FORM 10-QSB--Quarterly or Transitional Report Under Section 13 or 15(d) Of
                      the Securities Exchange Act of 1934
                        Quarterly or Transitional Report



               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 March 31, 2002


[ ]   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 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 (1) filed all reports  required to be filed by Section
13 or 15(d) of the  Exchange  Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports),  and (2) has been
subject to such filing requirements for the past 90 days.
Yes X  No____
<PAGE>
                         PART I - FINANCIAL INFORMATION

ITEM 1.     FINANCIAL STATEMENTS

a)

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

                                 March 31, 2002
<TABLE>
<CAPTION>


Assets
<S>                                                                          <C>
   Cash and cash equivalents                                                 $  532
   Receivables and deposits                                                      41
   Restricted escrows                                                            73
   Other assets                                                                 322
   Investment properties:
      Land                                                   $ 7,296
      Buildings and related personal property                  21,446
                                                               28,742
      Less accumulated depreciation                           (13,088)       15,654
                                                                           $ 16,622
Liabilities and Partners' (Deficit) Capital
Liabilities
   Accounts payable                                                          $ 49
   Other liabilities                                                            293
   Accrued property taxes                                                       121
   Tenant security deposit liabilities                                           50
   Mortgage notes payable                                                    18,701

Partners' (Deficit) Capital
   General partner                                           $ (6,238)
   Limited partners (75,000 units issued and
      outstanding)                                              3,646        (2,592)
                                                                           $ 16,622


         See Accompanying Notes to Consolidated Financial Statements

</TABLE>

<PAGE>
b)

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


                                                            Three Months Ended
                                                                  March 31,
                                                           2002              2001
Revenues:
<S>                                                      <C>               <C>
   Rental income                                         $ 1,142           $ 1,247
   Other income                                              118                76
      Total revenues                                       1,260             1,323

Expenses:
   Operating                                                 475               417
   General and administrative                                 78                88
   Depreciation                                              218               213
   Interest                                                  337               341
   Property tax                                              121               136
      Total expenses                                       1,229             1,195

Net income                                                 $ 31             $ 128

Net income allocated to general partner (9.9%)             $ 3              $ 13
Net income allocated to limited partners (90.1%)              28               115
                                                           $ 31             $ 128

Net income per limited partnership unit                   $ 0.37           $ 1.53

Distributions per limited partnership unit                 $ --            $ 5.15

         See Accompanying Notes to Consolidated Financial Statements

</TABLE>

<PAGE>
c)

                        CENTURY PROPERTIES FUND XVIII
       CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' (DEFICIT) 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' (deficit) capital
   at December 31, 2001               75,000      $(6,241)     $ 3,618      $(2,623)

Net income for the three months
   ended March 31, 2002                   --            3           28           31

Partners' (deficit) capital
   at March 31, 2002                  75,000      $(6,238)     $ 3,646      $(2,592)

         See Accompanying Notes to Consolidated Financial Statements
</TABLE>

<PAGE>
d)

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

<TABLE>
<CAPTION>

                                                                   Three Months Ended
                                                                        March 31,
                                                                    2002         2001
Cash flows from operating activities:
<S>                                                                 <C>          <C>
  Net income                                                        $ 31         $ 128
  Adjustments to reconcile net income to net
   cash provided by operating activities:
     Depreciation                                                      218          213
     Amortization of loan costs                                         15           14
     Change in accounts:
      Receivables and deposits                                           5           --
      Other assets                                                    (113)         (49)
      Accounts payable                                                 (36)         (19)
      Other liabilities                                                184           15
      Accrued property taxes                                          (245)        (241)
      Tenant security deposit liabilities                               (4)          (6)
        Net cash provided by operating activities                       55           55

Cash flows from investing activities:
  Property improvements and replacements                               (76)         (72)
  Net withdrawals from (deposits to) restricted escrows                  4          (27)
        Net cash used in investing activities                          (72)         (99)

Cash flows from financing activities:
  Distributions to partners                                             --         (390)
  Payments on mortgage notes payable                                   (64)         (60)
        Net cash used in financing activities                          (64)        (450)

Net decrease in cash and cash equivalents                              (81)        (494)
Cash and cash equivalents at beginning of period                       613          870
Cash and cash equivalents at end of period                          $ 532        $ 376

Supplemental disclosure of cash flow information:
  Cash paid for interest                                            $ 261        $ 327

         See Accompanying Notes to Consolidated Financial Statements

</TABLE>

<PAGE>
e)
                          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  month  period  ended  March 31,  2002 are not
necessarily  indicative  of the results that may be expected for the fiscal year
ending  December 31, 2002. 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, 2001.

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  Registrant's  properties  for  providing  property
management  services.  The  Registrant  paid  to such  affiliates  approximately
$65,000  and  $67,000  for the  three  months  ended  March  31,  2002 and 2001,
respectively, which is included in operating expenses.

An  affiliate  of  the  Managing  General  Partner  received   reimbursement  of
accountable  administrative  expenses  amounting  to  approximately  $48,000 and
$55,000 for the three months ended March 31, 2002 and 2001, respectively,  which
is included in general and administrative expenses.

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

Beginning in 2001, the  Partnership  began insuring its properties up to certain
limits through coverage provided by AIMCO which is generally  self-insured for a
portion of losses and  liabilities  related  to workers  compensation,  property
casualty and vehicle liability. The Partnership insures its properties above the
AIMCO  limits  through  insurance  policies  obtained  by  AIMCO  from  insurers
unaffiliated  with the Managing General  Partner.  During the three months ended
March 31, 2002 and 2001, the Partnership was charged by AIMCO and its affiliates
approximately $60,000 and $49,000, respectively, for insurance coverage and fees
associated with policy claims administration.

Note C - Legal Proceedings

In March 1998, several putative unit holders of limited partnership units of the
Partnership  commenced an action  entitled  Rosalie  Nuanes,  et al. v. Insignia
Financial Group, Inc., et al. (the "Nuanes action") in the Superior Court of the
State of  California  for the  County  of San  Mateo.  The  plaintiffs  named as
defendants,  among others,  the  Partnership,  its Managing  General Partner and
several of their  affiliated  partnerships  and corporate  entities.  The action
purports  to  assert  claims  on  behalf  of a class  of  limited  partners  and
derivatively  on behalf  of a number  of  limited  partnerships  (including  the
Partnership)  which are named as nominal  defendants,  challenging,  among other
things,  the  acquisition  of  interests  in certain  Managing  General  Partner
entities by Insignia Financial Group, Inc. ("Insignia") and entities which were,
at one  time,  affiliates  of  Insignia;  past  tender  offers  by the  Insignia
affiliates to acquire limited partnership units;  management of the partnerships
by the  Insignia  affiliates;  and the series of  transactions  which  closed on
October 1, 1998 and February 26, 1999 whereby  Insignia and Insignia  Properties
Trust,  respectively,  were merged  into AIMCO.  The  plaintiffs  seek  monetary
damages and equitable relief, including judicial dissolution of the Partnership.
On June 25, 1998, the Managing General Partner filed a motion seeking  dismissal
of the action.  In lieu of responding  to the motion,  the  plaintiffs  filed an
amended  complaint.  The Managing General Partner filed demurrers to the amended
complaint which were heard February 1999.

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

During the third  quarter of 2001, a complaint  (the "Heller  action") was filed
against  the same  defendants  that are named in the  Nuanes  action,  captioned
Heller v. Insignia Financial Group. On or about August 6, 2001, plaintiffs filed
a first amended  complaint.  The first amended complaint in the Heller action is
brought as a purported  derivative  action,  and asserts  claims for among other
things  breach  of  fiduciary  duty;  unfair  competition;   conversion,  unjust
enrichment;  and judicial  dissolution.  Plaintiffs in the Nuanes action filed a
motion to  consolidate  the Heller action with the Nuanes action and stated that
the Heller action was filed in order to preserve the derivative claims that were
dismissed  without  leave to amend in the Nuanes action by the Court order dated
July 10, 2001. On October 5, 2001, the Managing  General  Partner and affiliated
defendants  moved to strike the first  amended  complaint  in its  entirety  for
violating  the Court's July 10, 2001 order  granting in part and denying in part
defendants'  demurrer in the Nuanes action, or alternatively,  to strike certain
portions of the complaint based on the statute of limitations.  Other defendants
in the action  demurred to the fourth  amended  complaint,  and,  alternatively,
moved to strike the complaint. On December 11, 2001, the court heard argument on
the motions  and took the matters  under  submission.  On February 4, 2002,  the
Court  served  notice of its order  granting  defendants'  motion to strike  the
Heller complaint as a violation of its July 10, 2001 order in the Nuanes action.
On March 27, 2002,  the plaintiffs  filed a notice  appealing the order striking
the complaint.

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

The  Partnership is unaware of any other pending or outstanding  litigation that
is not of a routine nature arising in the ordinary course of business.
<PAGE>
ITEM 2.     MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

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

The Partnership's  investment properties consist of two apartment complexes. The
following table sets forth the average occupancy of the properties for the three
months ended March 31, 2002 and 2001.

                                                   Average Occupancy
      Property                                      2002       2001

      Oak Run Apartments                            81%        93%
        Dallas, Texas
      Overlook Point Apartments                     96%        95%
        Salt Lake City, Utah

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

Results of Operations

The  Partnership's  net income for the three  months  ended  March 31,  2002 was
approximately $31,000 compared to approximately  $128,000 for the same period in
2001.  The decrease in net income was due to a decrease in total revenues and an
increase in total expenses. The decrease in total revenues was due to a decrease
in rental income,  partially offset by an increase in other income. The decrease
in rental income was primarily  attributable to the decrease in occupancy at Oak
Run Apartments,  partially  offset by an increase in occupancy at Overlook Point
Apartments.  Other  income  increased  primarily  due to  increases  in  utility
reimbursements and corporate unit and laundry income.

Total  expenses  increased  due to an increase in operating  expense.  Operating
expense  increased  due to increases in insurance  premiums at both  properties,
corporate  unit and salaries  and related  employee  expenses at Overlook  Point
Apartments and apartment turnover and legal expenses 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,  due to changing  market
conditions,  which  can  result  in the use of  rental  concessions  and  rental
reductions to offset softening market conditions, there is no guarantee that the
Managing General Partner will be able to sustain such a plan.

Liquidity and Capital Resources

At  March  31,  2002,  the  Partnership   had  cash  and  cash   equivalents  of
approximately  $532,000  compared to  approximately  $376,000 at March 31, 2001.
Cash and cash equivalents decreased approximately $81,000 from December 31, 2001
due to approximately $72,000 and $64,000 of cash used in investing and financing
activities,  respectively,  which were partially offset by approximately $55,000
of cash  provided by operating  activities.  Cash used in  investing  activities
consisted of property  improvements  and  replacements,  slightly  offset by net
withdrawals from restricted  escrows  maintained by the mortgage  lenders.  Cash
used  in  financing  activities  consisted  of  principal  payments  made on the
mortgages encumbering the Partnership's properties.  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.  Based on present plans, the Managing General Partner
does not anticipate  the need to borrow in the near future.  Other than cash and
cash equivalents,  the line of credit is the Partnership's only unused source of
liquidity.

The sufficiency of existing  liquid assets to meet future  liquidity and capital
expenditure   requirements   is  directly   related  to  the  level  of  capital
expenditures  required at the  properties  to  adequately  maintain the physical
assets and other  operating  needs of the Registrant and to comply with Federal,
state, and local legal and regulatory requirements. Capital improvements planned
for each of the Registrant's properties are detailed below.

Oak Run  Apartments:  For  2002,  the  Partnership  has  budgeted  approximately
$147,000 for capital  improvements  at Oak Run  Apartments  consisting  of floor
covering  replacements,  interior decorations and air conditioning units. During
the three months ended March 31, 2002 the property spent  approximately  $52,000
in capital  expenditures  consisting  primarily of floor covering  replacements,
countertops, office computers and water heater replacements.  These improvements
were funded from operations and replacement  reserves.  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:  For 2002, the Partnership has budgeted approximately
$105,000 for capital  improvements  at Overlook Point  Apartments  consisting of
appliance and floor  covering  replacements,  major  landscaping,  swimming pool
improvements and computer upgrades. During the three months ended March 31, 2002
the property  spent  approximately  $24,000 in capital  expenditures  consisting
primarily of appliance and floor covering replacements.  These improvements were
funded from  operations.  Additional  improvements  may be  considered  and will
depend on the physical  condition of the  property as well as  anticipated  cash
flow generated by the property.

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 Registrant's distributable
cash flow, if any, may be adversely affected at least in the short term.

The  Registrant's  current assets are thought to be sufficient for any near-term
needs  (exclusive  of capital  improvements)  of the  Registrant.  The  mortgage
indebtedness  of  approximately  $18,701,000 is amortized over thirty years with
balloon payments of approximately  $9,728,000 and $8,127,000 due in October 2004
and September 2005,  respectively.  The Managing General Partner will attempt to
refinance such  indebtedness  and/or sell the properties  prior to such maturity
dates. If the properties  cannot be refinanced or sold for a sufficient  amount,
the Partnership may risk losing such properties through foreclosure.

The Partnership  distributed the following amounts during the three months ended
March 31, 2002 and 2001 (in thousands, except per unit data):
<TABLE>
<CAPTION>

                      Three Months      Per Limited      Three Months    Per Limited
                         Ended          Partnership         Ended        Partnership
                     March 31, 2002         Unit        March 31, 2001       Unit
Sale and
<S>           <C>         <C>               <C>             <C>             <C>
  Refinancing (1)         $ --              $ --            $ 390           $ 5.15
</TABLE>

(1)   From the 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  debt
maturities,  refinancings and/or property sales. The Registrant's cash available
for distribution is reviewed on a monthly basis.  There can be no assurance that
the Registrant will generate  sufficient  funds from  operations  after required
capital  improvements  expenditures to permit any  distributions to its partners
during the remainder of 2002 or subsequent periods.

AIMCO and its affiliates owned 40,304.50 limited partnership units (the "Units")
in the Partnership  representing  53.74% of the total outstanding Units at March
31, 2002. A number of these Units were  acquired  pursuant to tender offers made
by AIMCO or its  affiliates.  It is possible that AIMCO or its  affiliates  will
make one or more additional  offers to acquire  additional  limited  partnership
interests in the  Partnership for cash or in exchange for units in the operating
partnership of AIMCO.  Under the Partnership  Agreement,  unitholders  holding a
majority of the Units are  entitled to take action with  respect to a variety of
matters which would  include  voting on certain  amendments  to the  Partnership
Agreement and voting to remove the Managing General Partner.  As a result of its
ownership of 53.74% of the total  outstanding  Units,  AIMCO is in a position to
influence all voting  decisions with respect to the  Registrant.  When voting on
matters,  AIMCO would in all  likelihood  vote the Units it acquired in a manner
favorable  to the  interest of the  Managing  General  Partner  because of their
affiliation  with  the  Managing  General  Partner.   Insignia  Properties  L.P.
("IPLP"), an affiliate of AIMCO and the Managing General Partner indirectly, had
agreed for the  benefit  of  non-tendering  unitholders,  that it would vote the
21,513 Units acquired in January 1996: (i) against any increase in  compensation
payable to the Managing General Partner or to affiliates;  and (ii) on all other
matters  submitted by it or its  affiliates,  in proportion to the votes cast by
non-tendering  unitholders.  Except for the foregoing,  no other limitations are
imposed on IPLP's,  AIMCO's or any of their  affiliates' right to vote each Unit
acquired.
<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
purports  to  assert  claims  on  behalf  of a class  of  limited  partners  and
derivatively  on behalf  of a number  of  limited  partnerships  (including  the
Partnership)  which are named as nominal  defendants,  challenging,  among other
things,  the  acquisition  of  interests  in certain  Managing  General  Partner
entities by Insignia Financial Group, Inc. ("Insignia") and entities which were,
at one  time,  affiliates  of  Insignia;  past  tender  offers  by the  Insignia
affiliates to acquire limited partnership units;  management of the partnerships
by the  Insignia  affiliates;  and the series of  transactions  which  closed on
October 1, 1998 and February 26, 1999 whereby  Insignia and Insignia  Properties
Trust,  respectively,  were merged  into AIMCO.  The  plaintiffs  seek  monetary
damages and equitable relief, including judicial dissolution of the Partnership.
On June 25, 1998, the Managing General Partner filed a motion seeking  dismissal
of the action.  In lieu of responding  to the motion,  the  plaintiffs  filed an
amended  complaint.  The Managing General Partner filed demurrers to the amended
complaint which were heard February 1999.

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

During the third  quarter of 2001, a complaint  (the "Heller  action") was filed
against  the same  defendants  that are named in the  Nuanes  action,  captioned
Heller v. Insignia Financial Group. On or about August 6, 2001, plaintiffs filed
a first amended  complaint.  The first amended complaint in the Heller action is
brought as a purported  derivative  action,  and asserts  claims for among other
things  breach  of  fiduciary  duty;  unfair  competition;   conversion,  unjust
enrichment;  and judicial  dissolution.  Plaintiffs in the Nuanes action filed a
motion to  consolidate  the Heller action with the Nuanes action and stated that
the Heller action was filed in order to preserve the derivative claims that were
dismissed  without  leave to amend in the Nuanes action by the Court order dated
July 10, 2001. On October 5, 2001, the Managing  General  Partner and affiliated
defendants  moved to strike the first  amended  complaint  in its  entirety  for
violating  the Court's July 10, 2001 order  granting in part and denying in part
defendants'  demurrer in the Nuanes action, or alternatively,  to strike certain
portions of the complaint based on the statute of limitations.  Other defendants
in the action  demurred to the fourth  amended  complaint,  and,  alternatively,
moved to strike the complaint. On December 11, 2001, the court heard argument on
the motions  and took the matters  under  submission.  On February 4, 2002,  the
Court  served  notice of its order  granting  defendants'  motion to strike  the
Heller complaint as a violation of its July 10, 2001 order in the Nuanes action.
On March 27, 2002,  the plaintiffs  filed a notice  appealing the order striking
the complaint.

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

ITEM 6.     EXHIBITS AND REPORTS ON FORM 8-K

            a)    Exhibits:

                  None.

            b)    Reports on Form 8-K:

                  None filed during the quarter ended March 31, 2002.
<PAGE>
                                   SIGNATURES


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



                                     CENTURY PROPERTIES FUND XVIII


                                     By:  FOX PARTNERS
                                          General Partner


                                     By:  FOX CAPITAL MANAGEMENT CORPORATION
                                          Managing General Partner


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


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


                                     Date: