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                       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 June 30, 1997
                                                 -------------

                                       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)

One International Place, Boston, MA                       02110
---------------------------------------     ------------------------------------
(Address of principal executive office)                 (Zip Code)

        Registrant's telephone number, including area code (617) 330-8600
                                                           --------------

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
                                      ---    ---

                                     1 of 12


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           WINTHROP RESIDENTIAL ASSOCIATES I, A LIMITED PARTNERSHIP
           --------------------------------------------------------
                            FORM 10-QSB JUNE 30, 1997
                            -------------------------

                         PART I - FINANCIAL INFORMATION
                         ------------------------------

Item 1.  Financial Statements.

Balance Sheets  (Unaudited)

(In Thousands, Except Unit Data)

<TABLE>
<CAPTION>
                                                                               June 30,           December 31,
                                                                                 1997                 1996
                                                                             ------------         ------------
<S>                                                                          <C>                  <C>

Assets
-------

Cash and cash equivalents                                                    $        237         $        280
Investment in Local Limited Partnerships                                            1,520                1,524
                                                                             ------------         ------------

     Total Assets                                                            $      1,757         $      1,804
                                                                             ============         ============

Liabilities and Partners' Capital
---------------------------------

Liabilities:
     Accrued expenses                                                        $          8         $         17
     Accrued interest payable to affiliate                                            117                  159
     Loans payable to affiliate                                                       666                  666
                                                                             ------------         ------------

     Total Liabilities                                                                791                  842
                                                                             ------------         ------------

Partners' Capital:

    Limited Partners
      Units of Limited Partnership Interest, $1,000 stated value per Unit;
        25,676 units authorized; and 25,595
        units issued and outstanding                                                2,018                2,014

    General Partners (Deficit)                                                     (1,052)              (1,052)
                                                                             ------------         ------------


Total Partners' Capital                                                               966                  962
                                                                             ------------         ------------

Total Liabilities and Partners' Capital                                      $      1,757         $      1,804
                                                                             ============         ============
</TABLE>

                       See notes to financial statements.

                                     2 of 12


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              WINTHROP RESIDENTIAL ASSOCIATES I, A LIMITED PARTNERSHIP
              --------------------------------------------------------
                            FORM 10-QSB JUNE 30, 1997
                            -------------------------

Statements of Income  (Unaudited)

(In Thousands, Except Unit Data)

<TABLE>
<CAPTION>
                                                    For the Three Months Ended           For the Six Months Ended
                                                  June 30, 1997     June 30, 1996     June 30, 1997    June 30, 1996
                                                  --------------    --------------    --------------   --------------
<S>                                               <C>               <C>               <C>              <C>           

Income:

     Income from Local Limited Partnership
        cash distributions                        $           --    $          287    $           80   $          637
     Equity in net loss of Local Limited
        Partnerships                                          (2)              (21)               --              (15)
Interest                                                       4                 2                 7                3
                                                  --------------    --------------    --------------   --------------

          Total income                                         2               268                87              625
                                                  --------------    --------------    --------------   --------------

Expenses:

     Amortization                                              2                 2                 4                4
     Interest                                                 16                16                31               31
     General and administrative                               36                61                40               78
     Management fees                                          --                10                 8               10
                                                  --------------    --------------    --------------   --------------

          Total expenses                                      54                89                83              123
                                                  --------------    --------------    --------------   --------------

Net (loss) income                                 $          (52)   $          179    $            4   $          502
                                                  ==============    ==============    ==============   ==============

Net (loss) income allocated to general partners   $           (3)   $            9    $           --   $           25
                                                  ==============    ==============    ==============   ==============

Net (loss) income allocated to limited partners   $          (49)   $          170    $            4   $          477
                                                  ==============    ==============    ==============   ==============

Net (loss) income per Unit of Limited
  Partnership Interest                            $        (1.91)   $         6.64    $         0.16   $        18.64
                                                  ==============    ==============    ==============   ==============
</TABLE>


                       See notes to financial statements.

                                     3 of 12

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              WINTHROP RESIDENTIAL ASSOCIATES I, A LIMITED PARTNERSHIP
              --------------------------------------------------------
                            FORM 10-QSB JUNE 30, 1997
                            -------------------------

Statement of Partners' Capital  (Unaudited)

(In Thousands, Except Unit Data)

<TABLE>
<CAPTION>
                                       Units of
                                        Limited              General               Limited                Total
                                      Partnership           Partners'             Partners'             Partners'
                                       Interest             (Deficit)              Capital               Capital
                                  --------------------  -------------------   -------------------  --------------------
<S>                               <C>                   <C>                   <C>                  <C>                

Balance - January 1, 1997                      25,595   $           (1,052)   $            2,014   $               962


Net Income                                                              --                     4                     4
                                  --------------------  -------------------   -------------------  --------------------

Balance - June 30, 1997                        25,595   $           (1,052)   $            2,018   $               966
                                  ====================  ===================   ===================  ====================
</TABLE>

                       See notes to financial statements.

                                     4 of 12


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            WINTHROP RESIDENTIAL ASSOCIATES I, A LIMITED PARTNERSHIP
            --------------------------------------------------------
                            FORM 10-QSB JUNE 30, 1997
                            -------------------------

Statements of Cash Flows (Unaudited)

(In Thousands)

<TABLE>
<CAPTION>
                                                              For the Six Months Ended
                                                           June 30, 1997    June 30, 1996
                                                           -------------    -------------
<S>                                                        <C>              <C>

Cash Flows from Operating Activities:

Net income                                                 $           4    $         502
Adjustments to reconcile net income to net cash
  (used in) provided by operating activities:

     Amortization                                                      4                4
     Equity in net loss of Local Limited Partnerships                 --               15

Changes in assets and liabilities:
     (Decrease) in accrued interest payable to
       affiliate                                                     (42)            (318)
     (Decrease) increase in accrued expenses                          (9)              30
                                                           -------------    -------------

     Net cash (used in) provided by operating activities             (43)             233
                                                           -------------    -------------

Net (decrease) increase in cash and cash equivalents                 (43)             233

Cash and cash equivalents, beginning of period                       280              111
                                                           -------------    -------------

Cash and cash equivalents, end of period                   $         237    $         344
                                                           =============    =============

Supplemental Disclosure of Cash Flow Information:
-------------------------------------------------
     Cash paid for interest                                $          73    $         350
                                                           =============    =============
</TABLE>

                       See notes to financial statements.

                                     5 of 12


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            WINTHROP RESIDENTIAL ASSOCIATES I, A LIMITED PARTNERSHIP
            --------------------------------------------------------
                            FORM 10-QSB JUNE 30, 1997
                            -------------------------

                          NOTES TO FINANCIAL STATEMENTS
                          -----------------------------
                                   (Unaudited)
                                   -----------

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, 1996.

     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, 1996 was derived from
     audited financial statements at such date.

     The results of operations for the six months ended June 30, 1997 and 1996
     are not necessarily indicative of the results to be expected for the full
     year.

2.   Related Party Transactions

     The $666,000 owed to First Winthrop bears interest at the prime rate (8.5%
     at June 30, 1997) plus 1%. Interest expense related to such borrowings was
     $31,000 for each of the six months ended June 30, 1997 and 1996.

     Management fees earned by an affiliate of the Managing General Partner
     totaled $8,000 and $10,000 for the six months ended June 30, 1997 and 1996,
     respectively.

3.   Subsequent Event

     During July 1997, the Local Limited Partnership owning the Heritage Hills
     Townhouses sold the property. The Partnership received approximately
     $500,000 in distributions regarding the sale. The Local Limited
     Partnerships investment account had a zero balance at the date of sale.

                                     6 of 12

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            WINTHROP RESIDENTIAL ASSOCIATES I, A LIMITED PARTNERSHIP
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                            FORM 10-QSB JUNE 30, 1997
                            -------------------------


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

             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 June 30, 1997, the Partnership retained an equity interest in
             seven Local Limited Partnerships.

             The level of liquidity based on cash and cash equivalents
             experienced a $43,000 decrease for the six months ended June 30,
             1997, as compared to December 31, 1996, primarily due to the
             payment of accrued interest to an affiliate of $42,000. The
             Partnership invests its working capital reserves in a money market
             mutual fund.

             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,
             loans from an affiliate of the Managing General Partner and cash
             reserves.

             At June 30, 1997, the outstanding principal and accrued interest
             balance on the loans payable to an affiliate of the Managing
             General Partner was $783,000. The Partnership will be unable to
             fully repay this indebtedness until such time as (i) the operating
             results of any or all of the Local Limited Partnerships improve
             sufficiently to provide cash distributions to the Partnership, or
             (ii) any or all of the properties owned by the Local Limited
             Partnerships can be sold at a price to provide sufficient net sales
             proceeds to the Partnership. In addition, any future contributions
             by the Partnership to the Local Limited Partnerships would have to
             be funded by additional affiliate loans. Neither the Managing
             General Partner or its affiliates has an obligation to fund any
             loan amounts required. The Partnership does not expect to make cash
             distributions to its partners in 1997.

             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 judgement 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.

                                     7 of 12

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            WINTHROP RESIDENTIAL ASSOCIATES I, A LIMITED PARTNERSHIP
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                            FORM 10-QSB JUNE 30, 1997
                            -------------------------

Item 6.      Management's Discussion and Analysis or Plan of Operation 
             (Continued)
             --------------------------------------------------------- 


             Liquidity and Capital Resources (Continued)
             -------------------------------------------

             During July 1997, the Local Limited Partnership owning the Heritage
             Hills Townhouses sold the property. The Partnership received
             approximately $500,000 in distributions from the sale and intends
             to repay the accrued interest and a portion of the principal
             balance of the loans payable to an affiliate with the proceeds. The
             Local Limited Partnership investment account had a zero balance at
             the date of sale. The partners of the Partnership, as owners of the
             Local Limited Partnership, will incur a tax liability due to the
             recapture of the benefits taken in prior years.

             On September 1, 1996, the Local Limited Partnership owning The
             Villas Apartments signed a provisional workout agreement, expiring
             August 31, 1997, with the U.S. Housing and Urban Development
             Corporation ("HUD"). If HUD does not extend such workout agreement
             on August 31, 1997, the property could be lost through foreclosure.
             If HUD sells the mortgage, the provisional workout agreement may be
             terminated by the new lender.

             Results of Operations
             ---------------------

             Net income decreased for the six months ended June 30, 1997 by
             $498,000, as compared to 1996, due to a decrease in cash
             distributions of $557,000 received from Local Limited Partnerships.
             In 1996, $637,000 was received from three Local Limited
             Partnerships (Shadowbrook $494,000, Lynwood $101,000, and Stonewood
             $42,000). The Shadowbrook and Stonewood Apartment properties were
             lost through foreclosure during 1996 and accordingly no additional
             distributions will be received from these Local Limited

             Partnerships. For the six months ended June 30, 1997, $80,000 was
             received from the Local Limited Partnership owning the Lynnwood
             property. Expenses decreased by $40,000 for the six months ended
             June 30, 1997, as compared to 1996, primarily due to a decrease in
             general and administrative expenses of $38,000 attributable to
             costs associated with the Shadowbrook foreclosure during 1996.

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            WINTHROP RESIDENTIAL ASSOCIATES I, A LIMITED PARTNERSHIP
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                            FORM 10-QSB JUNE 30, 1997
                            -------------------------

Part II - Other Information
---------------------------

Item 6.    Exhibits and Reports on Form 8-K.
           ---------------------------------

           (a)    Exhibits

                  27.    Financial Data Schedule.

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

           (b)    Reports on Form 8-K:

                  No reports on Form 8-K were filed during the three months
                  ended June 30, 1997.

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            WINTHROP RESIDENTIAL ASSOCIATES I, A LIMITED PARTNERSHIP
            --------------------------------------------------------
                            FORM 10-QSB JUNE 30, 1997
                            -------------------------

                                   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
                                                   (Registrant)

                                        BY: ONE WINTHROP PROPERTIES, INC.
                                            Managing General Partner

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

                                            BY: /s/ Edward V. Williams
                                               --------------------------------
                                                Edward V. Williams
                                                Chief Financial Officer

                                                Dated: August 4, 1997

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            WINTHROP RESIDENTIAL ASSOCIATES I, A LIMITED PARTNERSHIP
            --------------------------------------------------------

                                  JUNE 30, 1997
                                  -------------

Exhibit Index

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

27.   Financial Data Schedule                                         -

99.   Supplementary Information Required Pursuant to
      Section 9.4 of the Partnership Agreement.                      12

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