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 September 30, 2001


[ ] 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)

                               September 30, 2001
<TABLE>
<CAPTION>


Assets
<S>                                                                          <C>
   Cash and cash equivalents                                                 $ 888
   Receivables and deposits                                                      34
   Restricted escrows                                                            58
   Other assets                                                                 289
   Investment properties:
      Land                                                   $ 7,296
      Buildings and related personal property                  21,332
                                                               28,628
      Less accumulated depreciation                           (12,656)       15,972
                                                                           $ 17,241
Liabilities and Partners' (Deficit) Capital
Liabilities
   Accounts payable                                                          $ 103
   Tenant security deposit liabilities                                           63
   Accrued property taxes                                                       411
   Other liabilities                                                            205
   Mortgage notes payable                                                    18,829

Partners' (Deficit) Capital
   General partner                                           $ (6,241)
   Limited partners (75,000 units issued and
      outstanding)                                              3,871        (2,370)
                                                                           $ 17,241



            See Accompanying Notes to Consolidated Financial Statements

</TABLE>

<PAGE>

b)

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

<TABLE>
<CAPTION>

                                       Three Months Ended            Nine Months Ended
                                          September 30,                September 30,
                                       2001           2000           2001          2000
Revenues:
<S>                                  <C>            <C>            <C>            <C>
  Rental income                      $ 1,185        $ 1,228        $ 3,666        $ 3,653
  Other income                            74             83            231            224
      Total revenues                   1,259          1,311          3,897          3,877

Expenses:
   Operating                             507            426          1,382          1,239
   General and administrative             77             85            269            214
   Depreciation                          211            209            640            607
   Interest                              330            343          1,008          1,040
   Property tax                          135            112            421            342
      Total expenses                   1,260          1,175          3,720          3,442

Net (loss) income                      $ (1)         $ 136          $ 177          $ 435

Net income allocated to
  general partner (9.9%)               $ --           $ 13           $ 18          $ 43
Net (loss) income allocated
   to limited partners (90.1%)            (1)           123            159            392

                                       $ (1)         $ 136          $ 177          $ 435

Net (loss) income per limited
  partnership unit                   $ (0.01)        $ 1.64         $ 2.12        $ 5.23

Distributions per limited
  partnership unit                     $ --           $ --          $ 6.11        $ 2.91

            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, 2000               75,000     $(6,254)     $ 4,170      $(2,084)

Distributions to partners                 --          (5)        (458)        (463)

Net income for the nine months
   ended September 30, 2001               --          18          159          177

Partners' (deficit) capital
   at September 30, 2001              75,000     $(6,241)     $ 3,871      $(2,370)

            See Accompanying Notes to Consolidated Financial Statements

</TABLE>

<PAGE>
d)

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

<TABLE>
<CAPTION>

                                                                 Nine Months Ended
                                                                   September 30,
                                                                  2001        2000
Cash flows from operating activities:
<S>                                                              <C>          <C>
  Net income                                                     $ 177        $ 435
  Adjustments to reconcile net income to net cash provided
   by operating activities:
     Depreciation                                                   640          607
     Amortization of loan costs                                      30           52
     Change in accounts:
      Receivables and deposits                                       23          346
      Other assets                                                  (49)         (26)
      Due to affiliates                                              --           34
      Accounts payable                                               38          (24)
      Tenant security deposit liabilities                           (13)           4
      Accrued property taxes                                         44          (16)
      Other liabilities                                              17          (46)
        Net cash provided by operating activities                   907        1,366

Cash flows from investing activities:
  Property improvements and replacements                           (216)        (459)
  Net (deposits to) withdrawals from restricted escrows             (27)          45
        Net cash used in investing activities                      (243)        (414)

Cash flows from financing activities:
  Distributions to partners                                        (463)        (220)
  Payments on mortgage notes payable                               (183)        (154)
        Net cash used in financing activities                      (646)        (374)

Net increase in cash and cash equivalents                            18          578
Cash and cash equivalents at beginning of period                    870          462
Cash and cash equivalents at end of period                       $ 888       $ 1,040

Supplemental disclosure of cash flow information:
  Cash paid for interest                                         $ 978        $ 877

            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. 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, 2001 are not  necessarily  indicative of the results
that may be expected for the fiscal year ending  December 31, 2001.  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, 2000. The Managing  General Partner and the managing  general
partner of FRI are affiliates of Apartment  Investment  and  Management  Company
("AIMCO"), a publicly traded real estate investment trust.

Principles of Consolidation

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

Segment Reporting

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

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. The following payments were made to the
Managing  General Partner and affiliates  during the nine months ended September
30, 2001 and 2000:

                                                                  2001      2000
                                                                  (in thousands)

 Property management fees (included in operating expenses)        $197      $196
 Reimbursement for services of affiliates (included in
   general and administrative expenses)                            159       137

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
$197,000 and $196,000  for the nine months  ended  September  30, 2001 and 2000,
respectively.

An  affiliate  of  the  Managing  General  Partner  received   reimbursement  of
accountable  administrative  expenses  amounting to  approximately  $159,000 and
$137,000 for the nine months ended September 30, 2001 and 2000, respectively.

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.

AIMCO and its affiliates owned 40,204.50 limited partnership units (the "Units")
in the  Partnership  representing  53.61%  of the  total  outstanding  Units  at
September  30,  2001. A number of these Units were  acquired  pursuant to tender
offers  made by  AIMCO  or its  affiliates.  It is  possible  that  AIMCO or its
affiliates will make one or more additional offers to acquire additional limited
partnership  interests in the  Partnership  for cash or in exchange for units in
the operating partnership of AIMCO. Under the Partnership Agreement, unitholders
holding a majority of the Units are  entitled  to take action with  respect to a
variety of matters  which  would  include  voting on certain  amendments  to the
Partnership  Agreement and voting to remove the Managing General  Partner.  As a
result of its ownership of 53.61% of the total outstanding  Units, AIMCO is in a
position to influence all voting decisions with respect to the Registrant.  When
voting on matters, AIMCO would in all likelihood vote the Units it acquired in a
manner  favorable to the interest of the Managing General Partner because of its
affiliation  with  the  Managing  General  Partner.   Insignia  Properties  L.P.
("IPLP"), an affiliate of AIMCO and the Managing General Partner indirectly, had
agreed for the  benefit  of  non-tendering  unitholders,  that it would vote its
Units acquired in January 1996: (i) against any increase in compensation payable
to the Managing General Partner or to affiliates;  and (ii) on all other matters
submitted  by it  or  its  affiliates,  in  proportion  to  the  votes  cast  by
non-tendering  unitholders.  Except for the foregoing,  no other limitations are
imposed on IPLP's,  AIMCO's or any of their  affiliates' right to vote each Unit
acquired.

Note C - Distributions

During the nine months ended  September 30, 2001,  the  Registrant  declared and
paid  cash  distributions  of  approximately   $463,000  from  prior  cumulative
undistributed sale and refinancing proceeds, of which approximately $458,000 was
paid to the limited partners ($6.11 per limited  partnership  unit).  During the
nine months ended September 30, 2000, the Registrant made a cash distribution of
approximately $220,000 from prior cumulative  undistributed sale and refinancing
proceeds,  of which  approximately  $218,000  was paid to the  limited  partners
($2.91 per limited partnership unit).

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
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  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, together with a demurrer filed
by other  defendants,  is currently  scheduled to be heard on November 15, 2001.
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.  The matters are currently  scheduled to be heard
on November 15, 2001.

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

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

ITEM 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 nine
months ended September 30, 2001 and 2000.

                                                   Average Occupancy
      Property                                      2001       2000

      Oak Run Apartments                            89%        93%
         Dallas, Texas
      Overlook Point Apartments                     95%        96%
         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.

Results of Operations

The  Partnership's  net income for the nine months ended  September 30, 2001 was
approximately $177,000 compared to approximately $435,000 for the same period in
2000.  The decrease in net income for the nine month period ended  September 30,
2001  compared  to the  corresponding  period in 2000 was due to an  increase in
total  expenses,  which was partially  offset by an increase in total  revenues.
Total  expenses  increased  due to  increases  in  depreciation,  property  tax,
operating  and  general  and  administrative  expenses  offset by a decrease  in
interest expense.  Depreciation  expense increased due to property  improvements
and replacements  placed in service at both of the investment  properties during
the past twelve  months  which are now being  depreciated.  Property tax expense
increased due to an increase in the assessed  value of Oak Run Apartments by the
taxing  authorities.  The increase in operating  expenses was attributable to an
increase in natural gas prices,  salaries  and  related  employee  benefits  and
property insurance costs at both properties.

Total revenues for the nine month period ended  September 30, 2001 increased due
to an  increase in rental and other  income.  The  increase in rental  income is
attributable  to an increase in average  rental rates at both  properties  which
more than offset a decrease in occupancy at Oak Run Apartments.  The increase in
other income is  attributable  to an increase in interest  income as a result of
higher average cash balances being maintained in interest bearing accounts.

The  Partnership's  net loss for the three months ended  September  30, 2001 was
approximately  $1,000 compared to net income of  approximately  $136,000 for the
same period in 2000. The decrease in net income for the three month period ended
September  30, 2001 compared to the  corresponding  period in 2000 was due to an
increase in total  expenses  and a decrease in total  revenues.  Total  expenses
increased  due to increases in operating  and property tax  expenses.  Operating
expenses increased primarily due to increases in property insurance and salaries
and related employee benefits. Property tax expense increased due to an increase
in the assessed value of Oak Run Apartments by the taxing authorities.

Total revenues for the three month period ended September 30, 2001 decreased due
to a decrease  in rental and other  income.  The  decrease  in rental  income is
attributable to a decrease in occupancy at Oak Run Apartments  partially  offset
by an increase in average rental rates at both properties. The decrease in other
income is attributable to a decrease in interest income.

General and administrative expense increased for the nine months ended September
30, 2001 due to an increase  in 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  September  30,  2001,  the  Partnership  had cash and  cash  equivalents  of
approximately  $888,000  compared to  approximately  $1,040,000 at September 30,
2000. Cash and cash equivalents  increased  approximately $18,000 since December
31, 2000 due to approximately  $907,000 of cash provided by operating activities
partially  offset  by  approximately  $646,000  and  $243,000  of  cash  used in
financing  and  investing  activities,  respectively.  Cash  used  in  financing
activities  consisted of  distributions  to the partners and principal  payments
made on the mortgages  encumbering the  Partnership's  properties.  Cash used in
investing activities consisted of property improvements and replacements and, to
a lesser extent,  net deposits to restricted  escrows maintained by the mortgage
lender. 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 2001, the Partnership budgeted  approximately  $131,000
for capital improvements at Oak Run Apartments consisting of appliance, plumbing
and flooring  covering  replacements and interior  decorations.  During the nine
months ended  September 30, 2001, the property spent  approximately  $135,000 in
budgeted  and  unbudgeted  capital   expenditures  at  the  property  consisting
primarily of appliance and floor covering replacements, structural improvements,
interior  decoration and air  conditioning  upgrades.  These  improvements  were
funded from operations and replacement reserves.

Overlook Point  Apartments:  For 2001, the  Partnership  budgeted  approximately
$91,000 for capital  improvements  at Overlook  Point  Apartments  consisting of
appliance,  plumbing  and  flooring  replacements.  During the nine months ended
September  30,  2001,  the  property  spent  approximately  $81,000  in  capital
expenditures  at the  property  consisting  primarily  of  appliance  and  floor
covering  replacements,   swimming  pool  improvements,  major  landscaping  and
appliances. These improvements were funded primarily from operations.

Additional  capital  expenditures  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  $18,829,000 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.

During the nine months ended  September 30, 2001,  the  Registrant  declared and
paid  cash  distributions  of  approximately   $463,000  from  prior  cumulative
undistributed sale and refinancing proceeds, of which approximately $458,000 was
paid to the limited partners ($6.11 per limited  partnership  unit).  During the
nine months ended September 30, 2000, the Registrant made a cash distribution of
approximately $220,000 from prior cumulative  undistributed sale and refinancing
proceeds,  of which  approximately  $218,000  was paid to the  limited  partners
($2.91 per limited  partnership unit).  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  distribution  policy 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
additional  distributions  to its  partners  during  the  remainder  of  2001 or
subsequent periods.

AIMCO and its affiliates owned 40,204.50 limited partnership units (the "Units")
in the  Partnership  representing  53.61%  of the  total  outstanding  Units  at
September  30,  2001. A number of these Units were  acquired  pursuant to tender
offers  made by  AIMCO  or its  affiliates.  It is  possible  that  AIMCO or its
affiliates will make one or more additional offers to acquire additional limited
partnership  interests in the  Partnership  for cash or in exchange for units in
the operating partnership of AIMCO. Under the Partnership Agreement, unitholders
holding a majority of the Units are  entitled  to take action with  respect to a
variety of matters  which  would  include  voting on certain  amendments  to the
Partnership  Agreement and voting to remove the Managing General  Partner.  As a
result of its ownership of 53.61% of the total outstanding  Units, AIMCO is in a
position to influence all voting decisions with respect to the Registrant.  When
voting on matters, AIMCO would in all likelihood vote the Units it acquired in a
manner  favorable to the interest of the Managing General Partner because of its
affiliation  with  the  Managing  General  Partner.   Insignia  Properties  L.P.
("IPLP"), an affiliate of AIMCO and the Managing General Partner indirectly, had
agreed for the  benefit  of  non-tendering  unitholders,  that it would vote its
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  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, together with a demurrer filed
by other  defendants,  is currently  scheduled to be heard on November 15, 2001.
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.  The matters are currently  scheduled to be heard
on November 15, 2001.

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 September 30, 2001.



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


                                    Date: