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, 1996

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, 1996: 11,052.


<PAGE>
<TABLE>

PART I. - FINANCIAL INFORMATION

                          RIVERCHASE INVESTORS I, LTD.
                             (A LIMITED PARTNERSHIP)
                                 BALANCE SHEETS
                    SEPTEMBER 30, 1996 AND DECEMBER 31, 1995
                                   (Unaudited)

<CAPTION>
                               September 1996      December 1995
                                 (Unaudited)         (Audited)
                               --------------      --------------
ASSETS
<S>                                   <C>                <C>
  Cash                             $  266,180          $  187,282
  Restricted cash                      34,406              34,420
  Accounts receivable                   2,485               7,176
  Prepaid expenses                     26,361              16,238
                                    ---------           ---------

     Total current assets             329,432             245,116

Property, plant and equipment:
  Land                              2,102,784           2,102,784
  Buildings                         6,511,825           6,517,075
  Furniture and fixtures              964,259             947,994
  Land improvements                    93,341              50,397
  Building improvements                13,710                   0
  Equipment                            16,472              10,953
                                    ---------           ---------

                                    9,707,392           9,629,203
Less accumulated depreciation       2,483,949           2,352,469
                                    ---------           ---------

                                    7,223,443           7,276,734
Other assets:
  Deposits                              4,796               4,796
                                    ---------           ---------

     Total assets                  $7,557,670          $7,526,646
                                    =========           =========
</TABLE>
<TABLE>

<CAPTION>
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
<S>                                   <C>                <C>
  Accounts payable                 $   12,088          $   21,606
  Other accrued liabilities           130,071               9,328
  Tenant deposits                      27,181              33,279
  Unearned rent                         2,800               5,182
  Due to affiliate                          0                  16
                                    ---------           ---------
     Total current liabilities        172,140              69,411

General partners' deficit             (20,923)            (20,206)
Limited partners' capital
  (11,052 units)                    7,406,453           7,477,441
                                    ---------           ---------
     Total partners' capital       $7,385,530          $7,457,235
                                    ---------           ---------
Total liabilities and
     partners' capital             $7,557,670          $7,526,646
                                    =========           =========
<FN>
The quarterly financial information included herein has
been prepared by management without audit by
independent public accountants.
See accompanying notes to financial statements.
</FN>
</TABLE>

<PAGE>
<TABLE>

                  RIVERCHASE INVESTORS I, LTD.
                    (A LIMITED PARTNERSHIP)
                    STATEMENTS OF OPERATIONS
              FOR THE THREE MONTHS AND NINE MONTHS
               ENDED SEPTEMBER 30, 1996 AND 1995
                          (Unaudited)

<CAPTION>
                        Three months ended      Nine months ended
                           September 30            September 30
                        ------------------      -----------------
                          1996      1995         1996       1995
                         ------    ------       ------     ------
<S>                      <C>        <C>         <C>        <C>
Revenues:
Rents                 $ 343,450  $ 368,106  $ 1,093,598  $ 1,084,510
Interest                  2,438        906        6,984        6,677
Other                    13,172      9,012       32,391       34,324
                        -------    -------    ---------    ---------

Total revenues          359,060    378,024    1,132,973    1,125,511

Expenses:
General and
 administrative          17,825     20,747       64,350       71,199
Salaries and
 wages                   30,795     28,882       96,071       92,539
Taxes and licenses       34,707     40,235      121,533      118,882
Management fees          17,532     18,679       55,654       55,450
Repairs and maintenance  63,530     61,569      198,192      160,594
Utilities                32,382     29,973       88,125       86,129
Insurance                 5,637      5,307       13,891       16,441
Depreciation
    and amortization     44,395     43,329      131,480      127,595
                        -------    -------    ---------    --------

Total expenses          246,803    248,721      769,296      728,829
                        -------    -------    ---------    ---------

Net income            $ 112,257  $ 129,303  $   363,677  $   396,682
                        =======    =======    =========    =========
Net income per limited
partnership unit      $   10.06  $   11.58  $     32.58  $     35.53
                        =======    =======    =========    =========

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

<PAGE>
<TABLE>
                  RIVERCHASE INVESTORS I, LTD.
                    (A LIMITED PARTNERSHIP)
                 STATEMENTS OF PARTNERS' EQUITY
      FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
                         (Unaudited)

<CAPTION>
                                  General       Limited
                                  Partners      Partners       Total
                                 ----------    ----------    ----------
<S>                               <C>           <C>           <C>
Nine months ended September 30, 1995:

Balance at December 31, 1994   $   (18,598)  $ 7,636,289   $ 7,617,691

Net income                           3,967       392,715       396,682

Capital distributions               (5,247)     (519,444)     (524,691)
                                 ---------     ---------      ---------

Balance at September 30, 1995  $   (19,878)  $ 7,509,560   $  7,489,682
                                 =========     =========      =========

Nine months ended September 30, 1996:

Balance at December 31, 1995   $   (20,206)  $ 7,477,441   $  7,457,235

Net income                           3,637       360,040        363,677

Capital distributions               (4,354)     (431,028)      (435,382)
                                 ---------     ---------      ---------

Balance at September 30, 1996  $   (20,923)  $  7,406,453  $  7,385,530
                                 =========     ==========     =========

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

<PAGE>
<TABLE>
                  RIVERCHASE INVESTORS I, LTD.
                    (A LIMITED PARTNERSHIP)
                    STATEMENTS OF CASH FLOWS
     FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
                           (Unaudited)

<CAPTION>
                                       1996               1995
                                     ---------          ---------
<S>                                   <C>                <C>
Operating activities:
  Net income                        $ 363,677          $ 396,682
                                      -------            -------


  Adjustments  to  reconcile  net  
  income  to net  cash  provided  
  by  operating activities:
    Depreciation and amortization     131,480            127,595
  Changes in operating assets
  and liabilities:
    Accounts receivable                 4,705             (6,636)
    Prepaid expenses                  (10,123)             9,510
    Accrued liabilities               120,743            126,643
    Accounts payable                   (9,518)               541
    Tenant security deposits           (6,098)             8,115
    Unearned rent                      (2,382)            (4,787)
    Restricted cash                         0             (5,550)
                                      -------            -------
Net cash provided by
     operating activities             592,484            652,113
                                      -------            -------

Investing activities:
  Capital expenditures                (78,188)           (10,800)
                                      -------            -------
Net cash used in
     investing activities             (78,188)           (10,800)
                                      -------            -------
Financing activities:
  Distributions to partners          (435,382)          (524,691)
  Decrease in due to affiliate            (16)              (782)
                                      -------            -------
Net cash used in
     financing activities            (435,398)          (525,473)
                                      -------            -------

Increase in cash                       78,898            115,840
Cash, beginning of period             187,282            218,417
                                      -------            -------
Cash, end of period                 $ 266,180          $ 334,257
                                      =======            =======
<FN>
The quarterly financial information included herein has
been prepared by management without audit by
independent public accountants.
See accompanying notes to financial statements.
</FN>
</TABLE>

<PAGE>


                   RIVERCHASE INVESTORS I, LTD.
                     (A LIMITED PARTNERSHIP)
                  NOTES TO FINANCIAL STATEMENTS
             FOR THE QUARTER ENDED SEPTEMBER 30, 1996


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 1995
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, 1996 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, 1996


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, 1996 and 1995.

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, 1996

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 88.3%
and  it  generated  enough  cash  to  meet  the  financial  obligations  of  the
Partnership  and pay a cash  distribution  of $122,800 in the fourth  quarter of
1996.  The previous cash  distributions  were $435,382  making the total of cash
distributions paid to Partners during 1996 amount to $558,182 or $50 per Limited
Partnership unit of ownership.

Cash and  equivalents  increased to $266,180 at September 30, 1996 from $187,282
at  December  31,  1995.  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  average occupancy  decreased,  which resulted in the
decrease in third quarter rent revenues.  The average occupancy was 88.3% in the
third  quarter  of 1996 as  compared  to 94.0%  in the  third  quarter  of 1995.
However,  year-to-date total rent revenues increased by approximately  $9,088 or
 .8% due primarily to increased rental rates.

While  year-to-date  total  revenues  were  stable,   total  expenses  increased
approximately $40,000. The majority of the increase in expenses,  about $37,500,
is  related  to  repairs  and  maintenance  expense.  New  carpet and floor tile
accounted  for  approximately  $24,500 or 65% of the  increase  in  repairs  and
maintenance  expense.  Other items  contributing  to the variance  were exterior
building repairs and appliance repair and replacement.

The   Partnership's   budgeted  capital   expenditures  in  1996  were  for  the
refurbishment  of  the  pool,  resealing  and  restriping  of the  parking  lot,
landscape  upgrading,   a  perimeter  fence,  and  other  items.   Approximately
two-thirds  of these  capital  expenses  had been  incurred as of the end of the
quarter.


<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, 1996

<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, 1996             Thomas H. Lowder
Date                          Thomas H. Lowder
                                 General Partner


November 14, 1996             Douglas B. Nunnelley
Date                          Douglas B. Nunnelley
                              Principal Financial Officer