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, 1999   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 Identification
  incorporation or organization        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, 1999 and
    December 31, 1998                                             Page 3

    Consolidated Statements of Operations for the Three
    Months Ended March 31, 1999 and 1998                          Page 4

    Consolidated Statement of Cash Flows for the Three
    Months Enede March 31, 1999 and 1998                          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, 1998, are Unaudited.
                               

PART 1.   FINANCIAL INFORMATION

     Item 1.     Financial Statements


                AMERICAN REPUBLIC REALTY FUND I
             Condensed Consolidated Balance Sheets


                                                  March 31,    December 31,
                                                    1999           1998
                                                (Unaudited)           
                                                          
ASSETS                                                          
              Real Estate assets, at cost
              Land                               $1,822,718     $1,822,718
              Buildings and improvements         15,519,676     15,519,676
                                                 17,342,394      17,342,394
              Less: Accumulated depreciation     (9,867,703)     (9,702,703)
              Real Estate,net                     7,474,691       7,639,691
              Cash including cash investments       140,800         146,358
              Escrow deposits                       373,140         430,820
              Prepaid Expenses                       11,809          14,421
              Deferred Financing Fees               180,145         195,016
                                                                              
              TOTAL ASSETS                       $8,180,585      $8,426,306
                                                                
                                                                
LIABILITIES AND PARTNERS'EQUITY:
                                                                
LIABILITES                                                      
              Mortgage and notes payable        $10,641,716     $10,675,051
              Note Payable to affiliates            300,461         399,392
              Amounts due affiliates                  8,965          46,853
              Real estate taxes payable              67,500               0
              Security deposits                      59,947          56,924
              Accounts payable & accrued expenses   218,818         278,099
                                                                             
    Total liabilities                            11,297,407      11,456,319
                                           
    PARTNERS CAPITAL (DEFICIT)
              Limited Partners                  (3,171,349)       (3,085,408)
              General Partner                       54,527            55,395
              Total Partners Capital            (3,116,822)       (3,030,013)
              Partners Capital (Deficit)
                                                                
                                                                
        TOTAL LIABILITIES                       $8,180,585        $8,426,306
        AND PARTNER DEFICIT


   See notes to Condensed Consolidated Financial Statements
                               
                               
                               
                               
                AMERICAN REPUBLIC REALTY FUND I
        Condensed Consolidated Statement of Operations
                          (Unaudited)
                               
                               
                               
                               
                                                
                                  Three Months Ended
                                       March 31,
REVENUES                           1999          1998
                                                
Rental income                     663,831      $638,847
Other property                     15,028        11,740
Total revenues                    678,859       650,587
                                                
EXPENSES                                        
Salaries & wages                   66,277        61,627
Maintenance & repairs              96,332        87,568
Utilities                          43,312        48,033
Real estate taxes                  67,500        67,500
General administrative             28,663        26,242
Contract services                  28,135        28,218
Insurance                          10,612        15,223
Interest                          211,080       233,240
Depreciation and amortization     179,871       174,871
Property management fees           33,886        32,528
Total expenses                    765,668       775,050
                                                
                                                
Net (Loss)                       ($86,809)    ($124,463)
                                                
NET (Loss) PER UNIT                $(7.89)      $(11.31)
                          
                               
                               
   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,
                                                         1999        1998
                                                             
CASH FLOWS FROM OPERATING ACTIVITY

Net        (loss)                                     ($86,809)    ($124,463)
Adjustments to reconcile net                          
(loss) to net cash provided by operating activities:                            
Depreciation and amortization                          165,000       160,000
                                                             
Net Effect of changes in operating accounts

Escrow deposits                                         57,680       183,743
Prepaid expenses                                         2,612         7,222
Accrued real estate taxes                               67,500        67,500
Security deposits                                        3,023         1,578
Accounts payable                                       (59,281)     (114,982)
Other assets                                            14,871        14,871
Net cash provided by operating activities              164,596       195,469

                                                             
CASH FLOWS FROM INVESTING ACTIVITIES                         
Repayment of mortgage notes payable                    (33,335)     (30,817)
Repayment of notes payable to affiliates               (98,931) 
Proceeds from amounts due affiliates                   (37,888)     (69,036)
Repayment of amounts due affiliates                                 (45,112)
Net cash used for investing activities                (170,154)    (144,965)
                                                             
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS    (5,558)      50,504
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD         146,358       16,900
CASH AND CASH EQUIVALENTS, END OF PERIOD              $140,800      $67,404
                               





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 1999 COMPARED TO FIRST QUARTER 1998

At March 31, 1999 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 95.8% for the first quarter
of 1999, as compared to 95.7% for the first quarter of 1998.

Revenue from property operations increased $28,272, or 4.35%, for the first
quarter of 1999, as compared to the 1998 first quarter. The increase in
rental income of $24,984 or 3.91% is primarily due to an increase in rental
rates.  The increase in other income of $3,288 or 28.01% 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              24,984    3.91%
Other property              3,288   28.01%
                           28,272    4.35%



Property operating expenses decreased $9,382, or 1.21%, for the first quarter
of 1999, as compared to the same period in 1998, primarily due to decreases
in interest expense.  The decrease in interest expense is due to principal
payoffs in 1997 of amounts due affiliates.  Maintenance and repairs increased
$8,764 or 10.01% primarily due to parking lot resurfacing done in the first
quarter of 1999.   Insurance costs decreased $4,611 or 30.29% primarily due
to lower rates as a result of better than expected loss claims. The following
table illustrates the components by category:

                              Increase     Per Cent
                              (Decrease)   Change
                          
                                          
Salaries & wages                  4,650     7.55%
Maintenance & repairs             8,764    10.01%
Utilities                        (4,721)    9.83%
General administrative            2,421     9.23%
Contract services                   (83)    0.29%
Insurance                        (4,611)   30.29%
Interest                        (22,160)    9.50%
Depreciation and amortization     5,000     2.86%
amortization
Property management fees (a)      1,358     4.17%
Net Increase (Decrease)          (9,382)    1.21%
                                          


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, 1999, the Partnership had $140,800 in cash and
cash  equivalents as compared to $146,358 as  of  December  31,
1998 . The net decrease in cash of $5,558 is principally due to
the repayment of notes payable to affiliates.
     
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 $102,678, $111,063, and   $120,132,
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 $300,461at  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.

Year 2000

The  Partnership and Management Company have replaced all  data
processing systems with the last three years within  year  2000
compliant hardware and software. The Partnership and Management
Company  has completed testing of its data processing  systems.
While  no  certainty can not be assured, the systems tested  to
date are compliant.

Surveys  of  financial institutions and  vendors  used  by  the
Partnership and Management Company also indicate compliance  to
date  will  be  completed by June 1999.   The  Partnership  and
Management  Company  have  prepared contingency  plans.   These
include  redundant  back-ups and paper  copies  of  all  system
reports through 1999.

The  Partnership anticipates that it will not incur  any  costs
associated with its computers and building operating systems as
it relates to the conversion to the year 2000.




          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, 1999.

     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:     April 29, 1999








[ARTICLE] 5
[LEGEND]
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM BOTH
THE March 31, 1999 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-31-1999
[PERIOD-END]                               MAR-31-1999
[CASH]                                         140,800
[SECURITIES]                                         0
[RECEIVABLES]                                        0
[ALLOWANCES]                                         0
[INVENTORY]                                          0
[CURRENT-ASSETS]                                     0
[PP&E]                                      17,342,394
[DEPRECIATION]                               9,867,703
[TOTAL-ASSETS]                               8,180,585
[CURRENT-LIABILITIES]                                0
[BONDS]                                     10,641,716
[PREFERRED-MANDATORY]                                0
[PREFERRED]                                          0
[COMMON]                                             0
[OTHER-SE]                                 (3,116,822)
[TOTAL-LIABILITY-AND-EQUITY]                 8,180,585
[SALES]                                              0
[TOTAL-REVENUES]                               678,859
[CGS]                                                0
[TOTAL-COSTS]                                        0
[OTHER-EXPENSES]                               554,588
[LOSS-PROVISION]                                     0
[INTEREST-EXPENSE]                             211,080
[INCOME-PRETAX]                                      0
[INCOME-TAX]                                         0
[INCOME-CONTINUING]                                  0
[DISCONTINUED]                                       0
[EXTRAORDINARY]                                      0
[CHANGES]                                            0
[NET-INCOME]                                  (86,809)
[EPS-PRIMARY]                                   (7.89)
[EPS-DILUTED]                                        0
</TABLE>