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

                                   Form 10-QSB

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

                 For the quarterly period ended September 30, 2003


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


                For the transition period from _________to _________

                         Commission file number 0-11934


                          CENTURY PROPERTIES FUND XVIII
             (Exact name of registrant 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)


<PAGE>

                         PART I - FINANCIAL INFORMATION

ITEM 1.     FINANCIAL STATEMENTS


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

                               September 30, 2003

<TABLE>
<CAPTION>

Assets
<S>                                                                            <C>
   Cash and cash equivalents                                                   $ 551
   Receivables and deposits                                                        46
   Restricted escrows                                                             133
   Other assets                                                                   205
   Assets held for sale (Note C)                                                4,737
   Investment properties:
      Land                                                     $ 6,218
      Buildings and related personal property                    11,691
                                                                 17,909
      Less accumulated depreciation                              (7,882)       10,027
                                                                             $ 15,699
Liabilities and Partners' (Deficiency) Capital
Liabilities
   Accounts payable                                                            $ 47
   Other liabilities                                                              174
   Accrued property taxes                                                         228
   Tenant security deposit liabilities                                             40
   Mortgage notes payable                                                       9,870
   Liabilities related to assets held for sale (Note C)                         8,576

Partners' (Deficiency) Capital
   General partner                                             $ (6,247)
   Limited partners (75,000 units issued and
      outstanding)                                                3,011        (3,236)
                                                                             $ 15,699



            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,
                                          2003           2002           2003          2002
                                                      (Restated)                   (Restated)
Revenues:
<S>                                      <C>            <C>           <C>            <C>
  Rental income                          $ 563          $ 627         $ 1,730        $ 1,824
  Other income                               79             67            190            173
      Total revenues                        642            694          1,920          1,997

Expenses:
  Operating                                 275            286            791            931
  General and administrative                 69             71            208            219
  Depreciation                              118            117            356            350
  Interest                                  190            194            574            582
  Property tax                               56             93            228            282
      Total expenses                        708            761          2,157          2,364

Loss from continuing operations             (66)           (67)          (237)          (367)
Income from discontinued
  operations                                111             74            204            309

Net income (loss)                         $ 45           $ 7           $ (33)         $ (58)

Net income (loss) allocated to
  general partner (9.9%)                  $ 4            $ 1            $ (3)         $ (6)
Net income (loss) allocated to
  limited partners (90.1%)                   41              6            (30)           (52)

                                          $ 45           $ 7           $ (33)         $ (58)
Per limited partnership unit:
  Loss from continuing operations       $ (0.79)       $ (0.80)       $ (2.85)       $ (4.40)
  Income from discontinued
    operations                             1.33           0.88           2.45           3.71

Net income (loss) per limited
  partnership unit                       $ 0.54         $ 0.08        $ (0.40)       $ (0.69)

Distributions per limited
  partnership unit                       $ 3.70          $ --          $ 5.19        $ 2.96

            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, 2002               75,000      $(6,240)     $ 3,430      $(2,810)

Distributions to partners                 --           (4)        (389)        (393)

Net loss for the nine months
   ended September 30, 2003               --           (3)         (30)         (33)

Partners' (deficiency) capital
   at September 30, 2003              75,000      $(6,247)     $ 3,011      $(3,236)

            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,
                                                                  2003         2002
Cash flows from operating activities:
<S>                                                              <C>          <C>
  Net loss                                                       $ (33)       $ (58)
  Adjustments to reconcile net loss to net cash provided
   by operating activities:
     Depreciation                                                   667          655
     Amortization of loan costs                                      45           45
     Change in accounts:
      Receivables and deposits                                       14            7
      Other assets                                                  (79)         (41)
      Accounts payable                                               (6)         (30)
      Tenant security deposit liabilities                            23           --
      Accrued property taxes                                        (31)          (2)
      Other liabilities                                              65           96
        Net cash provided by operating activities                   665          672

Cash flows from investing activities:
  Property improvements and replacements                           (223)        (229)
  Net deposits to restricted escrows                                (14)         (14)
        Net cash used in investing activities                      (237)        (243)

Cash flows from financing activities:
  Distributions to partners                                        (393)        (224)
  Payments on mortgage notes payable                               (200)        (196)
        Net cash used in financing activities                      (593)        (420)

Net (decrease) increase in cash and cash equivalents               (165)           9
Cash and cash equivalents at beginning of period                    716          613
Cash and cash equivalents at end of period                       $ 551        $ 622

Supplemental disclosure of cash flow information:
  Cash paid for interest                                         $ 905        $ 903

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

            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, 2003
are not  necessarily  indicative  of the results  that may be  expected  for the
fiscal year ending  December 31,  2003.  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, 2002.

Effective  January 1, 2002,  the  Partnership  adopted  Statement  of  Financial
Accounting  Standards  ("SFAS")  No.  144,  "Accounting  for the  Impairment  or
Disposal of Long-Lived  Assets",  which  established  standards for the way that
business  enterprises report information about long-lived assets that are either
being held for sale or have already been disposed of by sale or other means. The
standard  requires  that results of  operations  for a long-lived  asset that is
being held for sale or has already been disposed of be reported as  discontinued
operations  on the  statement  of  operations.  As a  result,  the  accompanying
consolidated  statements  of operations as of January 1, 2002 have been restated
to 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 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.

Affiliates of the Managing  General  Partner are entitled to receive 5% of gross
receipts from both of the Partnership's properties as compensation for providing
property   management   services.   The  Partnership  paid  to  such  affiliates
approximately $173,000 and $191,000 for the nine months ended September 30, 2003
and 2002, respectively,  which is included in operating expenses and income from
discontinued operations.

An  affiliate  of  the  Managing  General  Partner  received   reimbursement  of
accountable  administrative  expenses  amounting to  approximately  $121,000 and
$131,000 for the nine months ended  September  30, 2003 and 2002,  respectively,
which is included in general and administrative expenses.

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, 2003 and 2002, 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.

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, 2003 and
2002,  the  Partnership  was charged by AIMCO and its  affiliates  approximately
$66,000 and $79,000,  respectively,  for insurance  coverage and fees associated
with policy claims administration.

Note C - Subsequent Event

On October 31, 2003,  the  Partnership  sold  Overlook  Point  Apartments  to an
unrelated third party for a gross sale price of approximately  $15,600,000.  The
net proceeds  realized by the Partnership were  approximately  $15,014,000 after
payment of closing costs of  approximately  $27,000 and a prepayment  penalty of
approximately  $559,000  owed by the  Partnership  and  paid by the  buyer.  The
Partnership  used  approximately  $8,397,000  of the net  proceeds  to repay the
mortgage  encumbering the property.  The Partnership expects to recognize a gain
of  approximately  $10,608,000  during the fourth quarter of 2003 as a result of
the sale.  In  addition,  the  Partnership  expects to recognize a loss on early
extinguishment of debt of approximately $606,000 as a result of unamortized loan
costs being written off and a prepayment penalty. The accompanying statements of
operations have been restated as of January 1, 2002 to reflect the operations of
Overlook Point  Apartments as income from  discontinued  operations and includes
revenues of  approximately  $1,565,000  and $1,708,000 for the nine months ended
September  30,  2003  and  2002,   respectively.   The  Partnership  distributed
approximately  $5,914,000 to its partners in November 2003 from the net proceeds
received from this sale.

Note D - 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 (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 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
filed an appeal  seeking  to vacate  and/or  reverse  the  order  approving  the
settlement and entering judgment  thereto.  The Managing General Partner intends
to file a respondent's  brief in support of the order  approving  settlement and
entering judgment thereto.

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.  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  Complaint  also  attempts  to certify a subclass  for  salaried
service  directors who are challenging  their  classification as exempt from the
overtime  provisions of the FLSA.  AIMCO  Properties L.P. has filed an answer to
the Complaint denying the substantive  allegations.  Although the outcome of any
litigation  is  uncertain,  in the opinion of the Managing  General  Partner the
claims will not result in any material liability to the Partnership.

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 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 properties consist of two apartment complexes. The
following table sets forth the average  occupancy of the properties for the nine
months ended September 30, 2003 and 2002.

                                                   Average Occupancy
      Property                                      2003       2002

      Oak Run Apartments                            91%        85%
        Dallas, Texas
      Overlook Point Apartments                     89%        91%
        Salt Lake City, Utah

Occupancy  at  Oak  Run  Apartments  increased  primarily  due  to an  increased
marketing  effort by the  property's  management  team over the past year  which
included a reduction in rental rates.

Results of Operations

On October 31, 2003,  the  Partnership  sold  Overlook  Point  Apartments  to an
unrelated third party for a gross sale price of approximately  $15,600,000.  The
net proceeds  realized by the Partnership were  approximately  $15,014,000 after
payment of closing costs of  approximately  $27,000 and a prepayment  penalty of
approximately  $559,000  owed by the  Partnership  and  paid by the  buyer.  The
Partnership  used  approximately  $8,397,000  of the net  proceeds  to repay the
mortgage  encumbering the property.  The Partnership expects to recognize a gain
of  approximately  $10,608,000  during the fourth quarter of 2003 as a result of
the sale.  In  addition,  the  Partnership  expects to recognize a loss on early
extinguishment of debt of approximately $606,000 as a result of unamortized loan
costs being written off and a prepayment penalty. The accompanying statements of
operations have been restated as of January 1, 2002 to reflect the operations of
Overlook Point Apartments as income from discontinued operations.

The Partnership recognized income from discontinued  operations of approximately
$204,000 and $309,000  for the nine months  ended  September  30, 2003 and 2002,
respectively.  The Partnership recognized income from discontinued operations of
approximately $111,000 and $74,000 for the three months ended September 30, 2003
and 2002, respectively.  The decrease in income from discontinued operations for
the nine month  period was due to a decrease in total  revenues as a result of a
decrease in occupancy at Overlook  Point  Apartments and an increase in the cost
of concessions offered at the property. The increase in income from discontinued
operations  for the three month  period was due to an  improvement  in occupancy
during the third quarter of 2003.

The Partnership  recognized  losses from continuing  operations of approximately
$237,000 and $367,000  for the nine months  ended  September  30, 2003 and 2002,
respectively.  The Partnership  recognized losses from continuing  operations of
approximately  $66,000 and $67,000 for the three months ended September 30, 2003
and 2002,  respectively.  The decrease in the losses from continuing  operations
for the  respective  periods was due to a decrease in total  expenses  partially
offset by a decrease in total revenues.

The  decrease  in total  revenues  for the three and nine  month  periods  ended
September 30, 2003 is due to a decrease in rental income  partially offset by an
increase in other income. Rental income decreased primarily due to a decrease in
average  rental rates at Oak Run  Apartments and an increase in bad debt expense
at the  property  partially  offset  by an  increase  in  occupancy  at Oak  Run
Apartments.  The  increase  in other  income  is  primarily  attributable  to an
increase in lease cancellation fees at Oak Run Apartments.

Total  expenses  decreased  due to  decreases  in  operating  and  property  tax
expenses.  General  and  administrative,   depreciation  and  interest  expenses
remained  relatively  constant between the comparable  periods.  The decrease in
operating   expense  is  due   primarily  to  decreases   in   maintenance   and
administrative  expenses.  Maintenance  expense  decreased  due to  decreases in
interior  painting and contract  cleaning at Oak Run Apartments  associated with
the lower tenant  turnover the  property has  experienced  as a result of higher
occupancy rates.  Administrative  expense decreased as a result of a decrease in
legal fees at Oak Run Apartments related to tenant/employee  issues occurring in
the normal course of business.  The decrease in property tax expense is due to a
decrease  in the  assessed  value by the  local  taxing  authorities  at Oak Run
Apartments.

Included in general and administrative expenses is 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
costs associated with the quarterly and annual communications with investors and
regulatory agencies and the annual audit required by the Partnership Agreement.

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 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.

Liquidity and Capital Resources

At  September  30,  2003,  the  Partnership  had cash and  cash  equivalents  of
approximately $551,000 compared to approximately $622,000 at September 30, 2002.
Cash and cash  equivalents  decreased  approximately  $165,000 from December 31,
2002 due to  approximately  $237,000 and $593,000 of cash used in investing  and
financing activities,  respectively,  partially offset by approximately $665,000
of cash  provided by operating  activities.  Cash used in  investing  activities
consisted of property  improvements  and replacements and deposits to restricted
escrows  maintained  by one of the  mortgage  lenders.  Cash  used in  financing
activities consisted of principal payments made on the mortgages encumbering the
Partnership's  properties and  distributions  to the partners.  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. At the present time, the Partnership has no outstanding amounts due
under this line of credit.  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 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  and is
studying  new  federal  laws,  including  the  Sarbanes-Oxley  Act of 2002.  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,  including  increased  legal and audit  fees.  Capital  improvements
planned for each of the Partnership's properties are detailed below.

Oak Run  Apartments:  During  the  nine  months  ended  September  30,  2003 the
Partnership completed  approximately $134,000 of capital improvements at Oak Run
Apartments  consisting  primarily of floor  covering  replacements,  parking lot
resurfacing,   swimming  pool   improvements,   and  fencing   upgrades.   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  an  additional  $22,000  in  capital
improvements during the remainder of 2003 consisting primarily of floor covering
replacements,  cabinets and countertops upgrades,  and structural  improvements.
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.

Overlook Point  Apartments:  During the nine months ended September 30, 2003 the
Partnership completed  approximately $96,000 of capital improvements at Overlook
Point   Apartments   consisting   primarily  of  floor  covering  and  appliance
replacements and air conditioning upgrades.  These improvements were funded from
operations.  Capital improvements of approximately  $12,000 were expended during
the period of October 1, 2003 to October  31, 2003 when the  property  was sold,
consisting primarily of floor covering and appliance replacements.

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  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 $9,870,000 is being
amortized over thirty years with a balloon payment of  approximately  $9,728,000
due in October  2004.  The  mortgage  indebtedness  encumbering  Overlook  Point
Apartments  of  approximately  $8,408,000  at  September  30, 2003 was repaid on
October 31,  2003 in  connection  with the sale of the  property.  The  Managing
General  Partner will attempt to refinance the Oak Run  Apartments  indebtedness
and/or sell the property prior to its maturity  date. If the property  cannot be
refinanced or sold for a sufficient amount, the Partnership may risk losing such
property through foreclosure.

The Partnership  distributed the following  amounts during the nine months ended
September 30, 2003 and 2002 (in thousands, except per unit data):
<TABLE>
<CAPTION>

                                         Per Limited                      Per Limited
                     Nine Months Ended   Partnership   Nine Months Ended  Partnership
                     September 30, 2003      Unit     September 30, 2002      Unit
Sale and
<S>           <C>          <C>              <C>              <C>             <C>
  Refinancing (1)          $ 393            $5.19            $ 224           $2.96
</TABLE>

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

The  Partnership  distributed  approximately  $5,914,000 to its partners  during
November  2003 from the net proceeds  received  from the sale of Overlook  Point
Apartments.  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   improvements   expenditures  to  permit   additional
distributions  to its  partners  during  the  remainder  of 2003  or  subsequent
periods.

Other

In addition to its indirect  ownership of the general  partner  interests in the
Partnership,  AIMCO and its affiliates owned 41,681.50 limited partnership units
(the "Units") in the Partnership  representing  55.58% of the total  outstanding
Units at September 30, 2003. 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,  unitholders  holding a majority  of the Units are  entitled  to take
action with  respect to a variety of matters that  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 55.58% of
the total  outstanding  Units,  AIMCO and its  affiliates  are in a position  to
influence  all voting  decisions  with respect to the  Partnership.  AIMCO IPLP,
L.P.,  (formerly known as Insignia  Properties  L.P.), an affiliate of AIMCO and
the  Managing  General  Partner  had  agreed  for the  benefit  of  third  party
unitholders,  that it would vote the 21,513  Units it acquired in January  1996:
(i) against any increase in compensation payable to the Managing General Partner
or to its  affiliates;  and (ii) on all  other  matters  submitted  by it or its
affiliates,  in proportion to the votes cast by third party unitholders.  Except
for the  foregoing,  no other  limitations  are imposed on AIMCO  IPLP,  L.P.'s,
AIMCO's or any of their  affiliates  right to vote each Unit held.  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  properties  are  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 properties.  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
assets.

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 and
the Partnership  fully reserves all balances  outstanding  over thirty days. 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.

                           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 (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 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
filed an appeal  seeking  to vacate  and/or  reverse  the  order  approving  the
settlement and entering judgment  thereto.  The Managing General Partner intends
to file a respondent's  brief in support of the order  approving  settlement and
entering judgment thereto.

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.  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  Complaint  also  attempts  to certify a subclass  for  salaried
service  directors who are challenging  their  classification as exempt from the
overtime  provisions of the FLSA.  AIMCO  Properties L.P. has filed an answer to
the Complaint denying the substantive  allegations.  Although the outcome of any
litigation  is  uncertain,  in the opinion of the Managing  General  Partner the
claims will not result in any material liability to the Partnership.

ITEM 6.     EXHIBITS AND REPORTS ON FORM 8-K

            a) Exhibits:

               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  Registration
                    Statement on Form S-11 (Reg. No. 2-78495).

               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.

            b) Reports on Form 8-K:

                  None filed during the quarter ended September 30, 2003.


<PAGE>


                                   SIGNATURES


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


                                     CENTURY PROPERTIES FUND XVIII


                                     By:  FOX PARTNERS
                                          General Partner


                                     By:  FOX CAPITAL MANAGEMENT CORPORATION
                                          Managing General Partner


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


                                     By:  /s/Paul J. McAuliffe
                                          Paul J. McAuliffe
                                          Executive Vice President
                                          and Chief Financial Officer


                                     Date:November 12, 2003



<PAGE>



Exhibit 31.1


                                  CERTIFICATION


I, Patrick J. Foye, 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 registrant as of, and for, the periods presented in this report;

4.    The  registrant'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 registrant
      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
            registrant,  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 registrant'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  registrant's  internal
            control  over   financial   reporting   that  occurred   during  the
            registrant's  most recent fiscal  quarter (the  registrant's  fourth
            fiscal  quarter in the case of an annual report) that has materially
            affected,   or  is  reasonably  likely  to  materially  affect,  the
            registrant's internal control over financial reporting; and

5.    The registrant's other certifying  officer(s) and I have disclosed,  based
      on  our  most  recent   evaluation  of  internal  control  over  financial
      reporting,  to the  registrant's  auditors and the audit  committee of the
      registrant'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  registrant'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  registrant's
            internal control over financial reporting.

Date:  November 12, 2003

                                    /s/Patrick J. Foye
                                    Patrick J. Foye
                                    Executive  Vice  President  of  Fox  Capital
                                    Management  Corporation,  equivalent  of the
                                    chief executive officer of the Partnership


<PAGE>



Exhibit 31.2


                                  CERTIFICATION


I, Paul J. McAuliffe, 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 registrant as of, and for, the periods presented in this report;

4.    The  registrant'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 registrant
      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
            registrant,  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 registrant'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  registrant's  internal
            control  over   financial   reporting   that  occurred   during  the
            registrant's  most recent fiscal  quarter (the  registrant's  fourth
            fiscal  quarter in the case of an annual report) that has materially
            affected,   or  is  reasonably  likely  to  materially  affect,  the
            registrant's internal control over financial reporting; and

5.     The registrant's other certifying officer(s) and I have disclosed,  based
       on  our  most  recent  evaluation  of  internal  control  over  financial
       reporting,  to the  registrant's  auditors and the audit committee of the
       registrant'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  registrant'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  registrant's
            internal control over financial reporting.

Date:  November 12, 2003

                                /s/Paul J. McAuliffe
                                Paul J. McAuliffe
                                Executive  Vice  President  and Chief  Financial
                                Officer 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,
2003 as filed with the  Securities  and Exchange  Commission  on the date hereof
(the  "Report"),  Patrick  J. Foye,  as the  equivalent  of the chief  executive
officer of the  Partnership,  and Paul J.  McAuliffe,  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/Patrick J. Foye
                                    Name:  Patrick J. Foye
                                    Date:  November 12, 2003


                                           /s/Paul J. McAuliffe
                                    Name:  Paul J. McAuliffe
                                    Date:  November 12, 2003


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.