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

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

                 For the fiscal year ended December 31, 2001

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

             For the transition period from _________to _________

                         Commission file number 0-11934

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

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

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

                   Issuer's telephone number (864) 239-1000

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

                                      None

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

                      Units of Limited Partnership Interest
                                (Title of class)

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

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

State issuer's revenues for its most recent fiscal year.  $5,122,000

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, 2001. No market exists for the limited  partnership
interests of the Registrant,  and,  therefore,  no aggregate market value can be
determined.

                       DOCUMENTS INCORPORATED BY REFERENCE
                                      None



<PAGE>



                                     PART I

Item 1.     Description of Business

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

The  principal  business  of the  Registrant  is to operate and hold real estate
properties for investment.  From February 1983 to September 1983, the Registrant
offered and sold 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.  The  Registrant  continues  to own  and  operate  the  two
remaining properties. See "Item 2. Description of Properties".

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

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

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

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

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

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

Item 2.     Description of Properties

The following table sets forth the Partnership's investment in properties:
<TABLE>
<CAPTION>

                                 Date of
Property                         Purchase     Type of Ownership            Use

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

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

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

Schedule of Properties

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

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

<S>                           <C>          <C>        <C>                   <C>
Overlook Point Apartments     $11,064      $ 5,810    5-30 yrs    S/L       $ 2,090
Oak Run Apartments             17,602        7,060    5-30 yrs    S/L         6,195

                              $28,666      $12,870                          $ 8,285
</TABLE>

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

Schedule of Property Indebtedness

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

                         Principal                                        Principal
                         Balance At     Stated                             Balance
                        December 31,   Interest    Period    Maturity      Due At
      Property              2001         Rate     Amortized    Date     Maturity (1)
                       (in thousands)                                  (in thousands)
Overlook Point
<S>                       <C>            <C>      <C>         <C>          <C>
  Apartments              $ 8,637        6.33%    30 years    09/2005      $ 8,127
Oak Run Apartments         10,128        7.36%    30 years    10/2004        9,728

                          $18,765                                          $17,855
</TABLE>

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

Schedule of Rental Rates and Occupancy

Average annual rental rate and occupancy for 2001 and 2000 for each property:

                                        Average Annual           Average Annual
                                         Rental Rates               Occupancy
                                          (per unit)
 Property                             2001         2000         2001        2000
 Overlook Point Apartments           $7,633       $7,457         95%         96%
 Oak Run Apartments                   7,594        7,415         87%         93%

Occupancy at Oak Run Apartments  has decreased due to a softening  market and an
increase in competition from newer properties in the local market. Management is
implementing new marketing strategies which may include lowering rental rates to
make Oak Run Apartments more competitive within its market.

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

Real Estate Taxes and Rates

Real estate taxes and rates in 2001 for each property were:

                                      2001            2001
                                    Billing           Rate
                                 (in thousands)

Overlook Point Apartments             $106            0.77%
Oak Run Apartments                     366            2.73%

Capital Improvements

Overlook Point Apartments:  The Partnership  completed  approximately $94,000 in
capital expenditures at Overlook Point Apartments during the year ended December
31, 2001, consisting primarily of floor covering,  appliance  replacements,  and
landscaping  enhancements.  These  improvements  were funded from operating cash
flow. The Partnership is currently  evaluating the capital  improvement needs of
the  property  for the  upcoming  year.  The  minimum  amount to be  budgeted is
expected to be $300 per unit or approximately $91,000.  Additional  improvements
may be considered  and will depend on the physical  condition of the property as
well as anticipated cash flow generated by the property.

Oak Run Apartments:  The Partnership completed approximately $160,000 in capital
expenditures  at Oak Run  Apartments  during the year ended  December  31, 2001,
consisting primarily of floor covering,  interior design decoration,  structural
enhancements,  air  conditioning  upgrades  and  appliance  replacements.  These
improvements were funded from operating cash flow and replacement reserves.  The
Partnership  is  currently  evaluating  the  capital  improvement  needs  of the
property for the upcoming year. The minimum amount to be budgeted is expected to
be $300 per unit or $126,000. Additional improvements may be considered and will
depend on the physical condition of the property as well as replacement reserves
and anticipated cash flow generated by the property.

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

Item 3.     Legal Proceedings

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

Pending the ruling on such  demurrers,  settlement  negotiations  commenced.  On
November 2, 1999,  the parties  executed and filed a Stipulation  of Settlement,
settling claims, subject to court approval, on behalf of the Partnership and all
limited partners who owned units as of November 3, 1999. Preliminary approval of
the  settlement  was obtained on November 3, 1999 from the Court,  at which time
the Court set a final  approval  hearing for  December  10,  1999.  Prior to the
December  10,  1999  hearing,  the  Court  received  various  objections  to the
settlement, including a challenge to the Court's preliminary approval based upon
the alleged lack of authority of prior lead counsel to enter the settlement.  On
December 14, 1999, the Managing  General  Partner and its affiliates  terminated
the  proposed  settlement.  In  February  2000,  counsel  for some of the  named
plaintiffs filed a motion to disqualify plaintiff's lead and liaison counsel who
negotiated  the  settlement.  On June  27,  2000,  the  Court  entered  an order
disqualifying  them  from the case and an  appeal  was  taken  from the order on
October 5, 2000. On December 4, 2000, the Court  appointed the law firm of Lieff
Cabraser  Heimann & Bernstein  LLP as new lead  counsel for  plaintiffs  and the
putative class.  Plaintiffs filed a third amended complaint on January 19, 2001.
On March 2, 2001,  the  Managing  General  Partner  and its  affiliates  filed a
demurrer to the third amended  complaint.  On May 14, 2001,  the Court heard the
demurrer to the third amended  complaint.  On July 10, 2001, the Court issued an
order  sustaining  defendants'  demurrer on certain  grounds.  On July 20, 2001,
Plaintiffs filed a motion for reconsideration of the Court's July 10, 2001 order
granting in part and denying in part defendants' demurrer. On September 7, 2001,
Plaintiffs  filed a fourth amended class and  derivative  action  complaint.  On
September 12, 2001, the Court denied Plaintiffs' motion for reconsideration.  On
October 5, 2001, the Managing General Partner and affiliated  defendants filed a
demurrer to the fourth amended complaint,  which was heard on December 11, 2001.
On February 2, 2002,  the Court served its order  granting in part the demurrer.
The  Court has  dismissed  without  leave to amend  certain  of the  plaintiffs'
claims.  On February 11, 2002,  plaintiffs  filed a motion  seeking to certify a
putative  class  comprised of all  non-affiliated  persons who own or have owned
units  in  the  partnerships.   The  Managing  General  Partner  and  affiliated
defendants  oppose  the motion and a hearing  has been  scheduled  for April 29,
2002. The Court has set the matter for trial in January 2003.

During the third  quarter of 2001, a complaint  (the "Heller  action") was filed
against  the same  defendants  that are named in the  Nuanes  action,  captioned
Heller v. Insignia Financial Group. On or about August 6, 2001, plaintiffs filed
a first amended  complaint.  The first amended complaint in the Heller action is
brought as a purported  derivative  action,  and asserts  claims for among other
things  breach  of  fiduciary  duty;  unfair  competition;   conversion,  unjust
enrichment;  and judicial  dissolution.  Plaintiffs in the Nuanes action filed a
motion to  consolidate  the Heller action with the Nuanes action and stated that
the Heller action was filed in order to preserve the derivative claims that were
dismissed  without  leave to amend in the Nuanes action by the Court order dated
July 10, 2001. On October 5, 2001, the Managing  General  Partner and affiliated
defendants  moved to strike the first  amended  complaint  in its  entirety  for
violating  the Court's July 10, 2001 order  granting in part and denying in part
defendants'  demurrer in the Nuanes action, or alternatively,  to strike certain
portions of the complaint based on the statute of limitations.  Other defendants
in the action  demurred to the fourth  amended  complaint,  and,  alternatively,
moved to strike the complaint. On December 11, 2001, the court heard argument on
the motions  and took the matters  under  submission.  On February 4, 2002,  the
Court  served  notice of its order  granting  defendants'  motion to strike  the
Heller complaint as a violation of its July 10, 2001 order in the Nuanes action.

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

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

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

During the quarter ended December 31, 2001, 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 3,507  Limited  Partners  of record at December  31,  2001.
Affiliates  of the Managing  General  Partner  owned  40,299.50 or 53.73% of the
limited  partnership  units at December 31, 2001. 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, 2000 and 2001 from prior cumulative  undistributed sale
and refinancing  proceeds (see "Item 6. Management's  Discussion and Analysis or
Plan of Operation" for further details):

                                        Aggregate            Per Unit
                                      (in thousands)

       01/01/00 - 12/31/00                $ 703               $ 9.28
       01/01/01 - 12/31/01                  754                 9.95

Future cash  distributions  will depend on the levels of net cash generated from
operations, the availability of cash reserves and the timing of debt maturities,
refinancings  and/or  property  sales.  The  Partnership's  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  required
capital  expenditures,  to  permit  distributions  to its  partners  in  2002 or
subsequent   periods.   See  "Item  2.   Description  of  Properties  -  Capital
Improvements" for information  relating to anticipated  capital  expenditures at
the properties.

AIMCO and its affiliates owned 40,299.50 limited partnership units (the "Units")
in the  Partnership  representing  53.73%  of the  total  outstanding  Units  at
December  31,  2001.  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 make one or more additional offers to acquire additional limited
partnership  interests in the  Partnership  for cash or in exchange for units in
the operating partnership of AIMCO. 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  voting on certain  amendments  to the
Partnership  Agreement and voting to remove the Managing General  Partner.  As a
result of its ownership of 53.73% of the total outstanding  Units, AIMCO is in a
position to influence all voting decisions with respect to the Registrant.  When
voting on matters, AIMCO would in all likelihood vote the Units it acquired in a
manner  favorable to the interest of the Managing General Partner because of its
affiliation  with  the  Managing  General  Partner.   Insignia  Properties  L.P.
("IPLP"), an affiliate of AIMCO and the Managing General Partner indirectly, had
agreed for the  benefit  of  non-tendering  unitholders,  that it would vote 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.

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

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

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

Results of Operations

The   Registrant's  net  income  for  the  year  ended  December  31,  2001  was
approximately  $215,000  compared to  approximately  $496,000 for the year ended
December  31,  2000.  The decrease in net income was due to an increase in total
expenses and a slight decrease in total revenues.  Total expenses  increased due
to increases in operating, depreciation and general and administrative expenses.
Operating expense  increased due to an increase in natural gas prices,  salaries
and related employee  benefits and property  insurance costs at both properties.
The increase in depreciation  expense was attributable to property  improvements
and replacements placed into service at both of the investment properties during
the past twelve months which are now being depreciated.

General and  administrative  expense  increased for the year ended  December 31,
2001 due to an increase in professional services as well as the cost of services
provided by the Managing General Partner and its affiliates as allowed under the
Partnership Agreement.  Also included in general and administrative expenses are
cost associated with the quarterly and annual  communications with investors and
regulatory agencies and the annual audit required by the Partnership Agreement.

Total revenues  decreased for the year ended December 31, 2001 due to a decrease
in rental income partially  offset by an increase in other income.  The decrease
in  rental  income  is  attributable  to a  decrease  in  occupancy  at Oak  Run
Apartments  partially  offset by an  increase  in average  rental  rates at both
properties.  The  increase in other income was  primarily  due to an increase in
tenant reimbursements at Overlook Point Apartments.

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

Capital Resources and Liquidity

At  December  31,  2001,  the  Registrant  had  cash  and  cash  equivalents  of
approximately  $613,000 compared to approximately $870,000 at December 31, 2000,
a decrease of  approximately  $257,000.  The  decrease  is due to  approximately
$1,001,000  and $300,000 of cash used in  financing  and  investing  activities,
respectively,  partially offset by approximately  $1,044,000 of cash provided by
operating   activities.   Cash  used  in  financing   activities   consisted  of
distributions  to  partners  and  principal   payments  made  on  the  mortgages
encumbering  the  Registrant's  properties.  Cash used in  investing  activities
consisted  of  property  improvements  and  replacements  and  net  deposits  to
restricted escrows maintained by the mortgage lender. The Registrant invests its
working capital reserves in interest-bearing accounts.

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

The sufficiency of existing  liquid assets to meet future  liquidity and capital
expenditure   requirements   is  directly   related  to  the  level  of  capital
expenditures  required at the  properties  to  adequately  maintain the physical
assets and other  operating  needs of the Registrant and to comply with Federal,
state, and local legal and regulatory requirements. The Partnership is currently
evaluating  the capital  improvement  needs of the  properties  for the upcoming
year.  The  minimum  amount to be  budgeted  is  expected to be $300 per unit or
approximately  $217,000.  Additional  improvements  may be  considered  and will
depend  on the  physical  condition  of the  properties  as well as  replacement
reserves and anticipated cash flow generated by the properties.

The  Registrant's  current assets are thought to be sufficient for any near-term
needs  (exclusive  of capital  improvements)  of the  Registrant.  The  mortgage
indebtedness  of  approximately  $18,765,000 is amortized over thirty years with
balloon payments of approximately  $9,728,000 and $8,127,000 due in October 2004
and September 2005,  respectively.  The Managing General Partner will attempt to
refinance such  indebtedness  and/or sell the properties  prior to such maturity
dates. If the properties  cannot be refinanced or sold for a sufficient  amount,
the Partnership may risk losing such properties through foreclosure.

Cash  distributions  of prior  cumulative  undistributed  sale  and  refinancing
proceeds  of  approximately  $754,000  (approximately  $746,000  to the  limited
partners  or $9.95 per limited  partnership  unit) and  $703,000  (approximately
$696,000 to the limited  partners  or $9.28 per limited  partnership  unit) were
made during the years ended  December  31, 2001 and 2000,  respectively.  Future
cash  distributions  will  depend  on the  levels  of net  cash  generated  from
operations, the availability of cash reserves and the timing of debt maturities,
refinancings  and/or  property  sales.  The  Partnership's  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  required
capital  expenditures  to permit any  distributions  to its  partners in 2002 or
subsequent periods.

AIMCO and its affiliates owned 40,299.50 limited partnership units (the "Units")
in the  Partnership  representing  53.73%  of the  total  outstanding  Units  at
December  31,  2001.  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 make one or more additional offers to acquire additional limited
partnership  interests in the  Partnership  for cash or in exchange for units in
the operating partnership of AIMCO. 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  voting on certain  amendments  to the
Partnership  Agreement and voting to remove the Managing General  Partner.  As a
result of its ownership of 53.73% of the total outstanding  Units, AIMCO is in a
position to influence all voting decisions with respect to the Registrant.  When
voting on matters, AIMCO would in all likelihood vote the Units it acquired in a
manner  favorable to the interest of the Managing General Partner because of its
affiliation  with  the  Managing  General  Partner.   Insignia  Properties  L.P.
("IPLP"), an affiliate of AIMCO and the Managing General Partner indirectly, had
agreed for the  benefit  of  non-tendering  unitholders,  that it would vote 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.

Recent Accounting Pronouncements

In August 2001, the Financial  Accounting Standards Board issued SFAS No. 144,
"Accounting  for the  Impairment or Disposal of Long-Lived  Assets".  SFAS No.
144 provides  accounting  guidance for financial  accounting and reporting for
the impairment or disposal of long-lived assets.  SFAS No. 144 supersedes SFAS
No.  121,  "Accounting  for  the  Impairment  of  Long-Lived  Assets  and  for
Long-Lived  Assets to be Disposed  Of".  SFAS No. 144 is effective  for fiscal
years  beginning  after December 15, 2001. The Managing  General  Partner does
not anticipate  that its adoption will have a material effect on the financial
position or results of operations of the Partnership.

Item 7.     Financial Statements

CENTURY PROPERTIES FUND XVIII

LIST OF FINANCIAL STATEMENTS

      Report of Ernst & Young, LLP Independent Auditors

      Consolidated Balance Sheet - December 31, 2001

      Consolidated  Statements of  Operations - Years ended  December 31, 2001
      and 2000

      Consolidated  Statements of Changes in Partners' (Deficit) Capital - Years
      ended December 31, 2001 and 2000

      Consolidated  Statements  of Cash Flows - Years ended  December 31, 2001
      and 2000

      Notes to Consolidated Financial Statements


<PAGE>


              Report of Ernst & Young LLP, Independent Auditors



The Partners
Century Properties Fund XVIII


We  have  audited  the  accompanying   consolidated  balance  sheet  of  Century
Properties  Fund XVIII as of December  31,  2001,  and the related  consolidated
statements of operations, changes in partners' (deficit) capital, and cash flows
for each of the two years in the period ended December 31, 2001. These financial
statements  are  the  responsibility  of  the  Partnership's   management.   Our
responsibility  is to express an opinion on these financial  statements based on
our audits.

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

In our opinion,  the financial  statements  referred to above present fairly, in
all material respects, the consolidated financial position of Century Properties
Fund XVIII at December 31, 2001, and the consolidated  results of its operations
and its cash flows for each of the two years in the period  ended  December  31,
2001, in conformity with accounting  principles generally accepted in the United
States.


                                                          /s/ERNST & YOUNG LLP


Greenville, South Carolina
February 15, 2002


<PAGE>





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

                                December 31, 2001

<TABLE>
<CAPTION>

Assets
<S>                                                                          <C>
   Cash and cash equivalents                                                 $   613
   Receivables and deposits                                                       46
   Restricted escrows                                                             77
   Other assets                                                                  224
   Investment properties (Notes B and E):
      Land                                                    $ 7,296
      Buildings and related personal property                   21,370
                                                                28,666
      Less accumulated depreciation                            (12,870)       15,796
                                                                            $ 16,756

Liabilities and Partners' (Deficit) Capital
Liabilities
   Accounts payable                                                           $ 85
   Other liabilities                                                             109
   Accrued property taxes                                                        366
   Tenant security deposit liabilities                                            54
   Mortgage notes payable (Note B)                                            18,765

Partners' (Deficit) Capital
   General partner                                            $ (6,241)
   Limited partners (75,000 units
      issued and outstanding)                                    3,618        (2,623)
                                                                            $ 16,756

        See Accompanying Notes to Consolidated Financial Statements

</TABLE>

<PAGE>

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

<TABLE>
<CAPTION>

                                                           Years Ended December 31,
                                                              2001         2000
Revenues:
<S>                                                          <C>          <C>
   Rental income                                             $ 4,754      $ 4,879
   Other income                                                  368          304
      Total revenues                                           5,122        5,183

Expenses:
   Operating                                                   1,887        1,749
   General and administrative                                    342          277
   Depreciation                                                  854          822
   Interest                                                    1,339        1,377
   Property tax                                                  485          462
      Total expenses                                           4,907        4,687

Net income                                                    $ 215        $ 496

Net income allocated to general partner                       $ 21         $ 50
Net income allocated to limited partners                         194          446

                                                              $ 215        $ 496

Net income per limited partnership unit                      $ 2.59       $ 5.95

Distributions per limited partnership unit                   $ 9.95       $ 9.28

        See Accompanying Notes to Consolidated Financial Statements

</TABLE>

<PAGE>

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


<TABLE>
<CAPTION>

                                         Limited
                                       Partnership     General    Limited
                                          Units        Partner    Partners    Total

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

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

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

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

Partners' (deficit) capital at
   December 31, 2000                      75,000        (6,254)     4,170     (2,084)

Distributions to partners                     --            (8)      (746)      (754)

Net income for the year ended
   December 31, 2001                          --            21        194        215

Partners' (deficit) capital at
   December 31, 2001                      75,000       $(6,241)   $ 3,618    $(2,623)

        See Accompanying Notes to Consolidated Financial Statements

</TABLE>

<PAGE>

                          CENTURY PROPERTIES FUND XVIII
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                (in thousands)

<TABLE>
<CAPTION>

                                                              Years Ended December 31,
                                                                  2001        2000
Cash flows from operating activities:
<S>                                                              <C>          <C>
  Net income                                                     $ 215        $ 496
  Adjustments to reconcile net income to net
   cash provided by operating activities:
     Depreciation                                                   854          822
     Amortization of loan costs                                      39           63
     Change in accounts:
      Receivables and deposits                                       11          397
      Other assets                                                    7            4
      Accounts payable                                               20            3
      Other liabilities                                             (79)         (45)
      Accrued property taxes                                         (1)           1
      Tenant security deposit liabilities                           (22)           6
        Net cash provided by operating activities                 1,044        1,747

Cash flows from investing activities:
  Property improvements and replacements                           (254)        (548)
  Net (deposits to) withdrawals from restricted escrows             (46)         123
        Net cash used in investing activities                      (300)        (425)

Cash flows from financing activities:
  Payments on mortgage notes payable                               (247)        (211)
  Distributions to partners                                        (754)        (703)
        Net cash used in financing activities                    (1,001)        (914)

Net (decrease) increase in cash and cash equivalents               (257)         408
Cash and cash equivalents at beginning of year                      870          462

Cash and cash equivalents at end of year                         $ 613        $ 870

Supplemental disclosure of cash flow information:
  Cash paid for interest                                        $ 1,364      $ 1,207

        See Accompanying Notes to Consolidated Financial Statements

</TABLE>

<PAGE>

                          CENTURY PROPERTIES FUND XVIII
                  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


Note A - Organization and Significant Accounting Policies

Organization:  Century Properties Fund XVIII (the "Partnership" or "Registrant")
is a  California  limited  partnership  organized  in July 1982 to  acquire  and
operate residential  apartment complexes.  The Partnership's  general partner is
Fox Partners.  The general  partners of Fox Partners are Fox Capital  Management
Corporation  (the "Managing  General  Partner" or "FCMC"),  Fox Realty Investors
("FRI"),  and Fox  Partners  82. The Managing  General  Partner,  as well as the
managing  general  partner of FRI, are  affiliates of Apartment  Investment  and
Management Company ("AIMCO").  As of December 31, 2001, the Partnership operates
two residential  apartment  complexes located in Texas and Utah. The Partnership
Agreement  provides that the  Partnership  is to terminate on December 31, 2020,
unless terminated prior to such date. The directors and officers of the Managing
General Partner also serve as executive officers of AIMCO.

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

At December 31, 2001  approximately  $1,582,000 of cumulative  net proceeds from
sales and refinancings remained undistributed.  Therefore,  future distributions
will be  distributed  in  accordance  with  the  previous  paragraph  until  the
cumulative net proceeds from sales and refinancings are fully distributed.

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

Cash and Cash Equivalents: Cash and cash equivalents include cash on hand and in
banks.  At certain times,  the amount of cash deposited at a bank may exceed the
limit on insured  deposits.  Cash balances  included  approximately  $583,000 at
December 31, 2001 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 recognizes income as earned on its leases. In addition,
the Managing  General  Partner's  policy is to offer rental  concessions  during
particularly  slow months or in response to heavy competition from other similar
complexes  in the  area.  Concessions  are  charged  against  rental  income  as
incurred.

Loan Costs: Loan costs of approximately $415,000 are included in other assets in
the  accompanying  consolidated  balance  sheet  and are  being  amortized  on a
straight-line  basis  over  the  life  of  the  loans.  At  December  31,  2001,
accumulated  amortization is approximately $224,000.  Amortization of loan costs
is included in interest expense in the accompanying  consolidated  statements of
operations.

Investment Properties:  Investment properties consist of two apartment complexes
and are  stated  at cost.  Acquisition  fees are  capitalized  as a cost of real
estate. In accordance with Statement of Financial  Accounting Standards ("SFAS")
No. 121,  "Accounting for the Impairment of Long-Lived Assets and for Long-Lived
Assets  to be  Disposed  Of",  the  Partnership  records  impairment  losses  on
long-lived assets used in operations when events and circumstances indicate that
the assets might be impaired  and the  undiscounted  cash flows  estimated to be
generated by those assets are less than the carrying amounts of these assets. No
adjustments  for  impairment of value were recorded in the years ended  December
31, 2001 or 2000. See "Recent Accounting Pronouncements" below.

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  amounts of its  financial  instruments  (except for long term
debt)  approximate  their fair  values due to the short term  maturity  of these
instruments.  The  fair  value  of  the  Partnership's  long  term  debt,  after
discounting the scheduled loan payments to maturity,  approximates  its carrying
balance.

Use of Estimates:  The  preparation of financial  statements in conformity  with
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.

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

Advertising  Costs:  The  Partnership  expenses  the  costs  of  advertising  as
incurred. Advertising costs of approximately $107,000 and $110,000 for the years
ended  December  31,  2001 and 2000,  respectively,  were  charged to  operating
expense.

Recent  Accounting  Pronouncements:  In August 2001,  the  Financial  Accounting
Standards Board issued SFAS No. 144,  "Accounting for the Impairment or Disposal
of Long-Lived  Assets".  SFAS No. 144 provides accounting guidance for financial
accounting  and reporting for the  impairment or disposal of long-lived  assets.
SFAS No.  144  supersedes  SFAS  No.  121,  "Accounting  for the  Impairment  of
Long-Lived  Assets and for Long-Lived Assets to be Disposed Of". SFAS No. 144 is
effective  for fiscal years  beginning  after  December  15, 2001.  The Managing
General  Partner  does not  anticipate  that its  adoption  will have a material
effect on the financial position or results of operations of the Partnership.

Note B - Mortgage Notes Payable

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

                        Principal     Monthly                            Principal
                        Balance At    Payment    Stated                   Balance
                       December 31,  Including  Interest   Maturity        Due At
        Property           2001       Interest    Rate       Date         Maturity
                           (in thousands)                              (in thousands)
Overlook Point
<S>                      <C>            <C>       <C>       <C>           <C>
  Apartments             $ 8,637        $ 56      6.33%     09/2005       $ 8,127
Oak Run Apartments        10,128           73     7.36%     10/2004         9,728

                         $18,765       $ 129                              $17,855
</TABLE>

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

Scheduled  principal  payments  on the  mortgage  notes  payable  subsequent  to
December 31, 2001 are as follows (in thousands):

                            2002               $   264
                            2003                   282
                            2004                 9,990
                            2005                 8,229
                                               $18,765

Note C - Income Taxes

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

                                                     2001          2000
Net income as reported                              $  215         $ 496
Add (deduct):
  Depreciation differences                             383            374
  Other                                                 22            (51)
Federal taxable income                              $ 620          $ 819
Federal taxable income per limited
  partnership unit                                  $ 7.45        $ 9.84

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

                                                 2001
Net liabilities as reported                    $(2,623)
Land and buildings                               1,194
Accumulated depreciation                        (8,705)
Syndication and distribution costs               9,592
Other                                              159
Net liabilities - Federal tax basis             $ (383)

Note D - Transactions with Affiliated Parties

The  Partnership  has no employees  and is  dependent  on the  Managing  General
Partner  and  its  affiliates  for  the  management  and  administration  of all
Partnership  activities.  The Partnership Agreement provides for (i) payments to
affiliates for services and (ii)  reimbursement of certain expenses  incurred by
affiliates on behalf of the Partnership. The following payments were made to the
Managing General Partner and affiliates during the years ended December 31, 2001
and 2000:

                                                                  2001      2000
                                                                  (in thousands)

 Property management fees (included in operating expense)         $262      $262
 Reimbursement for services of affiliates (included in
   general and administrative expenses)                            201       184

Affiliates of the Managing  General  Partner are entitled to receive 5% of gross
receipts  from  both  of the  Registrant's  properties  for  providing  property
management  services.  The  Registrant  paid  to such  affiliates  approximately
$262,000 for both years ended December 31, 2001 and 2000.

An  affiliate  of  the  Managing  General  Partner  received   reimbursement  of
accountable  administrative  expenses  amounting to  approximately  $201,000 and
$184,000 for the years ended December 31, 2001 and 2000, respectively.

As  compensation  for the  services  rendered in managing the  Partnership,  the
Managing  General  Partner is entitled to receive a Partnership  Management  Fee
equal to 9% of  distributions  from  operations  as defined  in the  Partnership
Agreement.  During the years ended  December 31, 2001 and 2000,  no amounts were
paid to the  Managing  General  Partner  as all  distributions  were  made  from
cumulative undistributed sales and refinancing proceeds.

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

Beginning in 2001, the  Partnership  began insuring 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 year ended December
31, 2001, the Partnership  paid AIMCO and its affiliates  approximately  $42,000
for insurance coverage and fees associated with policy claims administration.

AIMCO and its affiliates owned 40,299.50 limited partnership units (the "Units")
in the  Partnership  representing  53.73%  of the  total  outstanding  Units  at
December  31,  2001.  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 make one or more additional offers to acquire additional limited
partnership  interests in the  Partnership  for cash or in exchange for units in
the operating partnership of AIMCO. 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  voting on certain  amendments  to the
Partnership  Agreement and voting to remove the Managing General  Partner.  As a
result of its ownership of 53.73% of the total outstanding  Units, AIMCO is in a
position to influence all voting decisions with respect to the Registrant.  When
voting on matters, AIMCO would in all likelihood vote the Units it acquired in a
manner  favorable to the interest of the Managing General Partner because of its
affiliation  with  the  Managing  General  Partner.   Insignia  Properties  L.P.
("IPLP"), an affiliate of AIMCO and the Managing General Partner indirectly, had
agreed for the  benefit  of  non-tendering  unitholders,  that it would vote 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.

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

                                                   Initial Cost
                                                  To Partnership
                                                  (in thousands)

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

Overlook Point
<S>                          <C>             <C>           <C>              <C>
  Apartments                 $ 8,637         $ 1,082       $ 8,225          $ 1,757
Oak Run Apartments            10,128           6,218         8,713            2,671

Total                        $18,765         $ 7,300       $16,938          $ 4,428

</TABLE>

<TABLE>
<CAPTION>

                          Gross Amount At Which Carried
                              At December 31, 2001
                                (in thousands)

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

<S>                       <C>        <C>       <C>        <C>         <C>        <C>
Overlook Point Apartments $ 1,078    $ 9,986   $11,064    $ 5,810     07/83      5-30 yrs
Apartments
Oak Run Apartments         6,218     11,384    17,602       7,060     11/83      5-30 yrs

Total                    $ 7,296    $21,370   $28,666    $12,870
</TABLE>

Reconciliation of "Investment Properties and Accumulated Depreciation":

                                                Years Ended December 31,
                                                  2001            2000
Investment Properties                                (in thousands)
Balance at beginning of year                    $28,412          $27,864
    Property improvements                           254              548
Balance at end of year                          $28,666          $28,412

Accumulated Depreciation
Balance at beginning of year                    $12,016          $11,194
    Additions charged to expense                    854              822
Balance at end of year                          $12,870          $12,016

The aggregate cost of the investment  properties for Federal income tax purposes
at December 31, 2001 and 2000, is  approximately  $29,860,000  and  $29,607,000,
respectively. The accumulated depreciation taken for Federal income tax purposes
at December 31, 2001 and 2000, is  approximately  $21,575,000  and  $21,104,000,
respectively.

Note F - 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
purports  to  assert  claims  on  behalf  of a class  of  limited  partners  and
derivatively  on behalf  of a number  of  limited  partnerships  (including  the
Partnership)  which are named as nominal  defendants,  challenging,  among other
things,  the  acquisition  of  interests  in certain  Managing  General  Partner
entities by Insignia Financial Group, Inc. ("Insignia") and entities which were,
at one  time,  affiliates  of  Insignia;  past  tender  offers  by the  Insignia
affiliates to acquire limited partnership units;  management of the partnerships
by the  Insignia  affiliates;  and the 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  seek  monetary
damages and equitable relief, including judicial dissolution of the Partnership.
On June 25, 1998, the Managing General Partner filed a motion seeking  dismissal
of the action.  In lieu of responding  to the motion,  the  plaintiffs  filed an
amended  complaint.  The Managing General Partner filed demurrers to the amended
complaint which were heard February 1999.

Pending the ruling on such  demurrers,  settlement  negotiations  commenced.  On
November 2, 1999,  the parties  executed and filed a Stipulation  of Settlement,
settling claims, subject to court approval, on behalf of the Partnership and all
limited partners who owned units as of November 3, 1999. Preliminary approval of
the  settlement  was obtained on November 3, 1999 from the Court,  at which time
the Court set a final  approval  hearing for  December  10,  1999.  Prior to the
December  10,  1999  hearing,  the  Court  received  various  objections  to the
settlement, including a challenge to the Court's preliminary approval based upon
the alleged lack of authority of prior lead counsel to enter the settlement.  On
December 14, 1999, the Managing  General  Partner and its affiliates  terminated
the  proposed  settlement.  In  February  2000,  counsel  for some of the  named
plaintiffs filed a motion to disqualify plaintiff's lead and liaison counsel who
negotiated  the  settlement.  On June  27,  2000,  the  Court  entered  an order
disqualifying  them  from the case and an  appeal  was  taken  from the order on
October 5, 2000. On December 4, 2000, the Court  appointed the law firm of Lieff
Cabraser  Heimann & Bernstein  LLP as new lead  counsel for  plaintiffs  and the
putative class.  Plaintiffs filed a third amended complaint on January 19, 2001.
On March 2, 2001,  the  Managing  General  Partner  and its  affiliates  filed a
demurrer to the third amended  complaint.  On May 14, 2001,  the Court heard the
demurrer to the third amended  complaint.  On July 10, 2001, the Court issued an
order  sustaining  defendants'  demurrer on certain  grounds.  On July 20, 2001,
Plaintiffs filed a motion for reconsideration of the Court's July 10, 2001 order
granting in part and denying in part defendants' demurrer. On September 7, 2001,
Plaintiffs  filed a fourth amended class and  derivative  action  complaint.  On
September 12, 2001, the Court denied Plaintiffs' motion for reconsideration.  On
October 5, 2001, the Managing General Partner and affiliated  defendants filed a
demurrer to the fourth amended complaint,  which was heard on December 11, 2001.
On February 2, 2002,  the Court served its order  granting in part the demurrer.
The  Court has  dismissed  without  leave to amend  certain  of the  plaintiffs'
claims.  On February 11, 2002,  plaintiffs  filed a motion  seeking to certify a
putative  class  comprised of all  non-affiliated  persons who own or have owned
units  in  the  partnerships.   The  Managing  General  Partner  and  affiliated
defendants  oppose  the motion and a hearing  has been  scheduled  for April 29,
2002. The Court has set the matter for trial in January 2003.

During the third  quarter of 2001, a complaint  (the "Heller  action") was filed
against  the same  defendants  that are named in the  Nuanes  action,  captioned
Heller v. Insignia Financial Group. On or about August 6, 2001, plaintiffs filed
a first amended  complaint.  The first amended complaint in the Heller action is
brought as a purported  derivative  action,  and asserts  claims for among other
things  breach  of  fiduciary  duty;  unfair  competition;   conversion,  unjust
enrichment;  and judicial  dissolution.  Plaintiffs in the Nuanes action filed a
motion to  consolidate  the Heller action with the Nuanes action and stated that
the Heller action was filed in order to preserve the derivative claims that were
dismissed  without  leave to amend in the Nuanes action by the Court order dated
July 10, 2001. On October 5, 2001, the Managing  General  Partner and affiliated
defendants  moved to strike the first  amended  complaint  in its  entirety  for
violating  the Court's July 10, 2001 order  granting in part and denying in part
defendants'  demurrer in the Nuanes action, or alternatively,  to strike certain
portions of the complaint based on the statute of limitations.  Other defendants
in the action  demurred to the fourth  amended  complaint,  and,  alternatively,
moved to strike the complaint. On December 11, 2001, the court heard argument on
the motions  and took the matters  under  submission.  On February 4, 2002,  the
Court  served  notice of its order  granting  defendants'  motion to strike  the
Heller complaint as a violation of its July 10, 2001 order in the Nuanes action.

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

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

Note G - Distributions

Cash  distributions  of prior  cumulative  undistributed  sale  and  refinancing
proceeds  of  approximately  $754,000  (approximately  $746,000  to the  limited
partners  or $9.95 per limited  partnership  unit) and  $703,000  (approximately
$696,000 to the limited  partners  or $9.28 per limited  partnership  unit) were
made during the years ended December 31, 2001 and 2000, respectively.


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

            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 officers or directors.  Fox Capital Management  Corporation
(the "Managing General Partner" or "FCMC"), the managing general partner of Fox,
manages  and  controls  substantially  all of the  Registrant's  affairs and has
general  responsibility  and  ultimate  authority in all matters  affecting  its
business.

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

Name                        Age    Position

Patrick J. Foye              44    Executive Vice President and Director
Martha L. Long               42    Senior Vice President and Controller

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

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

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

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

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

The executive  officers and director of the Managing  General Partner  discussed
with the  Partnership's  independent  auditors  the overall  scope and plans for
their audit. In reliance on the reviews and discussions  referred to above,  the
executive  officers and director of the Managing  General  Partner have approved
the  inclusion of the audited  financial  statements  in the Form 10-KSB for the
year  ended  December  31,  2001 for filing  with the  Securities  and  Exchange
Commission.

The Managing  General Partner has  reappointed  Ernst & Young LLP as independent
auditors to audit the financial  statements of the  Partnership  for the current
fiscal year. Fees for the last fiscal year were audit services of  approximately
$37,000  and  non-audit  services  (principally  tax-related)  of  approximately
$19,000.

Item 10.    Executive Compensation

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

Item 11.    Security Ownership of Certain Beneficial Owners and Management

Except as noted below, no person or entity was known by the Registrant to be the
beneficial owner of more than 5% of the Registrant's  limited  partnership units
as of December 31, 2001.

               Name of                                         Percentage
          Beneficial Owner                Number of Units       of Class

Insignia Properties, LP
  (an affiliate of AIMCO)                    21,717.0            28.96%
Madison River Properties, LLC
  (an affiliate of AIMCO)                     5,259.5             7.01%
AIMCO Properties, LP
  (an affiliate of AIMCO)                    13,223.0            17.63%
Fox Capital Management Company
  (an affiliate of AIMCO)                       100.0             0.13%

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

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

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

Item 12.    Certain Relationships and Related Transactions

The  Partnership  has no employees  and is  dependent  on the  Managing  General
Partner  and  its  affiliates  for  the  management  and  administration  of all
Partnership  activities.  The Partnership Agreement provides for (i) payments to
affiliates for services and (ii)  reimbursement of certain expenses  incurred by
affiliates on behalf of the Partnership. The following payments were made to the
Managing General Partner and affiliates during the years ended December 31, 2001
and 2000:

                                                                  2001      2000
                                                                  (in thousands)

 Property management fees                                         $262      $262
 Reimbursement for services of affiliates                          201       184

Affiliates of the Managing  General  Partner are entitled to receive 5% of gross
receipts  from  both  of the  Registrant's  properties  for  providing  property
management  services.  The  Registrant  paid  to such  affiliates  approximately
$262,000 for both years ended December 31, 2001 and 2000.

An  affiliate  of  the  Managing  General  Partner  received   reimbursement  of
accountable  administrative  expenses  amounting to  approximately  $201,000 and
$184,000 for the years ended December 31, 2001 and 2000, respectively.

As  compensation  for the  services  rendered in managing the  Partnership,  the
Managing  General  Partner is entitled to receive a Partnership  Management  Fee
equal to 9% of  distributions  from  operations  as defined  in the  Partnership
Agreement.  During the years ended  December 31, 2001 and 2000,  no amounts were
paid to the  Managing  General  Partner  as all  distributions  were  made  from
cumulative undistributed sales and refinancing proceeds.

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

Beginning in 2001, the  Partnership  began insuring 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 year ended December
31, 2001, the Partnership  paid AIMCO and its affiliates  approximately  $42,000
for insurance coverage and fees associated with policy claims administration.

AIMCO and its affiliates owned 40,299.50 limited partnership units (the "Units")
in the  Partnership  representing  53.73%  of the  total  outstanding  Units  at
December  31,  2001.  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 make one or more additional offers to acquire additional limited
partnership  interests in the  Partnership  for cash or in exchange for units in
the operating partnership of AIMCO. 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  voting on certain  amendments  to the
Partnership  Agreement and voting to remove the Managing General  Partner.  As a
result of its ownership of 53.73% of the total outstanding  Units, AIMCO is in a
position to influence all voting decisions with respect to the Registrant.  When
voting on matters, AIMCO would in all likelihood vote the Units it acquired in a
manner  favorable to the interest of the Managing General Partner because of its
affiliation  with  the  Managing  General  Partner.   Insignia  Properties  L.P.
("IPLP"), an affiliate of AIMCO and the Managing General Partner indirectly, had
agreed for the  benefit  of  non-tendering  unitholders,  that it would vote 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.

Item 13.    Exhibits and Reports on Form 8-K

      (a)   Exhibits:

            None.

      (b)   Reports on Form 8-K filed  during the  quarter  ended  December  31,
            2001:

            None.



<PAGE>


                                   SIGNATURES



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


                                    CENTURY PROPERTIES FUND XVIII


                                    By:   Fox Partners
                                          General Partner


                                    By:   Fox Capital Management Corporation
                                          Managing General Partner


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


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


                                      Date:


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


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


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


<PAGE>


                          CENTURY PROPERTIES FUND XVIII

                                  EXHIBIT INDEX


 Exhibit Number   Description of Exhibit

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

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

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

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

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

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