SECURITIES AND EXCHANGE COMMISSION

                      Washington, DC  20549

                            FORM 10-Q

           Quarterly Report Under Section 13 or 15(d)
             of the Securities Exchange Act of 1934

For Quarter Ended March 31, 2005   Commission file number 0-11578


                 AMERICAN REPUBLIC REALTY FUND I

     (Exact name of registrant as specified in its charter)

                 WISCONSIN                   39-1421936
      (State or other jurisdiction of      (IRS Employer
       incorporation or organization       Identification
                                              Number)

     2800 N. Dallas Pkwy Suite 100 Plano, Texas 75093-5994

            (Address of principal executive offices)


 Registrant's telephone number, including area code: (972) 836-8000.


     Indicate by check mark whether the 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:  Y        No:


               REGISTRANT IS A LIMITED PARTNERSHIP








                        TABLE OF CONTENTS




Item 1.  Financial Statements


The following Unaudited financial statements are filed herewith:

    Consolidated Balance Sheet as of March 31, 2005 and
     December 31, 2004                                             Page 3

    Consolidated Statements of Operations for the Three
     Months Ended March 31, 2005 and 2004                          Page 4

    Consolidated Statements of Cash Flows for the Three
     Months Ended March 31, 2005 and 2004                          Page 5


Item 2.  Results of Operations and Management Discussion and
         Analysis of Financial Condition                           Page 6

     Liquidity and Capital Resources                               Page 9

     Other Information                                             Page 10

     Signatures                                                    Page 12



The statements, insofar as they relate to the period subsequent
to December 31, 2004, are Unaudited.


PART 1.   FINANCIAL INFORMATION

     Item 1.     Financial Statements


                 AMERICAN REPUBLIC REALTY FUND I
              Condensed Consolidated Balance Sheets

                                            March 31       December 31,
                                              2005           2004
                                           (Unaudited)

     ASSETS

          Real Estate assets, at cost

          Land                             $1,822,718       $1,822,718
          Buildings and improvements       16,164,861       16,164,861

                                           17,987,579       17,987,579

           Less: Accumulated depreciation (13,904,447)     (13,739,447)
           Real Estate, net                 4,083,132        4,248,132

          Cash including cash investments     338,680          353,871
          Escrow deposits                     393,115          452,842
          Prepaid Expenses                     20,683           48,020
          Deferred Financing Fees              51,621           57,357

                 TOTAL ASSETS              $4,887,231       $5,160,222



     LIABILITIES AND PARTNERS' EQUITY:

     LIABILITIES

          Mortgage and notes payable       $9,878,750       $9,918,658
          Amounts due affiliates                3,294            1,256
          Real estate taxes payable            67,149                0
          Security deposits                    65,918           66,196
          Accounts payable & accrued
           expenses                           117,343          312,974

          Total liabilities                10,132,454       10,299,084

     PARTNERS CAPITAL  (DEFICIT)

          Limited Partners                 (5,277,059)      (5,171,762)
          General Partner                      31,836           32,900

     Total Partners Capital (Deficit)      (5,245,223)      (5,138,862)


     TOTAL LIABILITIES AND                 $4,887,231       $5,160,222
     PARTNER DEFICIT




                 AMERICAN REPUBLIC REALTY FUND I
         Condensed Consolidated Statement of Operations
                           (Unaudited)

                                             Three Months Ended
                                                 March 31,
     REVENUES                                2005          2004

     Rental income                        605,598       622,572
     Other property                        16,108        15,297
     Total revenues                       621,706       637,869

     EXPENSES

     Salaries & wages                      85,921        86,234
     Maintenance & repairs                 34,413        56,234
     Utilities                             61,186        54,204
     Real estate taxes                     67,149        75,249
     General administrative                19,315        17,925
     Contract services                     27,897        28,703
     Insurance                             35,338        31,921
     Interest                             195,027       197,798
     Depreciation and amortization        170,736       170,736
     Property management fees (a)          31,085        31,893

     Total expenses                       728,067       750,897




     Net Income                         ($106,361)    ($113,028)


     NET INCOME PER UNIT                   $(9.57)      $(10.17)

     Partnership units outstanding         11,000        11,000

     See Notes to Condensed Consolidated Financial Statements




                 AMERICAN REPUBLIC REALTY FUND I

         Condensed Consolidated Statement of Cash Flows
    See Notes to Condensed Consolidated Financial Statements
                            Unaudited
                                                       Three Months Ended
                                                            March 31,
                                                       2005          2004

CASH FLOWS FROM OPERATING ACTIVITY
Net income (loss)                                 ($106,361)    ($113,028)
Adjustments to reconcile net income (loss) to
net cash provided by operating activities:

    Depreciation and amortization                   170,736       170,736

    Net Effect of changes in operating accounts

                      Escrow deposits                59,727        14,697
                      Prepaid expenses               27,337        23,921
                      Accrued real estate taxes      67,149        75,249
                      Security deposits                (278)       (2,556)
                      Accounts payable             (195,631)     (143,764)
                      Other assets                    5,736         5,736

Net cash provided by (used for) operating
 activities                                          22,679        25,255

CASH FLOWS FROM INVESTING ACTIVITIES


CASH FLOWS FROM FINANCING ACTIVITIES
      Repayment of mortgage notes payable          (39,908)      (49,356)
      Distributions to limited partners                   0             0
      Proceeds from amounts due affiliates            2,038         2,016

Net cash used for financing activities             (37,870)      (47,340)

NET INCREASE (DECREASE) IN CASH AND CASH           (15,191)      (22,085)
EQUIVALENTS
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD      353,871       435,304

CASH AND CASH EQUIVALENTS, END OF PERIOD           $338,680      $413,219

Basis of Presentation:

            The  accompanying  unaudited  condensed  consolidated
     financial statements have been prepared by American Republic
     Realty  Fund  I  (the "Company") pursuant to the  rules  and
     regulations of the Securities and Exchange Commission.   The
     financial  statements reflect all adjustments that  are,  in
     the  opinion of management, necessary to fairly present such
     information.  All such adjustments are of a normal recurring
     nature.   Although the Company believes that the disclosures
     are   adequate   to  make  the  information  presented   not
     misleading,  certain  information and footnote  disclosures,
     including  a description of significant accounting  policies
     normally  included  in  financial  statements  prepared   in
     accordance with accounting principles generally accepted  in
     the United States of America, have been condensed or omitted
     pursuant to such rules and regulations.

     These  financial  statements should be read  in  conjunction
     with the financial statements and notes thereto included  in
     the Company's 2004 Annual Report on Form 10-K filed with the
     Securities   and  Exchange  Commission.   The   results   of
     operations   for   interim  periods  are   not   necessarily
     indicative of the results for any subsequent quarter or  the
     entire fiscal year ending December 31, 2005.

Item 2. RESULTS OF OPERATIONS AND MANAGEMENTS DISCUSSION AND
ANALYSIS OF FINANCIAL CONDITION

FIRST QUARTER 2005 COMPARED TO FIRST QUARTER 2004

At  March  31,  2005  the Partnership owned two  properties  with
approximately 416,623 net rentable square feet.  Both  properties
are   apartment  communities.   The  portfolio  had  an   average
occupancy of 86.9% for the first quarter of 2005, as compared  to
85.2% for the first quarter of 2004.

Revenue from property operations decreased $16,163, or 2.53%, for
the first quarter of 2005, as compared to the 2004-first quarter.
The  decrease  in rental income of $16,974 or 2.73% is  primarily
due  to a decrease in rental rates.  The increase in other income
of $811 or 5.3% is primarily due to an increase in Late and other
fee   collections  from  the  properties.   The  following  table
illustrates the components:

                                Increase    Percent
                               (Decrease)   Change

Rental income                   (16,974)     2.73%
Other property                      811      5.30%
Net Increase (Decrease)         (16,163)     2.53%


Property operating expenses decreased $22,830 or 3.04%,  for  the
first  quarter of 2005, as compared to the same period  in  2004.
Maintenance  & repairs decreased $21,821 or 38.8%  due  to  prior
year  exterior  painting  being performed.   Utilities  increased
$6,982  or  12.88% due to higher gas prices.  Real  estate  taxes
decreased  $8,100 or 10.76% due to successful property assessment
appeals.   General and administrative increased $1,390  or  7.75%
due  to  increased  advertising.  Insurance increased  $3,417  or
10.70%  in  connection  with  the annual  policy  renewal.    The
following table illustrates the components by category:

                                     Increase
                                    (Decrease)

Salaries & wages                   (313)     0.36%
Maintenance & repairs           (21,821)    38.80%
Utilities                         6,982     12.88%
Real estate taxes                (8,100)    10.76%
General administrative            1,390      7.75%
Contract services                  (806)     2.81%
Insurance                         3,417     10.70%
Interest                         (2,771)     1.40%
Depreciation and amortization         0      0.00%
Property management fees (a)       (808)     2.53%
Net Increase (Decrease)         (22,830)     3.04%



LIQUIDITY AND CAPITAL RESOURCES

      While  it  is  the  General Partners primary  intention  to
operate  and  manage  the existing real estate  investments,  the
General  Partner  also continually evaluates this  investment  in
light  of current economic conditions and trends to determine  if
this asset should be considered for disposal. At this time, there
is no plan to dispose of either property.

     As  of March 31, 2005, the Partnership had $338,680 in  cash
and  cash equivalents as compared to $353,871 as of December  31,
2004.  The net decrease in cash of $15,191 is principally due  to
cash used for financing activities.

     Each asset of the fund refinanced its debt during July 1997.
The  fund  retired  debt  with a face  value  of  $6,500,000  and
replaced  with  debt of $10,800,000.  The new  mortgages  in  the
amounts  of $4,000,000, $6,800,000 carry interest rates  of  7.8%
and  7.92%  respectively.  The notes come due  August  2007.  The
Partnerships  required principal payments due  under  the  stated
terms  of  the Partnerships mortgage notes payable are  $164,442,
$177,870, and $9,576,345 for each of the next three years.

     For the foreseeable future, the Partnership anticipates that
mortgage  principal  payments  (excluding  any  balloon  mortgage
payments), improvements and capital expenditures will  be  funded
by  net  cash from operations. The primary source of  capital  to
fund   future  Partnership  acquisitions  and  balloon   mortgage
payments    will  be  proceeds  from  the  sale,   financing   or
refinancing of the Properties.

Item 3 - Quantitative and Qualitative Disclosure about Market
Risk

     The   Partnership  is  exposed  to  interest  rate   changes
primarily  as  a  result  of  its  real  estate  mortgages.   The
Partnerships interest rate risk management objective is to  limit
the  impact  of interest rate changes on earnings and cash  flows
and  to  lower  it's  overall borrowing costs.   To  achieve  its
objectives,  the  Partnership borrows primarily at  fixed  rates.
The  Partnership does not enter into derivative or interest  rate
transactions for any purpose.

     The  Partnerships' activities do not contain  material  risk
due  to  changes  in general market conditions.  The  partnership
invests only in fully insured bank certificates of deposits,  and
mutual funds investing in United States treasury obligations.

Item 4 - Controls and Procedures

     Based  on  their most recent evaluation, which was completed
within  90  days  of  the filing of this Form  10-Q,  our  Acting
Principal Executive Officer and Chief Financial Officer,  believe
our  disclosure controls and procedures (as defined  in  Exchange
Act  Rules 13a-14 and 15d-14) are effective. There were  not  any
significant changes in internal controls or in other factors that
could significantly affect these controls subsequent to the  date
of their evaluation, and there has not been any corrective action
with regard to significant deficiencies and material weaknesses.



          Other Information

Item 1.             Legal Proceedings

Item 2.             Changes in Securities
               None

Item 3.             Defaults Upon Senior Securities
               None

Item 4.             Submission of Matters to a Vote of Security
Holders
               None

Item 5.             Other Information
               None

Item 6.             Exhibit and Reports on Form 8-K
               (A)The following documents are filed herewith or
               incorporated herein by reference as indicated as
               Exhibits:

Exhibit Designation                Document Description
     2
                                   Certificate of Limited partnership,
                                   as amended, incorporated by reference
                                   to Registration Statement No.2-81074
                                   effective May 2, 1983.

                                   Limited Partnership Agreement,
                                   incorporated by reference to
                                   Registration Statement No.2-81074
                                   effective May 2,1983.


     11                            Not Applicable
     15                            Not Applicable
     18                            Not Applicable
     19                            Not Applicable
     20                            Not Applicable
     23                            Not Applicable
     24                            Not Applicable

     25                            Power of Attorney,incorporated by
                                   reference to Registration Statement
                                   No. 2-81074 effective May 2, 1983.

     28                            None
     31.1                          Certification Pursuant to
                                   Rules 13a-14 and 15d-14 Under
                                   the Securities Exchange Act of
                                   1934, as Adopted Pursuant to
                                   Section 302 of the Sarbanes-
                                   Oxley Act of 2002, filed
                                   herewith.

     32.1                          Certification Pursuant to 18
                                   U.S.C. Section 1350, as
                                   Adopted Pursuant to Section
                                   906 of the Sarbanes-Oxley Act
                                   of 2002, filed herewith.

     (B)  Reports on Form 8-K for the quarter ended March 31, 2005.

     1    None




                         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.


                         AMERICAN REPUBLIC REALTY FUND I
                         a Wisconsin limited partnership



                         By:  /s/ Robert J. Werra
                              Robert J. Werra,
                              General Partner

     Date:     May 5, 2005




                                             Exhibit 31.1

     CERTIFICATION PURSUANT TO RULES 13a-14 AND 15d-14 UNDER
   THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO
          SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002


I  Robert J. Werra, Acting Principal Executive Officer and  Chief
Financial  Officer  of  American Republic  Realty  Fund  I  ("the
Company"), certify that:

1.     I  have reviewed this quarterly report on Form 10-Q of the
       Company;

2.     Based  on  my  knowledge, this quarterly report  does  not
       contain  any untrue statement of a material fact  or  omit
       to  state a material fact necessary to make the statements
       made,  in  light  of the circumstances  under  which  such
       statements were made, not misleading with respect  to  the
       period covered by this quarterly report;

3.     Based  on  my  knowledge,  the financial  statements,  and
       other  financial  information included in  this  quarterly
       report,  fairly  present  in  all  material  respects  the
       financial condition, results of operations and cash  flows
       of  the  registrant as of, and for, the periods  presented
       in this quarterly report;

4.     I   am   responsible  for  establishing  and   maintaining
       disclosure   controls  and  procedures  (as   defined   in
       Exchange  Act Rules 13a-15(e) and 15d-15(e)) and  internal
       control  over financial reporting (as defined in  Exchange
       Act  Rules  13a-15(f) and 15d-15(f)) for the  Company  and
       have:

  a.   designed  such  disclosure  controls  and  procedures,  or
       caused  such  disclosure controls  and  procedures  to  be
       designed  under  my supervision, to ensure  that  material
       information  relating to the company and its  consolidated
       subsidiaries  is made known to me by others  within  those
       entities, particularly for the periods presented  in  this
       quarterly report;

  b.   designed  such internal control over financial  reporting,
       or  caused  such internal control over financial reporting
       to   be   designed  under  my  supervision,   to   provide
       reasonable   assurance  regarding   the   reliability   of
       financial  reporting  and  the  preparation  of  financial
       statements  for  external  purposes  in  accordance   with
       generally accepted accounting principles.

  c.   evaluated  the  effectiveness of the  Companys  disclosure
       controls  and procedures and presented in this  report  my
       conclusions  about  the effectiveness  of  the  disclosure
       controls  and  procedures, as of the  end  of  the  period
       covered by this report based on such evaluation; and



    CERTIFICATION PURSUANT TO RULES 13a-14 AND 15d-14 UNDER
  THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO
   SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 - continued


  d.   disclosed  in  this report any change  in  the  Companys
       internal  control over financial reporting that occurred
       during the Companys most recent fiscal quarter that  has
       materially   affected,  or  is  reasonably   likely   to
       materially  affect, the Companys internal  control  over
       financial reporting; and


5.     I  have disclosed based on my most recent evaluation  of
       internal  control  over  financial  reporting,  to   the
       Companys  auditors and Audit Committee of the  Board  of
       Directors   (or   persons  fulfilling   the   equivalent
       function):

  a.   all significant deficiencies and material weaknesses  in
       the   design  or  operation  of  internal  control  over
       financial  reporting  which  are  reasonably  likely  to
       adversely   affect  the  Companys  ability  to   record,
       process, summarize, and report financial data; and

  b.   any  fraud,  whether  or  not  material,  that  involves
       management  or  other employees who have  a  significant
       role  in  the  Companys internal control over  financial
       reporting.




  /s/ Robert J. Werra


  Robert J. Werra
  Acting Principal Executive Officer and Chief Financial
                                   Officer
  May 5, 2005













                                             Exhibit 32.1

                   CERTIFICATION PURSUANT TO
                    18 U.S.C. SECTION 1350,
                    AS ADOPTED PURSUANT TO
         SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

  In  connection with the Quarterly Report of American Republic
  Realty  Fund  I ("the Company") on Form 10-Q for  the  period
  ending  March  31,  2005  as filed with  the  Securities  and
  Exchange  Commission on the date hereof  ("the  Report"),  I,
  Robert J. Werra, Acting Principal Executive Officer and Chief
  Financial  Officer of the Company, certify,  pursuant  to  18
  U.S.C. 1350, as adopted pursuant to 906 of the Sarbanes-Oxley
  Act of 2002, that:

          (1)  The report fully complies with the requirements of section
            13(a) or 15(d) of the Securities Exchange Act of 1934, as
            amended; and

          (2)  The information contained in the Report fairly presents,
            in all material respects, the financial condition and results
            of operations of the Company.



  /s/ Robert J. Werra


  Robert J. Werra
  Acting Principal Executive Officer and Chief Financial
                                   Officer
  May 5, 2005