FORM 10-K
                                   
                 SECURITIES AND EXCHANGE COMMISSION
                       Washington D. C.  20549
                                 
                           ANNUAL REPORT
                                 
    Pursuant to Section 13 or 15(d) of the Securities Exchange
                            Act of 1934
            For the Fiscal year ended December 31, 1998
                  Commission file number 0-11578
                                 
          [X] Annual Report Pursuant to Section 13 or 15(d) of the Securities
              Exchange Act of 1934
              Exchange Act of 1934                     (No Fee Required)
                                 
    [ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities
            Exchange Act of 1934          (No Fee Required)
                                 
                  AMERICAN REPUBLIC REALTY FUND I
          (Exact name of registrant as specified in its charter)
                                 
       Wisconsin                                      39-1421936
(State or Other Jurisdiction of                    (I.R.S. Employer
Incorporation or Organization)                      Identification Number)
                                 
6210 Campbell Road, Suite 140, Dallas, Texas                75248
         (Address of Principal Executive Offices)          (Zip Code)
Registrant's Telephone Number, Including area code     (972) 380-8000
                                 
    Securities registered pursuant to Section 12(b) of the Act:
                                 
                                         Name of Each Exchange
 Title of Each Class                       on which Registered
         None                                    None

   Securities registered pursuant to Section 12 (g) of the Act:
                                 
                   Limited Partnership Interests
                         (Title of Class)
                                 
    Indicated by check mark whether the Registrant (1) has filed all reports
required  to  be filed by Section 13 or 15(d) of the Securities  Exchange
Act  of  1934 during the preceding 12 months (or for such shorter  period
that  the Registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.
                        Yes  X .    No ___.
                                 
    Indicate by check mark if disclosure of delinquent filers pursuant to
Item  405 of Regulation S-K is not contained, to the best of Registrant's
knowledge  in  definitive proxy on information to statements incorporated
by  reference in Part III of the Form 10-K or any amendment to this  Form
10-K.
                                 
                Documents Incorporated by Reference
                                 
The Definitive Prospectus of American Republic Realty Fund I dated May 2, 1983
filed  pursuant  to Rule 424(b) is incorporated by reference  as  is  the
Supplement  to that Prospectus filed pursuant to Rule 424(b) on  May  25,
1984.


                              PART I

Item 1.  Business

      The   Registrant,  American  Republic  Realty  Fund  I,  (the
"Partnership"),  is  a  limited  partnership  organized  under  the
Wisconsin Uniform Limited Partnership Act pursuant to a Certificate
of  Limited Partnership dated December 22, 1982. As of December 31,
1998,  the Partnership consisted of an individual general  partner,
Mr.  Robert  J.  Werra,  (the "General Partner")  and  926  limited
partners owning 11,000 limited partnership interests at $1,000  per
interest.   The  distribution  of  limited  partnership   interests
commenced  May  2,  1983 and ended April 17, 1984,  pursuant  to  a
Registration  Statement on Form S-11 under the  Securities  Act  of
1933 (Registration #0-11578) as amended.

    The Partnership was organized to acquire a diversified portfolio of
income-producing real properties, primarily apartments, as well  as
office   buildings,   industrial  buildings,  and   other   similar
properties.

    During 1983 and 1984, the Partnership acquired four properties:
Kenwood  Gardens Apartments, a 104 unit apartment community located
in Fort Myers, Florida (acquired on September 1, 1983, subsequently
disposed of by sale during 1988), Jupiter Plaza Office/Showroom,  a
131,440  rentable  square  foot  commercial  building  located   in
Garland,  Texas  (acquired  on  September  29,  1983,  subsequently
disposed  of in foreclosure during 1988), Four Winds Apartments,  a
154 unit apartment community located in Orange Park, Florida (Phase
I  acquired September 12, 1983 and Phase II acquired May  1,  1984)
and Forestwood Apartments (formerly Oak Creek) a 263 unit apartment
community  located in Bedford, Texas (acquired December 20,  1983).
No  additional properties were purchased by the Partnership and the
Partnership  will not acquire additional properties in the  future.
The properties remaining are described more fully in this report at
"Item 2. Properties".

     Univesco, Inc.("Univesco"), a Texas corporation, eighty  three
percent  owned by Robert J. Werra ("Univesco") manages the  affairs
of  the  Partnership.  Univesco acts as  the  managing  agent  with
respect  to the Partnership's properties. Univesco may also  engage
other on-site property managers and other agents to the extent  the
management considers appropriate. The General Partner has  ultimate
authority regarding property management decisions.

     The  Partnership competes in the residential  rental  markets.
Univesco  prepared  marketing analyses for all property  areas  and
determined that these areas contain other like properties which are
considered  competitive  on the basis of  location,  amenities  and
rental  rates. It is realistic to assume that additional properties
similar  to the foregoing will be constructed within their  various
market areas.

    No material expenditure has been made or is anticipated for either
Partnership-sponsored   or   consumer  research   and   development
activities relating to the development or improvement of facilities
or  services provided by the Partnership. There neither  has  been,
nor  are any anticipated, material expenditures required to  comply
with  any  federal, state, or local environmental provisions  which
would materially affect the earnings or competitive position of the
Partnership.

    The Partnership is engaged solely in the business of real estate
investments.  Its  business  is  believed  by  management  to  fall
entirely  within  a  single industry segment. Management  does  not
anticipate  that there will be any material seasonal  effects  upon
the operation of the Partnership.

Competition and Other Factors


     The majority of the Properties' leases are six to twelve month
terms.  Accordingly,  operating income  is  highly  susceptible  to
changing  market conditions. Occupancy and local market  rents  are
driven by general market conditions which include job creation, new
construction  of single and multi-family projects,  and  demolition
and other reduction in net supply of apartment units.

    Rents have generally been increasing in recent years due to the
generally  positive relationship between apartment unit supply  and
demand  in  the Partnership's markets. However, the properties  are
subject  to  substantial competition from similar and  often  newer
properties in the vicinity in which they are located. In  addition,
operating  expenses and capitalized expenditures have increased  as
units  are  updated and made more competitive in the market  place.
(See  Item  7  "Management's Discussion and Analysis  of  Financial
Condition and Results of Operations".)


Item 2.  Properties

    At December 31,  1998 the Partnership owned two properties with
approximately 416,623 net rentable square feet. Both properties are
apartment communities.

  Name and Location    General Description of the Property
Forestwood Apartments  A  fee simple interest in a 263  unit
                       apartment   community   located    in
                       Bedford,  Texas,  purchased  in  1983
                       containing   244,407   net   rentable
                       square   feet  on  approximately   14
                       acres of land.
                       
Four Winds Apartments  A  fee simple interest in an 100 unit
Phase I                community,  located in  Orange  Park,
                       Florida,    purchased    in     1983,
                       containing approximately 110,716  net
                       rentable  square feet on 10 acres  of
                       land.
                       
Four Winds Apartments  A  fee  simple interest in a 54  unit
Phase II               apartment   community   located    in
                       Orange  Park,  Florida,  adjacent  to
                       four  Winds  Apartments I,  purchased
                       in  1984 and containing approximately
                       61,500  net rentable square  feet  on
                       3.73 acres of land.
                       
                                 
                          Occupancy Rates
                                 
                             Per Cent
                                 


                   1994   1995   1996   1997   1998
Four Winds I & II  93.1%  93.6%  93.3%  92.0%  95.0%
Forestwood         96.9%  97.8%  96.6%  97.0%  96.5%




The  Properties  are encumbered by non-recourse mortgages  payable.
For  information regarding the encumbrances to which the properties
are  subject  and  the  status of the related mortgage  loans,  see
"Management's  Discussion and Analysis of Financial  Condition  and
Results  of Operating - Liquidity and Capital Resources"  contained
in  Item 7 hereof and Note B to the  Financial Statements contained
in Item 8.



Item 3.  Legal Proceedings

    None.


Item 4.  Submission of Matters to a Vote of Security Holders



     No matters were submitted to a vote of the unit holders of the
Partnership during the fourth quarter of 1998.

     By  virtue  of its organization as a limited partnership,  the
Partnership  has  outstanding no securities possessing  traditional
voting  rights.  However, as provided and qualified in the  Limited
Partnership  Agreement, limited partners have  voting  rights  for,
among  other  things,  the  removal  of  the  General  Partner  and
dissolution of the Partnership.

                              PART II

Item 5.   Market for the Partnership's Securities and Related Unit
     Holder Matters


The Partnership's outstanding securities are in the form of Limited
Partnership  Interests ("Interests"). The distribution  period  for
the  sale  of the Interests began May 2, 1983,and closed April  17,
1984.  As of December 31, 1998 there were approximately 926 limited
partners owning 11,000 limited partnership interests at $1,000  per
interest.  A public market for trading Interests has not  developed
and  none  is  expected  to develop. In addition,  transfer  of  an
Interest   is   restricted  pursuant  to  the  Limited  Partnership
Agreement.

Although  a  public market for trading Interests has not developed,
MP  Value Fund 5, LLC acquired 539.5 units, approximately 4.9%, of
the outstanding Interests of the partnership in January, 1999. MP
Value Fund 5 has also tendered offers to other owners, although no
additional  Interests have been sold.  The registrant knows  of no
other activity involving the sale or acquisition of Interest.

The  General Partner continues to review the Partnership's  ability
to  make  distributions on a quarter by quarter basis, however, no
such  distributions have been made and none are anticipated in the
immediate  future  due  to  the debt service  requirements  of the
Partnership.

An analysis of taxable income or (loss)  allocated, and cash
distributed to Investors per $1,000 unit is as follows:

YEARS  INCOME    GAIN   LOSS       CASH
                               DISTRIBUTED
 1984     $0        $0     $342        $0
 1985      0         0     $291         0
 1986      0         0     $271         0
 1987      0         0     $279         0
 1988      0       $43      $63         0
 1989      0       $38     $127         0
 1990      0         0     $126         0
 1991      0         0     $122         0
 1992   $121         0        0         0
 1993     $2    $1,071        0         0
 1994    $17         0        0         0
 1995      0  a      0        0         0
 1996    $45         0        0         0
 1997     $0         0      $70         0
 1998     $0         0      $48         0


 (a) For Federal Income Tax purposes income only was reallocated in
accordance with the regulations promulgated thereunder of the
Internal Revenue code of 1986 as amended.


Item 6:   Selected Financial Data

The following table sets forth selected financial data regarding the
Partnership's  results of operations and financial position  as  of
the dates indicated. This information should be read in conjunction
with  "Management's Discussion and Analysis of Financial  Condition
and Results of Operations" contained in Item 7 hereof and Financial
Statements and notes thereto contained in Item 8.


     Year Ended December 31.
(in thousands except unit and per
          unit amounts)
                                                              
                                    1998   1997  1996   1995   1994
                                                                
Limited Partner Units Outstanding  11,000 11,000 11,000 11,000 11,000
                                                                
Statement of Operations                                         
  Total Revenues                   $2,675 $2,534 $2,458 $2,409 $2,311
  Net Income (Loss) before          
  extraordinary items                (195)  (112)   258    248    233
  Extraordinary Item-gain on          
  extinguishment of debt                0    252      0      0      0
  Net Income (Loss)                  (195)   140    258    248    233
  Limited Partner Net Income       
 (Loss) per Unit - Basic           (17.53)  12.60  23.22  22.31  20.93
  Cash Distributions to Limited           
  Partners per Unit  - Basic            0       0      0      0      0
                                                                
                                                                
Balance Sheet:                                                  
  Real Estate, net                 $7,639  $8,134  $8,420  $8,954  $9,522
  Total Assets                      8,426   9,092   8,645   9,099   9,795
  Mortgages Payable                10,675  10,770   7,240   7,998   8,757      
  Notes Payable to Affiliate          399     760   2,935   3,108   3,444
  Partner's Deficit                (3,030) (2,835) (2,975) (3,233) (3,481)
                                    

Item 7.   Management's Discussion and Analysis of Financial Conditions
and Results of Operations

This  discussion  should  be  read in conjunction  with  Item  6  -
"Selected  Financial Data" and Item 8 - "Financial  Statements  and
Supplemental Information" .

Results of Operations: 1998 VERSUS 1997 -

Revenue  from Property Operations increased $141,574  or  5.59%  as
compared  to  1997.   This increase is primarily  attributed  to  a
$134,934 increase in rental revenues which was principally  due  to
an  increase  in  rents  and by an increase in  average  occupancy.
Interest  income decreased $8,385 due to an decrease  in  available
funds  for investment during 1998.  The increase in other operating
revenues of $15,025 were principally caused by a increase  in  fees
from  tenants and vending revenues. The following table illustrates
the increases:

                  Increase
                  (Decrease)
                        
Rental income     $134,934
Interest            (8,385)
Other               15,025
Net Increase      $141,574

Property  operating expenses for 1998 increased $224,472 or  8.48%.
Interest  expense  on  mortgage  payable  increased  $363,003   due
primarily  to  refinancing  completed  in  1997.  Depreciation  and
amortization   increased  primarily  due   to   additional   costs
associated  with the new mortgage loans. Interest expense  on  Note
payable  to  affiliates  decreased  due  to  the  repayment  of   a
substantial  portion of the amount owed to affiliates  with  excess
proceeds   from   the   refinancing  of  the   mortgages   payable.
Maintenance and repairs decreased $25,556 or 7.79% due primarily to
the  completion of deferred maintenance items required by  the  new
mortgage  lenders.   Property  management  fees  are  paid  to   an
affiliated entity and represent approximately 5% of gross  revenues
(see  Note  C  to  the  Financial  Statements  and  Schedule  Index
contained in Item 8). The following table illustrates the increases
or (decreases):

                  Increase
                  (Decrease)
                        
Interest Expense on N/P Affiliate      $(140,851)
Interest Expense on Mortgages pay        363,003
General administrative                        (9)
Maintenance & repairs                    (25,556)
Utilities                                 (3,545)
Real estate taxes                        (11,869)
Advertising and Marketing                   (553)
Depreciation and amortization             37,023
Property management fees                   6,829
Administrative Service Fee                     0
                        
Net Increase                            $224,472











Results of Operations: 1997 VERSUS 1996 -

Revenue  from  Property Operations increased $75,345  or  3.06%  as
compared  to  1996.   This increase is primarily  attributed  to  a
$59,982 increase in rental revenues which was principally due to an
increase in rents partially offset by a slight decrease in  average
occupancy.  Interest income increased $8,266 due to an increase  in
available funds for investment during 1997.  The increase in  other
operating revenues of $7,097 were principally caused by a  increase
in  fees  from  tenants and vending revenues. The  following  table
illustrates the increases:

                  Increase
                        
Rental income     $59,982
Interest            8,266
Other               7,097
Net Increase      $75,345

Property operating expenses for 1997 increased $445,118 or  20.23%.
Interest  expense  on  mortgage  payable  increased  $482,222   due
primarily  to  refinancing  of  both  properties  mortgages.   (See
discussion below - Gain on Early Estingushment of Debt).   Interest
expense  on  Note  payable  to  affiliates  decreased  due  to  the
repayment of a substantial portion of the amount owed to affiliates
with  excess  proceeds  from  the  refinancing  of  the  mportgages
payable.    General  and  administrative  expenses  increased   due
primarily  to higher legal and accounting fees in 1995 relating  to
debt  restructuring in that year. increased professional  fees  and
payroll  expenses.   Maintenance and repairs increased  $26,109  or
8.64%  due primarily to deferred maintenance items required by  the
new  mortgage  lenders.  Property management fees are  paid  to  an
affiliated entity and represent approximately 5% of gross  revenues
(see  Note  C  to  the  Financial  Statements  and  Schedule  Index
contained in Item 8). The following table illustrates the increase
or (decreases):

                  Increase
                  (Decrease)
                        
Interest Expense on N/P Affiliate     $(123,679)
Interest Expense on Mortgages pay       482,222
General administrative                    5,565
Maintenance & repairs                    26,109
Utilities                                  (531)
Real estate taxes                         2,371
Advertising and Marketing                 1,693
Depreciation and amortization            47,417
Property management fees                  3,951
Administrative Service Fee                    0
                        
Net Increase                           $445,118

Extraordinary Item - Gain on Early Extinguishment of Debt

Until  their repayment in July 1997  with proceeds obtained through
the  issuance  of  new mortgage notes, the then  existing  mortgage
notes,  as a result of a previous year troubled debt restructuring,
were  carried  at  a  value equal to to future  cash  outflows  for
principal and interest less total payments made.  All principal and
interest payments directly reduced the carrying value of the  debt,
and  no interest expense was recognized.  As a result of the  early
extinguishment  of  these  debt instruments,  a  non-cash  gain  of
$251,785 was recorded during 1997.


Liquidity and  Capital Resources

While it is the General Partner's primary intention to operate  and
manage  the  existing real estate investments, the General  Partner
also  continually  evaluates this investment in  light  of  current
economic conditions and trends to determine if these assets  should
be  considered  for disposal. At this time, there  is  no  plan  to
dispose of either Property.

As  of  December 31, 1998, the Partnership had $146,358 in cash and
cash  equivalents as compared to $16,900 as of December  31,  1997.
See  Note  C  to the Financial Statements contained in Item  8  for
information regarding related party transactions.

The properties are encumbered by two non-recourse mortgage notes as
of  December  31,  1998.  These mortgages payable have  a  carrying
value of $10,675,051 at December 31, 1998.  The mortgage notes were
entered into during 1997 to refinance certain mortgage notes.  (See
earlier  discussion entitled "Extraordinary Item -  Gain  on  Early
Extiguishment  of Debt").  The refinancing of these mortgage  notes
resulted in a gain from early extinguishment of debt.

Additionally,  the  general partner has  provided  funding  to  the
Partnership in the form of notes payable with balances at  December
31,1998  totaling $399,392 which accrue interest at  rates  ranging
from  prime plus 2%; to 8.25% and are due on June 30, 2001,  or  upon
demand   The general partner is not obligated to provide additional
funding to the Partnership.

For  the  foreseeable  future,  the  Partnership  anticipates  that
mortgage   principal  payments  (excluding  any  balloon   mortgage
payments), improvements and capital expenditures will be funded  by
net  cash  from operations. The primary source of capital  to  fund
balloon  mortgage  payments   will  be  proceeds  from  the   sale,
financing or refinancing of the Properties.

The  Partnership's required principal payments due under the stated
terms  of  the  Partnership's  mortgage  notes  payable  and  notes
payable  to  affiliates are $102,678, $111,063, $519,524,  $129,941
and $140,551 for each of the next five years.

Year 2000
The Partnership and Management Company have replaced all data
processing systems on the last three years with year 2000 compliant
software and  hardware.  The Partnership and Management Company have
completed testing of its data processing  systems.  While compliance
can not be assured, the systems tested to date are compliant.

Surveys of financial institutions and vendors used by the Partnership and
Management Company also indicate compliance testing to date these surveys
will  be  completed by June 1999.  The Partnership  and  Management
Company  have prepared contingency plans.  These include  redundant
back-ups and paper copies of all system reports through 1999.

The Partnership  anticipates that it  will  not  incur  any  costs
associated with its computers and building operating systems as  it
relates to the conversion to the year 2000.


Item 7a - Quantitative and Qualitative Disclosure about Market Risk
Market Risk

The Partnership is exposed to interest rate changes primarily as  a
result of  its  real estate mortgages.  The Partnerships  interest
rate  risk management objective is to limit the impact of  interest
rate  changes on earnings and cash flows and to lower  its  overall
borrowing  costs.   To  achieve  its  objectives,  the  partnership
borrows  primarily at fixed rates.  The partnership does not  enter
into derivative or interest rate transactions for any purpose.

The Partnerships' activities do not contain material risk  due  to
changes in general market conditions.  The partnership invests only
in  fully  insured bank certificates of deposits, and mutual  funds
investing in United States treasury obligations.

     Risk Associated with Forward-Looking Statements Included in
this Form 10-K this Form 10-K contains certain forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934,
which are intended to be covered by the safe harbors created
thereby.  These statements include the plans and objectives of
management for future operations, including plans and objectives
relating to capital expenditures and rehabilitation costs on the
Properties.  The forward-looking statements included herein are
based on current expectations that involve numerous risks and
uncertainties.  Assumptions relating to the foregoing involve
judgments with respect to, among other things, future economic,
competitive and market conditions and future business decisions,
all of which are difficult or impossible to predict accurately and
many of which are beyond the control of the Company.  Although the
Company believes that the assumptions underlying the forward-
looking statements are reasonable, any of the assumptions could be
inaccurate and, therefore, there can be no assurance that the
forward-looking statements included in this Form 10-K will prove to
be accurate.  In light of the significant uncertainties inherent in
the forward-looking statements included herein, the inclusion of
such information should not be regarded as a representation by the
Company or any other person that the objectives and plans of the
Company will be achieved.




                 AMERICAN REPUBLIC REALTY FUND I
                  COMBINED FINANCIAL STATEMENTS
                AND INDEPENDENT AUDITORS' REPORTS

                December 31, 1998, 1997 and 1996



                 INDEX TO FINANCIAL STATEMENTS



                                                            
                                                                     Page

  Independent Auditors' Reports                                        1

      Combined Financial Statements

    Balance Sheets as of December 31, 1998 and 1997                    3

    Statements of Operations for the years ended
      December 31, 1998, 1997 and 1996                                 4
  
    Statements of Partners' Equity (Deficit) for the years ended
      December 31, 1998, 1997, and 1996                                5
  
    Statements of Cash Flows for the years ended
      December 31, 1998, 1997 and 1996                                 6
  
    Notes to Financial Statements                                      7
  
    Schedule III - Real Estate and Accumulated Depreciation           14
  
  
   All other schedules have been omitted because they are not
  applicable, not required or the information has been supplied
  in the financial statements or notes thereto.
  





                  INDEPENDENT AUDITORS' REPORT


To the General Partner and Limited Partners of
    Amrecorp Realty Fund I

We  have  audited  the  accompanying combined  balance  sheet  of
Amrecorp  Realty  Fund  I, a Wisconsin limited  partnership  (the
"Partnership") as of December 31, 1998, and the related  combined
statements  of operations, partners' equity (deficit),  and  cash
flows  for  the year then ended.  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  audit.  The financial  statements  of
Amrecorp  Realty Fund I as of December 31, 1997, were audited  by
other auditors whose report dated February 23, 1998, expressed an
unqualified opinion on those statements.

We  conducted  our  audit in accordance with  generally  accepted
auditing  standards.  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 management, as well as  evaluating
the overall presentation of the financial statements.  We believe
that our audit provides a reasonable basis for our opinion.

In  our  opinion,  the  December 31,  1998  financial  statements
referred  to above present fairly, in all material respects,  the
financial  position of Amrecorp Realty Fund I as of December  31,
1998,  and  the results of its operations and its cash flows  for
the  year  then  ended  in  conformity  with  generally  accepted
accounting principles.

Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole.  Schedule III is
presented for the purpose of complying with the Securities and
Exchange Commission's rules and is not a required part of the
basic financial statements.  This schedule has been subjected to
the auditing procedures applied in the audits of the basic
financial statements and, in our opinion, fairly states, in all
material respects, the financial data required to be set forth
therein in relation to the basic financial statements taken as a
whole.



FARMER, FUQUA, HUNT & MUNSELLE, P.C.

February 12, 1999
Dallas, Texas


     INDEPENDENT AUDITORS' REPORT



To the General Partner
and Limited Partners of
American Republic Realty Fund I
Dallas, Texas

We have audited the accompanying combined balance sheet of
American Republic Realty Fund I and subsidiary (A Wisconsin
limited partnership) (the "Partnership") as of December 31, 1997
and the related combined statements of operations, partners'
equity (deficit) and cash flows for the years ended December 31,
1997 and 1996.  The combined financial statements are the
responsibility of the Partnership's management.  Our
responsibility is to express an opinion on the combined financial
statements based on our audits.

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

In our opinion, such combined financial statements present
fairly, in all material respects, the financial position of the
Partnership as of December 31, 1997 and the results of their
operations and their cash flows for the years ended December 31,
1997 and 1996, in conformity with generally accepted accounting
principles.



DELOITTE & TOUCHE LLP

Dallas, Texas
February 23, 1998


                AMERICAN REPUBLIC REALTY FUND I
                    COMBINED BALANCE SHEETS
                   December 31, 1998 and 1997


                             ASSETS
                                                      1998         1997

Investments in real estate at cost
Land                                                $1,822,718    $1,822,718
Buildings,improvements and furniture and fixtures   15,519,676    15,348,507

                                                    17,342,394    17,171,225
Accumulated  depreciation                           (9,702,703)   (9,037,393)

                                                     7,639,691     8,133,832

Cash   and   cash  equivalents                         146,358        16,900
Escrow deposits                                        430,820       702,955
Deferred financing costs, net of accumulated
amortization of $34,414 and $11,472, respectively      195,016       217,958
Prepaid expenses                                        14,421        20,686

TOTAL ASSETS                                        $8,426,306    $9,092,331


               LIABILITIES AND PARTNERS' DEFICIT

Mortgages payable                               $10,675,051       $10,769,977
Notes payable to affiliates                         399,392           759,788
Amounts due affiliates                               46,853            45,235
Accounts payable and accrued expenses               278,099           306,030
Security deposits                                    56,924            46,591

TOTAL LIABILITIES                                11,456,319        11,927,621

PARTNERS'DEFICIT                                 (3,030,013)      (2,835,290)

TOTAL  LIABILITIES AND PARTNERS'DEFICIT          $8,426,306       $9,092,331



                AMERICAN REPUBLIC REALTY FUND I
               COMBINED STATEMENTS OF OPERATIONS
      For the Years Ended December 31, 1998, 1997 and 1996

                                        1998          1997           1996
INCOME
Rentals                             $2,614,696     $2,479,762     $2,419,780
Other                                   56,717         41,692         34,595
Interest                                 3,958         12,343          4,077
 
Total income                         2,675,371      2,533,797      2,458,452

OPERATING EXPENSES
Interest expense on
mortgages payable                      845,225        482,222          ---
Depreciation and amortization          688,253        651,230        603,813
General and administrative             388,758        388,767        383,202
Maintenance and repairs                302,596        328,152        302,043
Real estate taxes                      245,033        256,902        254,531
Utilities                              177,896        181,441        181,972
Property  management  fee
to affiliate                           133,659        126,830        122,879
Advertising and marketing               40,493         41,046         39,353
Interest  expense on notes payable
to affiliates                           38,173        179,024        302,703
Administrative service fee
to general partner                      10,008         10,008         10,008
 
   Total operating expenses          2,870,094      2,645,622      2,200,504
 
NET INCOME (LOSS) BEFORE
EXTRAORDINARY GAIN                    (194,723)      (111,825)       257,948
 
Extraordinary gain - gain on early
extinguishment of debt                    ---         251,785          ---
 
NET  INCOME  (LOSS)                  $(194,723)      $139,960       $257,948
 
NET INCOME PER LIMITED PARTNERSHIP
UNIT - BASIC
 
Net income (loss) before extraordinary gain      $(17.53)    (10.06)   $23.22
Extraordinary gain-gain on early
extinguishment of debt                             ---        22.66     ---
 
Net income per unit - basic                      $(17.53)    $12.60   $ 23.22
 
LIMITED PARTNERSHIP UNITS
 OUTSTANDING - BASIC                              11,000     11,000    11,000


                 AMERICAN REPUBLIC REALTY FUND I
        COMBINED STATEMENTS OF PARTNERS' EQUITY (DEFICIT)
      For the Years Ended December 31, 1998, 1997 and 1996


                                     General        Limited
                                     Partner        Partners        Total
 
 Balance,January 1,1996             $53,363       $(3,286,561)  $(3,233,198)
 
 Net income                           2,579           255,369       257,948
 
 Balance, December 31, 1996          55,942        (3,031,192)   (2,975,250)
 
 Net income                           1,400           138,560       139,960
 
 Balance, December 31,1997           57,342        (2,892,632)   (2,835,290)
 
 Net loss                            (1,947)         (192,776)     (194,723)

 Balance, December 31,1998          $55,395       $(3,085,408)  $(3,030,013)
 










                AMERICAN REPUBLIC REALTY FUND I
               COMBINED STATEMENTS OF CASH FLOWS
      For the Years Ended December 31, 1998, 1997 and 1996

                                              1998        1997        1996

CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)                        $(194,723)    $139,960    $257,948
Adjustments to reconcile net income
(loss) to net cash provided by operations:
Extraordinary gain on early extinguishment
of debt                                          ---   (251,785)     ---
Depreciation and amortization              688,252      651,230     603,813
Change in assets and liabilities:
Prepaid expenses                             6,265       (1,072)      3,982
Escrow Deposits                            295,249      (91,894)    (80,458)
Accounts payable and accrued expenses      (27,931)     188,828      62,940
Security deposits                           10,333          845      (5,672)
Net cash provided by operating activities  777,445      636,112     842,553
 

CASH FLOWS FROM INVESTING ACTIVITIES
Investments in real estate                (171,169)    (353,998)    (69,345)
Net payments to reserve for replacement    (23,114)   (428,095)        ---
 
Net  cash  used for investing activities  (194,283)   (782,093)     (69,345)
 
CASH FLOWS FROM FINANCING ACTIVITIES

Additions to mortgages payable             ---     10,800,000         ---
Deferred financing costs                   ---       (229,430)        ---
Payments on mortgages payable           (94,926)   (7,017,917)    (758,646)
Payments on notes payable
to affiliates                          (360,396)   (2,175,522)    (172,771)
Proceeds (payments) on amounts
due affiliates                            1,618    (1,237,461)     162,373
Net cash provided by (used for)
financing activities                   (453,704)      139,670    (769,044)
 
Net increase (decrease) in cash
and cash equivalents                    129,458       (6,311)       4,164
 
Cash and cash equivalents at
beginning of period                      16,900       23,211       19,047
 
Cash and cash equivalents at
end of period                          $146,358      $16,900      $23,211
 
Supplemental disclosure of
cash flow information:
Cash paid during the year
for interest                           $856,672   $1,775,590     $302,703
Extraordinary gain on early
extinguishment of debt                 $---        $(251,785)    $---


                 AMERICAN REPUBLIC REALTY FUND I
             NOTES TO COMBINED FINANCIAL STATEMENTS
                   December 31, 1998 and 1997

NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
     
     Nature of Operations
     
     American  Republic  Realty  Fund I  (the  "Partnership"),  a
     Wisconsin  limited partnership, was formed on  December  22,
     1982,  under  the  laws of the state of Wisconsin,  for  the
     purpose  of  acquiring, maintaining, developing,  operating,
     and  selling  buildings and improvements.   The  Partnership
     operates  rental  apartments  in  Texas  and  Florida.   The
     Partnership  will  be  terminated  by  December  31,   2012,
     although this date can be extended if certain events  occur.
     The general partner is Mr. Robert J. Werra.
     
     An  aggregate of 20,000 units is authorized, of which 11,000
     were  outstanding for each of the three years ended December
     31,  1998.   Under the terms of the offering, no  additional
     units will be offered.
     
     Allocation of Net Income (Loss) and Cash
     
     Net  income and net operating cash flow, as defined  in  the
     limited  partnership agreement, are allocated first  to  the
     limited   partners  in  an  amount  equal  to   a   variable
     distribution  preference on capital contributions  from  the
     first  day of the month following their capital contribution
     and,  thereafter, 10% to the general partner and 90% to  the
     limited  partners.  Net loss is allocated 1% to the  general
     partner and 99% to the limited partners.
     
     Net income from the sale of property is allocated first,  to
     the  extent  there  are cumulative net  losses,  1%  to  the
     general partner and 99% to the limited partners; second,  to
     the   limited   partners  in  an  amount  equal   to   their
     distribution preference; and, thereafter, 15% to the general
     partner and 85% to the limited partners.
     
     Cash  proceeds from the sale of property or refinancing  are
     allocated  first to the limited partners to  the  extent  of
     their   capital   contributions   and   their   distribution
     preference  and, thereafter, 15% to the general partner  and
     85% to the limited partners.
                                
     Basis of Accounting
     
     The  Partnership  maintains  its  books  on  the  basis   of
     accounting  used for federal income tax reporting  purposes.
     Memorandum   entries   have  been  made   to   present   the
     accompanying   financial  statements  in   accordance   with
     generally accepted accounting principles.
     
     Investments in Real Estate and Depreciation
     
     Buildings,  improvements,  and furniture  and  fixtures  are
     recorded  at  cost  and depreciated using the  straight-line
     method over the estimated useful lives of the assets ranging
     from 5 to 27.5 years.
                 AMERICAN REPUBLIC REALTY FUND I
             NOTES TO COMBINED FINANCIAL STATEMENTS
                   December 31, 1998 and 1997
     
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED
     
     
     Income Taxes
     
     No  provision  for  income taxes has  been  made  since  the
     partners  report their respective share of  the  results  of
     operations on their individual income tax return.
     
     Revenue Recognition
     
     
     
     The Partnership has leased substantially all of its
     investments in real estate under operating leases for
     periods generally less than one year.
     
     
     
     Deferred Financing Costs
     
     Costs  incurred  to  obtain  mortgage  financing  are  being
     amortized  over the life of the mortgage using the straight-
     line method.
     
     Combination
     
     The   financial  statements  include  the  accounts  of  the
     Partnership  and  a wholly owned entity.   All  intercompany
     amounts have been eliminated.
     
     Cash and Cash Equivalents
     
     The Partnership considers all highly liquid instruments with
     a maturity of three months or less to be cash equivalents.
     
     
     
     Computation of Earnings Per Unit
     
     The   Partnership   has  adopted  Statement   of   Financial
     Accounting Standards ("SFAS") No.128, "Earnings per  Share".
     Comparative  earnings per unit data have  been  restated  to
     conform  to  the  adoption  of  this  new  standard.   Basic
     earnings per unit is computed by dividing net income  (loss)
     attributable  to  the  limited partners'  interests  by  the
     weighted average number of units outstanding.  Earnings  per
     unit  assuming  dilution would be computed by  dividing  net
     income   (loss)   attributable  to  the  limited   partners'
     interests  by  the  weighted average  number  of  units  and
     equivalent  units  outstanding.   The  Partnership  has   no
     equivalent units outstanding for any period presented.
     
     
                 AMERICAN REPUBLIC REALTY FUND I
             NOTES TO COMBINED FINANCIAL STATEMENTS
                   December 31, 1998 and 1997
     
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED
     
     
     Use of Estimates
     
     The  preparation of financial statements in conformity  with
     generally accepted accounting principles requires management
     to  make  estimates and assumptions that affect the reported
     amounts   of  assets  and  liabilities  and  disclosure   of
     contingent  assets  and  liabilities  at  the  date  of  the
     financial  statements and the reported amounts  of  revenues
     and  expenses during that reporting period.  Actual  results
     could differ from those estimates.
     
     Environmental Remediation Costs
     
     The   Partnership   accrues  for  losses   associated   with
     environmental remediation obligations when such  losses  are
     probable  and  reasonably estimable. Accruals for  estimated
     losses  from environmental remediation obligations generally
     are  recognized  no later than completion  of  the  remedial
     feasibility  study.  Such accruals are adjusted  as  further
     information  develops  or  circumstances  change.  Costs  of
     future    expenditures    for   environmental    remediation
     obligations  are  not  discounted to  their  present  value.
     Recoveries  of  environmental remediation costs  from  other
     parties are recorded as assets when their receipt is  deemed
     probable.   Project  management  is   not   aware   of   any
     environmental remediation obligations that would  materially
     affect  the operations, financial position or cash flows  of
     the Project.
     
     Comprehensive Income
     
     Statement  of  Financial  Accounting  Standards   No.   130,
     Reporting  Comprehensive Income, (SFAS 130),  requires  that
     total  comprehensive  income be reported  in  the  financial
     statements.  For the years ended December 31, 1998, December
     31,   1997,   and   December  31,  1996,  the  Partnership's
     comprehensive  income (loss) was equal  to  its  net  income
     (loss) and the Partnership does not have income meeting  the
     definition of other comprehensive income.
     
     
     Segment Information
     
     The  Partnership is in one business segment, the real estate
     investments  business, and follows the requirements  of  FAS
     131,  "Disclosures  about  Segments  of  an  Enterprise  and
     Related Information."
     
     
     
     
                                
                 AMERICAN REPUBLIC REALTY FUND I
             NOTES TO COMBINED FINANCIAL STATEMENTS
                   December 31, 1998 and 1997
     
NOTE B - MORTGAGES PAYABLE
     
     Mortgages  payable at December 31, 1998 and 1997,  consisted
     of the following:
     
                                                   1998           1997
Mortgage  note, original face  value  of                        
$6,800,000,    payable    in     monthly                        
installments  of principal and  interest                        
of  $49,517, bears interest at a rate of                        
7.92%  and  matures August 1,  2007,  at                        
which   time   a  lump-sum  payment   of                        
approximately $5,945,187 is  due.   This
mortgage note is secured by real  estate      $6,722,015      $6,781,266
assets   with  a  net  book   value   of
approximately $4,861,495
                                                      
Mortgage  note, original face  value  of              
$4,000,000,    payable    in     monthly              
installments  of principal and  interest              
of  $28,795 bears interest at a rate  of              
7.8%  and  matures August  1,  2007,  at              
which   time   a  lump-sum  payment   of              
approximately $3,488,279 is  due.   This                        
mortgage note is secured by real  estate       3,953,035       3,988,711
assets   with  a  net  book   value   of
approximately $2,778,197

                                             $10,675,050     $10,769,977
                                          
     
     At  December 31, 1998, required principal payments due under
     the stated terms of the Partnership's mortgage notes payable
     and notes payable to affiliates are as follows
     
              1999                      $  102,678
              2000                         111,063
              2001                         519,524
              2002                         129,941
              2003                         140,551
              Thereafter                 10,070,686
              
                                        $11,074,443


                 AMERICAN REPUBLIC REALTY FUND I
             NOTES TO COMBINED FINANCIAL STATEMENTS
                   December 31, 1998 and 1997

NOTE C - RELATED PARTY TRANSACTIONS

     The  Partnership  agreement specifies that certain  fees  be
     paid  to  the general partner or his designee.  An affiliate
     of  the  general partner receives a property management  fee
     that   is   5%   of   the  Partnership's   gross   receipts.
     Additionally,  the Partnership reimburses the affiliate  for
     administrative   expenditures.   The  following   fees   and
     reimbursements earned by an affiliate of the general partner
     in 1998, 1997 and 1996:
     
                                     1998      1997      1996
     Property management fee       $133,659  $126,830  $122,879
     Administrative service fee      10,008    10,008    10,008
     
     The general partner held a $1,300,000 promissory note of the
     Partnership,  bearing interest at a rate of 10%,  which  was
     scheduled  to mature on June 30, 2001.  This note  was  paid
     off  in July 1997 with excess funds from the refinancing  of
     mortgage notes payable.  Interest expense incurred  on  this
     note  was  $65,000 and $130,000 for the years ended December
     31, 1997 and 1996.
     
     During  1996,  the  Partnership received advances  from  the
     general  partner under a note agreement bearing interest  at
     prime  plus  2%.   These  advances  of  $208,866,  including
     accrued interest of $30,768, were paid off with excess funds
     from refinancing of mortgage notes payable in July 1997.

     Notes  payable to affiliates at December 31, 1998 and  1997,
     consisted of the following:
                                                1998         1997
Note  payable  to  an affiliate  of  the                        
general  partner,  bearing  interest  at                        
8.25%,  principal  and accrued  interest                        
are   due  and  payable  on  or   before                        
February 16, 2001.  Interest expense  of                        
$24,788,   $31,904   and   $35,000   was                        
incurred  on  the note for each  of  the                        
years ended December 31, 1998, 1997  and                        
1996, respectively.  Accrued interest of      $300,461     $300,461
$43,567 and $18,779 at December 31, 1998      
and  1997, respectively, is included  in
amounts due affiliates.
                                                      
Note  payable  to  the general  partner,                   
bearing  interest  of  prime  plus   2%,                   
principal   and  accrued  interest   are                   
payable on June 30, 2001 or upon demand.                   
Interest expense of $29,604, $66,996 and                   
$116,950  was incurred on the  note  for                   
each  of  the  years ended December  31,                   
1998,   1997   and  1996,  respectively.                        
There is no accrued interest payable  at        98,931      459,327
December 31, 1998 and 1997.
                                                      
                                              $399,392     $759,788



                 AMERICAN REPUBLIC REALTY FUND I
             NOTES TO COMBINED FINANCIAL STATEMENTS
                   December 31, 1998 and 1997

     

NOTE D - COMMITMENTS
     
     The  Partnership  will pay a real estate commission  to  the
     general partner or his affiliates in an amount not exceeding
     the  lessor  of  50% of the amounts customarily  charged  by
     others  rendering similar services or 3% of the gross  sales
     price  of a property sold by the Partnership, provided  that
     the  limited  partners have received their original  capital
     plus preferential interest, as defined.

NOTE E - RECONCILIATION OF BOOK TO TAX LOSS (UNAUDITED)
     
     If the accompanying financial statements had been prepared
     in accordance with the accrual income tax basis of
     accounting rather than generally accepted accounting
     principals ("GAAP"), the excess of expenses over revenues
     for 1998 would have been as follows:
     
     
     
     Net loss per accompanying financial statements     $(194,723)
                                                           
     Add - book basis depreciation using                  665,310
     straight-line method                                     
     
     Deduct - income tax basis depreciation expense
     using ACRS method.                                  (641,335)
                                                           
     Deduct -  net difference in revenue and               
     expense recognized by GAAP                          (104,254)
                                                           
                                                           
                                                           
     Excess of expenses over revenues,                
     accrual income tax basis                        $(275,002)
                                                           

NOTE F - ESTIMATED FAIR VALUE OF FINANCIAL INSTRUMENTS

     The   following  estimated  fair  value  amounts  have  been
     determined  using  available  market  information  or  other
     appropriate    valuation    methodologies    that    require
     considerable  judgement  in  interpreting  market  data  and
     developing estimates.  Accordingly, the estimates  presented
     herein  are  not necessarily indicative of the amounts  that
     the  Partnership could realize in a current market exchange.
     The  use  of  different market assumptions and/or estimation
     methodologies  may have a material effect on  the  estimated
     fair value amounts.

     The  fair value of financial instruments that are short-term
     or  reprice  frequently  and have a  history  of  negligible
     credit  losses  is considered to approximate their  carrying
     value.   These  include cash and cash equivalents,  accounts
     payable and other liabilities.
     
                 AMERICAN REPUBLIC REALTY FUND I
             NOTES TO COMBINED FINANCIAL STATEMENTS
                   December 31, 1998 and 1997
     
NOTE F - ESTIMATED    FAIR   VALUE   OF   FINANCIAL   INSTRUMENTS
          (CONTINUED)
     
     Management has reviewed the carrying values of its mortgages
     payable  and notes payable to related parties in  connection
     with  interest rates currently available to the  Partnership
     for  borrowings with similar characteristics and  maturities
     and  has  determined that their estimated fair  value  would
     approximate their carrying value as of December 31, 1998 and
     1997.

     The  fair  value information presented herein  is  based  on
     pertinent  information  available to  management.   Although
     management   is  not  aware  of  any  factors   that   would
     significantly affect the estimated fair value amounts,  such
     amounts  have not been comprehensively revalued for purposes
     of   these   financial  statements  since  that  date,   and
     therefore,  current  estimates  of  fair  value  may  differ
     significantly from the amounts presented herein.


AMERICAN REPUBLIC REALTY FUND I
Schedule III - Real Estate and Accumulated Depreciation
December 31, 1998


                                   Initial Cost
                                   to Partnership
Description             Encumbrances  Land       building        Total Cost
                                                   and         Subsequent to
                                              improvements      Acquisition



26 two-story apartment
buildings of concrete
block construction with
stucco and cedar exterior
and gabled roofs lacated
in Jacksonville,Florida    (b)     $583,000      $5,686,771       $259,827

37 Two-story apartment buildings
of concrete block construction
with brick veneer, stucco and
wood siding exterior, and
composition, shingled roofs (b)    1,239,718      8,679,421       893,657
located in Bedford, Texas
                                  $1,822,718     $14,366,192   $1,822,718


                                  Gross Amounts at Which
                                  Carried at Close of Year
                  Buildings
                     and                            Accumulated
    Land         Improvements      Total            Depreciation
                                  (c)(d)                (c)

  $583,000       $5,946,598      $6,529,598          $3,751,402
                                                      
 1,239,718        9,573,078     $10,812,796           5,951,301

$1,822,718      $15,519,676     $17,342,394           9,702,703


                                               Life on Which
Date of Construction        Date                Depreciation
                         Acquired                Is Computed


Phase I Complete at
date acquired;           9/12/83                 (a)
Phase II Complete at     
date acquired            5/01/84                 (a)


Complete at
date acquired            12/20/83                (a)

See notes to Schedule III.


AMERICAN REPUBLIC REALTY FUND I
Schedule III - Real Estate and Accumulated Depreciation (Continued)
December 31, 1998


NOTES TO SCHEDULE III:

(a)  See Note A to financial statements outlining depreciation methods
   and lives.

(b)   See description of mortgages and notes payable in Note B to  the
   financial statements.

(c)   The reconciliation of investments in real estate and accumulated
   depreciation for the years ended December 31, 1998, 1997 and 1996 is
   as follows:
 
                                        Investments in       Accumulated
                                          Real Estate       Depreciation
                                                      
    Balance, January 1, 1996             $16,747,882        $7,793,822
                                                                
        Acquisitions                          69,345             ---
        Depreciation expense                   ---             603,813
                                                                
    Balance, December 31, 1996            16,817,227         8,397,635
                                                                
        Acquisitions                         353,998           ---
        Depreciation expense                   ---            639,758
                                                                
    Balance, December 31, 1997            17,171,225        9,037,393
                                                                
        Acquisitions                         171,169          ---
        Depreciation expense                   ---           665,310
                                                                
    Balance, December 31, 1998           $17,342,394      $9,702,703


(d) Aggregate cost for federal income tax purposes is $17,224,694.



Item 9. Changes in and Disagreements on Accounting and Financial Disclosure

     On  November 6, 1998, an 8-K was filed to disclose the change  in
     auditors.   No  financial statements were issued  in  conjunction
     with  this filing.  The Registrant has not been involved  in  any
     disagreements on accounting and financial disclosure.

                                   
                               PART III

    Item 10.  Directors and Executive Officer of the Partnership

          The Partnership itself has no officers or directors.  Robert J.
Werra is the General Partner of the Partnership.

    Robert J. Werra, 60, the General Partner, Mr. Werra joined Loewi &
Co.,  Incorporated ("Loewi") in 1967  as a Registered  Representative.
In  1971,  he  formed  the  Loewi  real  estate  department,  and  was
responsible  for  its  first  sales of privately  placed  real  estate
programs.   Loewi Realty was incorporated in 1974, as a  wholly  owned
subsidiary of Loewi & Co., with Mr. Werra as President.  In 1980,  Mr.
Werra,  along  with three other individuals, formed Amrecorp  Inc.  to
purchase  the stock of Loewi Real Estate Inc., and Loewi  Realty.   In
1991  Univesco, Inc. became the management agent for the  Partnership.
Limited  Partners  have no right to participate in management  of  the
Partnership.

    Item 11.  Management Remuneration and Transactions

      As  stated  above, the Partnership has no officers or directors.
Pursuant  to  the  terms  of  the Limited Partnership  Agreement,  the
General Partner receives 1% of Partnership income and loss and  up  to
15%  of  Net      Proceeds  received  from  sale  or  refinancing   of
Partnership  properties  (after  return  of  Limited  Partner  capital
contributions  and  payment  of a 6% Current  Distribution  Preference
thereon).

          Univesco, Inc., an affiliate of the General Partner, is entitled
to  receive  a  management  fee with respect  to  properties  actually
managed  of  5%  of the actual gross receipts from a  property  or  an
amount competitive in price or terms for comparable services available
from  non-affiliated persons.  The Partnership is  also  permitted  to
engage  in  various transactions involving affiliates of  the  General
Partner  as  described under the caption "Compensation  and  Fees"  at
pages  6-8, "Management" at page 17 and "Allocation of Net Income  and
Losses and Cash     Distributions" at pages 34-36 of the Prospectus as
supplemented,  incorporated  in the Form S-11  Registration  Statement
which  was filed with the Securities and Exchange Commission and  made
effective on May 2, 1983.

          For the years ended December 31, 1998, 1997 and 1996, property
management   fees  earned  totaled  $133,659,126,830,   and   $122,879
respectively.  An additional administration service fee  was  paid  to
the  General  Partner of $10,008, $10,008 and $10,008  for  the  years
ended December 31, 1998, 1997 and 1996 respectively.

          Item 12.  Security Ownership of Certain Beneficial Owners and
     Management

           (a)  No  one  except as listed in item (b) below,  owns  of
record, and the General Partner knows of no one who owns beneficially,
more  than five percent of the Interests in the Partnership, the  only
class of securities outstanding.


           (b) By virtue of its organization as a limited partnership,
the  Partnership  has  no officers or directors.   Persons  performing
functions  similar  to  those  of  officers  and  directors   of   the
Partnership, beneficially own, the following Units of the  Partnership
as of March 1, 1999.

                                           Amount and Nature
   Title                 Name of            of Beneficial         Percent
 of Class            Beneficial Owner         Ownership        of Interest

  Limited            Robert J. Werra             566               5.14%
  Partnership
  Interests

No Selling Commissions were paid in connection with the purchase of
these Units.
          
      (c) There is no arrangement, known to the  Partnership, which may,
          at a subsequent date, result in a change in control of the
          Partnership.

    Item 13.  Certain Relationships and Related Transactions

    None other than discussed in Item 11 and Note C to the financial
    statements at Item 8 elsewhere in this 10-K.


                             PART IV

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

     (A)  1.  See accompanying Financial Statements Index

          2.  Additional financial information required
             to be furnished:
     
     Schedule III - Real Estate and Accumulate Depreciation.
          3.  Exhibits

               None.

     (B)  Reports on Form 8-K for the quarter ended December 31, 1998.

     November 6, 1998, an 8-K was filed to disclose the change
     in auditors.  No financial statements were issued in conjunction
     with this filing.


     (C)  Exhibits

          3.   Certificate of Limited Partnership, incorporated by reference
               to Registration Statement No. 0-11578 effective May 2, 1983.

          4.   Limited Partnership Agreement, incorporated by reference
               to Registration Statement No. 0-11578 effective May 2, 1983.

          9.   Not Applicable

          1O.  Not Applicable

          11.  Not Applicable

          12.  Not Applicable
               
          13.  Reports to security holders, incorporated by reference from
               Registrant's Quarterly Reports on Form 1O-Q, dated
               September 30, 1998.

          18.  Not Applicable

          19.  Not Applicable

          22.  Not Applicable

          23.  Not Applicable

          24.  Not Applicable

          25.  Power of Attorney, incorporated by reference to
               Registration Statement No. 0-11578 effective May 2, 1983.

         28.  None


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

                   AMERICAN REPUBLIC REALTY FUND I

                   ROBERT J. WERRA, GENERAL PARTNER



                             /s/  Robert J. Werra




    March 29, 1999