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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 March 31, 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___

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           WINTHROP RESIDENTIAL ASSOCIATES I, A LIMITED PARTNERSHIP
                          FORM 10-QSB MARCH 31, 1997

                        PART 1 - FINANCIAL INFORMATION

Item 1. Financial Statements.

Balance Sheets (Unaudited)

(In Thousands, Except Unit Data)
                                                March 31,    December 31,
                                                  1997          1996
                                              ------------   ------------
Assets

Cash and cash equivalents                     $        344   $        280
Investments in Local Limited Partnerships            1,524          1,524
                                              ------------   ------------

   Total Assets                                      1,868          1,804
                                              ============   ============
Liabilities and partners' capital

Liabilities:

Accrued expenses                              $         10   $         17
Accrued interest payable to affiliate                  174            159
Loans payable to affiliate                             666            666
                                              ------------   ------------
   Total Liabilities                                   850            842
                                              ------------   ------------
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                                   2,067          2,014
General Partners (deficit)                          (1,049)        (1,052)
                                              ------------   ------------
   Total Partners' Capital                           1,018            962
                                              ------------   ------------
   Total Liabilities and Partners' Capital    $      1,868   $      1,804
                                              ============   ============

                      See notes to financial statements.

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           WINTHROP RESIDENTIAL ASSOCIATES I, A LIMITED PARTNERSHIP
                          FORM 10-QSB MARCH 31, 1997

Statement of Income (Unaudited)

(In Thousands, Except Unit Data)

                                               For The Three Months Ended
                                               -------------------------- 
                                                March 31,      March 31,
                                                  1997           1996
                                                ---------      ---------
Income:

Income from Local Limited Partnership
  cash distributions                          $         80   $        350
Equity in income of Local Limited
  Partnership                                            2              6
Interest                                                 3              1
                                              ------------   ------------
   Total income                                         85            357
                                              ------------   ------------
Expenses:

Amortization                                             2              2
Interest                                                15             15
General and administrative                               4             17
Management fees                                          8              -
                                              ------------   ------------
   Total expenses                                       29             34
                                              ------------   ------------
Net income                                    $         56   $        323
                                              ============   ============
Net income allocated to general partners      $          3   $         16
                                              ============   ============
Net income allocated to limited partners      $         53   $        307
                                              ============   ============
Net income per Unit of Limited Partnership 
  Interest                                    $       2.07   $      11.99
                                              ============   ============

                      See notes to financial statements.

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           WINTHROP RESIDENTIAL ASSOCIATES I, A LIMITED PARTNERSHIP
                          FORM 10-QSB MARCH 31, 1997


Statements of Partners' Capital (Unaudited)

(In Thousands, Except Unit Data)

                              Units of
                                Limited       General   Limited
                              Partnership    Partners' Partners'  Total
                               Interest       Deficit   Capital  Capital
                              -----------    --------  --------- ------- 

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

  Net income                                       3        53        56
                                ------      --------  --------  --------
Balance - March 31, 1997        25,595      $ (1,049) $  2,067  $  1,018
                                ======      ========  ========  ========

                      See notes to financial statements.

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           WINTHROP RESIDENTIAL ASSOCIATES I, A LIMITED PARTNERSHIP
                          FORM 10-QSB MARCH 31, 1997

Statements of Cash Flows (Unaudited)

(In Thousands)

                                                     For The Three Months Ended
                                                     --------------------------
                                                      March 31,      March 31,
                                                        1997           1996
                                                      ---------      ---------
Cash Flows From Operating Activities:

Net income                                          $         56   $        323
Adjustments to reconcile net income to net 
  cash provided by operating activities:
   Amortization                                                2              2
   Equity in income of Local Limited 
      Partnership                                             (2)            (6)

Changes in assets and liabilities:
   Increase (decrease) in accounts payable and
      accrued expenses                                         8           (335)
                                                    ------------   ------------
   Net cash provided by (used in) operating 
      activities                                              64            (16)
                                                    ------------   ------------
Net increase (decrease) in cash                               64            (16)

Cash and cash equivalents, beginning of period               280            111
                                                    ------------   ------------
Cash and cash equivalents, end of period            $        344   $         95
                                                    ============   ============
Supplemental Disclosure of Cash Flow Information -
   Cash paid for interest                           $          -   $        335
                                                    ============   ============

                      See notes to financial statements.

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           WINTHROP RESIDENTIAL ASSOCIATES I, A LIMITED PARTNERSHIP
                          FORM 10-QSB MARCH 31, 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. Certain amounts have been reclassified to conform to the
     March 31, 1997 presentation. The balance sheet at December 31, 1996 was
     derived from audited financial statements at such date.

     The results of operations for the three months ended March 31, 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 March 31, 1997) plus 1%. Interest expense related to such borrowings was
     $15,000 each of the three months ended March 31, 1997 and 1996.

     Management fees earned by an affiliate of the Managing General Partner
     totaled $8,000 for the three months ended March 31, 1997.

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           WINTHROP RESIDENTIAL ASSOCIATES I, A LIMITED PARTNERSHIP
                          FORM 10-QSB MARCH 31, 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 March 31, 1997, the Partnership retained an equity interest
             in seven Local Limited Partnerships.

             The level of liquidity based on cash and cash equivalents

             experienced a $64,000 increase for the three months ended March 31,
             1997, as compared to December 31, 1996 primarily from an $80,000
             distribution from a Local Limited Partnership. 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 contribution 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 from an affiliate of the Managing General Partner.

             At March 31, 1997, the outstanding principal and accrued interest
             balance on the loans payable to an affiliate of the Managing
             General Partner was $840,000. The Partnership will be unable to
             fully repay this indebtedness and continue to fund its general and
             administrative expenses 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.

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           WINTHROP RESIDENTIAL ASSOCIATES I, A LIMITED PARTNERSHIP
                          FORM 10-QSB MARCH 31, 1997


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

             Liquidity and Capital Resources (Continued)

             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 three months ended March 31, 1997 by
             $267,000 as compared to 1996, due to a decrease in cash
             distributions of $270,000 received from Local Limited Partnerships.
             In 1996, $350,000 was received from the Local Limited Partnership
             owning the Shadowbrook Apartments property which was lost through
             foreclosure in August 1996. For the three months ended March 31,
             1997, $80,000 was received from the Local Limited Partnership
             owning the Lynwood property. Expenses decreased by $5,000 for the
             three months ended March 31, 1997 as compared to 1996 primarily due
             to a decrease in general and administrative expenses of $13,000
             related to a reduction in professional fees, which was partially
             offset by an increase in management fees of $8,000.

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           WINTHROP RESIDENTIAL ASSOCIATES I, A LIMITED PARTNERSHIP
                          FORM 10-QSB MARCH 31, 1997

Part II - Other Information


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

           (a)    Exhibit 27

                  Financial Data Schedule

           (b)    Reports on Form 8-K:

                  No reports on Form 8-K were filed during the three months
                  ended March 31, 1997.

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           WINTHROP RESIDENTIAL ASSOCIATES I, A LIMITED PARTNERSHIP
                          FORM 10-QSB MARCH 31, 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
                                                  Chief Executive Officer
                                  
                                  
                                              BY:______________________________
                                                  /S/ Edward V. Williams
                                                  Chief Financial Officer
                                  
                                                  Dated:    May 13, 1997

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