<PAGE>



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

                                   FORM 10-QSB
(Mark One)

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

                For the quarterly period ended September 30, 2003
                                               ------------------

                                       OR


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


            For the transition period from ___________ to ___________


                         Commission file number 0-10272
                                                -------

            Winthrop Residential Associates I, A Limited Partnership
       -----------------------------------------------------------------
       (Exact name of small business issuer as specified in its charter)


            Maryland                                     04-2720493
-----------------------------------         -----------------------------------
  (State or other jurisdiction of           (I.R.S. Employer Identification No.)
  incorporation or organization)


7 Bulfinch Place, Suite 500, Boston, MA                   02114-9507
---------------------------------------        --------------------------------
(Address of principal executive office)                   (Zip Code)


Registrant's telephone number, including area code        (617) 570-4600
                                                   ----------------------------


Indicate by check mark whether 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
                                       -----    -----




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            WINTHROP RESIDENTIAL ASSOCIATES I, A LIMITED PARTNERSHIP
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                         FORM 10-QSB SEPTEMBER 30, 2003
                         ------------------------------

                         PART 1 - FINANCIAL INFORMATION
                         ------------------------------



ITEM 1. FINANCIAL STATEMENTS.

BALANCE SHEETS

<TABLE>
<CAPTION>

(IN THOUSANDS, EXCEPT UNIT DATA)                          SEPTEMBER 30,
                                                              2003         DECEMBER 31,
                                                           (UNAUDITED)        2002
                                                          -------------    ------------
<S>                                                        <C>              <C>
Assets

Cash and cash equivalents                                  $      482       $      598
                                                           ----------       ----------

       Total Assets                                        $      482       $      598
                                                           ==========       ==========

Liabilities and Partners' Capital

Liabilities:

Accrued expenses                                           $        8       $       11
                                                           ----------       ----------

       Total Liabilities                                            8               11
                                                           ----------       ----------

Partners' Capital:

Limited Partners -
       Units of Limited Partnership Interest,
       $1,000 stated value per unit;
       25,676 units authorized; 25,595 units issued
       and outstanding                                          1,567            1,676
General Partners' deficit                                      (1,093)          (1,089)
                                                           ----------       ----------

       Total Partners' Capital                                    474              587
                                                           ----------       ----------

       Total Liabilities and Partners' Capital             $      482       $      598
                                                           ==========     ==========
</TABLE>




                       See notes to financial statements.

                                     2 of 19

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            WINTHROP RESIDENTIAL ASSOCIATES I, A LIMITED PARTNERSHIP
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                         FORM 10-QSB SEPTEMBER 30, 2003
                         ------------------------------


STATEMENTS OF OPERATIONS (UNAUDITED)

(IN THOUSANDS, EXCEPT UNIT DATA)

<TABLE>
<CAPTION>
                                                              FOR THE THREE MONTHS ENDED             FOR THE NINE MONTHS ENDED
                                                            SEPTEMBER 30,    SEPTEMBER 30,        SEPTEMBER 30,     SEPTEMBER 30,
                                                                2003             2002                 2003              2002
                                                            -------------    -------------        -------------     -------------
<S>                                                          <C>              <C>                   <C>              <C>
Income:

     Income from Local Limited Partnership
       cash distributions                                    $       -        $        -            $      4         $       37
     Gain from Local Limited Partnership
       property sale                                                 -               506                   -                506
     Equity in loss of Local Limited
       Partnership                                                   -               (25)                  -                (62)
     Interest                                                        2                 3                   4                 10
     Other income                                                    -                 -                   -                 12
                                                             ----------       -----------          ----------        -----------

         Total  income                                               2               484                   8                503
                                                             ----------       -----------          ----------        -----------

Expenses:

     Interest                                                        -                 4                   -                 12
     Management fees                                                 -                 -                   -                  4
     General and administrative                                     32                24                  97                 75
                                                             ----------       -----------          ----------        -----------

         Total expenses                                             32                28                  97                 91
                                                             ----------       -----------          ----------        -----------

Net (loss) income                                             $    (30)        $     456            $    (89)        $      412
                                                             ==========       ===========          ==========        ===========

Net (loss) income allocated to General Partners               $     (1)        $      23            $     (4)        $       21
                                                             ==========       ===========          ==========        ===========

Net (loss) income allocated to Limited Partners               $    (29)        $     433            $    (85)        $      391
                                                             ==========       ===========          ==========        ===========

Net (loss) income per Unit of Limited
   Partnership Interest                                      $   (1.13)       $    16.92            $  (3.32)        $    15.28
                                                             ==========       ===========          ==========        ===========

Distributions per Unit of Limited
   Partnership Interest                                      $       -        $        -            $   0.94         $        -
                                                             ==========       ===========          ==========        ===========
</TABLE>


                       See notes to financial statements.

                                     3 of 19


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            WINTHROP RESIDENTIAL ASSOCIATES I, A LIMITED PARTNERSHIP
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                         FORM 10-QSB SEPTEMBER 30, 2003
                         ------------------------------


<TABLE>
<CAPTION>
                                                     UNITS OF
                                                      LIMITED            LIMITED            GENERAL             TOTAL
                                                    PARTNERSHIP          PARTNERS'          PARTNERS'          PARTNERS'
                                                     INTEREST             CAPITAL            DEFICIT           CAPITAL
                                                   -------------       ------------        -----------        ----------
<S>                                                <C>                  <C>                <C>                <C>
Balance - January 1, 2003                               25,595          $    1,676         $  (1,089)         $    587

Net loss                                                     -                 (85)               (4)              (89)

Distributions                                                -                 (24)                -               (24)
                                                    -----------         -----------        ----------         ---------

Balance - September 30, 2003                            25,595          $    1,567         $  (1,093)         $    474
                                                    ===========         ===========        ==========         =========

</TABLE>














                       See notes to financial statements.

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            WINTHROP RESIDENTIAL ASSOCIATES I, A LIMITED PARTNERSHIP
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                         FORM 10-QSB SEPTEMBER 30, 2003
                         ------------------------------


STATEMENTS OF CASH FLOWS (UNAUDITED)

(IN THOUSANDS)

<TABLE>
<CAPTION>
                                                                              FOR THE NINE MONTHS ENDED
                                                                          SEPTEMBER 30,       SEPTEMBER 30,
                                                                               2003               2002
                                                                          -------------       -------------
<S>                                                                         <C>                 <C>
Cash Flows From Operating Activities:

Net (loss) income                                                           $     (89)          $    412
Adjustments to reconcile net (loss) income to net cash
  used in operating activities:
      Gain from Local Limited Partnership property sale                             -               (506)
      Equity in loss of Local Limited Partnership                                   -                 62
      Income from Local Limited Partnership cash distributions                     (4)               (37)
Changes in assets and liabilities:
      Decrease in accrued interest receivable                                       -                 28
      Decrease in accrued expenses                                                 (3)                (2)
      Increase in accrued interest payable                                          -                 12
                                                                            ---------           --------

      Net cash used in operating activities                                       (96)               (31)
                                                                            ---------           --------

Cash Flows From Investing Activities:

Proceeds from Local Limited Partnership property sale                               -                550
Distributions received from Local Limited Partnership                               4                 37
                                                                            ---------           --------

      Cash provided by investing activities                                         4                587
                                                                            ---------           --------

Cash Flows From Financing Activities:

Proceeds from note receivable                                                       -                105
Distributions to partners                                                         (24)                 -
                                                                            ---------           --------

      Cash (used in) provided by financing activities                             (24)               105
                                                                            ---------           --------

Net (decrease) increase in cash and cash equivalents                             (116)               661

Cash and cash equivalents, beginning of period                                    598                341
                                                                            ---------           --------

Cash and cash equivalents, end of period                                    $     482           $  1,002
                                                                            =========           ========
</TABLE>


                       See notes to financial statements.

                                     5 of 19


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            WINTHROP RESIDENTIAL ASSOCIATES I, A LIMITED PARTNERSHIP
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                         FORM 10-QSB SEPTEMBER 30, 2003
                         ------------------------------

                          NOTES TO FINANCIAL STATEMENTS
                          -----------------------------



1.       GENERAL

         The accompanying financial statements, footnotes and discussions should
         be read in conjunction with the financial statements, related footnotes
         and discussions contained in the Partnership's Annual Report on Form
         10-KSB for the year ended December 31, 2002.

         The financial information contained herein is unaudited. In the opinion
         of management, all adjustments necessary for a fair presentation of
         such financial information have been included. All adjustments are of a
         normal recurring nature. The balance sheet at December 31, 2002 was
         derived from audited financial statements at such date.

         The results of operations for the nine months ended September 30, 2003
         and 2002 are not necessarily indicative of the results to be expected
         for the full year.














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            WINTHROP RESIDENTIAL ASSOCIATES I, A LIMITED PARTNERSHIP
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                         FORM 10-QSB SEPTEMBER 30, 2003
                         ------------------------------



ITEM 2.       MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

              The matters discussed in this Form 10-QSB contain certain
              forward-looking statements and involve risks and uncertainties
              (including changing market conditions, competitive and regulatory
              matters, etc.) detailed in the disclosure contained in this Form
              10-QSB and the other filings with the Securities and Exchange
              Commission made by the Partnership from time to time. The
              discussion of the Partnership's liquidity, capital resources and
              results of operations, including forward-looking statements
              pertaining to such matters, does not take into account the effects
              of any changes to the Partnership's operations. Accordingly,
              actual results could differ materially from those projected in the
              forward-looking statements as a result of a number of factors,
              including those identified herein.

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


              Liquidity and Capital Resources

              As of September 30, 2003, the Partnership retained an equity
              interest in three Local Limited Partnerships, each of which owns
              one apartment complex. One property is located in Michigan and two
              properties are located in North Carolina.

              The level of liquidity based on cash and cash equivalents
              experienced an $116,000 decrease for the nine months ended
              September 30, 2003, as compared to December 31, 2002. The
              Partnership's $96,000 of net cash used in operating activities and
              $24,000 of distributions to partners (financing activity) was
              partially offset by $4,000 of distributions received from a Local
              Limited Partnership (investing activity). At September 30, 2003,
              the Partnership had $482,000 in cash and cash equivalents which
              have been invested primarily in repurchase agreements and a money
              market account.

              The Partnership's primary source of income is distributions from
              the Local Limited Partnerships. The Partnership requires cash to
              pay management fees, general and administrative expenses and to
              make capital contributions to any of the Local Limited
              Partnerships which the managing general partner deems to be in the
              Partnership's best interest to preserve its ownership interest. To
              date, all cash requirements have been satisfied by interest
              income, cash distributed by the Local Limited Partnerships to the
              Partnership or by loans.

              The Partnership does not intend to make advances to fund future
              operating deficits incurred by any Local Limited Partnership, but
              retains its prerogative to exercise business judgment to reverse
              this position if circumstances change. Moreover, the Partnership
              is not obligated to provide any additional funds to the Local
              Limited Partnerships to fund operating deficits. If a Local
              Limited Partnership sustains continuing operating deficits and has
              no other sources of funding, it is likely that it will eventually
              default on its mortgage obligations and risk a foreclosure on its
              property by the lender. If a foreclosure were to occur, the Local
              Limited Partnership would lose its investment in the property and
              would incur a tax liability due to the recapture of tax benefits
              taken in prior years. The Partnership, as an owner of the Local
              Limited Partnership, would share these consequences in proportion
              to its ownership interest in the Local Limited Partnership.



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                         FORM 10-QSB SEPTEMBER 30, 2003
                         ------------------------------


ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION (CONTINUED)

          Results of Operations

          The Partnership's net income decreased by $501,000 to a net loss of
          $89,000 for the nine months ended September 30, 2003, as compared to
          net income of $412,000 for the comparable period in 2002, due to a
          decrease in income of $495,000 and an increase in expenses of $6,000.

          Income decreased due to a $33,000 decrease in cash distributions
          received from Local Limited Partnerships, a decrease in interest
          income of $6,000 and a decrease in other income of $12,000. Income
          also decreased due to a gain from a Local Limited Partnership
          property sale during the nine months ended September 30, 2002. The
          Partnership did not have a comparable gain from a Local Limited
          Partnership property sale during the nine months ended September
          30, 2003. These decreases were partially offset by a loss from a
          Local Limited Partnership in the amount of $62,000 which was
          recorded for the nine months ended September 30, 2002. The
          Partnership did not incur a comparable loss from a Local Limited
          Partnership for the nine months ended September 30, 2003. Expenses
          increased due to an increase in various general and administrative
          expenses of $22,000 which were substantially offset by a decrease
          in interest expense of $12,000 and a decrease in management fees
          of $4,000.


          Recently Issued Accounting Standards

          In April 2002, the Financial Accounting Standards Board ("FASB")
          issued Statement of Financial Accounting Standards ("SFAS") No. 145,
          "Rescission of FASB Statements No. 4, 44, and 64, Amendment of FASB
          Statement No. 13 and Technical Corrections," which updates, clarifies
          and simplifies existing accounting pronouncements. In part, this
          statement rescinds SFAS No. 4, "Reporting Gains and Losses from
          Extinguishment of Debt." FASB No. 145 is effective for fiscal years
          beginning after May 15, 2002. Upon adoption, enterprises must
          reclassify prior period items that do not meet the extraordinary item
          classification criteria in Accounting Principles Board Opinion No. 30.
          This statement had no effect on the Partnership's financial
          statements.

          In July 2002, the FASB issued SFAS No. 146, "Accounting for Costs
          Associated with Exit or Disposal Activities." SFAS No. 146 requires
          companies to recognize costs associated with exit or disposal
          activities when they are incurred rather than at the date of a
          commitment to an exit or disposal plan. Examples of costs covered by
          the standard include lease termination costs and certain employee
          severance costs that are associated with a restructuring, discontinued
          operation, plant closing or other exit or disposal activity. SFAS No.
          146 is effective prospectively for exit and disposal activities
          initiated after December 31, 2002. This statement had no effect on the
          Partnership's financial statements.

          In November 2002, the FASB issued Interpretation No. 45, "Guarantors'
          Accounting and Disclosure Requirements for Guarantees, Including
          Indirect Guarantees of Indebtedness of Others." The interpretation
          elaborates on the disclosures to be made by a guarantor in its
          financial statements about its obligations under certain guarantees
          that it has issued. It also clarifies that a guarantor is required to
          recognize, at the inception of a guarantee, a liability for the fair
          value of the obligation undertaken in issuing the guarantee. This
          interpretation does not prescribe a specific approach for subsequently
          measuring the guarantor's recognized liability over the term of the
          related guarantee. The disclosure provisions of this interpretation
          were effective for the Partnership's December 31, 2002 financial
          statements. The initial recognition and initial measurement provisions
          of this interpretation are applicable on a prospective basis to
          guarantees issued or modified after December 31, 2002. This
          interpretation had no effect on the Partnership's financial
          statements.


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                         FORM 10-QSB SEPTEMBER 30, 2003
                         ------------------------------


ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION (CONTINUED)

          Recently Issued Accounting Standards (Continued)

          In January 2003, the FASB issued Interpretation No. 46, "Consolidation
          of Variable Interest Entities." This interpretation clarifies the
          application of existing accounting pronouncements to certain entities
          in which equity investors do not have the characteristics of a
          controlling financial interest or do not have sufficient equity at
          risk for the entity to finance its activities without additional
          subordinated financial support from other parties. The provisions of
          the interpretation will be immediately effective for all variable
          interests in variable interest entities created after January 31,
          2003, and the Partnership will need to apply its provisions to any
          existing variable interests in variable interest entities by no later
          than December 31, 2004. The Partnership does not expect that this
          interpretation will have an impact on the Partnership's financial
          statements.

          In April 2003, the FASB issued SFAS No. 149, "Amendment of SFAS No.
          133 on Derivative Instruments and Hedging Activities." This statement
          amends and clarifies financial accounting and reporting for derivative
          instruments, including certain derivative instruments embedded in
          other contracts (collectively referred to as derivatives) and for
          hedging activities under SFAS No. 133, "Accounting for Derivative
          Instruments and Hedging Activities." The changes in this statement
          improve financial reporting by requiring that contracts with
          comparable characteristics be accounted for similarly. In particular,
          this statement (1) clarifies under what circumstances a contract with
          an initial net investment meets the characteristic of a derivative
          discussed in SFAS No. 133, (2) clarifies when a derivative contains a
          financing component, (3) amends the definition of an underlying that
          is related to an asset, liability or equity security to conform it to
          language used in FASB Interpretation No. 45, and (4) amends certain
          other existing pronouncements. Those changes will result in more
          consistent reporting of contracts as either derivatives or hybrid
          instruments. This statement is effective for contracts entered into or
          modified after June 30, 2003, and for hedging relationships designated
          after June 30, 2003. The guidance should be applied prospectively. The
          provisions of this statement that relate to SFAS No. 133
          implementation issues that have been effective for fiscal quarters
          that began prior to June 15, 2003, should continue to be applied in
          accordance with their respective effective dates. In addition, certain
          provisions relating to forward purchases or sales of when-issued
          securities or other securities that do not yet exist, should be
          applied to existing contracts as well as new contracts entered into
          after June 30, 2003. This statement had no effect on the Partnership's
          financial statements.

          In May 2003, the FASB issued SFAS No. 150, "Accounting for Certain
          Financial Instruments with Characteristics of both Liabilities and
          Equity." The statement improves the accounting for certain financial
          instruments that under previous guidance, issuers could account for as
          equity. The new statement requires that those instruments be
          classified as liabilities in statements of financial position. SFAS
          No. 150 affects the issuer's accounting for three types of
          freestanding financial instruments. One type is mandatorily redeemable
          shares, which the issuing company is obligated to buy back in exchange
          for cash or other assets. A second type, which includes put options
          and forward purchase contracts, involves instruments that do or may
          require the issuer to buy back some of its shares in exchange for cash
          or other assets. The third type of instruments that are liabilities
          under this statement is obligations that can be settled with shares,
          the monetary value of which is fixed, tied solely or predominantly to
          a variable such as a market index, or varies inversely with the value
          of the issuers' shares. SFAS No. 150 does not apply to features
          embedded in a financial instrument that is not a derivative in its
          entirety. In addition to its requirements for the classification and
          measurement of financial instruments in its scope,

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                         FORM 10-QSB SEPTEMBER 30, 2003
                         ------------------------------


ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION (CONTINUED)

          Recently Issued Accounting Standards (Continued)

          SFAS No. 150 also requires disclosures about alternative ways of
          settling the instruments and the capital structure of entities, all of
          whose shares are mandatorily redeemable. Most of the guidance in SFAS
          No. 150 is effective for all financial instruments entered into or
          modified after May 31, 2003, and otherwise is effective at the
          beginning of the first interim period beginning after June 15, 2003.
          This statement had no effect on the Partnership's financial
          statements.


          Quantitative and Qualitative Disclosures of Market Risk

          The Partnership does not have any financial instruments that would
          expose it to market risk associated with the risk of loss arising from
          adverse changes in market rates and prices.


ITEM 3.   CONTROLS AND PROCEDURES

          The Partnership's management, with the participation of the
          Partnership's Chief Executive Officer and Chief Financial Officer, has
          evaluated the effectiveness of the Partnership's disclosure controls
          and procedures (as such term is defined in Rules 13a-15(e) and
          15d-15(e) under the Securities Exchange Act of 1934, as amended) as of
          the end of the period covered by this report. Based on such
          evaluation, the Partnership's Chief Executive Officer and Chief
          Financial Officer have concluded that, as of the end of such period,
          the Partnership's disclosure controls and procedures are effective.

          There have not been any changes in the Partnership's internal control
          over financial reporting during the fiscal quarter to which this
          report relates that have materially affected, or are reasonably likely
          to materially affect, the Partnership's internal control over
          financial reporting.







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            WINTHROP RESIDENTIAL ASSOCIATES I, A LIMITED PARTNERSHIP
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                         FORM 10-QSB SEPTEMBER 30, 2003
                         ------------------------------


PART II - OTHER INFORMATION


ITEM 6.   EXHIBITS AND REPORTS ON FORM 8-K.

          (a)    Exhibits:

                 Exhibits required by Item 601 of Regulation S-B are filed
                 herewith and are listed in the attached Exhibit Index.


          (b)    Reports on Form 8-K:

                 No reports on Form 8-K were filed during the three months
                 ended September 30, 2003.

















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            WINTHROP RESIDENTIAL ASSOCIATES I, A LIMITED PARTNERSHIP
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                         FORM 10-QSB SEPTEMBER 30, 2003
                         ------------------------------



                                   SIGNATURES
                                   ----------

Pursuant to the requirements 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.





                                           WINTHROP RESIDENTIAL ASSOCIATES I,
                                           A LIMITED PARTNERSHIP

                                           BY: ONE WINTHROP PROPERTIES, INC.
                                               Managing General Partner




                                               BY: /s/ Michael L. Ashner
                                                   --------------------------
                                                   Michael L. Ashner
                                                   Chief Executive Officer



                                               BY: /s/ Thomas C. Staples
                                                   --------------------------
                                                   Thomas C. Staples
                                                   Chief Financial Officer

                                                   Dated: November 12, 2003











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            WINTHROP RESIDENTIAL ASSOCIATES I, A LIMITED PARTNERSHIP
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                         FORM 10-QSB SEPTEMBER 30, 2003
                         ------------------------------


Exhibit Index


         Exhibit                                                      Page No.
         -------                                                      --------

         31.1       Chief Executive Officer's Certification,
                    pursuant to Section 302 of the
                    Sarbanes-Oxley Act of 2002.                        14 - 15

         31.2       Chief Financial Officer's Certification,
                    pursuant to Section 302 of the
                    Sarbanes-Oxley Act of 2002.                        16 - 17

         32         Certification of Chief Executive Officer
                    and Chief Financial Officer, pursuant to
                    18 U.S.C. Section 1350, as adopted
                    pursuant to Section 906 of the
                    Sarbanes-Oxley Act of 2002.                          18

         99.1       Supplementary Information Required
                    Pursuant to Section 9.4 of the Partnership
                    Agreement.                                           19
















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