damage caused by the
presence of mold, some of which have resulted in substantial  monetary judgments
or settlements. The Partnership has only limited insurance coverage for property
damage loss claims  arising from the  presence of mold and for  personal  injury
claims related to mold exposure. Affiliates of the Managing General Partner have
implemented a national  policy and  procedures to prevent or eliminate mold from
its properties  and the Managing  General  Partner  believes that these measures
will  eliminate,  or at least  minimize,  the  effects  that mold  could have on
residents.  To date,  the  Partnership  has not incurred  any material  costs or
liabilities  relating to claims of mold  exposure  or to abate mold  conditions.
Because the law  regarding  mold is unsettled and subject to change the Managing
General  Partner  can make no  assurance  that  liabilities  resulting  from the
presence of or exposure to mold will not have a material  adverse  effect on the
Partnership's consolidated financial condition or results of operations.

SEC Investigation

As  previously  disclosed,  the  Central  Regional  Office of the United  States
Securities  and  Exchange   Commission   (the  "SEC")  is  conducting  a  formal
investigation relating to certain matters.  Although the staff of the SEC is not
limited  in the  areas  that it may  investigate,  AIMCO  believes  the areas of
investigation include AIMCO's miscalculated monthly net rental income figures in
third quarter 2003,  forecasted  guidance,  accounts payable,  rent concessions,
vendor  rebates,  capitalization  of payroll and certain  other  costs,  and tax
credit  transactions.  AIMCO is cooperating  fully. AIMCO is not able to predict
when the matter  will be  resolved.  AIMCO does not  believe  that the  ultimate
outcome  will  have a  material  adverse  effect on its  consolidated  financial
condition or results of operations. Similarly, the Managing General Partner does
not believe that the ultimate outcome will have a material adverse effect on the
Partnership's consolidated financial condition or results of operations.

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

None.

Item 8a.    Controls and Procedures

(a) Disclosure Controls and Procedures.  The Partnership's management,  with the
participation of the principal executive officer and principal financial officer
of the Managing  General  Partner,  who are the equivalent of the  Partnership's
principal executive officer and principal financial officer,  respectively,  has
evaluated  the  effectiveness  of  the  Partnership's  disclosure  controls  and
procedures (as such term is defined in Rules  13a-15(e) and 15d-15(e)  under the
Securities  Exchange Act of 1934, as amended (the "Exchange Act")) as of the end
of the period covered by this report.  Based on such  evaluation,  the principal
executive  officer  and  principal  financial  officer of the  Managing  General
Partner, who are the equivalent of the Partnership's principal executive officer
and principal  financial officer,  respectively,  have concluded that, as of the
end of such period,  the  Partnership's  disclosure  controls and procedures are
effective.

(b) Internal Control Over Financial  Reporting.  There have not been any changes
in the Partnership's  internal control over financial reporting (as such term is
defined in Rules  13a-15(f)  and  15d-15(f)  under the Exchange  Act) during the
fourth quarter of 2004 that have materially  affected,  or are reasonably likely
to  materially  affect,  the  Partnership's   internal  control  over  financial
reporting.

Item 8b.    Other Information

None.

                                    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 directors or officers.  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
directors  and  officers of the  Managing  General  Partner are set forth below.
There are no family relationships between or among any directors or officers.

Name                        Age    Position

Martha L. Long               45    Director and Senior Vice President
Harry G. Alcock              42    Director and Executive Vice President
Miles Cortez                 61    Executive Vice President, General Counsel
                                     and Secretary
Patti K. Fielding            41    Executive Vice President
Paul J. McAuliffe            48    Executive Vice President and Chief
                                     Financial Officer
Thomas M. Herzog             42    Senior Vice President and Chief Accounting
                                     Officer
Stephen B. Waters            43    Vice President

Martha L. Long has been a Director  and Senior Vice  President of the Managing
General  Partner  since  February  2004.  Ms.  Long has been with AIMCO  since
October  1998 and has served in  various  capacities.  From 1998 to 2001,  Ms.
Long served as Senior Vice  President and Controller of AIMCO and the Managing
General  Partner.  During  2002 and 2003,  Ms.  Long  served  as  Senior  Vice
President of Continuous Improvement for AIMCO.

Harry G. Alcock was appointed as a Director of the Managing  General  Partner in
October 2004 and was appointed  Executive Vice President of the Managing General
Partner  in  February  2004 and has been  Executive  Vice  President  and  Chief
Investment Officer of AIMCO since October 1999. Prior to October 1999 Mr. Alcock
served as a Vice President of AIMCO from July 1996 to October 1997,  when he was
promoted to Senior Vice  President  Acquisitions  where he served until  October
1999. Mr. Alcock has had responsibility for acquisition and financing activities
of AIMCO since July 1994.

Miles  Cortez was  appointed  Executive  Vice  President,  General  Counsel  and
Secretary  of the  Managing  General  Partner in  February  2004 and of AIMCO in
August 2001. Prior to joining AIMCO, Mr. Cortez was the senior partner of Cortez
Macaulay Bernhardt & Schuetze LLC, a Denver law firm, from December 1997 through
September 2001.

Patti K. Fielding was appointed  Executive  Vice President - Securities and Debt
of the Managing  General Partner in February 2004 and of AIMCO in February 2003.
Ms.  Fielding was appointed  Treasurer of AIMCO in January 2005. Ms. Fielding is
responsible  for  debt  financing  and the  treasury  department.  Ms.  Fielding
previously  served as Senior Vice  President - Securities and Debt of AIMCO from
January 2000 to February 2003. Ms.  Fielding  joined AIMCO in February 1997 as a
Vice President.

Paul J. McAuliffe has been Executive Vice President and Chief Financial  Officer
of the Managing  General  Partner since April 2002. Mr.  McAuliffe has served as
Executive Vice  President of AIMCO since  February 1999 and was appointed  Chief
Financial Officer of AIMCO in October 1999. From May 1996 until he joined AIMCO,
Mr. McAuliffe was Senior Managing Director of Secured Capital Corp.

Thomas M.  Herzog was  appointed  Senior  Vice  President  and Chief  Accounting
Officer of the Managing General Partner in February 2004 and of AIMCO in January
2004.  Prior to joining AIMCO in January 2004, Mr. Herzog was at GE Real Estate,
serving  as Chief  Accounting  Officer & Global  Controller  from  April 2002 to
January 2004 and as Chief Technical Advisor from March 2000 to April 2002. Prior
to joining GE Real  Estate,  Mr.  Herzog was at  Deloitte & Touche LLP from 1990
until 2000.

Stephen B. Waters was appointed Vice President of the Managing  General  Partner
in April  2004.  Mr.  Waters  previously  served as a  Director  of Real  Estate
Accounting   since   joining   AIMCO  in   September   1999.   Mr.   Waters  has
responsibilities for real estate and partnership accounting with AIMCO.

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 board of directors of the Managing  General Partner does not have a separate
audit committee. As such, the board of directors of the Managing General Partner
fulfills  the  functions  of an audit  committee.  The  board of  directors  has
determined  that  Martha L. Long meets the  requirement  of an "audit  committee
financial expert".

The directors and officers of the Managing  General  Partner with authority over
the Partnership are all employees of subsidiaries of AIMCO.  AIMCO has adopted a
code of ethics that applies to such  directors  and  officers  that is posted on
AIMCO's  website  (www.AIMCO.com).   AIMCO's  website  is  not  incorporated  by
reference to this filing.

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, 2004.

               Name of                                         Percentage
          Beneficial Owner                Number of Units       of Class

AIMCO IPLP, L.P.
  (an affiliate of AIMCO)                    21,717.0            28.96%
Madison River Properties, LLC
  (an affiliate of AIMCO)                     5,259.5             7.01%
AIMCO Properties, L.P.
  (an affiliate of AIMCO)                    15,618.0            20.83%
Fox Capital Management Company
  (an affiliate of AIMCO)                       100.0             0.13%

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

AIMCO  Properties,  L.P. is indirectly  ultimately  controlled  by AIMCO.  Its
business address is 4582 S. Ulster St. Parkway,  Suite 1100, Denver,  Colorado
80237.

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 depends 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.

Affiliates of the Managing  General  Partner  receive 5% of gross  receipts from
both of the Partnership's properties for providing property management services.
The Partnership paid to such affiliates  approximately $106,000 and $219,000 for
the years ended December 31, 2004 and 2003,  respectively,  which is included in
operating expense and loss from discontinued operations.

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, 2004 and 2003,  no amounts were
paid to the  Managing  General  Partner  as all  distributions  were  made  from
cumulative  undistributed  sales and refinancing  proceeds during the year ended
December 31, 2003 and there were no distributions during the year ended December
31, 2004.

An  affiliate  of  the  Managing   General   Partner   charged  the  Partnership
reimbursement of accountable  administrative expenses amounting to approximately
$138,000  and  $177,000  for  the  years  ended  December  31,  2004  and  2003,
respectively,  which is  included  in general  and  administrative  expense.  At
December 31, 2004,  approximately  $73,000 of  reimbursements  for services were
accrued  by the  Partnership  and  are  included  in due  to  affiliates  on the
accompanying consolidated balance sheet.

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.  During the year ended  December  31,  2004,  an  affiliate  of the
Managing  General Partner agreed to advance funds in excess of the $150,000 line
of credit to fund operating  expenses of Oak Run  Apartments,  costs  associated
with  obtaining  a new  mortgage  on the  property  and an  amount  to cover the
deficiency  between the existing  mortgage  payoff  amount and the new mortgage.
During the year ended  December 31, 2004  approximately  $2,227,000 was advanced
for these purposes. The Partnership repaid approximately $63,000 during the year
ended December 31, 2004.  There were no advances or repayment of advances during
the year ended December 31, 2003. At December 31, 2004 the  outstanding  balance
was approximately $2,202,000 including accrued interest. Interest accrues at the
prime rate plus 2% (7.25% at December 31, 2004).  Interest  expense  amounted to
approximately $38,000 for the year ended December 31, 2004.

The  Partnership  insures its properties up to certain  limits through  coverage
provided by AIMCO which is  generally  self-insured  for a portion of losses and
liabilities  related to workers  compensation,  property  casualty  and  vehicle
liability. The Partnership insures its properties above the AIMCO limits through
insurance  policies  obtained  by  AIMCO  from  insurers  unaffiliated  with the
Managing General Partner. During the years ended December 31, 2004 and 2003, the
Partnership  was charged by AIMCO and its affiliates  approximately  $39,000 and
$66,000,  respectively,  for insurance  coverage and fees associated with policy
claims administration.

In addition to its indirect  ownership of the general  partner  interests in the
Partnership,  AIMCO and its affiliates owned 42,694.50 limited partnership units
(the "Units") in the Partnership  representing  56.93% of the total  outstanding
Units at December 31, 2004.  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  Units in exchange for cash or a combination
of cash and units,  in AIMCO  Properties,  L.P.,  the operating  partnership  of
AIMCO, either through private purchases or tender offers.  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 56.93%
of the total outstanding  Units,  AIMCO is in a position to influence all voting
decisions with respect to the Registrant.  AIMCO IPLP, L.P.,  formerly  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 the 21,513 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.  Although the Managing  General  Partner owes fiduciary
duties to the limited partners of the Partnership,  the Managing General Partner
also owes fiduciary duties to AIMCO as its sole  stockholder.  As a result,  the
duties of the Managing  General Partner,  as managing  general  partner,  to the
Partnership  and its limited  partners may come into conflict with the duties of
the Managing General Partner to AIMCO as its sole stockholder.

Item 13.    Exhibits

            See Exhibit Index.

Item 14.    Principal Accountant Fees and Services

The Managing  General Partner has  reappointed  Ernst & Young LLP as independent
auditors to audit the financial  statements  of the  Partnership  for 2005.  The
aggregate  fees billed for  services  rendered by Ernst & Young LLP for 2004 and
2003 are described below.

Audit Fees. Fees for audit services  totaled  approximately  $29,000 and $37,000
for 2004 and 2003,  respectively.  Fees for audit services also include fees for
the reviews of the Partnership's Quarterly Reports on Form 10-QSB.

Tax Fees.  Fees for tax services  totaled  approximately  $7,000 and $11,000 for
2004 and 2003, respectively.

                                   SIGNATURES



In accordance with the  requirements 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/Martha L. Long
                                          Martha L. Long
                                          Senior Vice President


                                          /s/Stephen B. Waters
                                    By:   Stephen B. Waters
                                          Vice President


                                    Date: March 30, 2005


In accordance with the  requirements of the Exchange Act, the Registrant  caused
this  report to be  signed on its  behalf  by the  undersigned,  thereunto  duly
authorized.


/s/Harry G. Alcock            Director and Executive     Date: March 30, 2005
Harry G. Alcock               Vice President



/s/Martha L. Long             Director and Senior Vice   Date: March 30, 2005
Martha L. Long                President


/s/Stephen B. Waters          Vice President             Date: March 30, 2005
Stephen B. Waters

                          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.

       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
                  Form S-11 (Reg. No. 2-78495).

      10.4        Purchase and Sale Contract  between  Century  Properties  Fund
                  XVIII and Rohnert Crossbrook Associates, dated August 15, 2003
                  for sale of Overlook Apartments.  Incorporated by reference to
                  the Registrant's  Form 8-K dated October 13, 2003 and filed on
                  November 10, 2003.

      10.5        Reinstatement  and  Amendment  to Purchase  and Sale  Contract
                  between Century  Properties Fund XVIII and Rohnert  Crossbrook
                  Associates,  dated  September  24,  2003 for sale of  Overlook
                  Apartments. Incorporated by reference to the Registrant's Form
                  8-K dated October 13, 2003 and filed on November 10, 2003.

      10.6        Second Amendment to Purchase and Sale Contract between Century
                  Properties Fund XVIII and Rohnert Crossbrook Associates, dated
                  October 3, 2003 for sale of Overlook Apartments.  Incorporated
                  by reference to the  Registrant's  Form 8-K dated  October 13,
                  2003 and filed on November 10, 2003.

      10.7        Loan Agreement dated September 30, 2004 between Oak Run, L.P.,
                  a South  Carolina  limited  partnership  and  GMAC  Commercial
                  Mortgage Bank.  Incorporated by reference to the  Registrant's
                  Form 8-K dated October 1, 2004.

      10.8        Promissory Note dated September 30, 2004 between Oak Run L.P.,
                  a South  Carolina  limited  partnership  and  GMAC  Commercial
                  Mortgage Bank.  Incorporated by reference to the  Registrant's
                  Form 8-K dated October 1, 2004.

      10.9        Guaranty dated September 30, 2004 by AIMCO  Properties,  L.P.,
                  for the benefit of GMAC Commercial Mortgage Bank. Incorporated
                  by reference  to the  Registrant's  Form 8-K dated  October 1,
                  2004.

      31.1        Certification  of  equivalent  of  Chief  Executive  Officer
                  pursuant     to     Securities     Exchange     Act    Rules
                  13a-14(a)/15d-14(a),  as Adopted  Pursuant to Section 302 of
                  the Sarbanes-Oxley Act of 2002.

      31.2        Certification  of  equivalent  of  Chief  Financial  Officer
                  pursuant     to     Securities     Exchange     Act    Rules
                  13a-14(a)/15d-14(a),  as Adopted  Pursuant to Section 302 of
                  the Sarbanes-Oxley Act of 2002.

      32.1        Certification   Pursuant  to  18  U.S.C.  Section  1350,  as
                  Adopted  Pursuant to Section 906 of the  Sarbanes-Oxley  Act
                  of 2002.




Exhibit 31.1


                                  CERTIFICATION


I, Martha L. Long, certify that:


1.    I have reviewed  this annual  report on Form 10-KSB of Century  Properties
      Fund XVIII;

2.    Based on my knowledge,  this report does not contain any untrue  statement
      of a material fact or omit to state a material fact  necessary to make the
      statements made, in light of the circumstances under which such statements
      were made,  not  misleading  with  respect  to the period  covered by this
      report;

3.    Based on my  knowledge,  the  financial  statements,  and other  financial
      information  included  in this  report,  fairly  present  in all  material
      respects the financial condition,  results of operations and cash flows of
      the small  business  issuer as of, and for, the periods  presented in this
      report;

4.    The  small  business  issuer's  other  certifying  officer(s)  and  I  are
      responsible  for  establishing  and  maintaining  disclosure  controls and
      procedures (as defined in Exchange Act Rules  13a-15(e) and 15d-15(e)) for
      the small business issuer and have:

      (a)   Designed such  disclosure  controls and  procedures,  or caused such
            disclosure   controls  and  procedures  to  be  designed  under  our
            supervision,  to ensure that  material  information  relating to the
            small business issuer, including its consolidated  subsidiaries,  is
            made  known to us by  others  within  those  entities,  particularly
            during the period in which this report is being prepared;

      (b)   Evaluated  the   effectiveness   of  the  small  business   issuer's
            disclosure  controls and procedures and presented in this report our
            conclusions about the  effectiveness of the disclosure  controls and
            procedures, as of the end of the period covered by this report based
            on such evaluation; and

      (c)   Disclosed in this report any change in the small  business  issuer's
            internal  control over financial  reporting that occurred during the
            small  business  issuer's  most  recent  fiscal  quarter  (the small
            business  issuer's  fourth  fiscal  quarter in the case of an annual
            report) that has  materially  affected,  or is reasonably  likely to
            materially affect, the small business issuer's internal control over
            financial reporting; and

5.    The  small  business  issuer's  other  certifying  officer(s)  and I  have
      disclosed,  based on our most recent  evaluation of internal  control over
      financial reporting, to the small business issuer's auditors and the audit
      committee of the small  business  issuer's  board of directors (or persons
      performing the equivalent functions):

      (a)   All significant  deficiencies and material  weaknesses in the design
            or operation of internal control over financial  reporting which are
            reasonably  likely to adversely  affect the small business  issuer's
            ability  to  record,   process,   summarize  and  report   financial
            information; and

      (b)   Any fraud,  whether or not  material,  that  involves  management or
            other  employees who have a significant  role in the small  business
            issuer's internal control over financial reporting.

Date:  March 30, 2005

                                    /s/Martha L. Long
                                    Martha L. Long
                                    Senior   Vice   President   of  Fox  Capital
                                    Management  Corporation,  equivalent  of the
                                    chief executive officer of the Partnership




Exhibit 31.2


                                  CERTIFICATION


I, Stephen B. Waters, certify that:


1.    I have reviewed  this annual  report on Form 10-KSB of Century  Properties
      Fund XVIII;

2.    Based on my knowledge,  this report does not contain any untrue  statement
      of a material fact or omit to state a material fact  necessary to make the
      statements made, in light of the circumstances under which such statements
      were made,  not  misleading  with  respect  to the period  covered by this
      report;

3.    Based on my  knowledge,  the  financial  statements,  and other  financial
      information  included  in this  report,  fairly  present  in all  material
      respects the financial condition,  results of operations and cash flows of
      the small  business  issuer as of, and for, the periods  presented in this
      report;

4.    The  small  business  issuer's  other  certifying  officer(s)  and  I  are
      responsible  for  establishing  and  maintaining  disclosure  controls and
      procedures (as defined in Exchange Act Rules  13a-15(e) and 15d-15(e)) for
      the small business issuer and have:

      (a)   Designed such  disclosure  controls and  procedures,  or caused such
            disclosure   controls  and  procedures  to  be  designed  under  our
            supervision,  to ensure that  material  information  relating to the
            small business issuer, including its consolidated  subsidiaries,  is
            made  known to us by  others  within  those  entities,  particularly
            during the period in which this report is being prepared;

      (b)   Evaluated  the   effectiveness   of  the  small  business   issuer's
            disclosure  controls and procedures and presented in this report our
            conclusions about the  effectiveness of the disclosure  controls and
            procedures, as of the end of the period covered by this report based
            on such evaluation; and

      (c)   Disclosed in this report any change in the small  business  issuer's
            internal  control over financial  reporting that occurred during the
            small  business  issuer's  most  recent  fiscal  quarter  (the small
            business  issuer's  fourth  fiscal  quarter in the case of an annual
            report) that has  materially  affected,  or is reasonably  likely to
            materially affect, the small business issuer's internal control over
            financial reporting; and

5.    The  small  business  issuer's  other  certifying  officer(s)  and I  have
      disclosed,  based on our most recent  evaluation of internal  control over
      financial reporting, to the small business issuer's auditors and the audit
      committee of the small  business  issuer's  board of directors (or persons
      performing the equivalent functions):

      (a)   All significant  deficiencies and material  weaknesses in the design
            or operation of internal control over financial  reporting which are
            reasonably  likely to adversely  affect the small business  issuer's
            ability  to  record,   process,   summarize  and  report   financial
            information; and

      (b)   Any fraud,  whether or not  material,  that  involves  management or
            other  employees who have a significant  role in the small  business
            issuer's internal control over financial reporting.

Date:  March 30, 2005

                                    /s/Stephen B. Waters
                                    Stephen B. Waters
                                    Vice President of Fox Capital
                                    Management Corporation, equivalent
                                    of the chief financial officer of
                                    the Partnership

Exhibit 32.1


                          Certification of CEO and CFO
                       Pursuant to 18 U.S.C. Section 1350,
                             As Adopted Pursuant to
                Section 906 of the Sarbanes-Oxley Act of 2002



In connection  with the Annual Report on Form 10-KSB of Century  Properties Fund
XVIII (the  "Partnership"),  for the year ended  December 31, 2004 as filed with
the Securities and Exchange Commission on the date hereof (the "Report"), Martha
L. Long, as the equivalent of the Chief  Executive  Officer of the  Partnership,
and Stephen B. Waters,  as the equivalent of the Chief Financial  Officer of the
Partnership,  each hereby  certifies,  pursuant to 18 U.S.C.  Section  1350,  as
adopted pursuant to Section 906 of the  Sarbanes-Oxley Act of 2002, that, to the
best of his knowledge:

      (1)   The Report fully complies with the  requirements of Section 13(a) or
            15(d) of the Securities Exchange Act of 1934; and

      (2)   The  information  contained in the Report  fairly  presents,  in all
            material respects, the financial condition and results of operations
            of the Partnership.

                                           /s/Martha L. Long
                                    Name:  Martha L. Long
                                    Date:  March 30, 2005


                                           /s/Stephen B. Waters
                                    Name:  Stephen B. Waters
                                    Date:  March 30, 2005


This  certification is furnished with this Report pursuant to Section 906 of the
Sarbanes-Oxley  Act of 2002 and shall not be deemed filed by the Partnership for
purposes of Section 18 of the Securities Exchange Act of 1934, as amended.