United States
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   Form 10-QSB

(Mark One)
[X]   QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
      ACT OF 1934

              For the quarterly period ended September 30, 2004


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


             For the transition period from _________to _________

                         Commission file number 0-11934


                          CENTURY PROPERTIES FUND XVIII
        (Exact name of small business issuer as specified in its charter)



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

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

                                 (864) 239-1000
                           (Issuer's telephone number)


Check  whether the issuer (i) 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 ___


<PAGE>




                         PART I - FINANCIAL INFORMATION

ITEM 1.     FINANCIAL STATEMENTS


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

                               September 30, 2004

<TABLE>
<CAPTION>

Assets
<S>                                                                            <C>
   Cash and cash equivalents                                                   $ 86
   Receivables and deposits                                                        22
   Restricted escrows                                                             192
   Other assets                                                                   200
   Investment property:
      Land                                                     $ 6,218
      Buildings and related personal property                    12,331
                                                                 18,549
      Less accumulated depreciation                              (8,367)       10,182
                                                                             $ 10,682
Liabilities and Partners' (Deficiency) Capital
Liabilities
   Accounts payable                                                            $ 160
   Other liabilities                                                              140
   Accrued property taxes                                                         239
   Tenant security deposit liabilities                                             40
   Due to affiliates                                                              392
   Mortgage note payable                                                        9,728

Partners' (Deficiency) Capital
   General partner                                             $ (5,336)
   Limited partners (75,000 units issued and
      outstanding)                                                5,319           (17)
                                                                             $ 10,682


         See Accompanying Notes to Consolidated Financial Statements
</TABLE>



<PAGE>




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

<TABLE>
<CAPTION>

                                          Three Months Ended            Nine Months Ended
                                             September 30,                September 30,
                                          2004           2003           2004          2003
Revenues:
<S>                                      <C>            <C>           <C>            <C>
  Rental income                          $ 458          $ 563         $ 1,391        $ 1,730
  Other income                               83             79            230            190
      Total revenues                        541            642          1,621          1,920

Expenses:
  Operating                                 338            275            891            791
  General and administrative                 36             69            163            208
  Depreciation                              123            118            366            356
  Interest                                  190            190            568            574
  Property tax                               83             56            239            228
      Total expenses                        770            708          2,227          2,157

Loss from continuing operations            (229)           (66)          (606)          (237)
Income from discontinued
  operations                                 --            111             --            204

Net (loss) income                        $ (229)         $ 45          $ (606)        $ (33)

Net (loss) income allocated to
  general partner (9.9%)                 $ (23)          $ 4           $ (60)         $ (3)
Net (loss) income allocated to
  limited partners (90.1%)                 (206)            41           (546)           (30)

                                         $ (229)         $ 45          $ (606)        $ (33)
Per limited partnership unit:
  Loss from continuing operations       $ (2.75)       $ (0.79)       $ (7.28)       $ (2.85)
  Income from discontinued
    operations                               --           1.33             --           2.45

Net (loss) income per limited
  partnership unit                      $ (2.75)        $ 0.54        $ (7.28)       $ (0.40)

Distributions per limited
  partnership unit                        $ --          $ 3.70          $ --         $ 5.19

         See Accompanying Notes to Consolidated Financial Statements
</TABLE>



<PAGE>



                        CENTURY PROPERTIES FUND XVIII
     CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' (DEFICIENCY) CAPITAL
                                   (Unaudited)
                        (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, 2003               75,000      $(5,276)     $ 5,865       $ 589

Net loss for the nine months
   ended September 30, 2004               --          (60)        (546)        (606)

Partners' (deficiency) capital
   at September 30, 2004              75,000      $(5,336)     $ 5,319       $ (17)

         See Accompanying Notes to Consolidated Financial Statements
</TABLE>

<PAGE>




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

<TABLE>
<CAPTION>

                                                                 Nine Months Ended
                                                                   September 30,
                                                                    2004       2003
Cash flows from operating activities:
<S>                                                              <C>          <C>
  Net loss                                                       $ (606)      $ (33)
  Adjustments to reconcile net loss to net
   cash (used in) provided by operating activities:
     Depreciation                                                   366          667
     Amortization of loan costs                                      26           45
     Change in accounts:
      Receivables and deposits                                       12           14
      Other assets                                                  (73)         (79)
      Accounts payable                                               74           (6)
      Tenant security deposit liabilities                             1           23
      Due to affiliates                                               5           --
      Accrued property taxes                                        (75)         (31)
      Other liabilities                                              60           65
        Net cash (used in) provided by operating
           activities                                              (210)         665
Cash flows from investing activities:
  Property improvements and replacements                           (560)        (223)
  Net deposits to restricted escrows                                (31)         (14)
        Net cash used in investing activities                      (591)        (237)

Cash flows from financing activities:
  Advances from affiliates                                          372           --
  Loan costs paid                                                   (63)          --
  Distributions to partners                                          --         (393)
  Payments on mortgage notes payable                               (105)        (200)
        Net cash provided by (used in) financing
             activities                                             204         (593)
Net decrease in cash and cash equivalents                          (597)        (165)
Cash and cash equivalents at beginning of period                    683          716
Cash and cash equivalents at end of period                        $ 86        $ 551

Supplemental disclosure of cash flow information:
  Cash paid for interest                                         $ 480        $ 905

At September 30, 2004 and 2003,  accounts payable and property  improvements and
replacements were adjusted by approximately $52,000 and $7,000, respectively.

         See Accompanying Notes to Consolidated Financial Statements
</TABLE>




<PAGE>




                          CENTURY PROPERTIES FUND XVIII
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)

Note A - Basis of Presentation

The  accompanying   unaudited   consolidated  financial  statements  of  Century
Properties Fund XVIII (the  "Partnership" or "Registrant") have been prepared in
accordance with generally accepted  accounting  principles for interim financial
information  and  with the  instructions  to Form  10-QSB  and  Item  310(b)  of
Regulation  S-B.  Accordingly,  they do not include all of the  information  and
footnotes  required by generally  accepted  accounting  principles  for complete
financial  statements.  The Partnership's  general partner is Fox Partners.  The
general partners of Fox Partners are Fox Capital Management  Corporation ("FCMC"
or the  "Managing  General  Partner"),  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"), a publicly traded real estate investment trust. In the opinion of the
Managing  General  Partner,  all  adjustments  (consisting  of normal  recurring
accruals)  considered  necessary  for a fair  presentation  have been  included.
Operating  results for the three and nine month periods ended September 30, 2004
are not  necessarily  indicative  of the results  that may be  expected  for the
fiscal year ending  December 31,  2004.  For further  information,  refer to the
consolidated   financial  statements  and  footnotes  thereto  included  in  the
Partnership's Annual Report on Form 10-KSB for the year ended December 31, 2003.

In  accordance  with the  Statement  of  Accounting  Standards  ("SFAS") No. 144
"Accounting  for  the  Impairment  or  Disposal  of  Long-Lived   Assets",   the
accompanying  consolidated  statement of  operations  reflect the  operations of
Overlook  Point  Apartments,  which was sold  October 31,  2003,  as income from
discontinued operations.

Note B - 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 are entitled to receive 5% of gross
receipts from the  Partnership's  properties for providing  property  management
services.  The  Partnership  paid to such affiliates  approximately  $79,000 and
$173,000 for the nine months ended  September  30, 2004 and 2003,  respectively,
which is included in operating expenses and income from discontinued operations.

An  affiliate  of  the  Managing   General  Partner  charged   reimbursement  of
accountable  administrative  expenses  amounting  to  approximately  $84,000 and
$121,000 for the nine months ended  September  30, 2004 and 2003,  respectively,
which is included in general and administrative expenses. At September 30, 2004,
approximately  $18,000  of  reimbursements  for  services  were  accrued  by the
Partnership  and  are  included  in  due  to  affiliates  on  the   accompanying
consolidated balance sheet.

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 nine months ended September 30, 2004 and 2003, no amounts
were paid to the Managing General Partner as there were no distributions in 2004
and the 2003  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.  During the nine months ending  September 30, 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  and costs
associated with obtaining a new mortgage on the property. During the nine months
ended September 30, 2004 approximately $372,000 was advanced for these purposes.
At  September  30,  2004 the  outstanding  balance  was  approximately  $374,000
including accrued interest. Interest accrues at the prime rate plus 2% (6.75% at
September 30, 2004).  Interest expense amounted to approximately  $2,000 for the
nine months ended  September  30, 2004.  Subsequent  to September  30, 2004,  an
affiliate of the Managing  General Partner loaned the Partnership  approximately
$1,855,000  which was used to help  repay the  existing  mortgage  (see Note C -
Subsequent Event).

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 nine months ended September 30, 2004 and
2003,  the  Partnership  was charged by AIMCO and its  affiliates  approximately
$40,000 and $66,000,  respectively,  for insurance  coverage and fees associated
with policy claims administration.

Note C - Subsequent Event

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 $1,855,000,  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%.
The new mortgage requires monthly payments of interest  beginning 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%.
Adjustments to the initial amount paid are  recognized in 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.

Note D - 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.  The Court of Appeals  heard oral  argument  on both  appeals on
September 22, 2004 and took the matters under submission.

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.

On August 8, 2003 AIMCO  Properties  L.P., an affiliate of the Managing  General
Partner,  was served  with a  complaint  in the United  States  District  Court,
District of Columbia alleging that AIMCO Properties L.P.  willfully violated the
Fair Labor Standards Act ("FLSA") by failing to pay maintenance workers overtime
for all  hours  worked  in  excess  of forty  per  week.  On  March 5,  2004 the
plaintiffs filed an amended complaint also naming NHP Management Company,  which
is also an affiliate of the Managing General Partner. The complaint is styled as
a Collective  Action  under the FLSA and seeks 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,  the  complaint
alleges 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.  Some  discovery  has taken place and  settlement
negotiations  continue.  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.

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.

<PAGE>




ITEM 2.     MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

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.

The Partnership's  investment  property consists of one apartment  complex.  The
following  table sets forth the average  occupancy  of the property for the nine
months ended September 30, 2004 and 2003.

                                                   Average Occupancy
      Property                                      2004       2003

      Oak Run Apartments                            79%        91%
        Dallas, Texas

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

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 nine months  ended  September  30, 2004 was
approximately  $606,000  compared  to a net  loss  for  the  nine  months  ended
September 30, 2003 of approximately  $33,000. The Partnership's net loss for the
three months ended September 30, 2004 was approximately $229,000 compared to net
income for the three months ended September 30, 2003 of  approximately  $45,000.
The increase in net loss for both the three and nine months ended  September 30,
2004 is due to a decrease in income from discontinued operations and an increase
in loss from continuing  operations.  In accordance with Statement of Accounting
Standards  ("SFAS")  No. 144  "Accounting  for the  Impairment  or  Disposal  of
Long-Lived  Assets",  the  accompanying  consolidated  statement  of  operations
reflect the operations of Overlook Point Apartments as income from  discontinued
operations  due to the sale of the property in October 2003.  The results of the
property's operations for the three and nine months ended September 30, 2003 are
included in income from  discontinued  operations of approximately  $111,000 and
$204,000,  respectively,  which include revenues of  approximately  $558,000 and
$1,565,000, respectively.

The Partnership's loss from continuing  operations for the three and nine months
ended September 30, 2004 was approximately $229,000 and $606,000,  respectively,
compared  to a loss from  continuing  operations  for the three and nine  months
ended September 30, 2003 of  approximately  $66,000 and $237,000,  respectively.
The  increase  in loss from  continuing  operations  for both the three and nine
months ended  September 30, 2004 was due to a decrease in total  revenues and an
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  discussed above and an increase in bad debt and
concession   expenses.   Other  income  increased  due  to  increases  in  lease
cancellation  fees and  cleaning  and damage  fees  offset by a decrease in late
charges at Oak Run Apartments.

Total expenses  increased for both the three and nine months ended September 30,
2004 due to increases in operating and property tax expenses partially offset by
a decrease in general and  administrative  expense.  Depreciation  and  interest
expense  remained  relatively  constant for the  comparable  periods.  Operating
expense  increased  due  to  increases  in  property  and  maintenance  expenses
partially  offset by decreases in  administrative  and  management fee expenses.
Property  expense  increased  due to an  increase  in utility  costs and leasing
personnel costs.  Maintenance  expense increased due to increases in landscaping
supplies,  contract  painting  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.  Management  fees  decreased as a
result of the decrease in rental  income on which such fees are based.  Property
tax expense  increased  due to an increase in the property tax rate by the local
taxing authorities.

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.

Liquidity and Capital Resources

At  September  30,  2004,  the  Partnership  had cash and  cash  equivalents  of
approximately $86,000 compared to approximately  $551,000 at September 30, 2003.
Cash and cash  equivalents  decreased  approximately  $597,000 from December 31,
2003 due to  approximately  $591,000 and $210,000 of cash used in investing  and
operating activities,  respectively,  partially offset by approximately $204,000
of cash  provided by financing  activities.  Cash used in  investing  activities
consisted  of  property  improvements  and  replacements  and  net  deposits  to
restricted escrows maintained by the mortgage lender. Cash provided by financing
activities consisted of advances from an affiliate partially offset by principal
payments made on the mortgage  encumbering  the  Partnership's  property and the
payment of loan costs.  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 nine months ending  September 30, 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  and costs
associated with obtaining a new mortgage on the property. During the nine months
ended September 30, 2004 approximately $372,000 was advanced for these purposes.
At  September  30,  2004 the  outstanding  balance  was  approximately  $374,000
including accrued interest. Interest accrues at the prime rate plus 2% (6.75% at
September 30, 2004).  Interest expense amounted to approximately  $2,000 for the
nine months ended  September  30, 2004.  Subsequent  to September  30, 2004,  an
affiliate of the Managing  General Partner loaned the Partnership  approximately
$1,855,000  which was used to help repay the  existing  mortgage  (as  discussed
below).

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 property to adequately maintain the physical assets
and other operating needs of the Partnership and to comply with Federal,  state,
and local  legal and  regulatory  requirements.  The  Managing  General  Partner
monitors  developments  in the  area of legal  and  regulatory  compliance.  For
example,  the  Sarbanes-Oxley  Act  of  2002  mandates  or  suggests  additional
compliance  measures  with  regard to  governance,  disclosure,  audit and other
areas.  In light of these changes,  the  Partnership  expects that it will incur
higher  expenses  related to compliance.  Capital  improvements  planned for the
Partnership's property are detailed below.

During the nine  months  ended  September  30,  2004 the  Partnership  completed
approximately  $612,000 of capital improvements at Oak Run Apartments consisting
primarily of parking lot resurfacing,  plumbing fixtures,  structural  upgrades,
exterior  painting  and  appliances  and  floor  covering  replacements.   These
improvements  were  funded  from  operations  and  replacement   reserves.   The
Partnership  evaluates the capital  improvement needs of the property during the
year and  currently  expects to  complete  approximately  $36,000 of  additional
capital improvements during the remainder of 2004.  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 planned will be incurred only to the extent
of cash available from operations and Partnership  reserves.  To the extent that
such  budgeted   capital   improvements   are   completed,   the   Partnership's
distributable cash flow, if any, may be adversely affected at least in the short
term.

The Partnership's  current assets are thought to be sufficient for any near-term
needs  (exclusive  of capital  improvements)  of the  Partnership.  The mortgage
indebtedness  encumbering  Oak Run  Apartments  of  approximately  $9,728,000 at
September 30, 2004 matured on October 1, 2004.

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 $1,855,000,  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%.
The new mortgage requires monthly payments of interest  beginning 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%.
Adjustments to the initial amount paid are  recognized in 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.


<PAGE>



The Partnership  distributed the following  amounts during the nine months ended
September 30, 2004 and 2003. (in thousands, except per unit data):

<TABLE>
<CAPTION>

                     Nine Months Ended    Per Limited  Nine Months Ended   Per Limited
                       September 30,      Partnership    September 30,     Partnership
                            2004             Unit             2003             Unit
Sale and
<S>           <C>           <C>              <C>             <C>              <C>
  Refinancing (1)           $ --             $ --            $ 393            $ 5.19
</TABLE>

(1) From prior cumulative undistributed sale and refinancing proceeds.

Future cash  distributions  will depend on the levels of net cash generated from
operations,  the  availability  of cash  reserves,  and the  timing  of the debt
maturity, refinancing and/or property sale. 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  improvements  expenditures to permit any  distributions to its partners
during the remainder of 2004 or subsequent periods.

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 September 30, 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.  Pursuant to the
Partnership Agreement, unit holders holding a majority of the Units are entitled
to take action with respect to a variety of matters,  which include, but are not
limited to, 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 and its affiliates are 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
unit holders,  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  unit holders.  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

The consolidated financial statements are prepared in accordance with accounting
principles   generally  accepted  in  the  United  States,   which  require  the
Partnership to make estimates and assumptions.  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

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 impairment of the Partnership's
asset.

Revenue Recognition

The Partnership generally leases apartment units for twelve-month terms or less.
Rental income  attributable to leases is recognized monthly as it is earned. 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.
The Partnership will offer rental concessions during particularly slow months or
in response to heavy  competition from other similar  complexes in the area. Any
concessions  given at the inception of the lease are amortized  over the life of
the lease.

ITEM 3.     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
fiscal quarter to which this report relates that have  materially  affected,  or
are reasonably likely to materially affect,  the Partnership's  internal control
over financial reporting.


<PAGE>


                           PART II - OTHER INFORMATION


ITEM 1.     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.  The Court of Appeals  heard oral  argument  on both  appeals on
September 22, 2004 and took the matters under submission.

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.

On August 8, 2003 AIMCO  Properties  L.P., an affiliate of the Managing  General
Partner,  was served  with a  complaint  in the United  States  District  Court,
District of Columbia alleging that AIMCO Properties L.P.  willfully violated the
Fair Labor Standards Act ("FLSA") by failing to pay maintenance workers overtime
for all  hours  worked  in  excess  of forty  per  week.  On  March 5,  2004 the
plaintiffs filed an amended complaint also naming NHP Management Company,  which
is also an affiliate of the Managing General Partner. The complaint is styled as
a Collective  Action  under the FLSA and seeks 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,  the  complaint
alleges 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.  Some  discovery  has taken place and  settlement
negotiations  continue.  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  properties  that are not of a routine
nature arising in the ordinary course of business.

ITEM 6.     EXHIBITS

            See Exhibit Index attached.


<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/Martha L. Long
                                          Martha L. Long
                                          Senior Vice President


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


                                    Date: November 11, 2004



<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.

       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.

      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.

      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.

      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.




<PAGE>



Exhibit 31.1


                                  CERTIFICATION


I, Martha L. Long, certify that:


1.    I have reviewed this quarterly report on Form 10-QSB 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:  November 11, 2004

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


<PAGE>



Exhibit 31.2


                                  CERTIFICATION


I, Stephen B. Waters, certify that:


1.    I have reviewed this quarterly report on Form 10-QSB 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:  November 11, 2004

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


<PAGE>



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 Quarterly  Report on Form 10-QSB of Century  Properties
Fund XVIII (the  "Partnership"),  for the quarterly  period ended  September 30,
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:  November 11, 2004


                                           /s/Stephen B. Waters
                                    Name:  Stephen B. Waters
                                    Date:  November 11, 2004


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.