March 21, 2000



United States

Securities and Exchange Commission
Washington, D.C.  20549


RE:   Shelter Properties I
      Form 10-KSB
      File No. 0-10255

To Whom it May Concern:

The  accompanying  Form 10-KSB for the year ended  December 31, 1999 describes a
change in the method of  accounting to  capitalize  exterior  painting and major
landscaping,   which  would  have  been  expensed  under  the  old  policy.  The
Partnership believes that this accounting principle change is preferable because
it  provides a better  matching  of  expenses  with the  related  benefit of the
expenditures and it is consistent with industry practice and the policies of the
Corporate General Partner.

Please do not hesitate to contact the undersigned with any questions or comments
that you might have.

Very truly yours,



Stephen Waters
Real Estate Controller


<PAGE>



                  FORM 10-KSB--ANNUAL OR TRANSITIONAL REPORT UNDER

                               SECTION 13 OR 15(d)

                                   Form 10-KSB

(Mark One)
[X]   ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
      1934 [No Fee Required]

                    For the fiscal year ended December 31, 1999

[ ]   TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
      OF 1934 [No Fee Required]

                For the transition period from _________to _________

                         Commission file number 0-10255

                                SHELTER PROPERTIES I
                   (Name of small business issuer in its charter)

      South Carolina                                           57-0707398
(State or other jurisdiction of                            (I.R.S. Employer
 incorporation or organization)                           Identification No.)

                          55 Beattie Place, PO Box 1089
                        Greenville, South Carolina 29602
                      (Address of principal executive offices)

                                 (864) 239-1000

                            Issuer's telephone number

           Securities registered under Section 12(b) of the Exchange Act:

                                      None

           Securities registered under Section 12(g) of the Exchange Act:

                      Units of Limited Partnership Interest

                                (Title of class)

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___

Check if there is no disclosure of delinquent  filers in response to Item 405 of
Regulation S-B contained in this form, and no disclosure  will be contained,  to
the best of the  Partnership's  knowledge  in  definitive  proxy or  information
statements  incorporated  by  reference  in Part III of this Form  10-KSB or any
amendment to this Form 10-KSB.

State issuer's revenues for its most recent fiscal year.  $5,491,000

State the aggregate  market value of the voting  partnership  interests  held by
non-affiliates  computed  by  reference  to the price at which  the  partnership
interests  were sold,  or the average bid and asked  prices of such  partnership
interests as of December 31, 1999. No market exists for the limited  partnership
interests of the Registrant,  and,  therefore,  no aggregate market value can be
determined.


                       DOCUMENTS INCORPORATED BY REFERENCE

                                      NONE



<PAGE>


                                     PART I

Item 1.  Description of Business

Shelter  Properties I (the  "Partnership"  or  "Registrant")  was organized as a
limited  partnership  under the laws of the State of South  Carolina on April 7,
1980.  The general  partner  responsible  for  management  of the  Partnership's
business is Shelter Realty I  Corporation,  a South  Carolina  corporation  (the
"Corporate General Partner").  The only other general partner of the Partnership
was N. Barton Tuck,  Jr. Mr. Tuck was not an affiliate of the Corporate  General
Partner  and  was  effectively  prohibited  by  the  Partnership's   partnership
agreement (the "Partnership  Agreement") from participating in the management of
the Partnership.  In June 1999, Mr. Tuck's general  partnership  interest in the
Registrant  was  purchased  by  AIMCO  Properties,  L.P.,  an  affiliate  of the
Corporate  General  Partner.  The Corporate  General  Partner is a subsidiary of
Apartment Investment and Management Company ("AIMCO"). The Partnership Agreement
provides  that the  Partnership  is to  terminate  on  December  31, 2019 unless
terminated prior to such date.

The  Registrant  is engaged in the business of operating and holding real estate
properties for investment. In 1980, during its acquisition phase, the Registrant
acquired seven existing apartment  properties.  The Registrant  continues to own
and operate four of these properties (see "Item 2. Description of Properties").

Commencing  July 3, 1980,  the  Registrant  offered  pursuant to a  Registration
Statement  filed with the Securities and Exchange  Commission up to 14,900 Units
of Limited Partnership  Interest (the "Units") at a purchase price of $1,000 per
Unit with a minimum  purchase of 5 Units ($5,000).  An additional 100 Units were
purchased by the Corporate General Partner.

The offering terminated on September 10, 1980. Upon termination of the offering,
the Registrant had accepted  subscriptions for 15,000 Units, including 100 Units
purchased by the Corporate General partner, for an aggregate of $15,000,000. The
Registrant invested approximately $11,000,000 of such proceeds in seven existing
apartment  properties and thereby completed its acquisition  program in December
1980.  Since its initial  offering,  the  Registrant  has not received,  nor are
limited partners required to make, additional capital contributions.

The Registrant  has no employees.  Management  and  administrative  services are
performed  by the  Corporate  General  Partner  and by  agents  retained  by the
Corporate  General Partner.  These services were provided by an affiliate of the
Corporate General Partner for the years ended December 31, 1999 and 1998.

The  Partnership  receives  income from its properties  and is  responsible  for
operating  expenses,  capital  improvements  and  debt  service  payments  under
mortgage  obligations  secured by the properties.  The Partnership  financed its
properties  primarily  through  non-recourse  debt.  Therefore,  in the event of
default, the lender can generally look only to the subject property for recovery
of amounts due.

Both  the  income  and  expenses  of  operating  the  properties  owned  by  the
Partnership are subject to factors outside of the Partnership's control, such as
changes in the supply and demand for similar  properties  resulting from various
market  conditions,  increases/decreases  in unemployment or population  shifts,
changes in the availability of permanent mortgage  financing,  changes in zoning
laws,  or changes in patterns or needs of users.  In  addition,  there are risks
inherent in owning and operating residential  properties because such properties
are  susceptible to the impact of economic and other  conditions  outside of the
control of the Partnership.

There have been, and it is possible there may be other, Federal, state and local
legislation  and  regulations   enacted   relating  to  the  protection  of  the
environment.  The Partnership is unable to predict the extent,  if any, to which
such new  legislation  or  regulations  might occur and the degree to which such
existing or new legislation or regulations might adversely affect the properties
owned by the Partnership.

The Partnership  monitors its properties for evidence of pollutants,  toxins and
other dangerous substances, including the presence of asbestos. In certain cases
environmental  testing has been performed which resulted in no material  adverse
conditions or liabilities.  In no case has the Partnership  received notice that
it is a potentially  responsible party with respect to an environmental clean up
site.

The  real  estate  business  in which  the  Partnership  is  engaged  is  highly
competitive.  There are other  residential  properties within the market area of
the Registrant's  properties.  The number and quality of competitive properties,
including  those which may be managed by an affiliate of the  Corporate  General
Partner,  in such market area could have a material  effect on the rental market
for the  apartments  at the  Registrant's  properties  and the rents that may be
charged  for such  apartments.  While  the  Corporate  General  Partner  and its
affiliates  own and/or  control a significant  number of apartment  units in the
United  States  such  units  represent  an  insignificant  percentage  of  total
apartment  units in the United  States,  and  competition  for the apartments is
local.

A further description of the Partnership's business is included in "Management's
Discussion and Analysis or Plan of Operation"  included in "Item 6" of this Form
10-KSB.

Transfer of Control

Pursuant  to a series  of  transactions  which  closed  on  October  1, 1998 and
February 26, 1999,  Insignia Financial Group, Inc. and Insignia Properties Trust
merged into AIMCO, a publicly traded real estate  investment  trust,  with AIMCO
being the surviving  corporation  (the "Insignia  Merger").  As a result,  AIMCO
acquired 100% ownership interest in the Corporate General Partner. The Corporate
General  Partner does not believe that this  transaction  has had or will have a
material effect on the affairs and operations of the Partnership.


<PAGE>


Item 2.  Description of Properties

The following table sets forth the Registrant's investments in properties:

<TABLE>
<CAPTION>

                                   Date of
Properties                         Purchase       Type of Ownership           Use

<S>                               <C>       <C>                         <C>

Quail Hollow Apartments            09/01/80  Fee ownership, subject to   Apartment
  West Columbia, South Carolina              first mortgage              215 units

Windsor Hills Apartments           09/01/80  Fee ownership, subject to   Apartment
  Blacksburg, Virginia                       first mortgage and second   300 units
                                             mortgage (1)

Heritage Pointe Apartments         09/15/80  Fee ownership, subject to   Apartment
  (formerly Rome Georgian                    first mortgage              149 units
  Apartments)
  Rome, Georgia

Stone Mountain West Apartments     12/31/80  Fee ownership, subject to   Apartment
  Stone Mountain, Georgia                    first mortgage              142 units

</TABLE>

(1)   Property is held by a Limited  Partnership  which the Registrant owns a
     99.99% interest in.

Schedule of Properties

Set forth below for each of the  Registrant's  properties is the gross  carrying
value, accumulated depreciation,  depreciable life, method of depreciation,  and
Federal tax basis.

<TABLE>
<CAPTION>
                                Gross
                               Carrying   Accumulated                      Federal
Properties                      Value     Depreciation   Rate   Method    Tax Basis
                                  (in thousands)                      (in thousands)

<S>                           <C>           <C>         <C>       <C>       <C>

Quail Hollow Apartments        $ 5,672      $ 3,970      5-34     S/L      $ 2,069

Windsor Hills Apartments         7,017        4,801      5-30     S/L        2,452

Heritage Pointe Apartments       3,694        2,613      5-35     S/L        1,291

Stone Mountain West Apartments   4,914        3,535      5-37     S/L        1,855

            Totals             $21,297      $14,919                        $ 7,667

</TABLE>

See "Note A" to the financial  statements included in "Item 7" for a description
of the  Partnership's  depreciation  policy  and "Note J - Change in  Accounting
Principle."


<PAGE>


Schedule of Property Indebtedness

The  following  table  sets  forth  certain  information  relating  to the loans
encumbering the Registrant's properties.

<TABLE>
<CAPTION>

                           Principal                                      Principal
                           Balance At    Stated                            Balance
                          December 31,  Interest   Period     Maturity     Due At
Properties                    1999        Rate    Amortized     Date    Maturity (2)
                         (in thousands)                                (in thousands)
<S>                         <C>         <C>        <C>       <C>          <C>

Quail Hollow                $ 2,850      7.33%      none      11/01/03     $ 2,850

Windsor Hills

  1st mortgage                3,975      7.60%       (1)      11/15/02       3,489
  2nd mortgage                  149      7.60%      none      11/15/02         149

Heritage Pointe               1,400      7.33%      none      11/01/03       1,400

Stone Mountain West           3,000      7.33%      none      11/01/03       3,000

                             11,374                                        $10,888
Less unamortized
  present value
  discounts                    (117)

         Totals             $11,257
</TABLE>


(1)   The  principal  and  discount  are being  amortized  over 257 months  with
      a balloon payment due November 15, 2002.

(2)   See "Item 7. Financial  Statements - Note C" for information  with respect
      to the  Registrant's  ability  to repay  these  loans and  other  specific
      details about the loans.

Rental Rates and Occupancy

Average  annual  rental rates and  occupancy for 1999 and 1998 for each property
are as follows:

                                    Average Annual               Average Annual
                                     Rental Rates                  Occupancy
                                      (per unit)
 Properties                       1999            1998          1999        1998

 Quail Hollow                   $6,790          $6,588          94%          95%

 Windsor Hills                   6,497           6,102          95%          96%

 Heritage Pointe                 5,561           5,395          93%          89%

 Stone Mountain West             9,575           9,191          95%          96%

The Corporate  General Partner  attributes the increase in occupancy at Heritage
Pointe Apartments to management's intensified marketing efforts and improvements
made to the property which has enhanced its curb appeal.


<PAGE>


As noted under "Item 1.  Description of Business",  the real estate  industry is
highly competitive. The Partnership's properties are subject to competition from
other residential apartment complexes in the area. The Corporate General Partner
believes  that the  properties  are  adequately  insured.  Each  property  is an
apartment  complex which leases units for lease terms of one year or less. As of
December 31, 1999 no tenant  leases 10% or more of the  available  rental space.
All  of the  properties  are in  good  physical  condition,  subject  to  normal
depreciation and deterioration as is typical for assets of this type and age.

Real Estate Taxes and Rates:

Real estate taxes and rates in 1999 for each property were as follows:

                                                1999            1999
                                               Billing          Rate
                                           (in thousands)

       Quail Hollow (i)                         $ 74           28.13%

       Windsor Hills                              86             .83%

       Heritage Pointe                            40            3.56%

       Stone Mountain West                        63            3.52%

(i)   Property tax rate is currently  under appeal with the taxing  authorities.
      Above amounts are at full value  actually  paid at 80% pending  outcome of
      appeal.

Capital Improvements:

Quail Hollow Apartments:  The Partnership  completed  approximately  $189,000 in
capital  expenditures  at Quail  Hollow  Apartments  as of  December  31,  1999,
consisting  primarily  of  floor  covering,  appliance  and  roof  replacements,
exterior painting, interior building improvements,  parking lot improvements and
major  landscaping.  These  improvements  were funded primarily from Partnership
reserves and  operations.  The  Partnership is currently  evaluating the capital
improvement  needs of the property for the upcoming  year. The minimum amount to
be budgeted is expected to be $300 per unit or $64,500.  Additional improvements
may be considered  and will depend on the physical  condition of the property as
well  as  replacement  reserves  and  anticipated  cash  flow  generated  by the
property.

Windsor Hills Apartments:  The Partnership completed  approximately  $444,000 in
capital  expenditures  at Windsor  Hills  Apartments  as of December  31,  1999,
consisting  primarily of air  conditioning  and swimming  pool  upgrades,  floor
covering and appliance replacements,  parking lot upgrades,  structural building
improvements,  exterior painting, and major landscaping. These improvements were
funded  primarily from Partnership  reserves and operations.  The Partnership is
currently  evaluating  the capital  improvement  needs of the  property  for the
upcoming year. The minimum amount to be budgeted is expected to be $300 per unit
or $90,000.  Additional  improvements  may be considered  and will depend on the
physical  condition  of  the  property  as  well  as  replacement  reserves  and
anticipated cash flow generated by the property.

Heritage Pointe Apartments:  The Partnership completed approximately $235,000 in
capital  expenditures  at Heritage  Pointe  Apartments  as of December 31, 1999,
consisting primarily of floor covering and appliance replacements and electrical
and structural building  improvements.  These improvements were funded primarily
from  Partnership   reserves  and  operations.   The  Partnership  is  currently
evaluating the capital  improvement needs of the property for the upcoming year.
The  minimum  amount to be  budgeted is expected to be $300 per unit or $44,700.
Additional  improvements  may be  considered  and will  depend  on the  physical
condition of the property as well as replacement  reserves and anticipated  cash
flow generated by the property.

Stone Mountain West Apartments:  The Partnership completed approximately $64,000
in capital  expenditures  at Stone  Mountain West  Apartments as of December 31,
1999,  consisting  primarily of floor  covering and appliance  replacements  and
electrical   improvements.   These   improvements  were  funded  primarily  from
Partnership reserves and operations. The Partnership is currently evaluating the
capital  improvement  needs of the property for the upcoming  year.  The minimum
amount to be budgeted is expected to be $300 per unit or approximately  $42,600.
Additional  improvements  may be  considered  and will  depend  on the  physical
condition of the property as well as replacement  reserves and anticipated  cash
flow generated by the property.

The capital improvements planned for 2000 at the Partnership  properties will be
made 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.

Item 3.  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,  the Corporate  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  the  acquisition  by Insignia  Financial  Group,  Inc.
("Insignia")  and  entities  which  were,  at one time,  affiliates  of Insignia
("Insignia  Affiliates") of interests in certain general partner entities,  past
tender offers by Insignia  Affiliates to acquire limited  partnership units, the
management of partnerships  by Insignia  Affiliates and the Insignia Merger (see
"Item 7.  Financial  Statements  Note B - Transfer of Control").  The plaintiffs
seek monetary damages and equitable relief,  including  judicial  dissolution of
the Partnership.  On June 25, 1998, the Corporate General Partner filed a motion
seeking  dismissal  of the action.  In lieu of  responding  to the  motion,  the
plaintiffs have filed an amended complaint.  The Corporate 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 final court  approval,  on behalf of the Partnership and all
limited partners who own units as of November 3, 1999.  Preliminary  approval of
the  settlement  was obtained on November 3, 1999 from the Superior Court of the
State of  California,  County of San Mateo,  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
class  plaintiffs'  counsel to enter the  settlement.  On December 14, 1999, the
Corporate General Partner and its affiliates terminated the proposed settlement.
Certain  plaintiffs  have filed a motion to disqualify  some of the  plaintiffs'
counsel in the action.  The Corporate  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 4.  Submission of Matters to a Vote of Security Holders

During the quarter ended December 31, 1999, no matter was submitted to a vote of
unit holders through the solicitation of proxies or otherwise.


<PAGE>


                                     PART II

Item 5.     Market for the Partnership Equity and Related Partner Matters

The Partnership,  a publicly-held  limited partnership,  offered and sold 15,000
limited partnership units aggregating $15,000,000 including 100 units which were
purchased by the Corporate  General Partner.  The Partnership  currently has 399
holders  of  record  owning an  aggregate  of 15,000  Units.  Affiliates  of the
Corporate  General Partner own 10,098 units or approximately  67.32% at December
31, 1999. No public  trading  market has developed for the Units,  and it is not
anticipated that such a market will develop in the future.

The following table sets forth the distributions made by the Partnership for the
years ended  December 31, 1998 and 1999, as well as for the  subsequent  period.
(See Item 6.  Management's  Discussion  and  Analysis or Plan of  Operation  for
further details).

                                                Distributions

                                                           Per Limited

                                        Aggregate        Partnership Unit

       01/01/98 - 12/31/98             $1,600,000 (1)        $105.67
       01/01/99 - 12/31/99             $1,300,000 (1)        $ 85.80
       01/01/00 - 03/15/00             $  500,000 (1)        $ 33.00

(1)   Distributions were made from cash from operations.

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.  There can be no assurance,
however,  that the Partnership  will generate  sufficient funds from operations,
after required capital expenditures,  to permit any additional  distributions to
its  partners  in 2000 or  subsequent  periods.  See  "Item  2.  Description  of
Properties  - Capital  Improvements"  for  information  relating to  anticipated
capital  expenditures at the properties.  Distributions may be restricted by the
requirement  to deposit net operating  income (as defined in the mortgage  note)
into the Reserve  Account until the Reserve Account is funded in an amount equal
to $300 to $325 per apartment  unit for Quail Hollow,  Stone  Mountain West, and
Heritage  Pointe for a total of $151,800 to  $164,500.  The  mortgage  agreement
stipulates a minimum  reserve of $400 per apartment  unit at Windsor Hills for a
total of  $120,000.  As of December 31, 1999,  the  Partnership  has deposits of
approximately $305,000 in its reserve accounts.

Several tender offers were made by various parties,  including affiliates of the
general partners, during the years ended December 31, 1999 and 1998. As a result
of these tender offers,  AIMCO and its  affiliates  currently own 10,098 limited
partnership interest in the Partnership representing approximately 67.32% of the
outstanding  units. 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. Consequently, AIMCO is in a position to influence all voting decisions
with respect to the  Registrant.  Under the Partnership  Agreement,  unitholders
holding a majority of the Units are  entitled  to take action with  respect to a
variety of matters.  When voting on matters,  AIMCO would in all likelihood vote
the Units it acquired in a manner  favorable  to the  interest of the  Corporate
General Partner because of their affiliation with the Corporate General Partner.


<PAGE>



Item 6.     Management's Discussion and Analysis or Plan of Operation

The  matters  discussed  in this Form  10-KSB  contain  certain  forward-looking
statements  and  involve  risks and  uncertainties  (including  changing  market
conditions, competitive and regulatory matters, etc.) detailed in the disclosure
contained  in this Form 10-KSB 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.

This  item  should  be read  in  conjunction  with  the  consolidated  financial
statements and other items contained elsewhere in this report.

Results of Operations

The  Registrant's  net  income  for  the  year  ended  December  31,  1999,  was
approximately  $1,254,000 as compared to $1,065,000  for the year ended December
31,  1998.  (See  "Note  D"  of  the  consolidated  financial  statements  for a
reconciliation of these amounts to the Registrant's federal taxable income). The
increase  in net  income  was due to an  increase  in total  revenues  which was
partially  offset by a slight increase in total expenses.  The increase in total
revenues is primarily  due to an increase in rental  income which was  partially
offset by a slight  decrease in other  income.  The increase in rental income is
the  result  of an  increase  in  average  rental  rates  at  all  four  of  the
Registrant's  investment properties and to the increase in occupancy at Heritage
Pointe  Apartments.  The Corporate  General  Partner  attributes the increase in
occupancy at Heritage Pointe  Apartments to management's  intensified  marketing
efforts and  improvements  to the property  which have enhanced its curb appeal.
Other income  decreased  primarily due to lower interest income as a result of a
decrease in interest bearing cash balances as a result of distributions  paid to
partners.

Total  expenses   increased  due  to  slight  increases  in  operating  expense,
depreciation and interest  expense.  Operating  expense increased as a result of
increases in advertising, property and maintenance expenses. Advertising expense
increased as the result of an effort to increase  occupancy  at Heritage  Pointe
Apartments  as discussed  above.  Property  expense  increased as a result of an
increase  in  salaries  and  related  employee  benefits.   Maintenance  expense
increased  due  to  interior  and  exterior  building  improvements  which  were
completed during 1999.

The increase in total  expenses was  partially  offset by a decrease in property
tax  expense  and  general  and  administrative  expense.  Property  tax expense
decreased due to decreases in the  assessment  values by the taxing  authorities
for Stone  Mountain  West  Apartments.  Quail  Hollow  Apartments  current  year
property taxes were paid at a reduced amount while the property is appealing the
actual billed amount.  This decrease was partially  offset by an increase in the
assessment  value at Windsor  Hills  Apartments.  The  decrease  in general  and
administrative  expense is primarily  attributable  to a decrease in  management
reimbursements  to the Corporate  General  Partner allowed under the Partnership
Agreement.  General and administrative  expense also decreased due to a decrease
in appraisal fees which were incurred  during 1998. Also included in general and
administrative expenses at both December 31, 1999 and 1998 were costs associated
with the  quarterly and annual  communications  with  investors  and  regulatory
agencies and the annual audit required by the Partnership Agreement.

Effective  January 1, 1999, the Partnership  changed its method of accounting to
capitalize the cost of exterior  painting and major landscaping on a prospective
basis.  The  Partnership  believes  that  this  accounting  principle  change is
preferable  because it provides a better  matching of expenses  with the related
benefit of the expenditures and it is consistent with industry  practice and the
policies of the Corporate General Partner.  The effect of the change in 1999 was
to increase net income by approximately  $67,700 ($4.47 per limited  partnership
unit). The cumulative effect, had this change been applied to prior periods,  is
not material.  The accounting  principle  change will not have an effect on cash
flow, funds available for distribution or fees payable to the Corporate  General
Partner and affiliates.

As part of the ongoing  business plan of the Registrant,  the Corporate  General
Partner  monitors  the  rental  market  environment  of each  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  Corporate  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 Corporate General Partner will be able to sustain
such a plan.

Liquidity and Capital Resources

At  December  31,  1999,  the  Partnership  had  cash and  cash  equivalents  of
approximately  $1,748,000  compared to approximately  $1,682,000 at December 31,
1998.  The  increase  in  cash  and  cash  equivalents  is due to  approximately
$2,053,000 of cash provided by operating  activities  which was partially offset
by approximately $539,000 of cash used in investing activities and approximately
$1,448,000  of cash  used  in  financing  activities.  Cash  used  in  investing
activities  consisted  of  capital  improvements  and  replacements,  which  was
partially offset by withdrawals from escrow accounts  maintained by the mortgage
lender.  Cash  used in  financing  activities  consisted  primarily  of  partner
distributions and to a lesser extent payments of principal made on the mortgages
encumbering the  Registrant's  properties.  The Partnership  invests its working
capital reserves in money market accounts.

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 various  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.  The Partnership is
currently  evaluating  the capital  improvement  needs of the  property  for the
upcoming  year.  The  minimum to be  budgeted is expected to be $300 per unit or
$241,800.  Additional  capital  improvements  will be  incurred  only if cash is
available from  operations  and  partnership  reserves.  To the extent that such
budgeted capital  improvements are completed,  the  Partnership'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  Partnership.  The mortgage
indebtedness of approximately  $11,257,000,  net of discount,  is amortized over
varying periods with required balloon payments ranging from November 15, 2002 to
November 1, 2003. The Corporate  General  Partner will attempt to refinance such
remaining  indebtedness and/or sell the properties prior to such maturity dates.
If the  properties  cannot be  refinanced or sold for a sufficient  amount,  the
Registrant may risk losing such properties through foreclosure.

Cash  distributions from operations of approximately  $1,300,000  ($1,287,000 of
which was paid to the limited partners,  $85.80 per limited  partnership  unit),
were  made to the  partners  during  the year  ended  December  31,  1999.  Cash
distributions from operations of approximately  $1,600,000  ($1,585,000 of which
was paid to the limited partners,  $105.67 per limited  partnership  unit), were
made  to  the  partners  during  the  year  ended  December  31,  1998.  A  cash
distribution from operations of approximately  $500,000  ($495,000 of which were
paid to the limited  partners,  $33.00 per limited  partnership  unit), was made
during  February,  2000. The Registrant's  distribution  policy is reviewed on a
semi-annual basis. There can be no assurance,  however, that the Registrant will
generate sufficient funds from operations to permit further distributions to its
partners in 2000 or subsequent  periods.  Distributions may be restricted by the
requirement  to deposit net operating  income (as defined in the mortgage  note)
into the Reserve  Account until the Reserve Account is funded in an amount equal
to $300 to $325 per apartment  unit for Quail Hollow,  Stone  Mountain West, and
Heritage  Pointe for a total of $151,800 to  $164,500.  The  mortgage  agreement
stipulates a minimum  reserve of $400 per  apartment  unit  Windsor  Hills for a
total of  $120,000.  As of December 31, 1999,  the  Partnership  has deposits of
approximately $305,000 in its reserve accounts.

Tender Offer

Several tender offers were made by various parties,  including affiliates of the
general partners, during the years ended December 31, 1999 and 1998. As a result
of these tender offers,  AIMCO and its affiliates  currently own 10,098 units of
limited  partnership  interest  in the  Partnership  representing  approximately
67.32% of the  outstanding  units.  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.  Consequently,  AIMCO is in a position to
influence  all  voting  decisions  with  respect  to the  Registrant.  Under the
Partnership Agreement,  unitholders holding a majority of the Units are entitled
to take  action with  respect to a variety of  matters.  When voting on matters,
AIMCO would in all likelihood  vote the Units it acquired in a manner  favorable
to the interest of the Corporate  General Partner  because of their  affiliation
with the Corporate General Partner.

Year 2000 Compliance

General Description

The Year 2000 issue is the result of computer  programs  being written using two
digits rather than four digits to define the applicable year. The Partnership is
dependent upon the Corporate  General  Partner and its affiliates for management
and  administrative  services  ("Managing  Agent").  Any of the Managing Agent's
computer programs or hardware that had date-sensitive software or embedded chips
might have  recognized  a date using "00" as the year 1900  rather than the year
2000.  This could have resulted in a system failure or  miscalculations  causing
disruptions of operations,  including, among other things, a temporary inability
to process  transactions,  send invoices,  or engage in similar normal  business
activities.


<PAGE>



Computer Hardware, Software and Operating Equipment

In 1999,  the Managing  Agent  completed  all phases of its Year 2000 program by
completing  the  replacement  and repair of any  hardware or software  system or
operating  equipment that was not yet Year 2000 compliant.  The Managing Agent's
hardware  and software  systems and its  operating  equipment  are now Year 2000
compliant.  No  material  failure or  erroneous  results  have  occurred  in the
Managing Agent's computer  applications  related to the failure to reference the
Year 2000 to date.

Third Parties

To  date,  the  Managing  Agent  is not  aware of any  significant  supplier  or
subcontractor  (external agent) or financial institution of the Partnership that
has a Year 2000 issue that  would  have a material  impact on the  Partnership's
results of operations,  liquidity or capital  resources.  However,  the Managing
Agent  has no means of  ensuring  or  determining  the Year 2000  compliance  of
external  agents.  At this time, the Managing Agent does not believe that a Year
2000 issue of any  non-compliant  external agent will have a material  impact on
the Partnership's financial position or results of operations.

Costs

The total cost of the Managing Agent's Year 2000 project was approximately  $3.2
million and was funded from operating cash flows.

Risks Associated with the Year 2000

The Managing  Agent  completed all necessary  phases of its Year 2000 program in
1999,  and did not  experience  system or  equipment  malfunctions  related to a
failure to reference the Year 2000. The Managing  Agent or Partnership  have not
been  materially  adversely  effected by  disruptions  in the economy  generally
resulting from the Year 2000 issue.

At this  time,  the  Managing  Agent  does not  believe  that the  Partnership's
businesses,  results of  operations  or financial  condition  will be materially
adversely effected by the Year 2000 issue.

Contingency Plans Associated with the Year 2000

The  Managing  Agent has not had to implement  contingency  plans such as manual
workarounds or selecting new relationships for its banking or elevator operation
activities in order to avoid the Year 2000 issue.


<PAGE>


Item 7.     Financial Statements

SHELTER PROPERTIES I

LIST OF FINANCIAL STATEMENTS


      Report of Ernst & Young LLP, Independent Auditors

      Consolidated Balance Sheet - December 31, 1999

      Consolidated Statements of Operations - Years ended December 31, 1999 and
      1998

      Consolidated  Statements  of Changes in  Partners'  Deficit - Years  ended
      December 31, 1999 and 1998

      Consolidated Statements of Cash Flows - Years ended December 31, 1999 and
      1998

      Notes to Consolidated Financial Statements


<PAGE>


                 Report of Ernst & Young LLP, Independent Auditors

The Partners
Shelter Properties I

We  have  audited  the  accompanying   consolidated  balance  sheet  of  Shelter
Properties I as of December 31, 1999, and the related consolidated statements of
operations,  changes  in  partners'  deficit  and cash flows for each of the two
years in the period ended December 31, 1999. These financial  statements are the
responsibility of the Partnership's management. Our responsibility is to express
an opinion on these financial statements based on our audits.

We conducted our audits in accordance with auditing standards generally accepted
in the United States. Those standards require that we plan and perform the audit
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 the  Partnership's  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 consolidated financial position of Shelter Properties
I at December 31, 1999, and the  consolidated  results of its operations and its
cash flows for each of the two years in the period ended  December 31, 1999,  in
conformity with accounting principles generally accepted in the United States.

As discussed in Note J to the financial statements,  the Partnership changed its
method of  accounting  to  capitalize  the cost of exterior  painting  and major
landscaping effective January 1, 1999.

                                                           /s/ ERNST & YOUNG LLP



Greenville, South Carolina
February 24, 2000


<PAGE>




                              SHELTER PROPERTIES I

                           CONSOLIDATED BALANCE SHEET

                          (in thousands, except unit data)

                                December 31, 1999

<TABLE>
<CAPTION>

Assets
<S>                                                        <C>             <C>

   Cash and cash equivalents                                                $ 1,748
   Receivables and deposits                                                     298
   Restricted escrows                                                           501
   Other assets                                                                 249
   Investment properties (Notes C & F):
      Land                                                    $ 1,428
      Buildings and related personal property                  19,869
                                                               21,297
      Less accumulated depreciation                           (14,919)        6,378
                                                                            $ 9,174

Liabilities and Partners' Deficit
Liabilities

      Accounts payable                                                      $   142
      Tenant security deposit liabilities                                       147
      Accrued property taxes                                                     48
      Other liabilities                                                         321
      Mortgage notes payable (Notes C)                                       11,257

Partners' Deficit

   General partners                                            $ (52)
   Limited partners (15,000 units issued and
      outstanding)                                             (2,689)       (2,741)
                                                                            $ 9,174
</TABLE>

           See Accompanying Notes to Consolidated Financial Statements


<PAGE>


                              SHELTER PROPERTIES I

                      CONSOLIDATED STATEMENTS OF OPERATIONS

                          (in thousands, except unit data)


<TABLE>
<CAPTION>

                                                          Years Ended December 31,
                                                             1999          1998
<S>                                                       <C>            <C>

Revenues:
   Rental income                                            $ 5,205       $ 4,998
   Other income                                                 286           291
       Total revenues                                         5,491         5,289

Expenses:
   Operating                                                  2,156         2,146
   General and administrative                                   186           217
   Depreciation                                                 689           640
   Interest                                                     956           950
   Property taxes                                               250           271
      Total expenses                                          4,237         4,224

Net income (Note D)                                         $ 1,254       $ 1,065

Net income allocated to general partners (1%)               $    13       $    11

Net income allocated to limited partners (99%)                1,241         1,054
                                                            $ 1,254       $ 1,065

Net income per limited partnership unit                     $ 82.73       $ 70.27

Distributions per limited partnership unit                  $ 85.80       $105.67

</TABLE>

           See Accompanying Notes to Consolidated Financial Statements



<PAGE>


                              SHELTER PROPERTIES I

              CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' DEFICIT
                          (in thousands, except unit data)


<TABLE>
<CAPTION>

                                        Limited
                                       Partnership    General     Limited
                                          Units       Partners    Partners    Total

<S>                                      <C>           <C>        <C>        <C>

Original capital contributions            15,000       $   2      $15,000    $15,002

Partners' deficit at
  December 31, 1997                       15,000       $ (48)     $(2,112)   $(2,160)

Distributions to partners                     --          (15)     (1,585)    (1,600)

Net income for the year ended
  December 31, 1998                           --           11       1,054      1,065

Partners' deficit at
  December 31, 1998                       15,000          (52)     (2,643)    (2,695)

Distributions to partners                     --          (13)     (1,287)    (1,300)

Net income for the year ended
  December 31, 1999                           --           13       1,241      1,254

Partners' deficit at
  December 31, 1999                       15,000       $  (52)    $(2,689)   $(2,741)

</TABLE>

           See Accompanying Notes to Consolidated Financial Statements



<PAGE>




                              SHELTER PROPERTIES I

                      CONSOLIDATED STATEMENTS OF CASH FLOWS

                                   (in thousands)


<TABLE>
<CAPTION>
                                                             Years Ended December 31,
                                                                 1999         1998

Cash flows from operating activities:
<S>                                                            <C>          <C>

  Net income                                                    $ 1,254      $ 1,065
  Adjustments to reconcile net income to net
   cash provided by operating activities:
   Depreciation                                                     689         640
   Amortization of discounts and loan costs                          93          88
   Change in accounts:
      Receivables and deposits                                     (30)         (75)
      Other assets                                                 (45)          17
      Accounts payable                                              57         (130)
      Tenant security deposit or liabilities                        13            5
      Accrued property taxes                                       (26)          68
      Other liabilities                                             48           (3)

          Net cash provided by operating activities              2,053        1,675

Cash flows from investing activities:

  Property improvements and replacements                          (932)        (438)
  Net withdrawals from restricted escrows                          393          154

          Net cash used in investing activities                   (539)        (284)

Cash flows from financing activities:

  Payments on mortgage notes payable                              (148)        (137)
  Partners distributions                                        (1,300)      (1,600)

          Net cash used in financing activities                 (1,448)      (1,737)
Net increase (decrease) in cash and cash equivalents                66         (346)

Cash and cash equivalents at beginning of year                   1,682        2,028

Cash and cash equivalents at end of year                       $ 1,748      $ 1,682

Supplemental disclosure of cash flow information:

  Cash paid for interest                                       $   851        $ 862

</TABLE>

           See Accompanying Notes to Consolidated Financial Statements



<PAGE>






                              SHELTER PROPERTIES I

                     Notes to Consolidated Financial Statements

                                December 31, 1999

Note A - Organization and Significant Accounting Policies

Organization

Shelter  Properties I (the  "Partnership"  or  "Registrant")  was organized as a
limited  partnership  under the laws of the State of South  Carolina on April 7,
1980.  The general  partner  responsible  for  management  of the  Partnership's
business is Shelter Realty I  Corporation,  a South  Carolina  corporation  (the
"Corporate General Partner").  The only other general partner of the Partnership
was N. Barton Tuck,  Jr. Mr. Tuck was not an affiliate of the Corporate  General
Partner  and  was  effectively  prohibited  by  the  Partnership's   partnership
agreement (the "Partnership  Agreement") from participating in the management of
the Partnership.  In June 1999, Mr. Tuck's general  partnership  interest in the
Registrant  was  purchased  by  AIMCO  Properties,  L.P.,  an  affiliate  of the
Corporate  General  Partner.  The Corporate  General  Partner is a subsidiary of
Apartment Investment and Management Company ("AIMCO") (see "Note B - Transfer of
Control").  The  directors and officers of the  Corporate  General  Partner also
serve as executive directors of AIMCO. The Partnership  commenced  operations on
July 3, 1980 and  completed  its  acquisition  of  apartment  properties  during
December 1980. The Partnership  owns four properties  located in South Carolina,
Virginia,   and  Georgia  (2).  The  Partnership  Agreement  provides  that  the
Partnership is to terminate on December 31, 2019 unless terminated prior to such
date.

Principles of Consolidation

The  Registrant's  financial  statements  include  all  of the  accounts  of the
Partnership  and its  99.99%  owned  partnership.  The  General  Partner  of the
consolidated  partnership  is Shelter  Realty I  Corporation.  Shelter  Realty I
Corporation  may be  removed  by the  Registrant;  therefore,  the  consolidated
partnership is controlled and  consolidated by the  Registrant.  All significant
interpartnership transactions have been eliminated.

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 amounts reported in the financial  statements and accompanying notes.
Actual results could differ from those estimates.

Allocation of Cash Distributions

Cash  distributions by the Partnership are allocated between general and limited
partners in accordance  with the provisions of the  Partnership  Agreement.  The
Partnership  Agreement  provides  that net cash from  operations  means  revenue
received less operating  expenses  paid,  adjusted for certain  specified  items
which primarily  include mortgage  payments on debt,  property  improvements and
replacements not previously  reserved,  and the effects of other  adjustments to
reserves  including  reserve amounts deemed  necessary by the Corporate  General
Partner. In the following notes to consolidated  financial statements,  whenever
net cash provided by operations is used, it has the aforementioned  meaning. The
following is a reconciliation of this subtotal in the accompanying  consolidated
statements of cash flows  captioned "net cash provided by operating  activities"
to "net cash from operations", as defined in the Partnership Agreement. However,
"net cash from operations" should not be considered an alternative to net income
as an indicator of the Partnership's operating performance or to cash flows as a
measure of liquidity.

                                                        Years Ended December 31,
                                                            1999         1998
                                                            ----         ----
                                                              (in thousands)

Net cash provided by operating activities                  $2,053       $1,675
   Property improvements and replacements                    (932)        (438)
   Payments on mortgage notes payable                        (148)        (137)
   Changes in reserves for net operating liabilities          (17)         118
   Changes in restricted escrows, net                         393          154
   Additional operating reserves                             (849)        (372)
       Net cash from operations                             $ 500       $1,000


The Corporate  General Partner reserved  approximately  $849,000 and $372,000 at
December  31, 1999 and 1998,  respectively,  to fund  capital  improvements  and
repairs at its properties.

Distributions made from reserves no longer considered necessary by the Corporate
General  Partner are  considered to be additional  net cash from  operations for
allocation  purposes.  The following table sets forth the distributions  made by
the  Partnership  for the years ended December 31, 1999 and 1998, as well as for
the subsequent period.

                                                Distributions

                                                           Per Limited
                                        Aggregate        Partnership Unit

       01/01/98 - 12/31/98             $1,600,000 (1)        $105.67
       01/01/99 - 12/31/99             $1,300,000 (1)        $ 85.80
       01/01/00 - 03/15/00             $  500,000 (1)        $ 33.00

(1)   Distributions were made from cash from operations.

The Partnership  Agreement  provides that 99% of  distributions of net cash from
operations  are  allocated to the limited  partners  until they receive net cash
from  operations  for such  fiscal  year equal to 7% of their  adjusted  capital
values (as  defined in the  Partnership  Agreement),  at which point the general
partners will be allocated all net cash from operations until they have received
distributions equal to 10% of the aggregate net cash from operations distributed
to partners  for such fiscal  year.  Thereafter,  the general  partners  will be
allocated 10% of any  distributions  of remaining net cash from  operations  for
such fiscal year.

All  distributions of distributable  net proceeds (as defined in the Partnership
Agreement) from property  dispositions and refinancings will be allocated to the
limited  partners  until each limited  partner has received an amount equal to a
cumulative 7% per annum of the average of the limited partners' adjusted capital
value,   less  any  prior   distributions   of  net  cash  from  operations  and
distributable net proceeds, and has also received an amount equal to the limited
partners' adjusted capital value. Thereafter, the general partners receive 1% of
the selling prices of properties sold where they acted as a broker, and then the
limited  partners  will  be  allocated  85% of any  remaining  distributions  of
distributable net proceeds and the general partners will receive 15%.

Distributions  may be  restricted  by the  requirement  to deposit net operating
income (as  defined in the  mortgage  note) into the Reserve  Account  until the
Reserve  Account is funded in an amount equal to $300 to $325 per apartment unit
for Quail  Hollow,  Stone  Mountain  West,  and  Heritage  Pointe for a total of
$151,800 to $164,500.  The mortgage  agreement  stipulates a minimum  reserve of
$400 per apartment unit at Windsor Hills for a total of $120,000. As of December
31, 1999, the Partnership has deposits of approximately  $305,000 in its reserve
accounts.

Undistributed Net Proceeds from Property Sales

At December 31, 1999,  undistributed  proceeds from property  sales  amounted to
approximately  $101,000  which is payable to the  General  Partners  for related
sales  commissions  when  certain  levels of return are  received by the limited
partners.

Allocation of Profits, Gains and Losses

Profits,  gains, and losses of the Partnership are allocated between general and
limited partners in accordance with the provisions of the Partnership Agreement.

Profits, not including gain from property dispositions, are allocated as if they
were distributions of net cash from operations.

Any gain from property  dispositions  attributable to the excess, if any, of the
indebtedness relating to a property immediately prior to the disposition of such
property  over  the  Partnership's  adjusted  basis  in the  property  shall  be
allocated to each partner  having a negative  capital  account  balance,  to the
extent of such negative  balance.  The balance of any gain shall be treated on a
cumulative basis as if it constituted an equivalent  amount of distributable net
proceeds  and shall be  allocated  to the  general  partners  to the extent that
general  partners would have received  distributable  net proceeds in connection
therewith; the balance shall be allocated to the limited partners.  However, the
interest  of the general  partners  will be equal to at least 1% of each gain at
all times during the existence of the Partnership.

All  losses,  including  losses  attributable  to  property  dispositions,   are
allocated  99%  to  the  limited  partners  and  1%  to  the  general  partners.
Accordingly,  net income as shown in the statements of operations and changes in
partners'  deficit for 1999 and 1998 were allocated 99% to the limited  partners
and 1% to the general partners. Net income per limited partnership unit for each
such year was  computed  as 99% of net income  divided by 15,000  average  units
outstanding.

Fair Value of Financial Instruments

Statement of Financial Accounting Standards ("SFAS") No. 107, "Disclosures about
Fair Value of Financial  Instruments",  as amended by SFAS No. 119, "Disclosures
about Derivative Financial Instruments and Fair Value of Financial Instruments",
requires  disclosure  of fair value  information  about  financial  instruments,
whether or not recognized in the balance  sheet,  for which it is practicable to
estimate  fair  value.  Fair value is defined in the SFAS as the amount at which
the  instruments  could be exchanged in a current  transaction  between  willing
parties,  other than in a forced or liquidation  sale. The Partnership  believes
that the  carrying  amount of its  financial  instruments  (except for long term
debt)  approximates  their fair value due to the short  term  maturity  of these
instruments.  The  fair  value  of  the  Partnership's  long  term  debt,  after
discounting the scheduled loan payments to maturity,  approximates  its carrying
balance.

Other Reserves

The Corporate  General  Partner may designate a portion of cash  generated  from
operations as "other  reserves" in determining net cash used in operations.  The
general  partners  designated  as  other  reserves  an  amount  equal to the net
liabilities related to the operations of apartment properties during the current
year that are  expected  to require  the use of cash  during the next year.  The
changes  in  the  other  reserves  during  1999  and  1998  were a  decrease  of
approximately $17,000 and an increase of approximately  $118,000,  respectively.
These  amounts  were  determined  by  considering  changes  in  the  balance  of
receivables  and  deposits,  other assets,  accounts  payable,  tenant  security
deposits  liabilities,  accrued  property taxes and other  liabilities.  At this
time, the Corporate General Partner expects to continue to adjust other reserves
based on the net change in the aforementioned account balances.

Cash and Cash Equivalents

Cash and cash equivalents  include cash on hand, cash in banks, and money market
accounts.  At certain  times,  the amount of cash deposited at a bank may exceed
the limit on insured deposits.

Restricted Escrows

      Capital Replacement Reserves - In connection with the refinancing of Quail
      Hollow,  Heritage  Pointe,  and Stone  Mountain  West  Apartments in 1996,
      approximately  $606,000 of the proceeds were designated as a Repair Escrow
      for the funding of required  capital  improvements and repairs as noted in
      the loan documents. At December 31, 1999,  approximately $191,000 remained
      in the account.

      Replacement  Reserves - In connection with the 1996  refinancings of Quail
      Hollow, Heritage Pointe and Stone Mountain West Apartments,  each property
      is to deposit  between  $300 and $325 per unit per year with the  mortgage
      company to establish and maintain a  Replacement  Reserve  designated  for
      repairs and  replacements  at the  properties.  At December  31, 1999 this
      reserve totaled approximately $129,000.

      Reserve  Account - A general  Reserve Account was established in 1992 with
      the refinancing  proceeds for Windsor Hills.  This fund was established to
      cover necessary  repairs and replacements of existing  improvements,  debt
      service,  out of pocket  expenses  incurred  for  ordinary  and  necessary
      administrative  tasks,  and payment of real  property  taxes and insurance
      premiums.  The Partnership is required to deposit net operating income (as
      defined in the mortgage  note) from Windsor  Hills to its Reserve  Account
      until it equals a minimum  of $400 per  apartment  unit or  $120,000.  The
      balance at December 31, 1999, is  approximately  $176,000,  which includes
      interest earned on these funds.

Escrows for Taxes and Insurance

All tax escrow funds are designated for the payment of real estate taxes and are
held by the  Partnership.  These funds  totaled  approximately  $164,800 and are
included in receivables and deposits.

Depreciation

Depreciation is calculated by the straight-line  method over the estimated lives
of the apartment  properties and related personal  property.  For Federal income
tax purposes, the accelerated cost recovery method is used (1) for real property
over 15 years for  additions  prior to March 16,  1984,  18 years for  additions
after March 15, 1984 and before May 9, 1985,  and 19 years for  additions  after
May 8, 1985, and before  January 1, 1987,  and (2) for personal  property over 5
years for additions  prior to January 1, 1987. As a result of the Tax Reform Act
of 1986, for additions  after December 31, 1986, the modified  accelerated  cost
recovery method is used for depreciation of (1) real property  additions over 27
1/2 years and (2) personal property additions over 5 years.

Effective  January 1, 1999, the Partnership  changed its method of accounting to
capitalize the cost of exterior painting and major landscaping (Note J).

Loan Costs

Loan  costs  of  approximately  $426,000,   less  accumulated   amortization  of
approximately  $232,000, are included in other assets and are being amortized on
a straight-line basis over the life of the loans.

Tenant Security Deposits

The Partnership  requires security deposits from lessees for the duration of the
lease and such deposits are included in receivables  and deposits.  Deposits are
refunded when the tenant vacates,  provided the tenant has not damaged its space
and is current on rental payments.

Leases

The Partnership generally leases apartment units for twelve-month terms or less.
The Partnership  recognizes  income as earned on leases.  The Corporate  General
Partner finds it necessary to offer rental concessions during  particularly slow
months or in response to heavy  competition from other similar  complexes in the
area. Concessions are charged to income as incurred.

Investment Properties

Investment  properties  consist of four  apartment  complexes  and are stated at
cost.  Acquisition fees are capitalized as a cost of real estate.  In accordance
with Financial Accounting Standards Board Statement No. 121, "Accounting for the
Impairment of Long-Lived  Assets and for  Long-Lived  Assets to Be Disposed Of,"
the  Partnership   records  impairment  losses  on  long-lived  assets  used  in
operations  when  events and  circumstances  indicate  that the assets  might be
impaired  and the  undiscounted  cash flows  estimated  to be generated by those
assets are less than the carrying  amounts of those  assets.  Costs of apartment
properties  that have  been  permanently  impaired  have  been  written  down to
appraised  value.  No  adjustments  for impairment of value were recorded in the
years ended December 31, 1999 and 1998.

Advertising

The Partnership expenses the costs of advertising as incurred. Advertising costs
of  approximately  $50,000 and $46,000 for the years ended December 31, 1999 and
1998, respectively, were charged to operating expense as incurred.

Segment Reporting

Statement of Financial  Accounting Standards ("SFAS") No. 131, "Disclosure about
Segments  of  an  Enterprise  and  Related   Information"   ("Statement   131"),
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.  (See "Note
H" for segment disclosure.)

Note B - Transfer of Control

Pursuant  to a series  of  transactions  which  closed  on  October  1, 1998 and
February 26, 1999,  Insignia Financial Group, Inc. and Insignia Properties Trust
merged into AIMCO, a publicly traded real estate  investment  trust,  with AIMCO
being the surviving  corporation  (the "Insignia  Merger").  As a result,  AIMCO
acquired 100% ownership interest in the Corporate General Partner. The Corporate
General  Partner does not believe that this  transaction  has had or will have a
material effect on the affairs and operations of the Partnership.

Note C - Mortgage Notes Payable

The principal terms of mortgage notes payable are as follows:


<TABLE>
<CAPTION>
                             Principal       Monthly                         Principal
                             Balance At      Payment     Stated               Balance
                            December 31,    Including   Interest Maturity      Due At
                                1999        Interest      Rate     Date       Maturity
                                (in thousands)                           (in thousands)
Properties
<S>                          <C>              <C>        <C>     <C>          <C>

Quail Hollow Apartments       $ 2,850         $ 17       7.33%   11/01/03     $ 2,850

Windsor Hills Apartments
  1st mortgage                  3,975             38     7.60%   11/15/02       3,489
  2nd mortgage                    149              1     7.60%   11/15/02         149

Heritage Pointe Apartments      1,400              9     7.33%   11/01/03       1,400

Stone Mountain West

   Apartments                   3,000             18     7.33%   11/01/03       3,000
                               11,374         $ 83                            $10,888
 Less unamortized
  Discounts                      (117)

          Totals              $11,257
</TABLE>


The  Partnership  exercised an interest rate buy-down  option for the refinanced
mortgage notes payable of Windsor Hills,  reducing the stated rate from 8.76% to
7.6%. The fee for the interest rate reduction amounted to approximately $346,000
and is being  amortized as a loan discount on the interest  method over the life
of the loan.  The discount fee is reflected as a reduction of the mortgage notes
payable and increases the effective rate of the debt to 8.76%.

The  mortgage  notes  payable are  nonrecourse  and are secured by pledge of the
respective  apartment  properties  and by pledge of revenues from the respective
apartment  properties.  Prepayment  penalties  are  required if repaid  prior to
maturity.   Further,  the  properties  may  not  be  sold  subject  to  existing
indebtedness.

Scheduled  principal  payments  of the  mortgage  notes  payable  subsequent  to
December 31, 1999 are as follows (in thousands):

                               2000             $   160
                               2001                 172
                               2002               3,791
                               2003               7,251
                            Thereafter               --
                                                $11,374

Note D - Income Taxes

The Partnership has received a ruling from the Internal  Revenue Service that it
will  be  classified  as  a  partnership   for  Federal   income  tax  purposes.
Accordingly,  no provision for income taxes is made in the financial  statements
of the Partnership. Taxable income or loss of the Partnership is reported in the
income tax returns of its partners.

The  following is a  reconciliation  of reported net income and Federal  taxable
income (in thousands, except per unit data):

                                                     1999         1998

Net income as reported                              $1,254       $1,065
Add (deduct):
   Amortization of present value discounts              --            1
   Depreciation differences                             13           40
   Change in prepaid rental                            (17)         (60)
   Other                                                68           28
 Federal taxable income                              $1,318       $1,074

Federal taxable income per limited
   partnership unit                                 $87.01       $70.88

The following is a reconciliation between the Partnership's reported amounts and
Federal tax basis of net assets and liabilities (in thousands):

                  Net deficit as reported                 $ (2,741)
                  Land and buildings                         1,891
                  Accumulated depreciation                    (602)
                  Syndication fees                           1,895
                  Other                                        235

                  Net assets - tax basis                  $    678

Note E - Transactions with Affiliated Parties

The  Partnership  has no employees  and is dependent  on the  Corporate  General
Partner  and  its  affiliates  for  the  management  and  administration  of all
partnership  activities.  The  Partnership  Agreement  provides  for (i) certain
payments to affiliates for services and (ii)  reimbursement  of certain expenses
incurred by affiliates on behalf of the Partnership. The following payments were
paid or accrued to the Corporate General Partner and affiliates during the years
ended December 31, 1999 and 1998:

                                                         1999       1998
                                                         (in thousands)
Property management fees (included in operating
  expenses)                                             $ 273      $ 262
Reimbursement for services of affiliates,
  (included in operating, general and
  administrative expenses, and investment
  properties)                                              98        138
Due to general partners                                   101        101

During the years ended  December 31, 1999 and 1998,  affiliates of the Corporate
General  Partner were  entitled to receive 5% of gross  receipts from all of the
Partnership's   properties  for  providing  property  management  services.  The
Partnership paid to such affiliates  approximately $273,000 and $262,000 for the
years ended December 31, 1999 and 1998, respectively.

An  affiliate  of  the  Corporate  General  Partner  received  reimbursement  of
accountable  administrative  expenses  amounting  to  approximately  $98,000 and
$138,000 for the years ended December 31, 1999 and 1998, respectively.

Several tender offers were made by various parties,  including affiliates of the
general partners, during the years ended December 31, 1999 and 1998. As a result
of these tender offers,  AIMCO and its affiliates  currently own 10,098 units of
limited  partnership  interest  in the  Partnership  representing  approximately
67.32% of the  outstanding  units.  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.  Consequently,  AIMCO is in a position to
influence  all  voting  decisions  with  respect  to the  Registrant.  Under the
Partnership Agreement,  unitholders holding a majority of the Units are entitled
to take  action with  respect to a variety of  matters.  When voting on matters,
AIMCO would in all likelihood  vote the Units it acquired in a manner  favorable
to the interest of the Corporate  General Partner  because of their  affiliation
with the Corporate General Partner.

Note F - Real Estate and Accumulated Depreciation

<TABLE>
<CAPTION>

                                                       Initial Cost
                                                      To Partnership
                                                      (in thousands)

                                                              Buildings          Cost
                                                             and Related     Capitalized
                                                               Personal     Subsequent to
Description                        Encumbrances      Land      Property      Acquisition
                                  (in thousands)                            (in thousands)

<S>                                  <C>            <C>        <C>            <C>

Quail Hollow Apartments               $ 2,850       $ 459      $ 3,754         $ 1,459
 West Columbia, South Carolina
Windsor Hills Apartments                4,124          520       4,575           1,922
 Blacksburg, Virginia
Heritage Pointe Apartments              1,400          239       2,410           1,045
 Rome, Georgia
Stone Mountain West Apartments          3,000          210       3,408           1,296
  Stone Mountain, Georgia

     Total                            $11,374      $ 1,428     $14,147         $ 5,722
</TABLE>

                              Gross Amount At Which Carried
                                   At December 31, 1999
                                      (in thousands)

<TABLE>
<CAPTION>

                            Buildings
                               And
                             Related
                             Personal              Accumulated     Date of      Date     Depreciable
Description          Land   Properties Total      Depreciation   Construction  Acquired  Life-Years

<S>                 <C>       <C>       <C>           <C>            <C>     <C>            <C>

Quail Hollow        $ 459    $ 5,213   $ 5,672        $ 3,970        1973      09/01/80     5-34
 West Columbia,
  South Carolina

Windsor Hill           520     6,497     7,017          4,801        1973      09/01/80     5-30

 Blacksburg,
  Virginia

Heritage Pointe        239     3,455     3,694          2,613     1967-1970     09/15/80    5-35
 Rome, Georgia

Stone Mountain West    210     4,704     4,914          3,535        1972      12/31/80     5-37
 Stone Mountain,
  Georgia

      Totals        $1,428   $19,869   $21,297        $14,919

</TABLE>

Reconciliation of "Real Estate and Accumulated Depreciation":

                                                     December 31,
                                                   1999         1998
                                                    (in thousands)

Real Estate

Balance at beginning of year                      $20,365      $19,927
    Property improvements                             932          438

Balance at end of year                            $21,297      $20,365

Accumulated Depreciation

Balance at beginning of year                      $14,230      $13,590
    Additions charged to expense                      689          640

Balance at end of year                            $14,919      $14,230

The  aggregate  cost of the real  estate  for  Federal  income tax  purposes  at
December  31,  1999 and 1998,  is  approximately  $23,188,000  and  $22,256,000,
respectively. The accumulated depreciation taken for Federal income tax purposes
at December 31, 1999 and 1998, is  approximately  $15,521,000  and  $14,844,000,
respectively.


<PAGE>



Note G - Distributions

The following table sets forth the distributions made by the Partnership for the
years ended December 31, 1999 and 1998 as well as for the subsequent period.

                                                Distributions

                                                           Per Limited

                                        Aggregate        Partnership Unit

       01/01/98 - 12/31/98             $1,600,000 (1)        $105.67
       01/01/99 - 12/31/99             $1,300,000 (1)        $ 85.50
       01/01/00 - 03/15/00             $  500,000 (1)        $ 33.00

(1)   Distribution was made from cash from operations.

Note H - Segment Reporting

Description  of the types of products  and  services  from which the  reportable
segment derives its revenues

The  Partnership  has  one  reportable  segment:   residential  properties.  The
Partnership's   residential   properties  segment  consists  of  four  apartment
complexes located in Georgia (2), South Carolina,  and Virginia. The Partnership
rents  apartment  units to people for terms that are typically  twelve months or
less.

Measurement of segment profit or loss

The  Partnership  evaluates  performance  based on segment  profit (loss) before
depreciation.  The accounting policies of the reportable segment are the same as
those described in the summary of significant accounting policies.

Factors management used to identify the enterprise's reportable segment

The  Partnership's  reportable  segment  consists of investment  properties that
offer similar products and services.  Although each of the investment properties
is  managed  separately,  they have been  aggregated  into one  segment  as they
provide services with similar types of products and customers.

Segment  information  for the years ended December 31, 1999 and 1998 is shown in
the tables below. The "Other" column includes partnership administration related
items and income and expense not allocated to the reportable segment.

                 1999                   Residential     Other      Totals
                                                  (in thousands)

Rental income                             $ 5,205       $ --      $ 5,205
Other income                                  267           19        286
Interest expense                              956           --        956
Depreciation                                  689           --        689
General and administrative expense             --          186        186
Segment profit (loss)                       1,421         (167)     1,254
Total assets                                9,001          173      9,174
Capital expenditures for investment
  properties                                  932           --        932

                 1998                   Residential     Other      Totals
                                                  (in thousands)

Rental income                             $ 4,998       $ --      $ 4,998
Other income                                  266           25        291
Interest expense                              950           --        950
Depreciation                                  640           --        640
General and administrative expense             --          217        217
Segment profit (loss)                       1,257         (192)     1,065
Total assets                                8,415          824      9,239
Capital expenditures for investment
  properties                                  438           --        438

Note I - 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,  the Corporate  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  the  acquisition  by Insignia  Financial  Group,  Inc.
("Insignia")  and  entities  which  were,  at one time,  affiliates  of Insignia
("Insignia  Affiliates") of interests in certain general partner entities,  past
tender offers by Insignia  Affiliates to acquire limited  partnership units, the
management of partnerships  by Insignia  Affiliates and the Insignia Merger (see
"Note B - Transfer  of  Control").  The  plaintiffs  seek  monetary  damages and
equitable relief, including judicial dissolution of the Partnership. On June 25,
1998,  the Corporate  General  Partner filed a motion  seeking  dismissal of the
action.  In lieu of  responding  to the  motion,  the  plaintiffs  have filed an
amended complaint.  The Corporate 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 final  court
approval, on behalf of the Partnership and all limited partners who own units as
of November 3, 1999.  Preliminary  approval of the  settlement  was  obtained on
November 3, 1999 from the Superior Court of the State of  California,  County of
San Mateo, 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 class  plaintiffs'  counsel
to enter the settlement. On December 14, 1999, the Corporate General Partner and
its affiliates terminated the proposed settlement. Certain plaintiffs have filed
a motion to  disqualify  some of the  plaintiffs'  counsel  in the  action.  The
Corporate  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.

Note J - Change in Accounting Principle

Effective  January 1, 1999, the Partnership  changed its method of accounting to
capitalize the cost of exterior  painting and major landscaping on a prospective
basis.  The  Partnership  believes  that  this  accounting  principle  change is
preferable  because it provides a better  matching of expenses  with the related
benefit of the expenditures and it is consistent with industry  practice and the
policies of the Corporate General Partner.  The effect of the change in 1999 was
to increase net income by approximately  $67,700 ($4.47 per limited  partnership
unit). The cumulative effect, had this change been applied to prior periods,  is
not material.  The accounting  principle  change will not have an effect on cash
flow, funds available for distribution or fees payable to the Corporate  General
Partner and affiliates.


<PAGE>




Item 8.  Changes  in  and  Disagreements  with  Accountants  on  Accounting  and
         Financial Disclosure

         None.


<PAGE>


                                    PART III

Item 9.     Directors,   Executive   Officers, Promoters  and  Control  Persons;
            Compliance with Section 16(a) of the Exchange Act

The Registrant has no officers or directors.  The Corporate  General  Partner is
Shelter  Realty I  Corporation.  The names and ages of, as well as the positions
and  offices  held by, the  present  executive  officers  and  directors  of the
Corporate General Partner are set forth below. There are no family relationships
between or among any officers or directors.

Name                        Age    Position

Patrick J. Foye              42    Executive Vice President and Director

Martha L. Long               40    Senior Vice President and Controller

Patrick J. Foye has been  Executive Vice President and Director of the Corporate
General  Partner  since October 1, 1998.  Mr. Foye has served as Executive  Vice
President  of AIMCO  since May 1998.  Prior to  joining  AIMCO,  Mr.  Foye was a
partner in the law firm of Skadden, Arps, Slate, Meagher & Flom LLP from 1989 to
1998 and was  Managing  Partner  of the  firm's  Brussels,  Budapest  and Moscow
offices from 1992  through  1994.  Mr. Foye is also Deputy  Chairman of the Long
Island  Power   Authority  and  serves  as  a  member  of  the  New  York  State
Privatization  Council.  He received a B.A. from Fordham College and a J.D. from
Fordham University Law School.

Martha L. Long has been Senior Vice  President  and  Controller of the Corporate
General  Partner and AIMCO since October 1998, as a result of the acquisition of
Insignia  Financial  Group,  Inc. From June 1994 until January 1997, she was the
Controller for Insignia, and was promoted to Senior Vice President - Finance and
Controller in January 1997,  retaining that title until October 1998.  From 1988
to June 1994,  Ms. Long was Senior Vice  President and  Controller for The First
Savings Bank, FSB in Greenville, South Carolina.

Based solely upon a review of Forms 3 and 4 and amendments  thereto furnished to
the Registrant  under Rule 16a-3(e) during the  Registrant's  most recent fiscal
year and Forms 5 and amendments thereto furnished to the Registrant with respect
to its most recent  fiscal year,  the  Registrant  is not aware of any director,
officer,  beneficial  owner of more than ten  percent  of the  units of  limited
partnership interest in the Registrant that failed to file on a timely basis, as
disclosed in the above Forms,  reports required by section 16(a) of the Exchange
Act during the most recent  fiscal year or prior fiscal years except as follows:
AIMCO Properties,  L.P. and its joint filers failed to timely file a Form 3 with
respect to its  acquisition  of Units and AIMCO and its joint  filers  failed to
timely file a Form 4 with respect to its acquisition of Units.

Item 10. Executive Compensation

None of the directors and officers of the Corporate General Partner received any
remuneration from the Registrant.

Item 11. Security Ownership of Certain Beneficial Owners and Management

Except as noted below, as of December 31, 1999, no person or entity was known to
own of record or beneficially  more than 5% of the Limited  Partnership Units of
the Registrant.

                                           Number of Units      Percentage

           Cooper River Properties, LLC          1,145             7.64%
             (an affiliate of AIMCO)
           Insignia Properties, LP               5,864            39.09%
             (an affiliate of AIMCO)
           AIMCO Properties, LP                  3,089            20.59%
             (an affiliate of AIMCO)

Cooper  River  Properties,   LLC  and  Insignia  Properties  LP  are  indirectly
ultimately  owned  by  AIMCO.  Their  business  address  is  55  Beattie  Place,
Greenville, SC 29602.

AIMCO  Properties,  LP is  indirectly  ultimately  owned by AIMCO.  Its business
address is 2000 South Colorado Blvd., Denver, Colorado 80222.

No director or officer of the  Corporate  General  Partner  owns any Units.  The
Corporate  General  Partner  owns 100  Units  as  required  by the  terms of the
Partnership Agreement governing the Partnership.  AIMCO Properties LP, the other
general partner acquired 3,089 units during the current year.

Item 12. Certain Relationships and Related Transactions

The  Partnership  has no employees  and is dependent  on the  Corporate  General
Partner  and  its  affiliates  for  the  management  and  administration  of all
partnership  activities.  The  Partnership  Agreement  provides  for (i) certain
payments to affiliates for services and (ii)  reimbursement  of certain expenses
incurred by affiliates on behalf of the Partnership. The following payments were
paid or accrued to the Corporate General Partner and affiliates during the years
ended December 31, 1999 and 1998:

                                                         1999       1998
                                                         (in thousands)
Property management fees (included in operating
  expenses)                                             $ 273      $ 262
Reimbursement for services of affiliates,
  (included in operating, general and
  administrative expenses, and investment
  properties)                                              98        138
Due to general partners                                   101        101

During the years ended  December 31, 1999 and 1998,  affiliates of the Corporate
General  Partner were  entitled to receive 5% of gross  receipts from all of the
Partnership's   properties  for  providing  property  management  services.  The
Partnership paid to such affiliates  approximately $273,000 and $262,000 for the
years ended December 31, 1999 and 1998, respectively.

An  affiliate  of  the  Corporate  General  Partner  received  reimbursement  of
accountable  administrative  expenses  amounting  to  approximately  $98,000 and
$138,000 for the years ended December 31, 1999 and 1998, respectively.

Several tender offers were made by various parties,  including affiliates of the
general partners, during the years ended December 31, 1999 and 1998. As a result
of these tender offers,  AIMCO and its affiliates  currently own 10,098 units of
limited  partnership  interest  in the  Partnership  representing  67.32% of the
outstanding  units. 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. Consequently, AIMCO is in a position to influence all voting decisions
with respect to the  Registrant.  Under the Partnership  Agreement,  unitholders
holding a majority of the Units are  entitled  to take action with  respect to a
variety of matters.  When voting on matters,  AIMCO would in all likelihood vote
the Units it acquired in a manner  favorable  to the  interest of the  Corporate
General Partner because of their affiliation with the Corporate General Partner.


<PAGE>


Item 13.  Exhibits and Reports on Form 8-K

      (a)   Exhibits:

            Exhibit 18, Independent Accountants' Preferability Letter for Change
            in Accounting Principle, is filed as an exhibit to this report.

            Exhibit 27, Financial Data Schedule,  is filed as an exhibit to this
            report.

      (b)   Reports on Form 8-K filed in the fourth quarter of 1999:

            None.


<PAGE>


                                   SIGNATURES

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

                                    SHELTER PROPERTIES I


                                    By:   Shelter Realty I Corporation
                                          Corporate 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:


In  accordance  with the Exchange  Act, this report has been signed below by the
following  persons on behalf of the Partnership and in the capacities and on the
dates indicated.

/s/Patrick J. Foye      Executive Vice President      Date:
Patrick J. Foye         and Director

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




<PAGE>


                                  EXHIBIT INDEX

Exhibit

     2.1  Agreement  and Plan of Merger,  dated as of  October  1, 1998,  by and
          between  AIMCO and IPT  (incorporated  by  reference to Exhibit 2.1 of
          IPT's Current Report on Form 8-K, File No.  1-14179,  dated October 1,
          1998).

3                 See Exhibit 4(a)

     4    (a)  Amended  and  Restated   Certificate  and  Agreement  of  Limited
          Partnership  (included as Exhibit A to the  Prospectus  of  Registrant
          dated  July 3,  1980  contained  in  Amendment  No. 1 to  Registration
          Statement  No.   2-67384  of  Registrant   filed  July  3,  1980  (the
          "Prospectus") and incorporated herein by reference).

          (b)  Subscription Agreements and Signature Pages (Filed with Amendment
               No. 1 of Registration  Statement No. 2-67384 of Registrant  filed
               July 3, 1980 and incorporated herein by reference).

          (c)  Wrap Around  Mortgage  Note and South  Carolina  Mortgage of Real
               Estate between Quail Hollow  Company and Shelter  Properties I to
               acquire Quail Hollow Apartments.*

          (d)  Promissory Note and Deed of Trust and Security  Agreement between
               Pacific Mutual Life Insurance Company and Shelter Properties I to
               refinance the debt of Windsor Hills Apartments.*

          (e)  Multifamily  Note and  Multifamily  Deed to secure  Debt  between
               Germania   Federal  Savings  and  Loan  Association  and  Shelter
               Properties I to refinance the debt of Rome Georgian Apartments.*

          (f)  Promissory  Note and Deed to Secure Debt and  Security  Agreement
               between  Citizens and Southern  Financial  Corporation  and Stone
               Property Associates, Ltd. to acquire Stone Mountain Apartments.*

                  *Filed as Exhibit 4(c), 4(d), 4(e), and 4(f), respectively, to
                  Form 10-K of Registrant  for year ended  December 31, 1987 and
                  incorporated herein by reference.

10(i)             Contract related to acquisition or disposition of properties.

          (a)  Purchase  Agreement dated December 5, 1979,  between Quail Hollow
               Associates  Limited  Partnership and U.S. Shelter  Corporation to
               purchase Quail Hollow Apartments.**

          (b)  Purchase  Agreement  dated  December  5,  1979,  between  Windsor
               Associates and U.S. Shelter Corporation to purchase Windsor Hills
               Apartments.**

                  **Filed  as  Exhibits  12(c)  and  12(d),   respectively,   to
                  Registration  Statement No. 2-67384 of Registrant  filed April
                  16, 1980 and incorporated herein by reference.

          (c)  Purchase  Agreement  dated  June 4,  1980  between  Paul  Lipman,
               Trustee and U.S.  Shelter  Corporation  to purchase Rome Georgian
               Apartments.***

          ***Filed  as  Exhibit  12(d),  to  Amendment  No.  1  to  Registration
               Statement,  No.  2-67384,  of  Registrant  filed July 3, 1980 and
               incorporated herein by reference.

          (d)  Purchase Agreement dated December 17, 1980 between Stone Property
               Associates,  Ltd.  and Shelter  Properties  I to  purchase  Stone
               Mountain  West  Apartments.  (Filed  with Form 8-K of  Registrant
               dated December 18, 1980 and incorporated herein by reference).

          (e)  Agreement  of Sale  dated  September  30,  1983  between  Shelter
               Properties  I  and  Case/Edwards   Associates  to  sell  Yorktown
               Apartments.  (Filed with Form 10-K of  Registrant  for year ended
               December 31, 1983 and incorporated herein by reference).

          (f)  Contract  of  Sale  dated  September  30,  1983  between  Shelter
               Properties  I and Volco,  Inc.  to sell  Lamplighter  Apartments.
               (Filed with Form 10-K of Registrant  for year ended  December 31,
               1984 and incorporated herein by reference).

          (g)  Agreement of Sale dated May 31, 1984 between Shelter Properties I
               and BWIT  Fifty-Fifth  Street,  Inc.  to sell  Middle  Plantation
               Apartments.  (Filed with Form 10-K of  Registrant  for year ended
               December 31, 1984 and incorporated herein by reference).

10(ii) Form of Management  Agreement with U.S. Shelter Corporation  subsequently
     assigned  to  Shelter   Management  Group,  L.P.  (now  known  as  Insignia
     Management,  L.P.) (Filed with Amendment No. 1 of  Registration  Statement,
     No.  2-67384 of Registrant  filed July 3, 1980 and  incorporated  herein by
     reference).

10(iii)           Contracts related to refinancing the debt:

          (a)  Restated  and  Modified  of  First  Deed of  Trust  and  Security
               Agreement  dated  October 28, 1992 between  Windsor Hills I, L.P.
               and Dewey B.  Morris and  Richard G.  Joynt  (Trustee)  and First
               Commonwealth Realty Credit Corporation,  a Virginia  Corporation,
               securing the Windsor Hill property.****

          (b)  Second Deed of Trust and  Security  Agreement  dated  October 28,
               1992  between  Windsor  Hills I,  L.P.  and Dewey B.  Morris  and
               Richard G. Joynt (Trustee) and First  Commonwealth  Realty Credit
               Corporation,  a Virginia  Corporation,  securing the Windsor Hill
               property.****

          (c)  First  Assignment  of Leases and Rents  dated  October  28,  1992
               between  Windsor  Hills I,  L.P.  and First  Commonwealth  Realty
               Credit Corporation, a Virginia Corporation,  securing the Windsor
               Hills property.****

          (d)  Second  Assignment  of Leases and Rents  dated  October  28, 1992
               between  Windsor Hills I, L.P. and Dewey B. Morris and Richard G.
               Joynt (Trustee) and First Commonwealth Realty Credit Corporation,
               a Virginia Corporation, securing the Windsor Hills property.****

          (e)  Restated and Modified  Deed of Trust Note dated  October 28, 1992
               between  Windsor  Hills I,  L.P.  and First  Commonwealth  Realty
               Credit Corporation relating to the Windsor Hills property.****

          (f)  Second Deed of Trust Note dated October 28, 1992 between  Windsor
               Hills I, L.P. and First Commonwealth Realty Credit Corporation, a
               Virginia Corporation relating to the Windsor Hills property.****

                  ****Filed as Exhibit 10(iii) (a) through (f), respectively, to
                  Form 10-KSB of Registrant for year ended December 31, 1992 and
                  incorporated herein by reference.

          (g)  Multifamily Note dated May 11, 1994 between Shelter  Properties I
               and  Financial  Federal  Savings Bank  relating to Rome  Georgian
               Apartments.*****

          (h)  Multifamily  Deed  to  secure  debt,  assignments  of  rents  and
               security agreement, dated May 11, 1994 between Shelter Properties
               I and  Financial  Federal  Savings Bank  securing  Rome  Georgian
               Apartments.*****

          (i)  Multifamily  Note  secured by a Mortgage  or Deed of Trust  dated
               November  1,  1996,  between  Shelter  Properties  I  and  Lehman
               Brothers  Holdings,  Inc.,  d/b/a Lehman  Capital,  a Division of
               Lehman  Brothers  Holdings,   Inc.,   relating  to  Quail  Hollow
               Apartments.

          (j)  Multifamily  Note  secured by a Mortgage  or Deed of Trust  dated
               November  1,  1996,  between  Shelter  Properties  I  and  Lehman
               Brothers  Holdings,  Inc.,  d/b/a Lehman  Capital,  a Division of
               Lehman  Brothers  Holdings,   Inc.,  relating  to  Rome  Georgian
               Apartments.

          (k)  Multifamily  Note  secured by a Mortgage  or Deed of Trust  dated
               November  1,  1996,  between  Shelter  Properties  I  and  Lehman
               Brothers  Holdings,  Inc.,  d/b/a Lehman  Capital,  a Division of
               Lehman Brothers Holdings,  Inc.,  relating to Stone Mountain West
               Apartments.

                  *****Filed as Exhibit  10(iii) (a) and (b),  respectively,  to
                  Form 10QSB of  Registrant  for the quarter ended June 30, 1994
                  and incorporated herein by reference.

          18   Independent  Accountants'  Preferability  Letter  for  Change  in
               Accounting Principle.

          22   Subsidiaries of the Registrant.

          27   Financial Data Schedule.

          99   (a)  Prospectus  of Registrant  dated July 3, 1980,  (included in
               Registration   Statement  No.   2-67384,   of   Registrant)   and
               incorporated herein by reference.

          (b)  Agreement  of  Limited  Partnership  for  Windsor  Hills I,  L.P.
               between  Shelter I GP Limited  Partnership  and Shelter I Limited
               Partnership  dated  October 13, 1992.  (Filed as Exhibit 28(b) to
               Form 10-KSB of  Registrant  for year ended  December 31, 1992 and
               incorporated herein by reference).


<PAGE>


                                   EXHIBIT 22

                              SHELTER PROPERTIES I

                                 Subsidiary List

                                       State of Incorporation/
         Name of Subsidiary                   Formation                   Date

Windsor I Limited Partnership                  Delaware                   1992

Shelter I GP Limited Partnership                                          1992



<PAGE>


                                                                      Exhibit 18

February 7, 2000


Mr. Patrick J. Foye
Executive Vice President
Shelter Realty I Corporation

Corporate General Partner of Shelter Properties I
55 Beattie Place
P.O. Box 1089
Greenville, South Carolina 29602

Dear Mr. Foye:

Note J of Notes to the Financial  Statements of Shelter Properties I included in
its Form 10-KSB for the year ended  December 31, 1999  describes a change in the
method of  accounting  to capitalize  exterior  painting and major  landscaping,
which would have been  expensed  under the old policy.  You have advised us that
you  believe  that the change is to a  preferable  method in your  circumstances
because it provides a better  matching of expenses  with the related  benefit of
the  expenditures  and is consistent with policies  currently being used by your
industry and conforms to the policies of the Corporate General Partner.

There are no authoritative criteria for determining a preferable method based on
the particular circumstances; however, we conclude that the change in the method
of accounting  for exterior  painting and major  landscaping is to an acceptable
alternative  method which,  based on your business  judgment to make this change
for the reasons cited above, is preferable in your circumstances.

                                                              Very truly yours,
                                                           /s/ Ernst & Young LLP