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 March 31, 2005
                                                 --------------

                                       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
     incorporation or organization)                          Identification No.)

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 |_|


                                     1 of 17
<PAGE>

            WINTHROP RESIDENTIAL ASSOCIATES I, A LIMITED PARTNERSHIP
                           FORM 10-QSB MARCH 31, 2005

                         PART 1 - FINANCIAL INFORMATION

Item 1. Financial Statements.

Balance Sheets

(In Thousands, Except Unit Data)

<TABLE>
<CAPTION>
                                                           March 31, 2005       December 31,
                                                            (Unaudited)             2004
                                                          ---------------     ---------------

Assets

<S>                                                       <C>                 <C>
Cash and cash equivalents                                 $           329     $           368
                                                          ---------------     ---------------

       Total Assets                                       $           329     $           368
                                                          ===============     ===============

Liabilities and Partners' Capital

Liabilities:

Accrued expenses                                          $             5     $            13
                                                          ---------------     ---------------

       Total Liabilities                                                5                  13
                                                          ---------------     ---------------

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                                              1,426               1,455
General Partners' deficit                                          (1,102)             (1,100)
                                                          ---------------     ---------------

       Total Partners' Capital                                        324                 355
                                                          ---------------     ---------------

       Total Liabilities and Partners' Capital            $           329     $           368
                                                          ===============     ===============
</TABLE>

                       See notes to financial statements


                                    2 of 17
<PAGE>

            WINTHROP RESIDENTIAL ASSOCIATES I, A LIMITED PARTNERSHIP
                           FORM 10-QSB MARCH 31, 2005

Statements of Operations (Unaudited)

(In Thousands, Except Unit Data)

<TABLE>
<CAPTION>
                                                              For The Three Months Ended
                                                              March 31,        March 31,
                                                                2005             2004
                                                             ----------       ----------
<S>                                                          <C>              <C>
Income:

Interest                                                     $        1       $        1
                                                             ----------       ----------

       Total income                                                   1                1
                                                             ----------       ----------

Expenses:

General and administrative                                           32               21
                                                             ----------       ----------

       Total expenses                                                32               21
                                                             ----------       ----------

Net loss                                                     $      (31)      $      (20)
                                                             ==========       ==========

Net loss allocated to General Partners                       $       (2)      $       (1)
                                                             ==========       ==========

Net loss allocated to Limited Partners                       $      (29)      $      (19)
                                                             ==========       ==========

Net loss per Unit of Limited Partnership Interest            $    (1.13)      $    (0.74)
                                                             ==========       ==========
</TABLE>

                       See notes to financial statements


                                    3 of 17
<PAGE>

            WINTHROP RESIDENTIAL ASSOCIATES I, A LIMITED PARTNERSHIP
                           FORM 10-QSB MARCH 31, 2005

Statement of Partners' Capital (Unaudited)

(In Thousands, Except Unit Data)

<TABLE>
<CAPTION>
                                       Units of
                                        Limited           Limited             General              Total
                                      Partnership        Partners'           Partners'           Partners'
                                       Interest           Capital             Deficit             Capital
                                     ------------       ------------        ------------        ------------
<S>                                        <C>          <C>                 <C>                 <C>
Balance - January 1, 2005                  25,595       $      1,455        $     (1,100)       $        355

     Net loss                                  --                (29)                 (2)                (31)
                                     ------------       ------------        ------------        ------------

Balance - March 31, 2005                   25,595       $      1,426        $     (1,102)       $        324
                                     ============       ============        ============        ============
</TABLE>

                       See notes to financial statements


                                    4 of 17
<PAGE>

            WINTHROP RESIDENTIAL ASSOCIATES I, A LIMITED PARTNERSHIP
                           FORM 10-QSB MARCH 31, 2005

Statements of Cash Flows (Unaudited)

(In Thousands)

<TABLE>
<CAPTION>
                                                           For The Three Months Ended
                                                           March 31,         March 31,
                                                             2005              2004
                                                          ----------        ----------
<S>                                                       <C>               <C>
Cash Flows From Operating Activities:

Net loss                                                  $      (31)       $      (20)
Changes in liabilities:
       Decrease in accrued expenses                               (8)               (5)
                                                          ----------        ----------

       Cash used in operating activities                         (39)              (25)
                                                          ----------        ----------

Net decrease in cash and cash equivalents                        (39)              (25)

Cash and cash equivalents, beginning of period                   368               462
                                                          ----------        ----------

Cash and cash equivalents, end of period                  $      329        $      437
                                                          ==========        ==========
</TABLE>

                       See notes to financial statements


                                    5 of 17
<PAGE>

            WINTHROP RESIDENTIAL ASSOCIATES I, A LIMITED PARTNERSHIP
                           FORM 10-QSB MARCH 31, 2005

                          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, 2004.

      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, 2004 was derived from
      audited financial statements at such date.

      The results of operations for the three months ended March 31, 2005 and
      2004 are not necessarily indicative of the results to be expected for the
      full year.


                                    6 of 17
<PAGE>

            WINTHROP RESIDENTIAL ASSOCIATES I, A LIMITED PARTNERSHIP
                           FORM 10-QSB MARCH 31, 2005

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 March 31, 2005, 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 a
      $39,000 decrease for the three months ended March 31, 2005 as compared to
      December 31, 2004, as a result of $39,000 of cash used in operating
      activities. At March 31, 2005, the Partnership had $329,000 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 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.


                                    7 of 17
<PAGE>

            WINTHROP RESIDENTIAL ASSOCIATES I, A LIMITED PARTNERSHIP
                           FORM 10-QSB MARCH 31, 2005

      Liquidity and Capital Resources (continued)

      The Partnership has been advised that the Local Limited Partnership that
      holds Stonegate Apartments, located in Michigan, entered into a purchase
      agreement on April 11, 2005 for a purchase price of approximately
      $4,420,000. However, on April 28, 2005, the purchaser exercised the right
      to terminate the purchase agreement under the provisions of the agreement.
      The Local Limited Partnership is attempting to re-negotiate the sale of
      the property. Any new proposal is not expected to generate any net
      proceeds to the Partnership and will be evaluated at such time. There can
      be no assurance that a new purchase agreement will be entered into or that
      the property will ultimately be sold. The property is in need of
      significant rehabilitation and is experiencing operating deficits and high
      vacancy rates. If the Local Limited Partnership does not enter into a
      purchase agreement for the sale of the property, it is likely the property
      would be lost to the lender through foreclosure unless a work-out can be
      negotiated with the lender.

      None of the recently issued accounting standards had any effect on the
      Partnership's financial statements.

      Results of Operations

      The Partnership's net loss was $31,000 for the three months ended March
      31, 2005, as compared to a net loss $20,000 for the comparable period in
      2004. The increase was the result of an increase in various general and
      administrative expenses of $11,000.

      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 Rule 13a-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 (as defined in Rule 13a-15(f) under the Securities
      Exchange Act of 1934, as amended) 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.


                                    8 of 17
<PAGE>

            WINTHROP RESIDENTIAL ASSOCIATES I, A LIMITED PARTNERSHIP
                           FORM 10-QSB MARCH 31, 2005

Part II - Other Information

Item 6. Exhibits

      Exhibits:

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


                                    9 of 17
<PAGE>

            WINTHROP RESIDENTIAL ASSOCIATES I, A LIMITED PARTNERSHIP
                           FORM 10-QSB MARCH 31, 2005

                                   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: May 13, 2005


                                    10 of 17
<PAGE>

            WINTHROP RESIDENTIAL ASSOCIATES I, A LIMITED PARTNERSHIP
                           FORM 10-QSB MARCH 31, 2005

Exhibit Index

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

      31.1        Chief Executive Officer's Certification,
                  pursuant to Section 302 of the Sarbanes-Oxley
                  Act of 2002.                                           12 - 13

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

      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.                    16

      99          Supplementary Information Required Pursuant to
                  Section 9.4 of the Partnership Agreement.                 17


                            11 of 17