3






               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, 2007   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:

     Indicate by check mark whether the registrant is an
     accelerated filer (as defined in Rule 12b-2 of the
     Exchange Act).
                    Yes:        No:         N
     Indicate by check mark whether the registrant is a
     shell company (as defined in Rule 12b-2 of the Exchange
     Act).
                    Yes:        No:         N

               REGISTRANT IS A LIMITED PARTNERSHIP








                        TABLE OF CONTENTS



Part I

Item 1.  Financial Statements


The following Unaudited financial statements are filed herewith:

    Consolidated Balance Sheet as of March 31, 2007 and
    December 31, 2006                                 Page 3

     Consolidated Statements of Operations for the Three
     Months Ended March 31, 2007 and 2006                   Page
4

     Consolidated Statements of Cash Flows for the Three
     Months Ended March 31, 2007 and 2006                   Page
5


Item 2.  Results of Operations and Management Discussion and
Analysis of
     Financial Condition                               Page 7

Item 3.   Quantitative and Qualitative Disclosures about Market
Risk      Page 8

Item 4.  Controls and Procedures                            Page
8

Part II

     Other Information                                 Page 9

Signatures                                             Page 10



The statements, insofar as they relate to the period subsequent
to
December 31, 2006, are Unaudited.


PART 1.   FINANCIAL INFORMATION

     Item 1.     Financial Statements


                 AMERICAN REPUBLIC REALTY FUND I
              Condensed Consolidated Balance Sheets
                                          March 31      Decembe
                                                         r 31,
                                            2007          2006
                                          (Unaudit
                                            ed)

ASSETS
          Real estate held-for-                  $             $
          sale, net of depreciation       1,304,52       3,975,3
                                                 0            24
          Cash including cash              220,370       143,827
          investments
          Escrow deposits                      ---         7,999
          Prepaid Expenses                  24,914        52,524
          Deferred Financing Fees            2,873        11,470

                   TOTAL ASSETS           $1,552,6       $4,191,
                                                77           144


LIABILITIES AND PARTNERS' EQUITY:

LIABILIT
IES
          Liabilities related to                 $       $9,846,
          assets held-for-sale            3,583,49           686
                                                 0
          Amounts due affiliates            11,054         3,638
          Accounts payable &                56,762       140,837
          accrued expenses

         Total liabilities                3,651,30       9,991,1
                                                 6            61
PARTNERS CAPITAL  (DEFICIT)
          Limited Partners                (2,200,4       (5,826,
                                               31)          305)
          General Partner                  101,802        26,288

Total Partners Deficit                    (2,098,6       (5,800,
                                               29)          017)


TOTAL LIABILITIES AND PARTNER             $1,552,6       $4,191,
DEFICIT                                         77           144



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


                              Three Months Ended
                                   March 31,
REVENUES                        2007       2006

Other                                $          $
                                 3,517        527
Total revenues                   3,517        527

EXPENSES
General administrative             ---      2,725
Total expenses                     ---      2,725

Net Income (Loss) from           3,517    (2,198)
continuing operations

Gain on Sale of Asset         7,517,86        ---
                                     4
Income (Loss) from              30,007    (74,033
Discontinued Operations                         )

Net Income (Loss)             $7,551,3    ($76,23
                                    88         1)

NET LOSS PER UNIT _ Basic      $          $
                              679.62     (6.86)
Limited Partnership units       11,000     11,000
outstanding - Basic

    See Notes to Condensed Consolidated Financial Statements

                 AMERICAN REPUBLIC REALTY FUND I
         Condensed Consolidated Statement of Cash Flows
                           (Unaudited)
                                                Three Months Ended
                                                     March 31,
                                                2007           2006

CASH FLOWS FROM OPERATING ACTIVITY
Net Income (loss)                              $7,551,388     ($76,231)
Adjustments to reconcile net loss to net
cash
provided by operating activities:
    Depreciation and amortization                  60,245       170,735

    Net Effect of changes in operating
accounts
                      Escrow deposits               4,598        67,257
                      Prepaid expenses             27,610        22,144
                      Accrued real estate          23,499        82,440
taxes
                      Security deposits             1,661         2,424
                      Accounts payable           (84,075)     (202,894)
Net cash provided by operating activities       7,584,926        65,875

CASH FLOWS FROM INVESTING ACTIVITIES
Investment in Real Estate                             ---      (15,000)
Proceeds on sale of asset                     (3,648,363)           ---
  Net cash used for investing activities      (3,648,363)      (15,000)

CASH FLOWS FROM FINANCING ACTIVITIES
      Repayment of mortgage notes payable        (17,436)      (43,167)
      Distributions to limited partners       (3,850,000)           ---
      Proceeds from amounts due                     7,416           894
affiliates
Net cash  used for financing activities       (3,860,020)      (42,273)

NET INCREASE IN CASH AND CASH EQUIVALENTS          76,543         8,602
CASH AND CASH EQUIVALENTS, BEGINNING OF           143,827       178,644
PERIOD

CASH AND CASH EQUIVALENTS, END OF PERIOD         $220,370      $187,246
    See Notes to Condensed Consolidated Financial Statements

Basis of Presentation:
     The  accompanying unaudited condensed consolidated financial
     statements  have  been prepared by American Republic  Realty
     Fund  I  (the  "Partnership")  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  Partnership  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 Partnership's 2006 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, 2007.


Real Estate Held For Sale & Discontinued Operations

     In January 2007, the Partnership entered into a purchase and
     sale  agreement to the sell the Partnership's final property
     located  in Florida to a third party for $10,450,000.  As  a
     result, as required by Financial Accounting Standard No. 144
     ,  "Accounting for the Impairment or Disposal of  Long-Lived
     Assets", the property and related assets and liabilities are
     classified  as held for sale on the balance sheets  and  the
     property's   operations   are   included   in   discontinued
     operations in the statements of operations for each  of  the
     periods  presented. The sale is expected  to  close  in  the
     second  quarter of 2007. In addition, in February 2007,  the
     Partnership  sold  its  property  in  Texas  for  $9,725,000
     resulting in a gain of $7,517,864. The property's operations
     are included in discontinued operations in the statements of
     operations for each of the periods presented.

     Real estate held-for-sale includes the following:
                                     March     December
                                      31,        31,
                                     2007        2006
     Property at net book value    $ 1,153,  $ 3,353,77
                                        900           9
     Escrow deposits                 150,62     621,545
                                          0
     Real  estate  held-for-sale,  $ 1,304,  $ 3,975,32
     net of depreciation                520           4

     Liabilities relating to assets held-for-sale include:
                                     March     December
                                      31,        31,
                                     2007        2006
     Mortgage payable              $ 3,524,  $ 9,576,34
                                        187           6
     Real estate taxes payable       23,499     188,970
     Security deposits               35,804      81,370
     Liabilities    related    to  $ 3,583,  $ 9,846,68
     assets held-for-sale               490           6

     The operations of the properties for the three months ending
     March  31,  2007  and  2006  are  included  in  discontinued
     operations  in  the statements of operations. The  following
     table summarizes the revenue and expense information for the
     discontinued operations:

                                     2007        2006
     Rents   and  other  property  $ 552,21  $  656,839
     revenues                             2
     Operating expenses              374,13     539,387
                                          6
     Operating income (loss)         178,07     117,452
                                          6
     Other income (expense)          (148,0    (191,485
                                        69)           )
     Net   income   (loss)   from  $ 30,007  $ (74,033)
     discontinued operations


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

At  March  31,  2007  the  Partnership owned  one  property  with
approximately 172,460 net rentable square feet.  The property  is
an  apartment community.  The portfolio had an average  occupancy
of  92.9% for the first quarter of 2007, as compared to 95.5% for
the first quarter of 2006.

FIRST THREE MONTHS 2007 COMPARED TO FIRST THREE MONTHS 2006

Revenue  from property operations increased $2,990 or  567%,  for
the  first  three months of 2007, as compared to the first  three
months of 2006. Interest income accounted for all of the increase
due  to higher interest rates and higher invested balances.   The
following table illustrates the components:

                            Increas   Percen
                               e         t
                            (Decrea   Change
                              se)

Other property                2,990      567%
Net Increase                             567%
                            2,990

Property  operating expenses decreased $2,725 or  100%,  for  the
first  three  months of 2007, as compared to the same  period  in
2006.  The  decrease  was  entirely  from  decreased  partnership
mailing costs.  The following table illustrates the components by
category:

                            Increas
                               e
                            (Decrea
                              se)
General and administrative  (2,725)      100%
Net Increase                (2,725)      100%

 LIQUIDITY AND CAPITAL RESOURCES

     On  March  16, 2007, the Registrant entered into a  purchase
and  sale  agreement  with  Four Winds Holdings  LLC,  a  Florida
limited  liability company, to sell the Registrant's  Four  Winds
Apartments Phase I and Phase II property located in Orange  Park,
Florida. The sale price of the property is $10,450,000, less  (a)
a  credit  in an amount not greater than $3,500 for the purchaser
to obtain an updated survey and (b) a payment to the purchaser of
$200,000  for  reimbursement of the purchaser's closing  and  due
diligence  costs and expenses and credit toward roof replacement.
The  Registrant is not making any representations and  warranties
relating to the property.

     The  purchaser has made a $50,000 earnest money payment  and
an  additional  earnest  money payment of $100,000.  The  earnest
money  is  non-refundable to the purchaser unless the  Registrant
does not own marketable title to the property, the updated survey
depicts  a  materially adverse change from the  prior  survey,  a
materially adverse environmental condition exists on the property
or the property is subject to material damage or condemnation.

     In  the event of damage to the property prior to closing  by
fire or other casualty in an amount of $100,000 or less, then the
purchaser  will be obligated to close the purchase and  sale  and
receive  an assignment of insurance proceeds and a credit against
the  purchase  price of the insurance deductible amount.  In  the
event  of casualty damage of more than $100,000 or a condemnation
of  a material portion of the property, then the purchaser or the
Registrant each has the option to terminate the agreement, and if
neither  terminates the agreement, then the purchase and sale  of
the   property  will  close  with  the  purchaser  receiving   an
assignment  of  the  insurance proceeds (and credit  against  the
purchase  price  of  the  insurance  deductible  amount)  or  the
condemnation award.

     The   agreement   contains  customary  representations   and
covenants  of the parties and proration at the closing of  rents,
taxes, utilities and operating expenses. The closing is scheduled
on  or  before May 16, 2007, and may be extended by the purchaser
for  30 days upon a non-refundable payment of $50,000 which  will
be  applied to the purchase price. If the purchaser breaches  the
agreement   or  fails  to  close  the  purchase  and  sale,   the
Registrant's  exclusive  remedy  will  be  termination   of   the
agreement  and  receipt  of the purchaser's  earnest  money.  The
Registrant  will pay a brokerage commission fee  of  $155,000  at
closing.

     As  of March 31, 2007, the Partnership had $220,370 in  cash
and  cash equivalents as compared to $143,827 as of December  31,
2006.  The net increase in cash of $76,543 is principally due  to
cash flow from operating activities.

     Four  Winds Apartments refinanced its debt during July 1997.
The  note  comes  due  August  2007.  The  Partnerships  required
principal payments due under the stated terms of the Partnerships
mortgage notes payable are $3,524,187 for the next year.


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.



Part II.  Other Information

Item 1.             Legal Proceedings
               None

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
               (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.2-81074effective
                              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.






                         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 14, 2007


                                             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
       Partnership;

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  Partnership
       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   Partnership   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   Partnerships
       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 Partnerships
       internal  control over financial reporting that occurred
       during the Partnerships most recent fiscal quarter  that
       has  materially  affected, or is  reasonably  likely  to
       materially  affect,  the Partnerships  internal  control
       over financial reporting; and


5.     I  have disclosed based on my most recent evaluation  of
       internal  control  over  financial  reporting,  to   the
       Partnerships 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 Partnerships 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 Partnerships internal control over financial
       reporting.




  /s/ Robert J. Werra


  Robert J. Werra
  Acting Principal Executive Officer and Chief Financial
                                   Officer
  May 14, 2007


                                             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 Partnership") on Form 10-Q for the period
  ending  March  31,  2007  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 Partnership.



  /s/ Robert J. Werra


  Robert J. Werra
  Acting Principal Executive Officer and Chief Financial
                                   Officer
  May 14, 2007