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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, 1998
                                                -------------

                                      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)

 Five Cambridge Center, Cambridge, MA                    02142-1493
---------------------------------------    ------------------------------------
(Address of principal executive office)                  (Zip Code)

       Registrant's telephone number, including area code (617) 234-3000

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, 1998
                           --------------------------

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

Item 1. Financial Statements.

Balance Sheets (Unaudited)

(In Thousands, Except Unit Data)
<TABLE>
<CAPTION>

                                                                  June 30,               December 31,
                                                                    1998                     1997
                                                             --------------------    ---------------------
<S>                                                         <C>                      <C>    
Assets

Cash and cash equivalents                                    $               268      $               251
Investment in Local Limited Partnership                                      700                      700
                                                             --------------------    ---------------------

      Total Assets                                           $               968     $                951
                                                             ====================    =====================

Liabilities and Partners' Capital

Liabilities:

Accrued interest and expenses                                $                33      $                22
Loan payable                                                                 289                      289
                                                             --------------------    ---------------------

      Total Liabilities                                                      322                      311
                                                             --------------------    ---------------------

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                                                      1,734                    1,728
General Partners deficit                                                  (1,088)                  (1,088)
                                                             --------------------    ---------------------

      Total Partners' Capital                                                646                      640
                                                             --------------------    ---------------------

      Total Liabilities and Partners' Capital                $               968      $               951
                                                             ====================    =====================
</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, 1998
                           -------------------------

Statements of Income (Unaudited)

(In Thousands, Except Unit Data)

<TABLE>
<CAPTION>

                                                              For the Three Months Ended            For The Six Months Ended
                                                             June 30,           June 30,            June 30,          June 30,
                                                               1998               1997                1998              1997
                                                          ----------------  -----------------   -----------------  ---------------
<S>                                                      <C>               <C>                  <C>               <C>    
Income:

     Income from Local Limited Partnership
       cash distributions                                 $            51   $              -     $            74   $           80
     Equity in income of Local Limited
       Partnership                                                     (2)                (2)                  -                -
     Interest                                                           2                  4                   4                7
                                                          ----------------  -----------------   -----------------  ---------------

        Total income                                                   51                  2                  78               87
                                                          ----------------  -----------------   -----------------  ---------------

Expenses:

     Amortization                                                       -                  2                   -                4
     Interest                                                           6                 16                  13               31
     General and administrative                                        35                 36                  54               40
     Management fees                                                    5                  -                   5                8
                                                          ----------------  -----------------   -----------------  ---------------

        Total expenses                                                 46                 54                  72               83
                                                          ----------------  -----------------   -----------------  ---------------

Net income (loss)                                          $            5    $           (52)    $             6   $            4
                                                          ================  =================   =================  ===============

Net income (loss) allocated to General Partners            $            -    $            (3)    $             -   $            -
                                                          ================  =================   =================  ===============

Net income (loss) allocated to Limited Partners            $            5    $           (49)    $             6   $            4
                                                          ================  =================   =================  ===============

Net income (loss) per Unit of Limited
   Partnership Interest                                   $            .19   $         (1.91)   $             .23  $           .16
                                                          ================  =================   =================  ===============
</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, 1998
                           -------------------------

Statements of Partners' Capital (Unaudited)

(In Thousands, Except Unit Data)
<TABLE>
<CAPTION>

                                           Units of
                                            Limited            General            Limited
                                          Partnership          Partners'          Partners'           Total
                                           Interest            Deficit            Capital           Capital
                                       -----------------   -----------------  ----------------  ----------------
<S>                                   <C>                 <C>                <C>               <C>            
Balance - January 1, 1998                        25,595    $         (1,088)  $         1,728   $           640

     Net income                                                           -                 6                 6
                                       -----------------   -----------------  ----------------  ----------------

Balance - June 30, 1998                          25,595    $         (1,088)  $         1,734   $           646
                                       =================   =================  ================  ================
</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, 1998
                           -------------------------

Statements of Cash Flows (Unaudited)

(In Thousands)
<TABLE>
<CAPTION>

                                                                                        For The Six Months Ended
                                                                                   June 30,                 June 30,
                                                                                     1998                     1997
                                                                              --------------------    ---------------------

<S>                                                                          <C>                     <C>    
Cash Flows From Operating Activities:

Net income                                                                    $                 6     $                  4
Adjustments to reconcile net income to net cash provided
  by (used in) operating activities:
      Amortization                                                                              -                        4

Changes in assets and liabilities:
      Decrease in accounts payable and
         accrued expenses                                                                      (3)                      (9)
                                                                              --------------------    ---------------------

      Net cash provided by (used in) operating activities                                       3                       (1)
                                                                              --------------------    ---------------------

Cash Flows From Financing Activities:

      Increase (decrease) in accrued interest payable                                          14                      (42)
                                                                              --------------------    ---------------------

      Cash used in financing activities                                                        14                      (42)
                                                                              --------------------    ---------------------

Net increase (decrease) in cash                                                                17                      (43)

Cash and cash equivalents, beginning of period                                                251                      280
                                                                              --------------------    ---------------------

Cash and cash equivalents, end of period                                      $               268     $                237
                                                                              ====================    =====================

Supplemental Disclosure of Cash Flow Information:
--------------------------------------------------
      Cash paid for interest                                                  $                 -     $                 73
                                                                              ====================    =====================
</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, 1998
                           -------------------------

                         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, 1997.

     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, 1997, was derived
     from audited financial statements at such date.

     The results of operations for the six months ended June 30, 1998 and 1997
     are not necessarily indicative of the results to be expected for the full
     year.

2.   Related Party Transactions

     Management fees earned by an affiliate of the Managing General Partner
     totaled $8,000 for the six months ended June 30, 1997. Commencing
     December 16, 1997, an unaffiliated third party began providing management
     services to the Partnership.

3.   Intent to Sell Investment in Local Limited Partnership

     The Partnership has entered into a letter of intent pursuant to which it
     will sell a portion of its interest in a Local Limited Partnership, First
     Investment Limited Partnership 1 ("FILP"), to the general partner of the
     Local Limited Partnership. If this sale, which is subject to many
     conditions, is consummated, the Partnership will effectively own a 50%
     interest in FILP. The general partner of FILP has renegotiated the
     purchase price to approximately $175,000, payable with a ten year
     promissory note at 8% interest per annum. As specified in the promissory
     note, one half of the general partners future distributions from FILP
     will be required to repay the note. In addition, the general partner of
     FILP is currently negotiating to refinance the current mortgage, and
     expects to distribute any excess proceeds.

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           WINTHROP RESIDENTIAL ASSOCIATES I, A LIMITED PARTNERSHIP
           --------------------------------------------------------
                           FORM 10-QSB JUNE 30, 1998
                           -------------------------

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 June 30, 1998, the Partnership retained an equity interest
             in six Local Limited Partnerships. During July 1997, Washington
             Square Limited Partnership sold the Heritage Hills Townhouses
             property. This Local Limited Partnership was terminated in the 
             fourth quarter of 1997.

             The level of liquidity based on cash and cash equivalents
             experienced an $17,000 increase for the six months ended June 30,
             1998, as compared to December 31, 1997. At June 30, 1998, the
             Partnership had $268,000 in cash and cash equivalents, which has
             been invested primarily in short-term-certificates of deposit and
             money market accounts.

             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.

             On December 16, 1997, the Managing General Partner and certain of
             its affiliates entered into a Service Agreement with Coordinated
             Services of Valdosta, LLC ("Coordinated Services"), pursuant to
             which Coordinated Services was retained to provide asset
             management and investor services to the Partnership and certain
             affiliated partnerships. As a result of this agreement,
             Coordinated Services has the right to direct the day to day
             affairs of the Partnership, including without limitation,
             reviewing and analyzing potential sale, refinancing or
             restructuring proposals by Local Limited Partnerships,
             preparation of all Partnership reports, maintaining Partnership
             records and maintaining

                                   7 of 12

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           WINTHROP RESIDENTIAL ASSOCIATES I, A LIMITED PARTNERSHIP
           --------------------------------------------------------
                           FORM 10-QSB JUNE 30, 1998
                           -------------------------

Item 2.      Management's Discussion and Analysis or Plan of Operation 
             (Continued)
            -----------------------------------------------------------

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

             bank accounts of the Partnership. Coordinated Services is not
             permitted, however, without the consent of the Managing General
             Partner, or as otherwise required under the terms of the
             Partnership's Agreement of Limited Partnership (the "Partnership
             Agreement") to, among other things, cause the Partnership to
             consent to a sale of an asset or cause the Partnership to file
             for bankruptcy. As compensation for providing these services, the
             Managing General Partner and its affiliates assigned to
             Coordinated Services all of their rights to receive fees from the
             Partnership, as provided in the Partnership Agreement.

             The loan payable to an affiliate of the Managing General Partner
             was assigned to an unaffiliated third party on October 27, 1997.
             The loan, which bears interest at prime plus 1%, is repayable
             from cash flows generated by the Local Limited Partnerships and
             the proceeds of any sales of real estate owned by the Local
             Limited Partnerships. The outstanding principal balance and
             accrued interest on the loan was approximately $314,000 at June
             30, 1998. The Partnership will be unable to fully repay this
             indebtedness and will 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
             have an obligation to fund any loan amounts required. The
             Partnership did not make cash distributions to its partners
             during 1998 or 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 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.

             On September 1, 1996, the Local Limited Partnership which owns
             The Villas Apartments signed a provisional workout agreement,
             expiring August 31, 1997, with the U.S. Department of Housing and
             Urban Development ("HUD"). The provisional workout agreement has
             been extended until December 30, 1998. The general partner of the
             Local Limited Partnership is currently negotiating with HUD to
             reach a resolution. There can be no assurance that a resolution
             of this default will be reached with HUD. If the general partner
             of the Local Limited Partnership and HUD are unable to agree on a
             resolution, the Property could be lost through foreclosure. The
             Partnership's investment in this Local Limited Partnership had
             previously been written-down to zero.

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           WINTHROP RESIDENTIAL ASSOCIATES I, A LIMITED PARTNERSHIP
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                           FORM 10-QSB JUNE 30, 1998

Item 2.      Management's Discussion and Analysis or Plan of Operation 
            (Continued)
            -----------------------------------------------------------

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

             The Cedar Lake Ltd. Local Limited Partnership, which owns Albany
             Landings Apartments, has incurred significant operating losses
             and cash flow deficits. If operations at the property do not
             improve, this property may be lost through foreclosure. The
             Partnership's investment in this Local Limited Partnership had
             previously been written-down to zero.

             The Partnership has entered into a letter of intent pursuant to
             which it will sell a portion of its interest in a Local Limited
             Partnership, First Investment Limited Partnership 1 ("FILP"), to
             the general partner of the Local Limited Partnership. If this
             sale, which is subject to many conditions, is consummated, the
             Partnership will effectively own a 50% interest in FILP. The
             general partner of FILP has renegotiated the purchase price to
             approximately $175,000, payable with a ten year promissory note
             at 8% interest per annum. As specified in the promissory note,
             one half of the general partners future distributions from FILP
             will be required to repay the note. In addition, the general
             partner of FILP is currently negotiating to refinance the current
             mortgage, and expects to distribute any excess proceeds.

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

             Net income increased by $2,000 for the six months ended June 30,
             1998, as compared to 1997, due to a decrease in income of $9,000,
             which was more than offset by a decrease in expenses of $11,000.

             Income declined due to a $6,000 decrease in income from Local
             Limited Partnership cash distributions and a decrease in interest
             income of $3,000. During the six months ended June 30, 1998, the
             Partnership received $51,000 from the Local Limited Partnership
             which owns the Lynwood property and $23,000 from the Shadowbrook
             property. The Shadowbrook property was lost through foreclosure
             during 1996, and accordingly no additional distributions are
             expected to be received. At June 30, 1997, $80,000 was received
             from the Local Limited Partnership which owns the Lynwood
             property.

             Expenses declined primarily due to a decrease in interest expense
             of $18,000, which was only partially offset by an increase in
             general and administrative expenses of $14,000. Interest expense
             declined due to a significant portion of the loan being repaid
             during the third quarter of 1997. General and administrative
             expenses increased due to the timing of certain expenses.

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           WINTHROP RESIDENTIAL ASSOCIATES I, A LIMITED PARTNERSHIP
           --------------------------------------------------------
                           FORM 10-QSB JUNE 30, 1998
                           -------------------------

Part II - Other Information

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

           (a)    Exhibit 27

                  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, 1998.

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           WINTHROP RESIDENTIAL ASSOCIATES I, A LIMITED PARTNERSHIP
           --------------------------------------------------------
                           FORM 10-QSB JUNE 30, 1998
                           -------------------------

                                  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/ Edward V. Williams
                                                  -----------------------------
                                                  Edward V. Williams
                                                  Chief Financial Officer

                                                  Dated: August 11, 1998

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