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, 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)

                                 March 31, 2001
<TABLE>
<CAPTION>


Assets
<S>                                                                          <C>
   Cash and cash equivalents                                                 $  376
   Receivables and deposits                                                      57
   Restricted escrows                                                            58
   Other assets                                                                 305
   Investment properties:
      Land                                                   $  7,296
      Buildings and related personal property                  21,188
                                                               28,484
      Less accumulated depreciation                           (12,229)       16,255
                                                                           $ 17,051
Liabilities and Partners' (Deficit) Capital
Liabilities
   Accounts payable                                                          $   46
   Other liabilities                                                            203
   Accrued property taxes                                                       126
   Tenant security deposit liabilities                                           70
   Mortgage notes payable                                                    18,952

Partners' (Deficit) Capital
   General partner                                           $ (6,245)
   Limited partners (75,000 units issued and
      outstanding)                                              3,899        (2,346)
                                                                           $ 17,051



            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
                                                                March 31,
                                                           2001             2000
Revenues:
<S>                                                      <C>               <C>
   Rental income                                         $ 1,247           $ 1,193
   Other income                                               76                59
      Total revenues                                       1,323             1,252

Expenses:
   Operating                                                 417               403
   General and administrative                                 88                56
   Depreciation                                              213               196
   Interest                                                  341               348
   Property tax                                              136               111
      Total expenses                                       1,195             1,114

Net income                                                $  128             $ 138

Net income allocated to general partner (9.9%)             $  13             $  14
Net income allocated to limited partners (90.1%)             115               124
                                                          $  128             $ 138

Net income per limited partnership unit                   $ 1.53            $ 1.65

Distributions per limited partnership unit                $ 5.15            $ 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                 --           (4)        (386)        (390)

Net income for the three months
   ended March 31, 2001                   --           13          115          128

Partners' (deficit) capital
   at March 31, 2001                  75,000      $(6,245)     $ 3,899      $(2,346)

            See Accompanying Notes to Consolidated Financial Statements

</TABLE>

<PAGE>

<TABLE>
<CAPTION>


d)

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


                                                                   Three Months Ended
                                                                        March 31,
                                                                    2001         2000
Cash flows from operating activities:
<S>                                                                 <C>           <C>
  Net income                                                        $  128        $ 138
  Adjustments to reconcile net income to net
   cash provided by operating activities:
     Depreciation                                                      213          196
     Amortization of loan costs                                         14           19
     Change in accounts:
      Receivables and deposits                                          --          378
      Other assets                                                     (49)         (32)
      Accounts payable                                                 (19)         (21)
      Other liabilities                                                 15          (39)
      Accrued property taxes                                          (241)        (246)
      Tenant security deposit liabilities                               (6)          (1)
        Net cash provided by operating activities                       55          392

Cash flows from investing activities:
  Property improvements and replacements                               (72)        (188)
  Net deposits to restricted escrows                                   (27)         (27)
        Net cash used in investing activities                          (99)        (215)

Cash flows used in financing activities:
  Distributions to partners                                           (390)        (220)
  Payments on mortgage notes payable                                   (60)         (39)
        Net cash used in financing activities                         (450)        (259)

Net decrease in cash and cash equivalents                             (494)         (82)
Cash and cash equivalents at beginning of period                       870          462
Cash and cash equivalents at end of period                          $  376        $ 380

Supplemental disclosure of cash flow information:
  Cash paid for interest                                            $  327        $ 218

            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,  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.

Principles of Consolidation

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

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
establishes  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 three months ended March 31,
2001 and 2000:

                                                                  2001      2000
                                                                  (in thousands)

 Property management fees (included in operating expenses)        $ 67      $ 64
 Reimbursement for services of affiliates (included in
   operating and general and administrative expenses
   and investment properties)                                       55        30

During  the three  months  ended  March 31,  2001 and  2000,  affiliates  of the
Managing General Partner were 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  $67,000 and $64,000 for the
three months ended March 31, 2001 and 2000, respectively.

An  affiliate  of  the  Managing  General  Partner  received   reimbursement  of
accountable  administrative  expenses  amounting  to  approximately  $55,000 and
$30,000 for the three months ended March 31, 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.  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.

In addition to its  indirect  ownership of the general  partner  interest in the
Partnership, AIMCO and its affiliates currently own 39,897.5 limited partnership
units in the Partnership  representing  53.20% of the total outstanding units. 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  without   limitation,   voting  on  certain  amendments  to  the
Partnership  Agreement and voting to remove the Managing General  Partner.  As a
result of its ownership of 53.20% 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 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  three  months  ended  March  31,  2001,  the  Registrant  made cash
distributions of approximately $390,000 from prior cumulative undistributed sale
and  refinancing  proceeds,  of  which  approximately  $386,000  was paid to the
limited partners ($5.15 per limited  partnership unit).  During the three months
ended March 31, 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. 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 Insignia  Merger.  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.  The demurrer is scheduled to be heard
on May 14,  2001.  The Court has also  scheduled a hearing on a motion for class
certification  for August 27, 2001.  Plaintiffs must file their motion for class
certification no later than June 15, 2001. The Managing General Partner does not
anticipate  that  costs  associated  with  this  case  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 three
months ended March 31, 2001 and 2000

                                                   Average Occupancy
      Property                                      2001       2000

      Oak Run Apartments                            93%        92%
        Dallas, Texas
      Overlook Point Apartments                     95%        93%
        Salt Lake City, Utah

Results of Operations

The  Partnership's  net income for the three  months  ended  March 31,  2001 was
approximately $128,000 as compared to approximately $138,000 for the same period
in 2000.  The  decrease in net income was due to an increase in total  expenses,
which was  partially  offset by an increase in total  revenues.  The increase in
total  revenues was  primarily  due to an increase in rental  revenues and other
income. Rental revenues increased due to increased rental rates and occupancy at
both of the investment properties.  Other income increased due to an increase in
interest income as a result of higher cash balances being maintained in interest
bearing accounts.

Total  expenses  increased  due to  increases  in  depreciation,  property  tax,
operating  and  general  and  administrative   expenses.   Depreciation  expense
increased due to property  additions during the past twelve months. The increase
in  operating  expense was  attributable  to an increase in 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.

General and  administrative  expense increased 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  March  31,  2001,  the  Partnership   had  cash  and  cash   equivalents  of
approximately  $376,000 as compared to approximately $380,000 at March 31, 2000.
Cash and cash equivalents decreased  approximately  $494,000 for the three month
period ended March 31, 2001 from the Partnership's year ended December 31, 2000.
The decrease in cash and cash  equivalents is due to  approximately  $450,000 of
cash used in  financing  activities  and  approximately  $99,000 of cash used in
investing  activities,  which  more than  offset  approximately  $55,000 of cash
provided by operating  activities.  Cash used in financing  activities consisted
primarily of  distributions  to partners,  and to a lesser  extent,  payments of
principal made on the mortgages encumbering the Partnership's  properties.  Cash
used in investing activities consisted of property improvements and replacements
and net deposits to restricted  escrows  maintained by the mortgage lender.  The
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  has  budgeted  approximately
$126,000 for capital improvements at Oak Run Apartments consisting of appliance,
plumbing and floor covering replacements and interior  decorations.  As of March
31, 2001 the property has spent approximately $42,000 in capital expenditures at
the property  consisting  primarily of interior  decorations  and floor covering
replacements. These improvements were funded from operations.

Overlook Point Apartments:  For 2001, the Partnership has budgeted approximately
$84,000 for capital  improvements  at Overlook  Point  Apartments  consisting of
appliance,  plumbing and floor covering  replacements.  As of March 31, 2001 the
property has spent approximately $30,000 in capital expenditures at the property
consisting  primarily  of  appliance  and  floor  covering  replacements.  These
improvements were funded from operations.

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  $18,952,000 is amortized over thirty years with
balloon payments of approximately $9,728,000 and $8,127,000 due on 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  three  months  ended  March  31,  2001,  the  Registrant  made cash
distributions of approximately $390,000 from prior cumulative undistributed sale
and  refinancing  proceeds,  of  which  approximately  $386,000  was paid to the
limited partners ($5.15 per limited  partnership unit).  During the three months
ended March 31, 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 quarterly basis. There can be no assurance,
however,  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.

In addition to its  indirect  ownership of the general  partner  interest in the
Partnership, AIMCO and its affiliates currently own 39,897.5 limited partnership
units in the Partnership  representing  53.20% of the total outstanding units. 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  without   limitation,   voting  on  certain  amendments  to  the
Partnership  Agreement and voting to remove the Managing General  Partner.  As a
result of its ownership of 53.20% 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 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.

                           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. 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 Insignia  Merger.  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.  The demurrer is scheduled to be heard
on May 14,  2001.  The Court has also  scheduled a hearing on a motion for class
certification  for August 27, 2001.  Plaintiffs must file their motion for class
certification no later than June 15, 2001. The Managing General Partner does not
anticipate  that  costs  associated  with  this  case  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, 2001.



<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
                                          Its General Partner


                                     By:  FOX CAPITAL MANAGEMENT CORPORATION
                                          Its 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: