UNITED STATES
           SECURITIES AND EXCHANGE COMMISSION
                 Washington, D.C. 20549

                        FORM 10-K

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

For the year ended                   December 31, 1995

Commission File Number               000-14422


               RIVERCHASE INVESTORS I, LTD.             
(Exact name of Registrant as specified in its charter)

          Florida                  	    64-0712672    

(State or other jurisdiction of	 (I.R.S. Employer
incorporation or organization)	 Identification No.)
	
2101 6th Avenue North, Suite 750,
Birmingham, AL	                        35203-2764  
(Address of principal executive offices)	(Zip Code)

Registrant's telephone number, including area code:
(205)250-8700

Securities registered pursuant to Section 12(b)
of the Act:
	          			None       
				(Title of Class)

Securities registered pursuant to Section 12(g)
of the Act:
	         			None          
				(Title of Class)

Indicate by check mark whether the Registrant (1) has filed
all reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 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      

Documents Incorporated by Reference in Part I, II, III, and IV:

Portions of the Prospectus of Registrant, dated May 30, 1985,
as filed with the Securities and Exchange Commission pursuant
to Rule 424(b) under the Securities Act of 1933, as amended,
are incorporated by reference in Parts I, II, III, and IV of
this Annual Report on Form 10-K.

Number of Units of the Registrant's Limited
Partnership Units of Ownership outstanding as of
December 31, 1995: 11,052.

<TABLE>

			FORM 10-K ANNUAL REPORT
		TWELVE MONTHS ENDED DECEMBER 31,1995
		    RIVERCHASE INVESTORS I, LTD.
                     TABLE OF CONTENTS

<S>		<C>		<C>
PART I							     

		Item  1.	Business ......................
		Item  2.	Properties ....................
		Item  3.	Legal Proceedings .............
		Item  4.	Submission of Matters to
				a Vote of Security Holders ....

PART II.

		Item  5.	Market for Registrant's
				Common Equity and Related
				Stockholder Matters ...........
		Item  6.	Selected Financial Data .......
		Item  7.	Management's Discussion and
				Analysis of Financial Condition
				and Results of Operations .....
		Item  8.	Financial Statements and
				Supplementary Data ............
		Item  9.	Disagreements on Accounting
				and Financial Disclosure ......
PART III

		Item 10.	Directors and Executive
				Officers of the Registrant ....
		Item 11.	Executive Compensation ........
		Item 12.	Security Ownership of Certain
				Beneficial Owners and
				Management ....................
		Item 13.	Certain Relationships and
				Related Transactions ..........
PART IV

		Item 14. 	Exhibits, Financial Statement
				Schedules and Reports on
				Form 8-K ......................

SIGNATURES ............................................
</TABLE>


				PART 1

ITEM 1.	BUSINESS

	Riverchase Investors I, Ltd. (the "Partnership") is
a limited partnership organized under the laws of the State
of Florida, pursuant to a Certificate and Agreement of
Limited Partnership dated February 22, 1985 as amended and
restated on December 30, 1985. The Partnership operates a
248 unit apartment complex in the City of Temple Terrace,
Hillsborough County, Florida (the "Property"). See Item 2
hereof, "Properties".

	The General Partners of the Partnership are John H.
McClintock, Jr. ("McClintock"), James H. Pugh, Jr. ("Pugh"),
Thomas H. Lowder, James K. Lowder, and Robert E. Lowder
(the "Lowders"), and Battery Park Capital Corp., a New York
corporation ("Battery Park") (collectively, the "General
Partners").

	The land and buildings owned by the Partnership
were acquired and constructed with the proceeds from
partner contributions. Therefore, the Property is entirely
unleveraged. Riverchase Investors I, Ltd. produces revenues
from the rental of apartment units. The Property operations
generate cash flow which is distributed to the partners on
a quarterly basis. Between quarterly distributions, the
excess cash is invested in an insured interest bearing
account or in certificates of deposit.

	Reference is made to the Prospectus (the "Prospectus")
of Registrant, dated May 30, 1985, filed with the Securities
and Exchange Commission pursuant to Rule 424(b) under the
Securities Act of 1933, as amended, in connection with
Registrant's Registration Statement on Form S-11 (File No.
2-96052) (the "Registration Statement"). Portions of the
Prospectus are incorporated herein by reference, as
specifically referred to in the following sections of this
document.

	Pursuant to the Registration Statement, a maximum
of 16,850 units of limited partnership interests (the
"Units") were registered under the Securities Act of 1933,
as amended. A total of 11,052 Units were sold, and the
Registrant's net proceeds from the offering of the Units
(the "Offering") aggregated $9,529,162 (gross proceeds of
$11,052,000, less underwriting commissions of $773,640 and
other issuance costs $749,198).

	For additional information on the business of the
Partnership, see the information set forth in "INVESTMENT
OBJECTIVES AND POLICIES" at pages 32 through 36 and
"ACQUISITION OF REAL PROPERTY" and "THE PROJECT" at pages
41 through 43 of the Prospectus, which is incorporated
herein by reference.

	See also Item 7 hereof, "Management's Discussion and
Analysis of Financial Condition and Results of Operations".

ITEM 2.	PROPERTIES

	The Partnership owns the land described below, upon
which the Property was constructed:

	LOCATION			DESCRIPTION OF PROPERTY

	Temple Terrace		Approximately 37 acres of
	Hillsborough County	land upon which 248 units
	Florida			of two-story garden type
					apartments are located in
					31 buildings, plus a
                              clubhouse.

	For additional information on the Property, reference
is made to the information set forth under "ACQUISITION OF
REAL PROPERTY" and "THE PROJECT" at pages 41 through 43 of
the Prospectus, which is incorporated herein by reference.

ITEM 3.	LEGAL PROCEEDINGS

	There are no material legal proceedings pending to
which the Partnership is a party or to which any of the
Property is subject.

ITEM 4.	SUBMISSION OF MATTERS TO A VOTE OF SECURITY
		HOLDERS

	No matters were submitted to a vote of security
holders during the fourth quarter of the fiscal year covered
by this report by the solicitation of proxies or otherwise.

				PART II

ITEM 5. 	MARKET FOR REGISTRANT'S COMMON EQUITY AND
		RELATED STOCKHOLDER MATTERS

	A public market for the Units does not exist and
is not likely to develop because the transfer of the Units
is subject to certain limitations. Reference is made to the
Amended and Restated Certificate and Agreement of Limited
Partnership, and in particular to Section 16 thereof,
"Assignees and Substituted Limited Partners", as set forth
on pages 15 through 16 of Exhibit A to the Prospectus,
which is incorporated herein by reference.

	As of December 31, 1995, there were approximately
1,225 holders of Units of Registrant, owning an aggregate
of 11,052 Units.

	The Partnership intends, to the extent possible, to
make cash distributions on a quarterly basis from earnings
from operations and earnings generated from investments in
certificates of deposit or insured interest bearing
accounts. See "PROFITS AND LOSSES AND CASH DISTRIBUTIONS"
at pages 49 through 51 of the Prospectus, which is
incorporated herein by reference.

<TABLE>

ITEM 6.	SELECTED FINANCIAL DATA

(Amounts in thousands except per LP Unit Data)
<CAPTION>
	      		      Year Ended December 31
                   __________________________________________
                    1995     1994     1993     1992     1991	
			 ______   ______   ______   ______   ______
<S>                <C>      <C>      <C>      <C>      <C>  
Rental Revenue	 $1,455   $1,431 	 $1,325   $1,220   $1,203
Interest Income	     12        8        8        9       13
Easement Fee		0	   0      	0        0       83
Other Income	     45       45       48       67       61
Net Income 		    532      405      367      261      351
Net Income per	
  Limited Part-	
  nership Unit      47.63    36.27    32.90    23.35    31.42
Total Assets at
  Period End	  7,527    7,678    7,939    8,185    8,525
Partners' Capital	
  at Period End	  7,457    7,618    7,883    8,129    8,449
Cash Distributions	
  per Limited Part-	
  nership Unit	     62       60       55       52       56

<FN>
The above selected financial data should be read in
conjunction with the Financial Statements and notes thereto.
</TABLE>

ITEM 7.	MANAGEMENT'S DISCUSSION AND ANALYSIS OF
		FINANCIAL CONDITION AND RESULTS OF OPERATIONS

LIQUIDITY AND CAPITAL RESOURCES

	Substantially all of the liquid assets of the
Partnership consist of cash produced from the rental of
apartments. The cash flow is distributed on a quarterly
basis after deducting for the current liabilities and cash
needs of the Partnership. The Property generated an adequate
amount of cash in 1995 and 1994 to meet the cash needs
of the enterprise. In addition, cash distributions
totaling $692,146 and $669,816 were paid to partners
during 1995 and 1994, respectively. See "Statements of
Cash Flows".

	There are approximately $111,806 of capital
improvements planned for the Property during 1996. These
improvements are necessary to enhance the marketability
of the property. The planned capital improvements
include resurfacing of the parking lots, upgrading and
refurbishment of the fitness center, swimming pool
resurfacing, landscaping and a new floor for the
racquetball court. All improvements and repairs will be
financed out of current-year cash flow. The Property is
unleveraged. Management has no plans at present or in
the foreseeable future to mortgage the Property.

RESULTS OF OPERATIONS

	In 1995, Riverchase I Apartments continued the
trend of growth in rent revenue. Annual rent revenue
increased by $23,733 or 1.7% and $105,609 or 8.0% in
1995 and 1994, respectively. The annual average
occupancy rate was stable year-to-year at 96.9% and
96.8% in 1995 and 1994, respectively. Therefore, most
of the increase in rent revenue is a result of
higher rental rates. The rents increased gradually
throughout the year as leases were renewed and rent
increases were implemented. When compared with 1994,
net income increased by $126,818 or 31.3%. 

	Expenses decreased by $99,712 or 9.3% in 1995
as compared to an increase of $65,424 or 6.4% in 1994.
The reduction in year-to-year total expense was
primarily made up of three line items. First, salaries
and wages were reduced because the maintenance staff
was reduced by one temporary employee. The maintenance
problems he was hired to address were completed in
1994 and were not annually recurring items. Second,
the tax adjuster was able to obtain a reduction
in 1995 property taxes of approximately $11,000 or 6.8%
as compared to the prior year. Third, depreciation was
down because furniture and fixtures became fully
depreciated in June of 1994. Therefore, the prior year
included six months of furniture and fixtures
depreciation while the current year has none.  

	Colonial Properties Trust recently broke ground
on the 276 unit third phase of Riverchase. While
Riverchase Investors I, Ltd. has no financial interest
in phase III, the development of this phase will improve
the overall marketability of the Riverchase community
and enable us to lower on-site operating cost by
spreading certain fixed expenses over a greater number
of units.

INFLATION

	Inflation did not have a material impact on the
Partnership during the past three fiscal years. In the
future, the Partnership may experience the effects of
inflation through increases in the costs of operating
and maintaining an apartment property of this type.

ITEM 8.	FINANCIAL STATEMENTS AND SUPPLEMENTARY
		DATA

	The following financial statements are filed as
a part of this report:

	Report of Independent Accountants

	Financial Statements:

	  Balance Sheets

	  Statements of Income

	  Statements of Partners' Capital

	  Statements of Cash Flows

	  Notes to Financial Statements

	No financial statement schedules are required for
	Riverchase Investors I. Ltd.


REPORT OF INDEPENDENT ACCOUNTANTS


To the Partners
Riverchase Investors I, Ltd.

We have audited the balance sheets of Riverchase
Investors I, Ltd. (a limited partnership) as of
December 31, 1995 and 1994, and the related statements
of income, partners' capital, and cash flows for each
of the three years in the period ended December 31,
1995. These financial statements are the responsibility
of Riverchase Investors I, Ltd.'s management. Our
responsibility is to express an opinion on these
financial statements based on our audits.

We conducted our audits in accordance with generally
accepted auditing standards. Those standards require that
we plan and perform the audits to obtain reasonable
assurance about whether the financial statements are free
of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also
includes assessing the accounting principles used and
significant estimates made by management, as well as
evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis
for our opinion.

In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial
position of Riverchase Investors I, Ltd. as of December 31,
1995 and 1994, and the results of its operations and its
cash flows for each of the three years in the period
ended December 31, 1995 in conformity with generally
accepted accounting principles.

Birmingham, Alabama		/s/Coopers & Lybrand L.L.P.
January 25, 1996			Coopers & Lybrand L.L.P.   

<TABLE>

		RIVERCHASE INVESTORS I, LTD.
		  (A LIMITED PARTNERSHIP)
		      BALANCE SHEETS
		DECEMBER 31, 1995 and 1994

(Amounts in thousands)
<CAPTION>

					  1995		  1994
					_______		_______
			ASSETS
<S>					<C>			<C>
Cash and equivalents		$   187		$   218
Restricted Cash			     35		     27
Accounts receivable		      7  		      1
Prepaid expenses			     16		     10
					_______ 		_______
   Total current assets		    245		    256

Property, plant and equipment:
   Land				  2,103		  2,103
   Buildings			  6,517		  6,510
   Furniture and fixtures	    948		    934
   Land improvements		     50		     42
   Equipment			     11		     10
					_______		_______
					  9,629		  9,599
   Less accumulated		  		  
	depreciation		  2,352		  2,182
					_______		_______
      Net property,plant
	   and equipment 		  7,277		  7,417
					_______		_______

Other assets			      5		      5
					_______		_______

   Total assets			$ 7,527		$ 7,678
					=======		=======
</TABLE>

<TABLE>

<CAPTION>
	LIABILITIES AND PARTNERS' CAPITAL
<S>					<C>			<C>
Accounts payable			$    22		$    13
Other accrued liabilities	      9		     10
Tenant deposits			     34		     27
Unearned rent			      5		      9
Due to affiliate						      1
					_______		_______
   Total current liabilities	     70		     60
					_______		_______

General partners' deficit	    (20)		    (19)
Limited partners'
   capital (11,052 units)	  7,477		  7,637
					_______		_______
   Total partners' capital	  7,457		  7,618
					_______		_______
   Total liabilities and
      partners' capital		$ 7,527		$ 7,678
					=======		=======
 

<FN>		
The accompanying notes are an integral part of these
financial statements. 									</TABLE>

<TABLE>

		RIVERCHASE INVESTORS I, LTD.
		  (A LIMITED PARTNERSHIP)
	          STATEMENTS OF INCOME
 FOR THE YEARS ENDED DECEMBER 31, 1995, 1994, and 1993

(Amounts in thousands, except per limited partnership
 unit data)
<CAPTION>
				  1995	  1994	  1993
				_______	_______	_______	  
<S>				<C>		<C>		<C>
Revenue:
   Rent			$ 1,455	$ 1,431	$ 1,325
   Interest			     12	      8	      8
   Other			     45	     46	     48
				_______	_______	_______
				  1,512	  1,485	  1,381
				_______	_______	_______
Expenses:
   General and
     administrative	    209	    199	    181
   Salaries and wages	    123	    142	    116
   Taxes and licenses	    151	    162	    116
   Management and
     leasing fees		     74	     74	     69
   Repairs and maintenance  232	    237	    208
   Insurance		     21	     28	     23
   Depreciation		    170	    238	    301
				_______	_______	_______
				    980	  1,080	  1,014
				_______	_______	_______
      Net income		$   532	$   405	$   367
				=======	=======	=======
Net income per limited
   partnership unit	$ 47.63	$ 36.27	$ 32.90
				=======	=======	=======

<FN>	  		
The accompanying notes are an integral part of these
financial statements.
</TABLE>
<TABLE>

	 	RIVERCHASE INVESTORS I, LTD.
		  (A LIMITED PARTNERSHIP)
	    STATEMENTS OF PARTNERS' CAPITAL
FOR THE YEARS ENDED DECEMBER 31, 1995, 1994, and 1993

(Amounts in thousands)
<CAPTION>
				      	General	Limited
				 Total	Partners	Partners
				________	________	________
<S>				<C>		<C>		<C>
Balance, Dec. 31, 1992	$ 8,129	$   (13)	$ 8,142
Distributions
  to partners		   (614)	     (6)	   (608)

Net income			    368	      4	    364
				________	________	________
Balance, Dec. 31, 1993	  7,883	    (15)	  7,898
Distributions
  to partners		   (670)	     (7)	   (663)

Net income			    405	      4	    401
				________	________	________
Balance, Dec. 31, 1994	  7,618	    (18)	  7,636
Distributions
  to partners		   (692)	     (7)	   (685)

Net income			    531	      5	    526
				________	________	________

Balance, Dec. 31, 1995	$ 7,457	$   (20)	$ 7,477
				========	========	========
	 	 	 	 	 	 	 	 	 	 	 	 
<FN>
The accompanying notes are an integral part of these
financial statements. 									</TABLE>
<TABLE>

		RIVERCHASE INVESTORS I, LTD.
		  (A LIMITED PARTNERSHIP)
		 STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 1995, 1994, and 1993

(Amounts in thousands)
<CAPTION>
				 1995	       1994	       1993
				_______	_______	_______   	
<S>				<C>		<C>		<C>
Operating activities:
Net income			$   532	$   405	$   367
Adjustments to reconcile
  net income to net cash
  provided by operating
  activities:
    Depreciation		    170	    237	    300
    Changes in operating
    assets and liabilities:
     Restricted cash	     (7)	      3            
     Accounts receivable     (6)	                  1
     Prepaid expenses	     (7)          2          (6)
     Accounts payable	      9           7          (1)
     Other accrued
       liabilities	     (1)	                  1
     Tenant deposits	      6	                 10
     Unearned rent	     (4)	      3 	     (1)
     Due to affiliate	     (1)	     (5)	     (8)
				_______	_______	_______
Net cash provided by
  operating activities	    691	    652	    663
				_______	_______	_______

Investing activities:
  Capital expenditures	    (30)	     (5)	     (4)
				_______	_______	_______
Net cash used in
  investing activities	    (30)	     (5)	     (4)
				_______	_______	_______

Financing activities:
  Distributions to
    partners		   (692)	   (670)	   (614)
				_______	_______	_______
Net cash used in
  financing activities	   (692)	   (670)	   (614)
				_______	_______	_______

Increase (decrease) in
  cash and equivalents	    (31)	    (23)	     45
Cash and equivalents,
  beginning of year	    218	    241	    196
				_______	_______	_______
Cash and equivalents,
  end of year		$   187	$   218	$   241
				=======	=======	=======
		   
<FN>
The accompanying notes are an integral part of these
financial statements.
</TABLE>


		 RIVERCHASE INVESTORS I, LTD.
		NOTES TO FINANCIAL STATEMENTS


1.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Organization - Riverchase Investors I, Ltd. (the
Partnership) is a limited partnership organized under the
laws of the State of Florida, pursuant to a Certificate
and Agreement of Limited Partnership dated February 22,
1985, as amended and restated as of December 30, 1985.
The Partnership owns and operates 248 apartment units in
Temple Terrace, Florida. The Partnership leases the
apartment units to individuals under short-term lease
agreements.

Property, Plant, and Equipment - Land, buildings, and
equipment are stated at cost less accumulated depreciation.
Depreciation is computed using the straight-line method
over lives ranging from 7 to 40 years. Maintenance and
repairs are charged to expense as incurred. Replacements
and improvements are capitalized and depreciated over
the estimated useful lives of the assets. When items of
land, buildings, or equipment are sold or retired, the
related cost and accumulated depreciation are removed
from the accounts and any gain or loss is included in
the results of operations.

Cash and Equivalents - The Partnership includes highly
liquid marketable securities and debt instruments
purchased with a maturity of three months or less, if
any, in cash and equivalents.

Income Taxes - No provision for income tax is recorded
on the Partnership's books as earnings and income tax
credits are distributed to the individual partners.

Net Income Per Limited Partnership Unit - Net income
per limited partnership unit is computed by dividing
99% of net income (limited partners' share) by the
weighted average limited partnership units outstanding
(11,052) during each period.

Use of Estimates - The preparation of financial
statements in conformity with generally accepted
accounting principles requires management to make
estimates and assumptions that affect the reported amounts
of assets and liabilities and disclosure of contingent
assets and liabilities at the dates of the financial
statements and the reported amounts of revenues and
expenses during the reporting periods. Actual results
could differ from those estimates.

2.	RESTRICTED CASH

Restricted cash as of December 31, 1995 and 1994, consists
of tenant deposits in the amount of $34,420 and $26,969,
respectively.

3.	RELATED PARTY TRANSACTIONS

The general partners of the Partnership are John H.
McClintock; James H. Pugh, Jr.; Thomas H. Lowder, James
K. Lowder, Robert E. Lowder (the "Lowders"); and Battery
Park Capital Corp., a New York corporation.

The Partnership has entered into contracts with affiliates
of the Lowders to manage the property for an annual fee
of 5% of the gross collected revenues  of the property. The
Partnership paid management fees of approximately $74,000,
$74,000, and $69,000 to Colonial Properties Services,
Inc. (CPSI) in 1995, 1994, and 1993, respectively.

Due to affiliate at December 31, 1995 and 1994 consists
of an amount payable to CPSI of $16 and $782, respectively,
for amounts paid by CPSI on behalf of the Partnership.
The balance at December 31, 1995 of $16 is due in
January 1996.

ITEM 9.	DISAGREEMENTS ON ACCOUNTING AND FINANCIAL
		DISCLOSURE

		None.


				PART III

ITEM 10.	DIRECTORS AND EXECUTIVE OFFICERS OF REGISTRANT

	John H. McClintock, Jr., James H. Pugh, Jr., Thomas H.
Lowder, Robert E. Lowder, James K. Lowder, and Battery Park
Capital Corp., a New York corporation, are the General
Partners of the Partnership. Management of the Partnership
business is conducted by the General Partners as indicated
in Section 13 of the Amended and Restated Certificate and
Agreement of the Limited Partnership set forth on pages 7
through 14 of Exhibit A to the Prospectus, which is
incorporated herein by reference.

	Information with respect to the General Partners
is contained in the following paragraphs:

	Mr. John H. McClintock, Jr., General Partner

	John H. McClintock, Jr., 62.  For more than five
years, Mr. McClintock was a Director and Chairman of the
Board of Epoch Properties, Inc., a Florida-based real
estate development organization founded in 1970. He is
currently Chairman of the Board of Contravest, Inc., a
real estate development firm in Orlando, Florida. He
holds a Bachelor of Arts degree in Economics from Rice
University.

	Mr. James H. Pugh, Jr., General Partner

	James H. Pugh, Jr., 58. For more than five years,
Mr. Pugh has been a Director of both Epoch Properties, Inc.
and Epoch Management, Inc., and President of Epoch
Properties, Inc. In addition, he is a Director of
substantially all affiliates of Epoch Properties, Inc.
He holds a Bachelor of Science degree in Building
Construction from the University of Florida.

	Battery Park Capital Corp.

	Battery Park Capital Corp. ("Battery Park") was
incorporated in the State of New York in 1978 for the
purpose of engaging in the securities business. It is now
engaged in the real estate business and is no longer in the
securities business. The directors and officers of Battery
Park are:

	William J. Montgoris, 48, Director, President and
Treasurer. Mr. Montgoris has been associated with Bear,
Stearns & Co., an affiliate of Battery Park, since 1979 and
is currently Senior Managing Director and Chief Financial
Officer of Bear, Stearns & Co. He is also in charge of the
Data Processing Division and is a member of the firm's
Operations and Management Committees. He became a general
partner of Bear, Stearns & Co., in 1985. Prior to joining
Bear, Stearns & Co., he was Chief Financial Officer at Blyth
Eastman Dillion, which he joined in 1975, following eight
years as audit manager at Coopers & Lybrand. He holds a
Bachelor of Business Administration degree in accounting
from St. John's University.

	Kenneth L. Edlow, 55, Director. Mr. Edlow has been
a general partner or Managing Director of Bear, Stearns
& Co., for more than fifteen years and a general partner
of Bear, Stearns & Company since its organization in 1984.
He is the Secretary of the Board of Directors and of the
Management and Compensation Committee of Bear, Stearns
& Company. He holds a Bachelor of Science degree from the
University of Pennsylvania.

	The Lowders

	Thomas H. Lowder, 47, General Partner. Thomas H.
Lowder is the President and Chief Executive Officer of
Colonial Properties Trust and Colonial Properties Holding
Company (CPHC), a trustee of Colonial Properties Trust
and a director of CPHC and Colonial Properties Services,
Inc. Mr. Lowder became President of Colonial in 1976 and
since that time has been actively engaged in the
acquisition, development, management, leasing and sale
of multifamily, retail and office properties for Colonial.
He serves on the board of directors for Operation New
Birmingham, Discovery 2000, American Red Cross-Birmingham
Area Chapter and the United Way of Central Alabama. He
graduated with honors from Auburn University with a
Bachelor of Science Degree.

	James K. Lowder, 47, General Partner. James K. Lowder
is a trustee of Colonial Properties Trust and a director of
CPHC and Colonial Properties Services, Inc. Mr. Lowder is
currently chairman of the board of The Colonial Company,
chairman of the board of Lowder Construction Company, Inc.,
and chairman of the board of Lowder New Homes and Lowder
Realty. Mr. Lowder is also currently a member of the Alabama
Association of Realtors, Montgomery Board of Realtors, the
Home Builders Association of Alabama and the Greater
Montgomery Home Builders Association. He graduated with high
honors from Auburn University with a Bachelor of Science
Degree.

	Robert E. Lowder, 54, General Partner. Robert E.
Lowder is chairman of the board and Chief Executive
Officer of Colonial BancGroup, Inc. He is a Director of
the Colonial Bank of Birmingham. He holds a Bachelor of
Business Administration degree from Auburn University.

ITEM 11.	EXECUTIVE COMPENSATION

During the year ending December 31, 1995, no General Partner
received cash compensation from the Partnership exceeding
$60,000, except as set forth herein. The General Partners
earn no direct compensation for acting as General Partners.

No General Partner or affiliate of any General Partner was
indebted to the Partnership in an amount exceeding $60,000
at any time during the year ending December 31, 1995.

During the operation and liquidation stages of the
Partnership, the General Partners and their affiliates will
receive various fees and distributions. Colonial Properties
Services, Inc., an affiliate of the Lowders, provides
property management services as agents for Registrant. For
additional information on possible remuneration, reference
is made to the information set forth in "COMPENSATION AND
FEES" contained at pages 15 through 19 of the Prospectus,
which is incorporated herein by reference.

ITEM 12.	SECURITY OWNERSHIP OF CERTAIN BENEFICIAL
		OWNERS AND MANAGEMENT

		Not Applicable.

ITEM 13.	CERTAIN RELATIONSHIPS AND RELATED
		TRANSACTIONS

	Reference is made to Item 11 hereof, "Executive
Compensation" and to "COMPENSATION AND FEES" at pages 15
through 19 and "CONFLICTS OF INTEREST" at pages 19 through
22 of the Prospectus, which is incorporated herein by
reference.

				PART IV

ITEM 14. 	Exhibits, Financial Statement Schedules, and
		Reports on Form 8-K.

	(a)	1.	Financial Statements - See Index to
			Financial Statements in Item 8 of this
			Form 10-K.

		2.	Financial Statement Schedules - None
			required.

		3.	Exhibits Index.

		(3)	Form of Agreement and Certificate of
			Limited Partnership of Riverchase
			Investors I, Ltd., as amended and
			restated as of December 30, 1985,
			incorporated herein by reference to
			Exhibit A to the Prospectus dated
			May 30, 1985 contained in Amendment
			No. 4 to Registrant's Form S-11
			Registration Statement (File No.
			2-96052).

	(10)(a)	Form of Management Agreement between
Riverchase Investors I, Ltd., Colonial Properties, Inc.,
and Epoch Management, Inc. for property management
services, incorporated herein by reference to Exhibit
10a to Amendment No. 2 to Registrant's Form S-11
Registration Statement (File No. 2-96052).

	(10)(e)	Form of Construction Contract between
Riverchase Investors I, Ltd., and Epoch Properties, Inc.,
as a general contractor, incorporated herein by reference
to Exhibit 10e to Amendment No. 2 of the Registrant's
Form S-11 Registration Statement (File No. 2-96052).

	(10)(f)	Form of Construction Monitoring
Agreement between Riverchase Investors I, ltd., Colonial
Mortgage Company, and Lowder Construction Company, Inc.
for supervisory services during construction, incorporated
herein by reference to Exhibit 10f to Amendment No. 2 to
Registrant's Form S-11 Registration Statement
(File No. 2-96052).

	(28)		Prospectus dated May 30, 1985,
incorporated herein by reference to Amendment No. 4 to
Registrant's Form S-11 Registration Statement
(File No. 2-96052).

	(b)	Reports on Form 8-K.

		None.

	(c)	See Item 14(a) above.

	(d)	See Item 14(a) above.


SIGNATURES


Pursuant to the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, as amended, the Registrant
has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized, on this 28th day
of March, 1996.


				RIVERCHASE INVESTORS I, LTD.


				/s/Thomas H. Lowder
				Thomas H. Lowder
				General Partner


Pursuant to the requirements of the Securities Exchange Act
of 1934, as amended, this report has been signed by the
following in the capacities and on the dates indicated.

GENERAL PARTNERS:


By:	_____________________________      3-28-96     
	John H. McClintock, Jr.


By:	/s/James H. Pugh, Jr.    	     3-28-96     
	James H. Pugh, Jr.


By:	/s/Thomas H. Lowder          	     3-28-96     
	Thomas H. Lowder


By:	/s/James K. Lowder                 3-28-96     
	James K. Lowder


By:	_____________________________      3-28-96     
	Robert E. Lowder


BATTERY PARK CAPITAL CORP.


By:	/s/William J. Montgoris            3-28-96     
	William J. Montgoris
	President and Treasurer
	Director


By:	/s/Kenneth L. Edlow                3-28-96     
	Kenneth L. Edlow
	Director


PRINCIPAL FINANCIAL OFFICERS:


By:	/s/Douglas B. Nunnelley            3-28-96      
	Douglas B. Nunnelley
	Senior Vice President and
	Chief Financial Officer
	(Principal Financial Officer)


By:	/s/Kenneth E. Howell	           3-28-96       
	Kenneth E. Howell
	Vice President and Controller
	(Principal Accounting Officer)