UNITED STATES  
  
               SECURITIES AND EXCHANGE COMMISSION  
  
                     Washington, D.C. 20549  
  
                            FORM 10-Q  
  
  
Quarterly Report Pursuant to Section 13 or 15(d) of the   
Securities Exchange Act of 1934  
  
For the quarterly period ended        September 30, 1995  
  
Commission file Number     0-14422  
  
             RIVERCHASE INVESTORS I, LTD.                  
(Exact name of registrant as specified in its charter.)  
  
    Florida                           64-0712672      
(State or other jurisdiction of    (I.R.S. Employer  
incorporation or organization)     Identification No.)  
  
2101 6th Avenue North, STE 750, 
Birmingham, AL                               35203-2764       
(Address of principal executive offices      (Zip Code)  
  
Registrant's telephone number, including area code:  
(205) 250-8700  
  
     Indicate by check mark whether the registrant(1) has filed 
all reports required to be filed by Section 13 or 15(d) of the 
Securities Exchange Act of 1934 during the preceding 12 months 
(or for such shorter period that the registrant was required to 
file such reports), and (2) has been subject to such filing 
requirements for the past 90 days.  
  
  
                         YES [X]        NO [ ]  
  

Number of Units of the Registrant's Limited Partnership
Units of Ownership outstanding as of September 30, 1995: 11,052.
      
 
<PAGE> 
<TABLE>         

PART I. - FINANCIAL INFORMATION  

                     RIVERCHASE INVESTORS I, LTD. 
                       (A LIMITED PARTNERSHIP)    
                           BALANCE SHEETS
                  SEPTEMBER 30, 1995 AND DECEMBER 31, 1994  
                             (Unaudited)

(Amounts in thousands)  
<CAPTION>  
                               September 1995        December 1994
                                 (Unaudited)         (Audited)  
                               ______________      ______________
ASSETS                                 
<S>                                   <C>                <C> 
  Cash                                $  334             $  218 
  Restricted cash                         33                 27 
  Accounts receivable                      8                  1 
  Prepaid expenses                         0                 10 
                                      ______             ______

     Total current assets                375                256 
 
Property, plant and equipment:  
  Land                                 2,103              2,103  
  Buildings                            6,510              6,510
  Furniture and fixtures                 936                934
  Land improvements                       50                 42
  Equipment                               11                 10
                                      ______             ______

                                       9,610              9,599
Less accumulated depreciation          2,310              2,182 
                                      ______             ______

                                       7,300              7,417
Other assets:
  Deposits                                 5                  5 
                                      ______             ______
     
     Total assets                     $7,680             $7,678 
                                      ======             ======
</TABLE>
<TABLE> 

<CAPTION>
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
<S>                                   <C>                <C>
  Accounts payable                    $   14             $   13 
  Other accrued liabilities              137                 10 
  Tenant deposits                         35                 27
  Unearned rent                            5                  9
  Due to affiliate                         0                  1
                                      ______             ______
     Total current liabilities           190                 60 

General partners' deficit                (20)               (19)
Limited partners' capital
  (11,052 units)                       7,510              7,636
                                      ______             ______
     Total partners' capital          $7,490             $7,618 
                                      ______             ______   
Total liabilities and  
     partners' capital                $7,680             $7,678 
                                      ======             ======
<FN>
The quarterly financial information included herein has
been prepared by management without audit by 
independent public accountants.    
See accompanying notes to financial statements.  
</TABLE>

<PAGE>  
<TABLE>  
  
                  RIVERCHASE INVESTORS I, LTD.  
                    (A LIMITED PARTNERSHIP)
                    STATEMENTS OF OPERATIONS  
              FOR THE THREE MONTHS AND NINE MONTHS
                  ENDED SEPTEMBER 30, 1995 AND 1994  
                          (Unaudited)  
  
(Amounts in thousands, except per limited partnership unit data)  
<CAPTION>  
                      Three months ended    Nine months ended
                           Sept. 30              Sept. 30 
                      ___________________  __________________
				1995      1994       1995      1994
                       ______    ______     ______    ______       
<S>                   <C>        <C>        <C>       <C> 
Revenues:
Rents                  $ 368     $ 359     $1,085    $1,077
Interest                   1         2          7         6
Other                      9        11         34        33 
                       _____     _____      _____     _____
  
Total revenues           378       372      1,126     1,116

Expenses:
General and  
 administrative           50        49        157       150 
Salaries and wages        29        37         93       106
Taxes and licenses        40        48        119       121
Management fees           19        19         55        55
Repairs and maintenance   62        65        161       180 
Insurance                  6         9         16        22
Depreciation 
    and amortization      43        46        128       195
                       _____     _____      _____     _____  
            
    Total expenses       249       273        729       829
                       _____     _____      _____     _____  

Net income             $ 129     $  98      $ 397     $ 287 
                       =====     =====      =====     =====
Net income per limited                                
  partnership unit    $11.58    $ 8.80     $35.53    $25.70
                       =====     =====      =====     =====

<FN>
The quarterly financial information included herein has
been prepared by management without audit by 
independent public accountants.    
See accompanying notes to financial statements.  
</TABLE>

<PAGE>
<TABLE>
                  RIVERCHASE INVESTORS I, LTD.
                    (A LIMITED PARTNERSHIP)
                 STATEMENTS OF PARTNERS' EQUITY
         FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
                         (Unaudited)

(Amounts in thousands)
<CAPTION>
                               General     Limited     
                               Partners    Partners     Total
                              __________  __________  __________ 
<S>                            <C>         <C>         <C>
Nine months ended Sept 30, 1994:

Balance at December 31, 1993   $   (16)    $  7,899    $  7,883

Net income                           3          284         287

Capital distributions               (5)        (519)       (525)
                               _________   _________   _________

Balance at Sept 30, 1994      $    (18)    $  7,663    $  7,645 
                               =========   =========   =========
  
Nine months ended Sept 30, 1995:

Balance at December 31, 1994   $   (19)    $  7,636    $  7,618

Net income                           4          393         397

Capital distributions               (5)        (519)       (525)
                               _________   _________   _________

Balance at Sept 30, 1995       $   (20)    $  7,510    $  7,490
                               =========   =========   =========
                   
<FN>
The quarterly financial information included herein has
been prepared by management without audit by 
independent public accountants.    
See accompanying notes to financial statements.
</TABLE>
                                 
<PAGE> 
<TABLE>  
                  RIVERCHASE INVESTORS I, LTD. 
                    (A LIMITED PARTNERSHIP)
                    STATEMENTS OF CASH FLOWS  
        FOR THE NINE MONTHS ENDED SEPT 30, 1995 AND 1994  
                           (Unaudited)  
  
(Amounts in thousands)  
<CAPTION>  
                                       1995               1994
                                     _________          _________        
<S>                                   <C>                <C>  
Operating activities:  
  Net income                          $  397             $  287
                                      _______            _______ 
            
 
  Adjustments to reconcile net  
  income to net cash provided by   
  operating activities:  
    Depreciation and amortization        128                195 
  Changes in operating assets
  and liabilities:   
    Accounts receivable                   (7)                (2) 
    Prepaid expenses                      10                  3
    Accrued liabilities                  127                121 
    Accounts payable                       1                  6
    Tenant security deposits               8                 (1) 
    Unearned rent                         (5)                 1
    Restricted Cash 	                  (6)                 0
                                      _______            _______
Net cash provided by
     operating activities                652                611
                                      _______            _______ 
   
Investing activities:  
  Capital expenditures                   (11)                (5)
                                      _______            _______
Net cash used in  
     investing activities                (11)                (5)
                                      _______            _______
Financing activities:  
  Distributions to partners             (525)              (525)  
  Decrease in due to affiliate            (1)                (6)
                                      _______            _______ 
Net cash used in  
     financing activities               (525)              (531)  
                                      _______            _______ 
Increase in cash                         116                 76
Cash, beginning of period                218                241 
                                      _______            _______ 
Cash, end of period                   $  334             $  317  
                                      =======            =======
<FN>  
The quarterly financial information included herein has
been prepared by management without audit by 
independent public accountants.    
See accompanying notes to financial statements.  
</TABLE>

<PAGE> 
  
  
                   RIVERCHASE INVESTORS I, LTD. 
                     (A LIMITED PARTNERSHIP)
                  NOTES TO FINANCIAL STATEMENTS  
               FOR THE QUARTER ENDED SEPTEMBER 30, 1995
  
  
NOTE 1. THE PARTNERSHIP  
  
Riverchase Investors I, Ltd. ("the Partnership") is a limited
partnership organized under the laws of the State of Florida,
pursuant to a Certificate and Agreement of Limited Partnership
dated February 22, 1985, as amended and restated as of
December 30, 1985. The Partnership owns and operates 248
apartment units in Temple Terrace, Florida. The Partnership
leases the apartment units to individuals under short-term
lease agreements.

NOTE 2. SIGNIFICANT ACCOUNTING POLICIES

BASIS OF PRESENTATION

The accompanying financial statements, which should be read 
in conjunction with the financial statements of Riverchase
Investors I, Ltd. included in the 1994 Annual Report filed on
Form 10-K, are unaudited but have been prepared in the ordinary
course of business for the purpose of providing information
with respect to the interim period.  The General Partners
believe that all adjustments (none of which were other than
normal recurring accruals) necessary for a fair presentation
for such periods have been included. The operating results
for the quarter ended September 30, 1995 may not be indicative
of the operating results for the entire year.  
  
INCOME TAXES  
  
The accompanying financial statements do not include a
provision for income taxes since the taxable income of the
Partnership is included in the tax returns of the Partners.  
  
<PAGE>  
  
  
                   RIVERCHASE INVESTORS I, LTD. 
                     (A LIMITED PARTNERSHIP)
                  NOTES TO FINANCIAL STATEMENTS  
               FOR THE QUARTER ENDED SEPTEMBER 30, 1995
 
  
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES - CONTINUED  
  
NET INCOME PER LIMITED PARTNERSHIP UNIT  
  
Net income per Limited Partnership unit is computed by
dividing 99% of net income (Limited Partners' share) by
the weighted average Limited Partnership units outstanding
during the period. The weighted average Limited Partnership
units outstanding was 11,052 during the three and nine
month periods ended September 30, 1995 and 1994.

NOTE 3. TRANSACTIONS WITH RELATED PARTIES

MANAGEMENT FEES  
  
Colonial Properties Services, Inc., an affiliate of the
Lowders, has actively managed the apartments since
September 29, 1993. The annual fee for the management of the
property is 5% of the gross collected revenues of the
property.  
  
<PAGE>  
  
  
                   RIVERCHASE INVESTORS I, LTD.
                     (A LIMITED PARTNERSHIP) 
                   MANAGEMENT'S DISCUSSION AND  
                ANALYSIS OF FINANCIAL CONDITION AND  
                      RESULTS OF OPERATIONS  
                        SEPTEMBER 30, 1995  
  
LIQUIDITY AND CAPITAL RESOURCES  

Cash flow at the property is primarily produced by the rental
of apartment units. During the third quarter the property's
physical occupancy averaged 94.0% and it generated enough
cash to meet the financial obligations of the Partnership
and pay a cash distribution of $167,455 in the fourth quarter
of 1995. The previous cash distributions were $524,691 making
the total of cash distributions paid to Partners during 1995
amount to $692,146 or $62 per Limited Partnership unit of
ownership.

Cash and equivalents increased to $334,257 at September 30,
1995 from $218,417 at December 31, 1994. The increase is due
to cash retained to pay for the accrued liabilities which will
come due at the end of the year.

RESULTS OF OPERATIONS

Third quarter year-to-year rent revenues were stable.
Average occupancy for the quarter remained high. The
average occupancy was 94.0% in the third quarter of 1995
as compared to 95.5% in the third quarter of 1994. Year-
to-date total revenues increased by approximately 1%.

While total revenues were stable, third quarter year-to-
year total expenses decreased by approximately $24,000.
Salaries and wages accounted for over $8,000 of the
savings. Painting completed in the prior year reduced
the need for painting and labor in the current period.
Property taxes also decreased by approximately $8,000
for the quarter. This variance is due to an adjusting
entry made in the third quarter of 1994 to increase
our accrual for the year. An adjusting accrual was not
required in the third quarter of 1995.  
  
The Partnership's budgeted capital expenditures in 1995
were for the refurbishment of signage, additional landscape
plantings, and an automatic guard gate. Also, the plans
included resurfacing of the tennis courts and some
roof repairs. Approximately one-half of these capital
expenses had been incurred as of the end of the quarter.  

The Partnership has been in existence now for about ten
years which was the originally contemplated term of
operation. With that consideration in mind, the General
Partner continues to solicit buyers for the property and
will inform the Limited Partners when a satisfactory
offer is received.  
  
<PAGE>  

PART II - OTHER INFORMATION  
  
	ITEM 1.	LEGAL PROCEEDINGS

			Inapplicable

	ITEM 2.	CHANGES IN SECURITIES

			Inapplicable

	ITEM 3.	DEFAULTS UPON SENIOR SECURITIES

			Inapplicable

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

			Inapplicable

	ITEM 5.	OTHER INFORMATION

			Inapplicable

	ITEM 6.	EXHIBITS AND REPORTS ON FORM 8-K

			a. Exhibits

				Exhibit 27. Financial Data Schedule

			b. Reports on Form 8-K
  
				None were filed for the quarter
            	 	ended September 30, 1995  
                                                                  
<PAGE>  
  
  
                   RIVERCHASE INVESTORS I, LTD. 
  
                           SIGNATURES  
  
  
Pursuant to the requirements of Section 13 or 15 (d) of the
Securities Exchange Act of 1934, as amended, the Registrant
has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
  
  
  
  
                              RIVERCHASE INVESTORS I, LTD.              
                              Registrant
  
  
November 14, 1995             Thomas H. Lowder                
Date                          Thomas H. Lowder                  
                              General Partner  
  
  
November 14, 1995             Douglas B. Nunnelley              
Date                          Douglas B. Nunnelley                
                              Principal Financial Officer