FORM 10-KSB--ANNUAL OR TRANSITIONAL REPORT UNDER
                             SECTION 13 OR 15(D)

[X]  Annual Report Under Section 13 or 15(d) of the Securities Exchange Act of
     1934 [No Fee Required]

                 For the fiscal year ended December 31, 1996
                                      or

[ ]  Transition Report Under Section 13 or 15(d) of the Securities Exchange Act
     of 1934 [No Fee Required]

              For the transition period from.........to.........

                       Commission file number 33-23463

                    CLOVER APPRECIATION PROPERTIES I, L.P.
                 (Name of small business issuer in its charter)
     Delaware                                                  22-2898428
(State or other jurisdiction of                             (I.R.S. Employer
incorporation or organization)                              Identification No.)

4300 Haddonfield Road, Suite 314
    Pennsauken, NJ                                               08109
(Address of principal executive offices)                        (Zip Code)

                   Issuer's telephone number (609)662-1116

     Securities registered under Section 12(b) of the Exchange Act:  None

     Securities registered under Section 12(g) of the Exchange Act:  None

Check whether the issuer (1) filed all reports required to be filed by Section 
13 or 15(d) of the Exchange Act of 1934 during the past 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 __

Check if there is no disclosure of delinquent filers in response to Item 405 of
Regulation S-B contained in this form, and no disclosure will be contained, to
the best of registrant's knowledge, in definitive proxy or information 
statements incorporated by reference in Part III of this Form 10-KSB or any 
amendment to this Form 10-KSB. [X]

State issuer's revenues for its most recent fiscal year:  $1,653,175

State the aggregate market value of the voting partnership interests by non-
affiliates computed by reference to the price at which the partnership interests
were sold, or the average bid and asked prices of such partnership interests, as
of a specified date within the past 60 days:  Market value information for the
Registrant's partnership interests is not available.  Should a trading market
develop for these interests, it is the Managing General Partner's belief that
such trading would not exceed $25,000,000.

Documents incorporated by reference:  The Prospectus of the registrant dated
November 15, 1988, filed with the Commission under the Securities Act of 1933 as
a part of Registration Statement No. 33-23463 filed on August 1, 1988, is
incorporated by reference in Parts I, II and III of this Annual Report on Form 
10-KSB, and Supplement No. 1 to the Prospectus dated March 9, 1989, filed with
the Commission pursuant to Rules 424(b) (3) and 424(c) on March 13, 1989, is
incorporated by reference in Part I of this Annual Report on Form 10-KSB, and
Supplement No. 3 dated September 22, 1989, filed with the Commission pursuant to
Rules 424(b) (3) and 424(c) on September 27, 1989, is incorporated by reference 
in Part II of this Annual Report on Form 10-KSB.

                                    PART I

Item 1.   Description of Business

      Clover Appreciation Properties I, L.P. (the "Partnership"), is a limited
partnership formed in June 1988, under the Revised Uniform Limited Partnership
Act of the State of Delaware (the "Act"), to acquire, operate and hold for
investment existing apartment complexes located primarily in the eastern half of
the United States.  Crown Management Corporation, a New Jersey corporation which
is a wholly-owned subsidiary of Clover Financial Corporation ("Clover"), a New
Jersey Corporation, is the General Partner (the "General Partner") of the
Partnership. On October 1, 1990, the Partnership sold $3,588,130 of units (the
"Units") of limited partnership interest in a public offering made pursuant to a
Prospectus dated November 15, 1988 (the "Prospectus") contained in the
Partnership's Registration Statement on Form S-11 (the "Registration Statement")
under the Securities Act of 1933 (No. 33-23463).  The Partnership supplemented
the Prospectus by Supplement No. 1 dated March 9, 1989 ("Supplement No. 1"),
Supplement No. 2 dated August 7, 1989 ("Supplement No. 2"), Supplement No. 3
dated September 22, 1989 ("Supplement No. 3"), Supplement No. 4 dated March 21,
1990 ("Supplement No. 4"), and Supplement No. 5 dated April 25, 1990
("Supplement No. 5") which superseded Supplement Nos. 2 and 4.

      On March 12, 1997, the Partnership sold the Royal Wood Apartments (the
"Royal Wood Apartments" or the "Property"), a 256-unit garden apartment complex
located in DeKalb County, Georgia.  The Partnership had acquired the Royal Wood
Apartments on January 25, 1989 from an unaffiliated seller (the "Seller"), for a
purchase price of $10,400,000.  The Partnership also incurred costs of $45,805
in connection with the acquisition, and paid an acquisition fee of $197,505 to
the General Partner upon the closing of the offering of Units.  The Partnership
financed the acquisition by assuming an existing first mortgage loan in the
original principal amount of $8,000,000 (the "First Mortgage Loan") payable to
Aetna Life Insurance Company and by obtaining interim bank financing in the
amount of $2,750,000.  On January 26, 1989, the Partnership sold back to the
Seller an undeveloped parcel of land (approximately 15 acres) at the Royal Wood
Apartments for a cash price of $800,000, of which $200,000 was used to repay a
portion of the first mortgage loan on the property, and the balance was retained
by the Partnership as cash reserves.  The $2,750,000 interim bank loan was
subsequently refinanced with a $2,750,000 loan from an affiliate of the
Partnership. The affiliate loan was repaid in full on October 1, 1990, from the
net proceeds of the offering of the Units.

      During 1996, the Partnership was able to satisfy its current obligations
with cash flows from operations.  Also in 1996, the Partnership continued its
program of offering rent concessions in order to attract and retain tenants.

      During the fourth quarter of 1996, the General Partner distributed a
notice of special meeting and proxy statement to the limited partners of the
Partnership (the "Limited Partners") to obtain their approval of the sale of the
Partnership's sole asset, the Royal Wood Apartments. In November 1996, the
Limited Partners approved the sale of the Royal Wood Apartments and the property
was sold on March 12, 1997 for $7,443,000.  The General Partner has estimated
the sales value, net of costs to sell, to be $7,370,000.  Accordingly, the
Partnership recorded an impairment loss of $857,361 for the year ended December
31, 1996, to reduce the Property's carrying value to its estimated fair value
less cost to sell.

      Services at the Royal Wood Apartments were performed by on-site personnel
all of whom are employees of NPI-CL Management L.P. ("NPI"), an unaffiliated
third party. Such services were provided pursuant to a written agreement
providing for fees equal to 5% of the gross revenues from the Royal Wood
Apartments. NPI replaced Allstate Management Corp. ("Allstate"), an affiliate of
the General Partner, as the property manager effective February 21, 1995.  The
amounts owed to Allstate and Clover for property management fees, reimbursable
costs and prior advances were all waived and forgiven on March 12, 1997, upon
the sale of the Property.

      In January 1996, NPI was acquired by an affiliate of Insignia Financial
Group, Inc.  The loan agreement entered into in connection with the First
Mortgage Loan (the "Loan Agreement"), restricted the Partnership's ability to
pay Insignia and, consequently, no fees have been paid or are owed to Insignia.

      Reference is made to "Item 6. Management's Discussion and Analysis or Plan
of Operations" for a further discussion of the operations of the Partnership's
business.


Item 2.   Description of Properties

      As a result of the sale of the Royal Wood Apartments, the Partnership does
not have any remaining interests in real estate.

      The First Mortgage Loan was paid in full on March 12, 1997, for $7,000,000
from the proceeds of the sale of the Property.  See "Note 3 of Notes to the
Partnership's Financial Statements" under "Item 7. Financial Statements".

      The average occupancy rates at the Royal Wood Apartments for the years
ended December 31, 1996 and 1995, were 95.2% and 95.0% respectively, and the
average effective annual rentals per unit for those years were $6,783 and
$6,181, respectively.  The realty tax rate for 1996 for the Royal Wood
Apartments was $41.51 per $1,000 of assessed value, resulting in annual realty
taxes of $144,552 for 1996.


Item 3.   Legal Proceedings

      The Partnership is unaware of any pending or outstanding litigation that
is not of a routine nature.  The General Partner of the Partnership believes
that all such pending or outstanding litigation will be resolved without a
material adverse effect upon the business, financial condition, or operations of
the Partnership.

Item 4.   Submission of Matters to a Vote of Security Holders

     On November 2, 1996, the General Partner distributed a notice of special
meeting and proxy statement (the "Proxy Statement") to the Limited Partners to
solicit their approval of two proposals relating to the sale of the
Partnership's sole asset, the Royal Wood Apartments.  The first proposal was to
approve a sale (the "Sale") of the Royal Wood Apartments to a specific,
unaffiliated buyer at a purchase price of $7,800,000 pursuant to a sale
agreement which was executed on November 18, 1996 (the "Sale Agreement") and
amended by a Reinstatement of and First Amendment to Agreement of Sale ("First
Amendment") on December 30, 1996.  The terms of the Sale Agreement are described
in the Proxy Statement.

     The second proposal concerned the sale of the Royal Wood Apartments to
another buyer by the General Partner (the "Alternative Sale").  The Alternative
Sale would only be authorized if the Sale was approved, but was not completed
for any reason.  In addition, an Alternative Sale would have to be completed
prior to December 31, 1999, for a purchase price not less than the fair market
value of the Royal Wood Apartments (as set forth in an appraisal dated within
nine months of the execution of an Alternative Sale agreement), and the
purchaser in such transaction could not be an affiliate of the General Partner.
The Proxy Statement provided that an approval of the Sale proposal and the
Alternative Sale proposal was also to be deemed a consent to the termination and
dissolution of the Partnership (upon completion of either the Sale or the
Alternative Sale).  Each proposal required the approval of the holders of more
than 50% of the outstanding Units.

     A special meeting of the Limited Partners was held on November 27, 1996,
and both of the proposals were adopted by a majority of the outstanding Units.
With respect to the Sale, the Limited Partners voted 56% in favor of the matter,
4% opposed or abstained and 40% did not respond.  With respect to the Alternate
Sale proposal, the Limited Partners voted 53% in favor of the matter, 7% opposed
or abstained and 40% did not respond.  The Property was sold on March 12, 1997.


                                    PART II

Item 5.   Market for the Partnership's Units of Limited Partnership Interests
          and Related Security Holder Matters

      There is no public market for the Units, and it is not anticipated that a
public market for the Units will develop. Transferability of Units is subject to
substantial restrictions, including limitations contained in the Partnership's
Amended and Restated Agreement of Limited Partnership (the "Partnership
Agreement"), included as an Exhibit to the Prospectus and incorporated herein by
reference.  As of March 12, 1997, 351 limited partners held 3,591 Units of
limited partnership interest.

      Cash distributions, if any, to be distributed to the partners of the
Partnership are described generally at pages 25-26 in the Prospectus and page 2
in the Supplement No. 3, which descriptions are incorporated herein by
reference.  No distributions were made during 1996 or 1995 or the first quarter
of 1997.  As a result of the Sale, the General Partner anticipates making a
distribution in the approximate amount of $100 per unit.


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

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

Financial Condition; Liquidity and Capital Resources

      The Partnership previously owned one residential apartment complex located
in the Stone Mountain area east of DeKalb County, Georgia.  The Property was
sold on March 12, 1997.  The Partnership acquired the Royal Wood Apartments on
January 25, 1989, from an unaffiliated third party.  The Partnership derived its
revenues from rental income from this Property and was responsible for operating
expenses, administrative expenses, capital improvements and debt service
payments.

     At December 31, 1996, the Partnership had cash on hand of $123,872
including cash reserves of $79,179 and security deposits of $44,693.  Total cash
on hand at December 31, 1995 was $141,781, including cash reserves of $104,782
and $36,999 in security deposits.  The Partnership's working capital was $29,266
at December 31, 1996, compared to a working capital deficit of $55,448, at
December 31, 1995.  The increase in working capital is attributable to the
reclassification of the Partnership's investment property from a long-term asset
to a current asset, partially offset by the reclassification of the mortgage
balance to a current liability due to the July 1, 1997 maturity date of the
First Mortgage Loan.  The reclassification of the investment property was
necessary under the provisions of "FASB 121", as discussed below.

     The Partnership's net cash flow from operations was $123,171 for the year
ended December 31, 1996, compared to $117,018 for the year ended December 31,
1995. The increase in net cash flows from operations resulted from the increase
in cash received from rentals, offset by an increase in cash paid for operating
activities and interest paid.

     As of  December 31, 1996, the Partnership owed a total of $808,896 to
Allstate and Clover, including $385,049 in accrued property management fees and
$423,847 in reimbursable costs and advances made to or on behalf of the
Partnership.  The amounts owed to both parties were waived and forgiven upon the
occurrence of the sale of the Property on March 12, 1997 and will be recorded as
an extraordinary gain on the extinguishment of debt in the first quarter of
1997.

     Effective February 21, 1995, the General Partner and certain of its
affiliates entered into an agreement with NPI, an entity unaffiliated with the
Partnership or its General Partner, pursuant to which NPI provided day-to-day
asset management services for the Partnership as well as property management
services for the Partnership.  NPI is an affiliate of National Property
Investors, Inc.  On January 19, 1996, the stockholders of National Property
Investors, Inc. sold all of the issued and outstanding stock to IFGP
Corporation, an affiliate of Insignia Financial Group, Inc., who has provided
property management services for the Property through the date the Property was
sold on March 12, 1997, and will continue to provide services until the
Partnership is dissolved.

Results of Operations

     Total revenues for the year ended December 31, 1996, were $1,653,175
compared to $1,502,645 for the year ended December 31, 1995.  The increase in
total revenue is attributable to rental rate increases at the Partnership's
investment property.

     The average effective rentals per unit were $6,783 and $6,181 for 1996 and
1995, respectively.  The average occupancy for the year ended December 31, 1996,
was 95.2%, compared to 95.0% for the year ended December 31, 1995.

     Operating expenses for the years ended December 31, 1996 and 1995, were
$792,202 and $688,325, respectively.  The increase in operating expenses is
primarily attributable to an increase in repairs and maintenance expenses
incurred in efforts to increase the curb appeal of the Partnership's property.
Depreciation expense was $204,820 and $268,693 for 1996 and 1995, respectively.
The decrease in depreciation expense is due to the classification of the
Partnership's investment property as an investment held for sale, effective
September 30, 1996, as discussed below.

     During 1996, the Partnership adopted "FASB Statement No. 121, Accounting
for the Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed
of". This statement requires that long-lived assets that are held for disposal
be reported at the lower of the assets' carrying amount or fair value less costs
related to the assets disposition.  The reclassification of the investment
property as held-for-sale resulted in an impairment loss of $572,361 upon the
determination to sell the Property.  During the fourth quarter, the impairment
loss was increased to $857,361 due to a reduction in the anticipated sales
proceeds pursuant to the First Amendment.

     The Partnership realized net losses for the years ended December 31, 1996
and 1995 of $900,910 and $146,810, respectively.  The increase in net loss is
due primarily to the impairment loss to adjust investment property held for sale
to its fair market less costs to sell as discussed above and increased operating
expenses, offset by increased rental revenues and decreased depreciation
expense.

Subsequent Events

      On March 12, 1997, the Partnership sold the Royal Wood Apartments to an
unaffiliated purchaser for a gross purchase price of $7,443,000. The gross
proceeds less costs to sell of $73,000 approximate the carrying value of the
investment property held for sale at December 31, 1996.

      A substantial portion of the proceeds from the sale of the Property were
used to retire the First Mortgage Loan. The holder of the First Mortgage Loan
Note accepted $7,000,000 in satisfaction of its liability, which resulted in an
extraordinary gain on extinguishment of debt of $306,899 to be recognized in the
first quarter of 1997.

     After paying all remaining debts and obligations of the Partnership,
including the costs of dissolution, the General Partner anticipates making a
distribution in the approximate amount of $100 per Unit.


ITEM 7.     FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

CLOVER APPRECIATION PROPERTIES I, L.P.

LIST OF FINANCIAL STATEMENTS

    Report of Independent Auditors

    Balance Sheet - December 31, 1996

    Statements of Operations - Years ended December 31, 1996 and 1995

    Statements of Partners' (Deficit) Capital - Years ended
    December 31, 1996 and 1995

    Statements of Cash Flows - Years ended December 31, 1996 and 1995

    Notes to Financial Statements

    Schedule III - Real Estate and Accumulated Depreciation








REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS






Clover Appreciation Properties I, L.P.
Merchantville, New Jersey

We have audited the accompanying balance sheet of Clover Appreciation Properties
I, L.P. (a Delaware limited partnership) as of December 31, 1996, and the
related statements of operations, partners' (deficit) capital and cash flows for
each of the two years in the period ended December 31, 1996.  These financial
statements are the responsibility of the Partnership's management.  Our
responsibility is to express an opinion on these financial statements based on
our audits.

We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a  test basis, evidence supporting
the amounts and disclosures in the financial statements.  An audit also includes
assessing the accounting  principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.

As described in Note 6 on March 12, 1997, the Partnership sold the Royal Wood
Apartments, the only revenue generating asset of the Partnership.  A portion of
the proceeds from the sale was used to retire the First Mortgage loan on the
property. Other than amounts due to affiliates which will be forgiven (see Note
4), the Partnership intends to pay all of the remaining liabilities and dissolve
the Partnership.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Clover Appreciation Properties
I, L.P. as of December 31, 1996, and the results of its operations and its cash
flows for each of the two years in the period ended December 31, 1996 in
conformity with generally accepted accounting principles.




                                                      BDO SEIDMAN, LLP

February 27, 1997,
  except for Notes 3 and 6,
  which are as of March 12, 1997

                    CLOVER APPRECIATION PROPERTIES I, L.P.
                                BALANCE SHEET

                              December 31, 1996



                              ASSETS


ASSETS
  Cash (including $44,693 of
    cash held for security deposits)                               $  123,872
  Accounts receivable                                                   4,662
  Real estate tax escrow                                               29,333
  Prepaid expenses                                                      4,199
  Investment property held for sale                                 7,370,000
 Utility deposits                                                         770

TOTAL ASSETS                                                       $7,532,836

                         LIABILITIES AND PARTNERS' DEFICIT



LIABILITIES
  Mortgage payable                                                 $7,325,375
  Accounts payable                                                      5,471
  Accrued interest                                                     54,940
  Accrued expenses                                                     54,991
  Tenants' security deposits                                           44,693
  Prepaid rent and other liabilities                                   17,330
  Due to affiliates                                                   808,896
   Total liabilities                                                8,311,696

PARTNERS' DEFICIT
  General partner                                                     (44,246)
  Limited partners (3,591 units outstanding)                         (734,614)
   Total partners' deficit                                           (778,860)

TOTAL LIABILITIES AND PARTNERS' DEFICIT                            $7,532,836

The accompanying notes are an integral part of these financial statements
                 CLOVER APPRECIATION PROPERTIES I, L.P.
                        STATEMENTS OF OPERATIONS



                                                      Year Ended December 31,

REVENUES                                                1996            1995
  Rental income                                     $1,653,107      $1,502,216
  Interest income                                           68             429
     Total revenues                                  1,653,175       1,502,645

EXPENSES
  Professional services                                14,207           21,934
  Interest                                             685,495         670,503
  Operating expenses
     (including affiliate transactions of $0
      in 1996 and $9,122 in 1995, respectively)       792,202          688,325
  Depreciation                                         204,820         268,693
  Impairment loss                                      857,361              --
     Total expenses                                  2,554,085       1,649,455

(Net loss)                                          $ (900,910)     $ (146,810)

(Net loss) per limited partnership unit             $  (248.37)     $   (40.47)

The accompanying notes are an integral part of these financial statements.


                       CLOVER APPRECIATION PROPERTIES I, L.P.
                     STATEMENTS OF PARTNERS' (DEFICIT) CAPITAL

<TABLE>
<CAPTION>
                                              General       Limited
                                              Partner       Partners        Total
<S>                                        <C>            <C>            <C>
Balance, December 31, 1994                  $ (33,769)     $ 302,629      $ 268,860

(Net loss) for the year ended
  December 31, 1995                            (1,468)      (145,342)      (146,810)

Balance, December 31, 1995                    (35,237)       157,287        122,050

(Net loss) for the year ended
  December 31, 1996                            (9,009)      (891,901)      (900,910)

Balance, December 31, 1996                   $(44,246)     $(734,614)     $(778,860)
<FN>
   The accompanying notes are an integral part of these financial statements
</TABLE>

                       CLOVER APPRECIATION PROPERTIES I, L.P.
                              STATEMENTS OF CASH FLOWS

                                                     Year Ended December 31,
                                                       1996           1995
OPERATING ACTIVITIES
Cash received from rentals                          $1,621,567    $1,485,936
Interest received                                           68           429
Interest paid                                         (686,020)     (670,982)
Cash paid for other expenses                          (812,444)     (698,365)

  Net cash provided by operating activities            123,171       117,018

INVESTING ACTIVITIES
Expenditures for property                              (71,182)      (29,924)

FINANCING ACTIVITIES
Repayment of mortgage payable                          (69,898)      (63,903)

   Net (decrease) increase in cash                     (17,909)       23,191

Cash, at beginning of year                             141,781       118,590

Cash, at end of year                               $   123,872    $  141,781

Reconciliation of loss to net cash
  provided by operating activities:
   Net loss                                         $ (900,910)   $ (146,810)

Adjustments:
  Depreciation                                         204,820       268,693
  Impairment loss                                      857,361            --
  Decrease (increase) in accounts receivable             5,924       (10,586)
  (Increase) decrease in real estate tax escrow        (15,904)       21,268
  Decrease (increase) in prepaid expenses                5,799        (7,265)
  (Decrease) in accounts payable                       (32,142)      (20,801)
  Increase in accrued expenses
    and interest                                        31,408         5,392
  Increase in tenants' security deposits                 4,279        10,157
  (Decrease) in prepaid rents                          (37,464)      (12,152)
  Increase in due to affiliates                             --         9,122

Total adjustments                                    1,024,081       263,828

Net cash provided by operating activities           $  123,171    $  117,018

     The accompanying notes are an integral part of these financial statements

Rental Revenue

Rental revenue is recognized when earned and represents potential billings, net
of concessions and vacancies.

Income Taxes

The Partnership has not provided for income taxes, since all income and losses
are to be allocated to the partners for inclusion in their respective tax
returns.  The tax returns, the status of the Partnership as such for tax
purposes and the amount of allocable Partnership income or loss are subject to
examination by the Internal Revenue Service.  If such examinations result in
changes with respect to the Partnership status or in changes to allocable
Partnership income or loss, then the tax liability of the partners could be
changed accordingly.

Net Loss and Distributions Per Partnership Unit

Net loss and distributions per limited partnership unit are computed from the
date of the closing of the Minimum Offering (October 1, 1990) based upon net
loss and distributions allocated to the limited partners and the weighted
average number of limited partnership units outstanding.  Per unit information
has been computed based on 3,591 weighted average limited partnership units
outstanding.

Use of Estimates

The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during the reporting period.
Actual results could differ from those estimates.

Investment Property

In 1996, the Partnership adopted "FASB Statement No. 121, Accounting for the
Impairment of Long-Lived Assets and for Long-Lived Assets to Be Disposed Of,"
which requires impairment losses to be recorded on long-lived assets used in
operations when indicators of impairment are present and the undiscounted cash
flows estimated to be generated by those assets are less than the assets'
carrying amount.  The impairment loss is measured by comparing the fair value of
the asset to its carrying amount.

Fair Value

In 1996, the Partnership implemented "Statement of Financial Accounting
Standards No. 107, Disclosure about Fair Value of Financial Instruments," which
requires disclosure of fair value information about financial instruments for
which it is practicable to estimate the value.  The carrying amount of the
Partnership's cash and cash equivalents approximates fair value due to their
short-term nature.  The estimated fair value of the Partnership's mortgage note
payable approximates the present value of cash flows discounted at estimated
borrowing rates for similar debt instruments.


1.  Organization and Basis of Accounting

Clover Appreciation Properties I, L.P. (the "Partnership") is a limited
partnership which was formed in June 1988, in the State of Delaware for the
purpose of acquiring, operating and holding, directly or indirectly, residential
real estate for investment purposes.  Leases primarily have a term of one year
or less.  The general partner of the Partnership is Crown Management Corporation
("Crown"), a wholly-owned subsidiary of Clover Financial Corporation ("Clover").

The Partnership's records are maintained on the accrual basis of accounting as
adjusted for federal income tax reporting purposes.  The accompanying financial
statements have been prepared from such records after making appropriate
adjustments, where applicable, to reflect the Partnership's accounts on the
accrual basis of accounting according to generally accepted accounting
principles ("GAAP").  For tax purposes, the Partnership in 1990 filed a Section
754 election due to the transfer of the limited partners' interest during the
year resulting in stepped up basis of the Partnership's investment property.  In
addition, the costs incurred to modify the mortgage agreement in 1992 have been
expensed for book purposes and capitalized for tax purposes and are being
amortized over the remaining life of the mortgage.

The net effect of these items is summarized as follows:

                          December 31, 1996             December 31, 1995
                      GAAP Basis       Tax Basis    GAAP Basis      Tax Basis
Total assets          $7,532,836      $9,495,371    $8,487,563      $9,719,442
Partners' capital
 (deficit)              (778,860)      1,199,874       122,050       1,353,929
Net loss                (900,910)       (154,055)     (146,810)       (188,458)


Reconciliation of net loss per financial statements to net loss per federal
income tax returns is as follows:

                                      For the years ended December 31,
                                         1996                 1995
Net loss per financial
  statement                           $(900,910)           $(146,810)
Reconciling items:
  Depreciation                         (103,367)             (34,509)
  Amortization of debt
    modification costs                   (7,139)              (7,139)
  Impairment loss                       857,361                   --

Net loss per federal
  income tax return                   $(154,055)           $(188,458)


2.  Investment Property Held for Sale

Investment property held for sale refers to the Royal Wood Apartments, a 256
unit residential apartment complex located in Stone Mountain, Georgia, and as of
December 31, 1996, it consists of:

                                               1996
Land                                        $1,074,058
Apartment buildings                          7,520,590
Furniture and fixtures                         789,227
                                             9,383,875
Less accumulated depreciation                2,013,875
                                            $7,370,000


During the fourth quarter of 1996, Crown Management Corporation (the "General
Partner") distributed a notice of special meeting and proxy statement to the
Limited Partners to obtain their approval of the sale of the Partnership's sole
asset, the Royal Wood Apartments.  In November of 1996, the Limited Partners
voted to approve the sale of the property.  The General Partner estimated the
sales value, net of costs to sell, amounting to $73,000, to be $7,370,000.
Accordingly, the Partnership recorded an impairment loss of $572,361 to reduce
the property's carrying value to its estimated fair value less cost to sell at
September 30, 1996.  During the fourth quarter, the impairment loss was
increased to $857,361 due to a reduction in the sales proceeds per the final
sales contract.  The impairment loss was allocated to the individual assets
based upon their individual costs.

Depreciation was historically provided over the estimated useful lives of the
various assets using the straight-line method.  The estimated lives ranged from
27 to 40 years for apartment buildings and 7 to 12 years for furniture and
fixtures. Maintenance and repair costs were charged to expense as incurred.
Significant betterments and improvements were capitalized.  Effective September
30, 1996, the property was classified as an investment held for sale and no
additional depreciation expense was recorded.

3.  Notes and Mortgage Payable

In connection with the acquisition of the Royal Wood Apartments, the Partnership
assumed a first mortgage loan held by Aetna Life Insurance Company in the
original amount of $8,000,000.  The note evidencing that loan was collateralized
by the deed to the property and by the assignment of all rents and leases.  The
note bore interest at a rate of 9.375%.

On November 25, 1992, the Partnership entered into a loan modification agreement
with Aetna Life Insurance Company effective May 1, 1992.  The modification
resulted in a reduction of the interest rate on the loan from 9.375 to 9%
effective August 1, 1992. From September 1992 to June 1997, monthly payments of
principal and interest of $61,053 were to be made with a balloon payment of
$7,288,004 due July 1, 1997, the maturity date of the mortgage.  The lender
agreed to waive all default charges and late fees.

The modification also provided for the following:

Additional principal payments equal to the excess cash flow, as defined in the
agreement as all operating income less approved expenses for the fiscal years
ended June 30, 1993 through 1996.  Approved expenses are defined as day to day
expenses relating to the operation, management or ownership of the property
exclusive of management fees, payments to the Partnership or the General Partner
and affiliates, except for health insurance costs and computer fees.

If, during any of the years ended June 30, 1995 through 1997, the additional
interest payment equals or exceeds the additional principal payment for that
period, no additional principal payment is due.  Payment of additional interest
and principal are due on July 25 of each year.  Through the reporting period
ended June 30, 1995 there had been no excess cash flow and, therefore, there had
been no payments of additional principal and interest due under the provisions
of the modification.  During the period ended June 30, 1996, the property
remitted $19,618 in cash flow interest payments to the lender.

On March 12, 1997, the Royal Wood Apartments were sold to an unaffiliated
purchaser and the debt secured by the Property was retired for $7,000,000, which
resulted in an extraordinary gain on extinguishment of debt of $306,899 to be
recognized at the sale date.

4.  Transactions With Affiliates

Clover and its affiliates are entitled to reimbursement for administrative
services rendered to the Partnership, direct expenses of Partnership operations,
and goods and services used by and for the Partnership.  In addition, Clover and
its affiliates advanced the Partnership funds to pay initial offering,
organizational, and acquisition costs, as well as to fund additional working
capital outlays.  These advances are non-interest bearing and a portion of the
advances were repaid by the Partnership from the proceeds of the sale of limited
partnership units.  Clover and its affiliates also advanced the Partnership
funds to pay the first and second quarter 1991 distributions.  As of December
31, 1996, advances due to Clover and its affiliates were $321,293.

Per the loan modification agreement, only approved expenses, which are expenses
that relate to the operation, management or ownership of the property, are
permitted to be paid.  Approved expenses do not include management fees and
payments to reimburse the General Partner and its affiliates except for health
insurance costs and computer fees.

Effective February 21, 1995, NPI-CL, L.P. ("NPI") which is unaffiliated with the
general partner, replaced an affiliate of the general partner as property
manager.  Until that time, as compensation for property management services
performed with respect to the Property, the affiliate was entitled to fees in an
amount not to exceed 5% of gross revenues.  At December 31, 1996, these fees
were accrued.  The amounts owed to both parties will be waived and forgiven upon
the sale of the property in 1997.


                                               Reimbursable
                              Management        Costs and
                                 Fees            Advances           Total

Due to affiliates, balance
  at January 1, 1995           $376,439          $423,335          $799,774

Incurred during 1995              8,610               512             9,122
Payments during 1995                 --                --                --

Due to affiliates, balance
  at December 31, 1995          385,049           423,847           808,896

Incurred during 1996                 --                --                --
Payments during 1996                 --                --                --

Due to affiliates, balance
  at December 31, 1996         $385,049          $423,847          $808,896


5.  Partnership Agreement

Pursuant to the terms of the Partnership Agreement, the net losses through
September 1990 were allocated 1% to the General Partner and 99% to the Initial
Limited Partner. After the sale of the Minimum Offering and the admission of
additional limited partners to the Partnership, all items of income, gain and
loss and distributions of cash are allocated as follows:

Net income of the Partnership from operations will be allocated as follows:

(a)  first, if the Partnership made net cash receipts distributions with respect
to such period, an amount of net income up to the amount of such net cash
receipts distributions shall be allocated among the partners in the same
proportions as such net cash receipts distributions were made; provided,
however, that if the total amount of net income is less than the amount of net
cash receipts distributions for such a period, an amount of net income equal to
the amount of net cash receipts distributions distributed to the General Partner
shall be allocated to the General Partner and all remaining net income shall be
allocated to the Limited Partners;

(b)  second, to those partners having deficit balances in their capital accounts
in proportion to and to the extent of such deficits.

(c)  third, to those partners, if any, who have received cumulative net cash
receipts distributions in the current and prior periods in an amount in excess
of the cumulative amount of net income allocated to such partners in proportion
to and to the extent of any such excess and;

(d)  fourth, the balance, if any, shall be allocated 10% to the General Partner
and 90% to the Limited Partners in proportion to their relative ownership of
units.

Net income or gain realized by the Partnership on a sale shall be allocated in
the following order of priority:

(a)  first, to the partners with negative capital account balances,
proportionately based on the respective negative balances in their capital
accounts until each such partner has a zero capital account balance;

(b)  second, to the Limited Partners until the capital account balance of each
Limited Partner shall equal his adjusted capital contribution, as determined
without reduction for any sale or refinancing proceeds distributed or to be
distributed for the current period;

(c)  third, to the Limited Partners until their capital accounts equal the sum
of the priority returns (a 12% annual noncompounded cumulative return on their
adjusted capital contributions) distributed or to be distributed to the Limited
Partners and the amount described in subparagraph (b);

(d)  any remaining amounts of net income or gain shall be allocated 15% to the
General Partner and 85% to the Limited Partners in proportion to their relative
ownership of units.

Net losses of the Partnership shall be allocated 1% to the General Partner and
99% to the Limited Partners, in accordance with their relative ownership of
units.

Net cash receipts shall, to the extent determined by the General Partner, be
distributed 10% to the General Partner and 90% to the Limited Partners quarterly
with respect to the periods ending March 31, June 30, September 30, and December
31 of each year, with all amounts distributed to the Limited Partners as a group
being divided among the Limited Partners in accordance with relative ownership
of units. The sale and refinancing proceeds shall be distributed to the extent
available first, to the Limited Partners in an amount equal to their adjusted
capital contributions, second to the Limited Partners in an amount equal to
their priority returns, and third, the balance shall be distributed 15% to the
General Partner and 85% to the Limited Partners in accordance with their
relative ownership of units.


6.  Subsequent Events

On March 12, 1997, the Partnership sold the Royal Wood Apartments to an
unaffiliated purchaser for a gross purchase price of $7,443,000.  The gross
proceeds less costs to sell of $73,000 approximate the carrying value of the
investment property held for sale at December 31, 1996.

A substantial portion of the proceeds from the sale of the Property were used to
retire the First Mortgage Loan.  The holder of the First Mortgage Loan accepted
$7,000,000 in satisfaction of its liability, which resulted in an extraordinary
gain on extinguishment of debt of $306,899 which will be recognized in the first
quarter of 1997.

After paying all remaining debts and obligations of the Partnership including
the costs of dissolution, the General Partner anticipates making a distribution
in the approximate amount of $100 per Unit.

Schedules of Real Estate and Accumulated Depreciation

<TABLE>
<CAPTION>
                                  Gross Amount at Which
                           Carried at December 31, 1996 (A) (D)
                                                                              Life on Which
                                                                             Depreciation Has
            Buildings and                              Date of      Date     Been Computed
  Land      Improvements  Total(B) Depreciation(C)  Construction  Acquired      in 1996
<S>         <C>         <C>         <C>                <C>       <C>          <C>
$1,074,058   $8,309,817  $9,383,875  $2,013,875         1979      1/25/89      7-40 years
</TABLE>

<TABLE>
<CAPTION>
                                                               Net Cost Reduced
                                      Initial Cost         Subsequent to Acquisition
                                             Buildings and            Buildings and
Description            Encumbrance    Land     Improvements     Land   Improvements
<S>                      <C>      <C>          <C>           <C>        <C>
256-unit residential      Deed     $1,132,248   $8,513,557    $(58,190)  $(203,740)
apartment complex
<FN>

(A) The aggregate cost for federal income tax purposes is equal to the amount
    at which the real estate is carried for financial reporting purposes, plus
    the additional stepped up basis due to a Section 754 election in the amount
    of $1,403,493 less the impairment loss amounting to $807,361.

(B)  Reconciliation of real estate:
</TABLE>

                                               Year Ended December 31,
                                                 1996           1995

     Balance, at beginning of year            $10,120,054   $10,090,130
          Expenditures for property                71,182        29,924
          Impairment loss (1)                    (807,361)           --

     Balance, at end of year                    9,383,875    10,120,054
     Less accumulated depreciation              2,013,875     1,809,055

     Investment property held for sale        $ 7,370,000   $ 8,310,999


(1) Impairment loss does not include $50,000 of valuation reserves recorded for
    future purchases of capitalizable items during the period the property is
    held for sale.

(C) Reconciliation of accumulated depreciation:

                                               Year Ended December 31,
                                                 1996          1995

     Balance, at beginning of year            $1,809,055    $1,540,362
          Depreciation expense                   204,820       268,693

     Balance, at end of year                  $2,013,875    $1,809,055

(D) Effective September 30, 1996, the Partnership determined that the property
    was held for sale. 


Item 8.     Changes in and Disagreements with Accountants on
            Accounting and Financial Disclosure

            None.


                                      PART III

Item 9.   Directors and Executive Officers of the Partnership

      The General Partner has the sole right to manage the business of the
Partnership and make any and all decisions with respect thereto.  The Limited
Partners are allowed to vote or consent only in limited circumstances as
permitted by the Act and as specifically set forth in the Partnership Agreement.
The General Partner has ultimate authority in all Partnership business
decisions.

      The General Partner has the right to delegate management functions.
Limited Partners have no right to participate in the management of the
Partnership.

      The General Partner is a New Jersey corporation which is a wholly-owned
subsidiary of Clover Financial Corporation ("Clover"), a New Jersey corporation
which has engaged, directly and indirectly, in real estate ownership and
operation since 1972.  The officers and directors of the General Partner, Donald
N. Love, Steven R. Zalkind and Stanley E. Borucki, are also officers and/or
directors of Clover.  In addition, Messrs. Love and Zalkind are the majority
shareholders of Clover.

      Various relationships of the Partnership to the General Partner and its
affiliates are described at pages 13-15 of the Prospectus, which description is
incorporated herein by reference.

            The executive officers and directors of the General Partner and
Clover are as follows:

Name                               Age                      Position

Donald N. Love                      58                President, Director

Steven R. Zalkind                   54                Vice President, Director

Stanley E. Borucki                  43                Treasurer

      Mr. Love has been President and a director of the General Partner since
its formation in 1986, and he is President and a director of Clover and various
affiliates of Clover.  Mr. Love has been associated with Clover since 1971.  Mr.
Love holds a B.S. degree in Business Administration from Temple University.

      Mr. Zalkind has been Vice President and a director of the General Partner
since its formation in 1986, and he is Vice President and a director of Clover
and various affiliates of Clover.  Mr. Zalkind has been associated with Clover
since May 1985.

      Mr. Borucki has served as Treasurer of the General Partner since May 1990,
and he serves as Treasurer of various affiliates of Clover.  He has been the
Assistant Treasurer of Clover since 1988.  Mr. Borucki joined Clover as a staff
accountant in 1977, and he served as the Controller of Clover from 1984 to 1988.
Mr. Borucki is a Certified Public Accountant.

      All of the directors and executive officers of the General Partner are
elected annually to the offices set forth above to hold office until their
successors are duly elected and qualified.

Item 10.  Executive Compensation

      The officers and directors of the General Partner receive no current
direct compensation for serving in such capacities.  The General Partner
received acquisition fees for services rendered in connection with the selection
and acquisition of direct or indirect interests in properties and the General
Partner will be entitled to receive a share of cash distributions. Such fees and
distributions are described generally under the caption "Compensation and Fees"
at pages 10-12 and under the caption "Allocations of Profits and Losses and Cash
Distributions" on pages 25-26 of the Prospectus dated September 18, 1987 and at
pages A-7 to A-11 of the Partnership Agreement, included as an Exhibit to the
Prospectus, which descriptions are incorporated herein by reference.

      The Partnership is permitted to engage in various transactions involving
the General Partner and its affiliates as described under the captions
"Compensation and Fees" at pages 10-12 and "Conflicts of Interests" at pages 13-
16 of the Prospectus and "Rights, Authority, Powers, Responsibilities and Duties
of the General Partner" at pages A-20 to A-27 of the Partnership Agreement,
included as an Exhibit to the Prospectus, which descriptions are incorporated
herein by reference.

      In accordance with the Partnership Agreement, the General Partner and its
affiliates may be reimbursed by the Partnership for the actual costs advanced by
them for materials used by the Partnership and obtained from unaffiliated
parties, administrative services and direct expenses of Partnership operations.
However, the agreement entered into by the Partnership in connection with the
modification of its First Mortgage Loan prohibited the payment of any fees or
costs to the General Partner other than health insurance costs and computer
fees.  Any other reimbursable costs were required to be accrued and were not
allowed to be paid until the First Mortgage Loan was fully paid.  Proceeds from
the sale of the Property were used to pay the First Mortgage Loan in full and
the amounts due the General Partner and its affiliates were forgiven.

      Reference is made to "Note 4" of Notes to the Partnership's Financial
Statements under "Item 7. Financial Statements", which contain information on
the amounts of acquisition fees and reimbursements which were actually earned by
the General Partner and its affiliates and actually paid by the Partnership.
Reference is made to the Statements of Partners'(Deficit) Capital in the
Partnership's Financial Statements under "Item 7. Financial Statements", which
contain information on the amount of cash distributions actually made by the
Partnership to the General Partner.

Item 11.    Security Ownership of Certain Beneficial Owners and Management

      No person (including any "group" as that term is used in Section 13(d)(3)
of the Securities Exchange Act of 1934) is known to the Partnership to be the
beneficial owner of more than five percent of the outstanding Units as of March
12, 1997.

      As of March 12, 1997, the directors of the General Partner and the
directors and officers of the General Partner as a group subscribed for the
following Units of the Partnership:

                              Amount and nature
                                of Beneficial        Percentage
Name                          Ownership of Units      Interest

Donald N. Love                        6                   *
All directors and
 officers as a group
(3 persons)                           6                   *
* Less than one percent

      All the outstanding shares of the Common Stock of the General Partner are
owned by Clover as discussed under "Item 9. Directors and Executive Officers of
the Partnership".

Item 12.  Certain Relationships and Related Transactions

      Since January 1, 1995, there were no significant transactions or business
relationships with the General Partner or its affiliates, and none are currently
proposed, other than those described in "Item 10. Executive Compensation".  As
of December 31, 1995, the Partnership was indebted to Clover and its affiliates
in the aggregate amount of $808,896, including $385,049 in accrued property
management fees and $423,847 in reimbursable costs and advances made to or on
behalf of the Partnership.  The $808,896 was forgiven by the General Partner and
its affiliates upon the sale of the Property.

Item 13.  Exhibits, Financial Statements, Schedules and Reports on 8-K

      (a)  Exhibits:

           Exhibit 27, Financial Data Schedule, is filed as an exhibit to this

           report.

           See Exhibit Index contained herein for listing of exhibits.

      (b)  Reports on Form 8-K filed during the fourth quarter of 1996:

           None.
                                     SIGNATURES

     Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Partnership has duly caused this Report to be signed
on its behalf by the undersigned, thereunto duly authorized.

                         CLOVER APPRECIATION PROPERTIES I, L.P.

                         CROWN MANAGEMENT CORPORATION,
                         General Partner



Date:March 27, 1997      By:    /s/ Donald N. Love
                                 Donald N. Love, President


Date:March 27, 1997      By:    /s/ Stanley E. Borucki
                                 Stanley E. Borucki, Treasurer



     Pursuant to the requirements of the Securities Exchange Act of 1934, this
Report has been signed below by the following persons on behalf of the
Registrant in the capacities and on the dates indicated.


Date: March 27, 1997    /s/ Donald N. Love
                        Donald N. Love, Director and
                        President of Crown Management
                        Corporation, the General Partner


Date: March 27, 1997   /s/ Steven R. Zalkind
                       Steven R. Zalkind, Director
                       and Vice-President of
                       Crown Management Corporation,
                       the General Partner


                               INDEX OF EXHIBITS

     EXHIBIT NO.              DOCUMENT DESCRIPTION

     * 3.1     Certificate of Limited Partnership (Exhibit 3.1 to the
               Registrant's Registration Statement, No. 33-23463 filed on August
               1, 1988 (the "Registration Statement")).

     * 3.2     Limited Partnership Agreement (Exhibit 3.2 to the Registration
               Statement).

     * 3.3     First Amendment to Limited Partnership Agreement (Exhibit 3.3 of
               the Registration Statement).

     * 3.4     Second Amendment to Limited Partnership Agreement (Exhibit 3.4 to
               the registrant's Annual Report on Form 10-K for the year ended
               December 31, 1988 (the "1988 Form 10-K")).

     * 3.5     Amended and Restated Agreement of Limited Partnership dated
               October 1, 1990 (Exhibit 3.5 to the registrant's Annual Report on
               Form 10-K for the year ended December 31, 1991 (the "1991 Form
               10-K")).

     *10.1     Real Estate Note dated June 24, 1986 of Royal Wood Associates,
               together with a First Modification of Real Estate Note dated as
               of May 1, 1992 between the Partnership and Aetna Life Insurance
               Company (Exhibit 10.2 to the registrant's Annual Report on Form
               10-K for the year ended December 31, 1992 (the "1992 Form
               10-K")).

     *10.2     Deed to Secure Debt, Assignment of Rents and Security Agreement
               dated June 24, 1986 between Royal Wood Associates and Aetna Life
               Insurance Company, together with a First Amendment dated as of
               January 25, 1989 among Royal Wood Associates, Royal Wood
               Associates II, the Partnership and Aetna Life Insurance Company,
               and a Second Amendment dated June 25, 1986 between the
               Partnership and Aetna Life Insurance Company (Exhibit 10.3 to the
               1992 Form 10-K").

      10.3     Agreement of Sale dated November 18, 1996 between the 
               Partnership and Strand, Inc.

      10.4     Reinstatement of and First Amendment to Agreement of Sale 
               dated December 30, 1996 between the Partnership and Strand, Inc.

      27       Financial Data Schedule


     *99.1     The Prospectus of the Partnership dated November 15, 1988,
               contained in Amendment No. 1.

     *99.2     Supplement No. 1 dated March 9, 1989 to the Prospectus, as filed
               with the Commission pursuant to Rules 424(b)(3) and 424(c) on
               March 13, 1989, and as part of Post-Effective Amendment No. 1 to
               the Registration Statement.

     *99.3     Supplement No. 3 dated September 22, 1989 to the Prospectus and
               Supplements No. 1 and 2, as filed with the Commission pursuant to
               Rules 424(b)(3) and 424(c) on September 27, 1989, and as part of
               Post-Effective Amendment No. 3 to the Registration Statement.

     *99.4     Supplement No. 5 dated April 25, 1990 to the Prospectus and
               Supplements No. 1 and 3 and superseding Supplement Nos. 2 and 4,
               as filed with the Commission pursuant to Rules 424(b)(3) and
               424(c) on May 2, 1990, and as part of Post-Effective Amendment
               No. 5 to the Registration Statement.


 *  Incorporated by reference.


     SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO
SECTION 15(d) OF THE ACT BY PARTNERSHIPS WHICH HAVE NOT REGISTERED SECURITIES
PURSUANT TO SECTION 12 OF THE ACT.

     Pursuant to the Partnership Agreement and certain undertakings in the
Registration Statement, the Partnership is obligated to provide an annual report
to Limited Partners of the Partnership on or before April 30, 1997.  The
Partnership will furnish copies of such report to the Commission when it is sent
to the Limited Partners.