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, 2000   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)

                 6210 Campbell Road Suite 140
                 Dallas, Texas  75248

           (Address of principal executive offices)


Registrant's telephone number, including area code:  (972) 380-8000.


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, 2000 and
    December 31, 1999                                           Page 3

     Consolidated Statements of Operations for the Three
     Months Ended March 31, 2000 and 1999                       Page 4

     Consolidated Statements of Cash Flows for the Three months
     Ended March 31, 2000 and 1999                              Page  5


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

     Liquidity and Capital Resources                            Page 7

     Other Information                                          Page 8

     Signatures                                                 Page 9



The statements, insofar as they relate to the period subsequent to
December 31, 1999, are Unaudited.


PART 1.   FINANCIAL INFORMATION

     Item 1.     Financial Statements


                AMERICAN REPUBLIC REALTY FUND I
             Condensed Consolidated Balance Sheets
                                         March 31       December 31,
                                           2000             1999
                                        (Unaudited)

ASSETS
        Real Estate assets, at cost
        Land                            $1,822,718      $1,822,718
        Buildings and improvements      15,656,616      15,656,616

                                        17,479,334      17,479,334
           Less: Accumulated           (10,552,557)    (10,382,557)
             depreciation
 Real Estate, net                        6,926,777       7,096,777

        Cash including cash investments     93,661         116,649
        Escrow deposits                    463,501         542,074
        Prepaid Expenses                    11,715          14,067
        Deferred Financing Fees            150,403         172,072


                     TOTAL ASSETS       $7,646,057      $7,941,639


LIABILITIES AND PARTNERS' EQUITY:

LIABILITIES
        Mortgage and notes payable      $10,536,316    $10,572,372
        Note Payable to affiliates                0        165,346
        Amounts due affiliates                8,999          4,490
        Real estate taxes payable            68,748              0
        Security deposits                    69,619         68,610
        Accounts payable & accrued expenses 157,062        297,610


 Total liabilities                       10,840,744     11,108,428
PARTNERS CAPITAL (DEFICIT)
        Limited Partners                 (3,248,435)    (3,220,816)
        General  Partner                     53,748         54,027

Total Partners Capital (Deficit)         (3,194,687)    (3,166,789)



TOTAL LIABILITIES AND PARTNER DEFICIT    $7,646,057     $7,941,639

       See notes to Condensed Consolidated Financial Statements




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




                               Three Months Ended
                                   March 31,

REVENUES                                           2000      1999

Rental income                                   675,721     663,831
Other property                                   17,621      15,028
Total revenues                                  693,342     678,859

EXPENSES
Salaries & wages                                 66,926      66,277
Maintenance & repairs                            44,243      96,332
Utilities                                        61,899      43,312
Real estate taxes                                68,748      67,500
General administrative                           19,964      28,663
Contract services                                28,811      28,135
Insurance                                        10,352      10,612
Interest                                        209,978     211,080
Depreciation and amortization                   175,736     179,871
Property management fees (a)                     34,583      33,886

Total expenses                                  721,240     765,668



Net Income                                     ($27,898)   ($86,809)

NET INCOME PER UNIT                              $(2.54)     $(7.89)

        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,

                                                   2000           1999

CASH FLOWS FROM OPERATING ACTIVITY
Net income (loss)                              ($27,898)      ($86,809)
Adjustments to reconcile net income
 (loss) to net cash provided by
 operating activities:
    Depreciation and amortization               170,000        165,000

    Net Effect of changes in operating accounts
                      Escrow deposits            78,573         57,680
                      Prepaid expenses            2,352          2,612
                      Accrued real estate taxes  68,748         67,500
                      Security deposits           1,009          3,023
                      Accounts payable         (140,548)       (59,281)
                      Other assets               21,669         14,871
Net cash provided by (used for)
 operating activities                           173,905        164,596


CASH FLOWS FROM INVESTING ACTIVITIES
    Repayment of mortgage notes payable        (36,056)        (33,335)
    Repayment of notes payable to affiliates  (165,346)              0
    Proceeds from amounts due affiliates         4,509         (98,931)
    Repayment of amounts due affiliates                        (37,888)

Net cash used for investing activities        (196,893)       (170,154)

NET INCREASE (DECREASE) IN CASH AND            (22,988)         (5,558)
CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS, BEGINNING           116,649         146,358
OF PERIOD

CASH AND CASH EQUIVALENTS, END OF              $93,661        $140,800
PERIOD




Basis of Presentation:

     Certain information and footnote disclosures normally
included in financial statements prepared in accordance with
generally accepted accounting principles have been condensed or
omitted pursuant to such rules and regulations, although the
Partnership believes that the disclosures are adequate to make
the information presented not misleading.  It is suggested that
these condensed financial statements be read in conjunction
with the financial statements and notes thereto included in the
Partnership's latest annual report on Form 10-K.









Item 2. RESULTS OF OPERATIONS AND MANAGEMENT'S DISCUSSION AND
ANALYSIS OF FINANCIAL CONDITION

FIRST QUARTER 2000 COMPARED TO FIRST QUARTER 1999

At  March  31,  2000 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 95.3% for the first quarter of  2000,  as
compared to 95.8% for the first quarter of 1999.

Revenue  from property operations increased $14,483, or  2.13%,
for  the  first quarter of 2000, as compared to the 1999  first
quarter.  The increase in rental income of $11,890 or 1.79%  is
primarily due to an increase in  rental rates.  The increase in
other  income  of  $2,593  or 17.25% is  primarily  due  to  an
increase in Late and other fee collections from the properties.
The following table illustrates the components:

                                             Increase   Per Cent
                                            (Decrease)   Change

Rental income                                  11,890    1.79%
Other property                                  2,593   17.25%
Net Increase (Decrease)                        14,483    2.13%



Property  operating expenses decreased $44,428, or  5.80%,  for
the  first  quarter of 2000, as compared to the same period  in
1999,  primarily  due to decreases in maintenance  and  repairs
expense.   The decrease in maintenance and repairs  expense  is
due  to  a one time charge in 1999 for resurfacing the  parking
lots.     Utilities  rose $18,587 or 42.91%  primarily  due  to
increases  in usage and rates of water and wastewater  charges.
General and Administrative decreased $8,699 or 30.35% primarily
due  to  professional  fees relating to  cable  wiring  of  the
properties.     The following table illustrates the  components
by category:

                                            Increase    Percent
                                           (Decrease)    Change

Salaries & wages                             649          0.98%
Maintenance & repairs                    (52,089)        54.07%
Utilities                                 18,587         42.91%
Real estate taxes                          1,248          1.85%
General administrative                    (8,699)        30.35%
Contract services                            676          2.40%
Insurance                                   (260)         2.45%
Interest                                  (1,102)         0.52%
Depreciation and amortization             (4,135)         2.30%
Property management fees (a)                 697          2.06%
Net Increase (Decrease)                  (44,428)         5.80%



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, 2000, the Partnership had $93,661 in cash
and cash equivalents as compared to $116,649 as of December 31,
1999  . The net decrease in cash of $22,988 is principally  due
to the repayment of notes payable to affiliates.

     During  the  first quarter of 2000 ending  March  31,  the
partnership paid off the remaining balance owned to the general
partner of $165,346.  The payment was made with operating  cash
flow from the partnership.

     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  Partnership's required principal payments  due  under  the
stated  terms of the Partnership's  mortgage notes payable  and
notes   payable  to  affiliates  are  $111,063,  $120,132   and
$129,941, for each of the next three years.


     Net  proceeds from the refinancing were used to reduce the
notes  payable  to affiliates.  During July, 1997  payments  of
$3,500,000  were  made to reduce the debt to affiliates.   This
together  with  interest on the debt reduced  the  amounts  due
affiliates to $300,461 at  March 31, 1999.

     A   gain  on  retirement  of  debt  arose  with  the  note
refinancing  being  triggered by the early  retirement  of  the
debt.   The  recognized gain of $348,836,  was  the  difference
between  the carrying value of the debt and the funds necessary
to retire the debt.

     Additionally, the general partner has provided funding  to
the  Partnership in the form of notes payable with balances  at
December  31,1998  totaling $399,392 which accrue  interest  at
rates ranging from prime plus 2%; to 8.25% and are due on  June
30,  2001, or upon demand  The general partner is not obligated
to provide additional funding to the Partnership.

     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.

     The  Partnership's required principal payments  due  under
the  stated terms of the Partnership's  mortgage notes  payable
and  notes  payable  to affiliates are $102,678,  $111,063  and
$120,131 for each of the next three years.



          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

     (B)  Reports on Form 8-K for the quarter ended March 31, 2000.

     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 8, 2000

[ARTICLE] 5
[LEGEND]
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM BOTH
THE March 31, 2000 BALANCE SHEET AND STATEMENT OF INCOME AND EXPENSES
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
[/LEGEND]
[CIK] 0000711512
[NAME] AMERICAN REPUBLIC REALTY FUND I
<TABLE>
<S>                             <C>
[PERIOD-TYPE]                   3-MOS
[FISCAL-YEAR-END]                          DEC-31-2000
[PERIOD-END]                               MAR-31-1999
[CASH]                                          93,661
[SECURITIES]                                         0
[RECEIVABLES]                                        0
[ALLOWANCES]                                         0
[INVENTORY]                                          0
[CURRENT-ASSETS]                                     0
[PP&E]                                      17,479,334
[DEPRECIATION]                              10,552,557
[TOTAL-ASSETS]                               7,646,057
[CURRENT-LIABILITIES]                                0
[BONDS]                                     10,536,316
[PREFERRED-MANDATORY]                                0
[PREFERRED]                                          0
[COMMON]                                             0
[OTHER-SE]                                 (3,194,687)
[TOTAL-LIABILITY-AND-EQUITY]                 7,646,057
[SALES]                                              0
[TOTAL-REVENUES]                               693,342
[CGS]                                                0
[TOTAL-COSTS]                                        0
[OTHER-EXPENSES]                               511,262
[LOSS-PROVISION]                                     0
[INTEREST-EXPENSE]                             209,978
[INCOME-PRETAX]                                      0
[INCOME-TAX]                                         0
[INCOME-CONTINUING]                                  0
[DISCONTINUED]                                       0
[EXTRAORDINARY]                                      0
[CHANGES]                                            0
[NET-INCOME]                                  (27,898)
[EPS-BASIC]                                   (2.54)
[EPS-DILUTED]                                        0
</TABLE>