EXHIBIT 10.18

FIRST AMENDMENT TO PURCHASE AND SALE CONTRACT

THIS FIRST AMENDMENT TO AGREEMENT FOR PURCHASE AND SALE AND JOINT ESCROW INSTRUCTIONS (this “First Amendment”) is made and entered into as of the 30^th day of September, 2008, by and among by the selling parties identified on Seller Information Schedule attached as Schedule 1 to the Agreement (as that term is defined below) each having an address at 4582 South Ulster Street Parkway, Suite 1100, Denver, Colorado 80237 (individually a “Seller” and collectively “Sellers”), and JRK BIRCHMONT ADVISORS, LLC, a Delaware limited liability company and JRK PROPERTY HOLDINGS, INC., a California corporation, each having a principal address at 11766 Wilshire Boulevard, Suite 1450, Los Angeles, California 90025 (collectively as “Purchaser”), or its permitted assignee or assignees as provided in Section 14.4 of the Agreement, and is joined by AIMCO PROPERTIES, L.P., a Delaware limited partnership (the “Guarantor”).

RECITALS

A.        Sellers and Purchaser are parties to that certain Agreement for Purchase and Sale and Joint Escrow Instructions, dated September 29, 2008 (the “Agreement”) pertaining to the purchase and sale of those certain real properties located in Colorado, Georgia, Ohio, South Carolina and Virginia, more particularly described on Exhibits A-1 through A-16 attached to the Agreement (the “Properties”).  In connection with the Agreement, Guarantor guaranteed certain payment obligations of the Sellers under the terms of the Agreement, as set forth therein.

B.         Sellers and Purchaser intend to modify the Agreement in certain respects, as more particularly set forth hereinafter.

AGREEMENT

NOW, THEREFORE, in consideration of the mutual covenants set forth herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Sellers and Purchaser hereby agree as follows:

1.Capitalized Terms.  All capitalized terms and phrases used herein but not otherwise defined shall have the same meanings given to them in the Agreement. 

2.Amendment of Seller Information Schedule.  The Seller Information Schedule, attached as Schedule 1 to the Agreement, is hereby amended and superceded by the Revised Seller Information Schedule attached to this First Amendment as Schedule 1-A.  The Revised Seller Information Schedule reallocates the Base Purchase Prices for the Properties, at the Purchaser’s request, under the provisions of Section 2.2.5 of the Agreement.

3.Counterparts.  This First Amendment may be executed in multiple counterparts, each of which shall be an original and all of which together shall constitute one and the same Amendment.  It shall not be necessary that each party execute each counterpart, or that any one counterpart be executed by more than one party, so long as each party executes at least one counterpart.

4.Ratification.  Except as expressly set forth in this First Amendment, all other terms and conditions of the Agreement shall remain unmodified, the same being ratified, confirmed and republished hereby.

5.Governing Law.  This First Amendment shall be governed by and construed in accordance with the laws of the State of Colorado.

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NOW, THEREFORE, the parties hereto have executed this First Amendment to Agreement for Purchase and Sale and Joint Escrow Instructions as of the date first set forth above.

Sellers:

GOVERNOR’S PARK APARTMENTS:

GOVERNORS PARK APARTMENTS VII LIMITED PARTNERSHIP, a South Carolina limited partnership By:     SHELTER VII GP LIMITED PARTNERSHIP, a South Carolina limited partnership, its general partner           By:     SHELTER REALTY VII           CORPORATION,a South Carolina corporation,            its general partner           By: /s/Brian J. Bornhorst           Name: Brian J. Bornhorst           Title:  Vice President

VILLAGE GARDENS APARTMENTS:

SHELTER PROPERTIES VI LIMITED PARTNERSHIP, a South Carolina limited partnership By:     SHELTER REALTY VI CORPORATION, a South Carolina corporation, its corporate general partner           By: /s/Brian J. Bornhorst           Name: Brian J. Bornhorst           Title:  Vice President

COPPER MILL APARTMENTS:   COPPER MILL CPGF 22, L.P., a Delaware limited partnership   By:       CPGF 22 COPPER MILL GP, L.L.C.,             a South Carolina limited liability company,             its general partner               By:    CENTURY PROPERTIES GROWTH FUND                      XXII, A CALIFORNIA                      LIMITED PARTNERSHIP,                      a California limited partnership, its member                        By:   FOX PARTNERS IV, a California                        general partnership, its general partner                                By:  FOX CAPITAL MANAGEMENT                                     CORPORATION, a California                                     corporation, its general partner                     By: /s/Brian J. Bornhorst                   Name: Brian J. Bornhorst                             Title:  Vice President  

SYCAMORE CREEK APARTMENTS:   SYCAMORE CREEK ASSOCIATES, L.P., a Delaware limited partnership   By:       MAE JMA, INC., a Delaware corporation,             its managing general partner     By: /s/Brian J. Bornhorst   Name: Brian J. Bornhorst             Title:  Vice President                

BEXLEY HOUSE APARTMENTS:   BEXLEY HOUSE, L.P., a Delaware limited partnership   By:       BEXLEY HOUSE GP, L.L.C., a South Carolina             limited liability company,             its general partner               By:       DAVIDSON INCOME REAL ESTATE,                         L.P., a Delaware limited partnership,                         its member                           By:       DAVIDSON DIVERSIFIED                                       PROPERTIES, INC., a Tennessee                                     corporation, its managing general partner                 By: /s/Brian J. Bornhorst               Name: Brian J. Bornhorst                         Title:  Vice President

RUNAWAY BAY I APARTMENTS:   RUNAWAY BAY-OXFORD ASSOCIATES L.P., an Indiana limited partnership   By:       OAMCO XXI, L.P., a Delaware             limited partnership, its managing general partner               By:       OAMCO XXI, L.L.C., a Delaware limited                         liability company, its general partner                           By:       OXFORD REALTY FINANCIAL                                     GROUP, INC., a Maryland                                          corporation, its managing member                 By: /s/Brian J. Bornhorst               Name: Brian J. Bornhorst                         Title:  Vice President  

RUNAWAY BAY II APARTMENTS:	RUNAWAY BAY II-OXFORD ASSOCIATES LIMITED PARTNERSHIP, a Maryland limited partnership By:       RUNAWAY BAY II CORPORATION, a Maryland             corporation, its managing general partner By: /s/Brian J. Bornhorst Name: Brian J. Bornhorst           Title:  Vice President
BIG WALNUT APARTMENTS:	BIG WALNUT, L.P., A Delaware limited partnership  By:       DAVIDSON DIVERSIFIED PROPERTIES, INC.,             a Tennessee corporation, its general partner By: /s/Brian J. Bornhorst Name: Brian J. Bornhorst           Title:  Vice President
THE VILLAS AT LITTLE TURTLE APARTMENTS:	COLUMBUS III-OXFORD ASSOCIATES LIMITED PARTNERSHIP, a Maryland limited partnership By:       OXFORD INVESTMENT CORPORATION, a             Maryland corporation, its managing general partner By: /s/Brian J. Bornhorst Name: Brian J. Bornhorst           Title:  Vice President
COOPER’S POINTE APARTMENTS:	COOPER'S POINTE CPGF 22, L.P., a Delaware limited partnership By:   CPGF 22 COOPER'S POINTE GP, L.L.C.,         a South Carolina limited liability company,         its general partner         By:   CENTURY PROPERTIES GROWTH FUND                 XXII, A CALIFORNIA                 LIMITED PARTNERSHIP, a California limited                 partnership, its member                 By:   FOX PARTNERS IV, a California general                         partnership, its general partner                         By:       FOX CAPITAL MANAGEMENT                                     CORPORATION, a California                                     corporation, its general partner               By: /s/Brian J. Bornhorst               Name: Brian J. Bornhorst                         Title:  Vice President

HIBBEN FERRY I APARTMENTS:   HIBBEN FERRY I APARTMENT PARTNERS, L.P., a Delaware limited partnership   By:       AIMCO HOLDINGS, L.P., a Delaware             limited partnership, its general partner               By:       AIMCO HOLDINGS QRS, INC.,                         a Delaware corporation, its general partner             By: /s/Brian J. Bornhorst           Name: Brian J. Bornhorst                     Title:  Vice President

SPRINGHOUSE APARTMENTS:   CHARLESTON-OXFORD ASSOCIATES LIMITED PARTNERSHIP, a Maryland limited partnership

By:       AIMCO/CHARLESTON, L.L.C., a Delaware             limited liability company,             its managing general partner               By:       AIMCO PROPERTIES, L.P., a Delaware                         limited partnership, its member                           By:       AIMCO-GP, INC., a Delaware                                     corporation, its general partner                 By: /s/Brian J. Bornhorst               Name: Brian J. Bornhorst                         Title:  Vice President

WEBB BRIDGE CROSSING APARTMENTS:   WINTHROP APARTMENT INVESTORS LIMITED PARTNERSHIP, a Maryland limited partnership   By:    WAI ASSOCIATES LIMITED PARTNERSHIP, a          Texas limited partnership, its general partner            By:  AIMCO/WAI ASSOCIATES GP, LLC, a                  Delaware limited liability company,
               its general partner                  By:    AIMCO PROPERTIES, L.P., a Delaware                         limited partnership, its member                           By:       AIMCO-GP, INC., a Delaware                                     corporation, its general partner                             By: /s/Brian J. Bornhorst                           Name: Brian J. Bornhorst                                     Title:  Vice President

SCOTCH PINES EAST APARTMENTS:	CALMARK/FORT COLLINS, LTD., a California limited partnership By:       CALMARK/FORT COLLINS, INC.,             a California corporation,             its corporate general partner By: /s/Brian J. Bornhorst Name: Brian J. Bornhorst           Title:  Vice President
COURTNEY PARK APARTMENTS:	AMBASSADOR XI, L.P., a Delaware limited partnership By:       AMBASSADOR XI, INC., a Delaware corporation,             its general partner By: /s/Brian J. Bornhorst Name: Brian J. Bornhorst           Title:  Vice President

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Purchaser:

JRK PROPERTY HOLDINGS, INC.,
a California corporation

By: /s/Jay Schulman
Name:  Jay Schulman
Title:  President

JRK BIRCHMONT ADVISORS LLC,
a Delaware limited liability company

By:   JRK Birchmont Capital Partners LLC,
a California limited liability company,
its Managing Member

By:   JRK Property Holdings, Inc.,
a California corporation,
its Manager

By: /s/Jay Schulman
Name:  Jay Schulman
Title:  President

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CONSENT AND JOINDER OF AIMCO PROPERTIES, L.P.

AIMCO Properties, L.P., a Delaware limited partnership and Guarantor of the payment obligations of Sellers under the terms of the Agreement, hereby (a) consents to the terms of the foregoing First Amendment, and (b) ratifies, confirms, reaffirms, and acknowledges its obligations under the Agreement and that certain Guaranty dated September 29, 2008 executed in connection with the Agreement.

AIMCO PROPERTIES, L.P.
a Delaware limited partnership

By:       AIMCO-GP, Inc.,

            a Delaware corporation,

            its General Partner

            By: /s/Brian J. Bornhorst
            Name: Brian J. Bornhorst

            Its:  Vice President