<PAGE> 1
=================================================================
                                
                          UNITED STATES

               SECURITIES AND EXCHANGE COMMISSION
                                
                     Washington, D.C. 20549
                     ----------------------
                            FORM 10-Q
                                
(Mark One)

  X        QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
 ___       THE SECURITIES EXCHANGE ACT OF 1934

           For the quarterly period ended March 31, 1997

                               OR

 ___       TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
           THE SECURITIES EXCHANGE ACT OF 1934

           For the transition period from ________ to ________
                      --------------------------------
                      Commission file number:  0-14533
                      --------------------------------

           OXFORD RESIDENTIAL PROPERTIES I LIMITED PARTNERSHIP
         (Exact name of registrant as specified in its charter)

         Maryland                                  52-1322906
(State or other jurisdiction of                 (I.R.S. Employer
incorporation or organization)                 Identification No.)

  7200 Wisconsin Avenue, 11th floor,  Bethesda, Maryland 20814
      (Address of principal executive offices)  (Zip Code)
                                
                          (301) 654-3100    
        Registrant's telephone number, including area code:  

Securities Registered Pursuant to Section 12(b) of the Act: NONE
                                
   Securities Registered Pursuant to Section 12(g) of the Act:
                         Assignee Units

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 /X/   NO / /.

There  is  no  public  trading market  for  the  Assignee  Units.
Therefore, the Assignee Units had neither a market selling  price
nor an average bid or asked price within the 60 days prior to the
date of this filing.

Index to Exhibits is on page 3.
=================================================================
<PAGE> 2

       OXFORD RESIDENTIAL PROPERTIES I LIMITED PARTNERSHIP
                                
                            FORM 10-Q

                 PART I - FINANCIAL INFORMATION

Item 1.  Financial Statements.

     The  financial statements of the Partnership, and  the notes
thereto,  are  incorporated herein by reference  to  sequentially
numbered  pages 12 through 18 included in ORP's Quarterly  Report
(Unaudited).

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

     A  discussion of ORP's financial condition  and  results  of
operations  for the three-month period ended March  31,  1997, is
incorporated herein by reference to sequentially numbered pages 6
through  11  entitled  "Report of Management" included  in  ORP's
Quarterly Report (Unaudited).

                   PART II - OTHER INFORMATION

Item 1.  Legal Proceedings.

     The Registrant  is engaged from time to time  in  litigation
incident  to  its business; however, there are no  pending  legal
proceedings whose potential effects are considered to be material
by the Managing General Partner.

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.  Exhibits and Reports on Form 8-K
     (a) Exhibits.

     For a list of Exhibits as required by Item 601 of Regulation 
     S-K, see Exhibit Index on page 3 of this report.

     (b) Reports on Form 8-K.  None.

   No other items were applicable.






<PAGE> 3                                 

       OXFORD RESIDENTIAL PROPERTIES I LIMITED PARTNERSHIP
                                
                            FORM 10-Q
                                
                          EXHIBIT INDEX

(Listed  according to the number assigned in the Exhibit Table in
Item 601 of Regulation S-K.)

(11) Statement regarding computation of per share earnings.

     The information to compute earnings per share is provided in
     the  financial  statements and notes thereto of  the  Oxford
     Residential  Properties  I Limited  Partnership's  Quarterly
     Report  (Unaudited)  to Assignee Unit Holders,  attached  as
     Exhibit 20 (sequentially numbered pages 12 through 18).

(20) Report furnished to security holders.

     Oxford  Residential   Properties  I  Limited   Partnership's
     Quarterly  Report (Unaudited) dated March 31, 1997,  follows
     on sequentially numbered pages 5 through 20 of this report.

(27) Financial Data Schedule.


































<PAGE> 4

       OXFORD RESIDENTIAL PROPERTIES I LIMITED PARTNERSHIP
                                
                            FORM 10-Q
                                
                           SIGNATURES

   Pursuant  to  the requirements of Section 13 or 15(d)  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.

              Oxford Residential Properties I Limited Partnership

                 By:  Oxford Residential Properties I Corporation
                      Managing General Partner of the registrant

Date: 05/15/97   By:  /s/ Richard R. Singleton
      -------         ------------------------------------------
                      Richard R. Singleton
                      Senior Vice President and 
                        Chief Financial Officer

   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 and in the capacities  and  on  the
dates indicated.


Date: 05/15/97   By:  /s/ Leo E. Zickler
      --------        -------------------------------------------
                      Leo E. Zickler
                      Chairman of the Board of Directors and 
                        Chief Executive Officer



Date: 05/15/97   By:  /s/ Francis P. Lavin
      -------         -------------------------------------------
                      Francis P. Lavin
                      President


















<PAGE> 5













       OXFORD RESIDENTIAL PROPERTIES I LIMITED PARTNERSHIP

                        Quarterly Report
                           (Unaudited)

                         March 31, 1997
                                




















       CONTENTS

       Report of Management
       Average Occupancy
       Summary of Project Data
       Consolidated Balance Sheets
       Consolidated Statements of Operations
       Consolidated Statement of Partners' Capital
       Consolidated Statements of Cash Flows
       Notes to Consolidated Financial Statements
       Instructions for Investors who wish to reregister or
         transfer ORP Assignee Units







<PAGE> 6
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Report of Management
-----------------------------------------------------------------
   The following report provides additional information about the
consolidated financial condition of Oxford Residential Properties
I  Limited Partnership ("ORP" or the "Partnership") as  of  March
31,  1997,  and its consolidated results of operations  and  cash
flows  for  the  quarter ended March 31, 1997.  This  report  and
analysis  should be read together with the consolidated financial
statements   and   related  notes  thereto   and   the   selected
consolidated financial data appearing elsewhere in this Quarterly
Report.

Recent Developments

   On  May 25, 1995, an affiliate of ORP and its managing general
partner,  Oxford Residential Properties I Corporation  ("Managing
General  Partner"), completed a tender offer ("Affiliate Tender")
in  which the affiliate acquired 4,997 assignee units of  limited
partnership  of  ORP ("Assignee Units") at a price  of  $332  per
Assignee  Unit.  Subsequent to the termination of  the  Affiliate
Tender, ORP determined that additional Assignee Unit Holders were
interested  in  selling their Assignee Units for the  same  price
offered  in the Affiliate Tender.  On June 20, 1995, ORP  advised
its  Assignee  Unit Holders that it would purchase  on  a  "first
come, first served" basis, at any time on or before September 11,
1995,  unless  sooner terminated, all Assignee  Units  up  to  an
aggregate  of 600 Assignee Units at a price of $332 per  Assignee
Unit,  net  to  the  seller  in cash  without  interest  ("Issuer
Tender").   The Issuer Tender has been extended to  December  31,
1997  with  respect  to  the purchase of  up  to  600  additional
Assignee Units.  Since June 20, 1995, ORP has purchased,  in  the
aggregate, 1,057 Assignee Units. No Assignee Units were purchased
by ORP during the quarter ended March 31, 1997.

Liquidity and Capital Resources

   Current  Position.  At March 31, 1997, ORP held $1,601,000  in
cash  and  cash  equivalents  and the  working  capital  reserve,
compared  to  $1,560,000 at December 31, 1996.  The  increase  of
$41,000  is  primarily attributable to increases in property  net
operating incomes offset by distributions made on March  1,  1997
to  Partners of record as of December 31, 1996 totaling $185,000,
and the payment of partnership administrative expenses during the
quarter ended March 31, 1997 totaling $98,000.

   Other  Assets  shown on the accompanying consolidated  Balance
Sheet increased by $135,000 to $1,108,000 at March 31, 1997, from
$973,000  at December 31, 1996.  The increase in Other Assets  is
primarily  a result of an increase in prepaid property  insurance
and  the  property tax escrow subaccount.  Other  Assets  include
primarily  a  Liquidity Reserve Subaccount (for debt service),  a
Recurring   Replacement   Reserve   Subaccount   (for    property
improvements),  a Property Insurance Escrow, and a  Property  Tax
Escrow  for each of the Operating Partnerships totaling  $828,000
at March 31, 1997.  These  Subaccounts  are funded and maintained
monthly,  as  needed,  from  property   income  (except  security
deposits), in  accordance with  the requirements pursuant to each
property's loan agreement and  based  on expenditures anticipated
<PAGE> 7
-----------------------------------------------------------------
Report of Management
-----------------------------------------------------------------
in the following months. Accounts Receivable and Prepaid Expenses
totaling  $83,000  and  $197,000 at March 31, 1997, respectively, 
are also included in Other Assets.

   Unamortized  deferred  costs  relating  to  organization   and
refinancing costs (discussed in prior reports) at March 31,  1997
were  $497,000, compared to $522,000 at December 31, 1996.  These
costs are being amortized over the term of the mortgages.

   Property Operations.  ORP's future liquidity and level of cash
distributions are dependent upon the net operating  income  after
debt    service,   refurbishment   expenses,   and    capitalized
improvements  generated by ORP's four investment  properties  and
proceeds  from  any sale or refinancing of those properties.   To
the  extent  any individual property does not generate sufficient
cash  to  cover  its  operating needs,  including  debt  service,
deficits  would  be  funded  by cash  generated  from  the  other
investment properties, if any, working capital reserves, if  any,
or  borrowings  by ORP.  Property improvements in  the  aggregate
amount  of  $115,000 were made for the quarter  ended  March  31,
1997,  compared to $122,000 for the same period in 1996.  Of  the
$115,000  of  property improvements, $79,000 was capitalized  for
financial  statement  purposes for the quarter  ended  March  31,
1997,   compared   to  $75,000  of  the  $122,000   of   property
improvements for the same period in 1996.

   Other Sources. Since 1994, 40% of the property management fees
owed to NHP Management Company ("NHP") have been subordinated  to
the receipt by the Assignee Unit Holders of certain returns.   As
of  March  31,  1997  and  December 31, 1996,  deferred  property
management  fees  to  NHP  amounted  to  $447,000  and  $411,000,
respectively,  and  are reflected as Due  to  Affiliates  in  the
financial statements.

Results of Operations
   The  net  operating income, before debt service, refurbishment
expenses, and capitalized property improvements, from each of the
four  investment properties for the quarter ended March 31, 1997,
as compared to the quarter ended March 31, 1996, is as follows:
<TABLE>
-----------------------------------------------------------------
<CAPTION>
                                           (in thousands)
                                     Three months ended March 31,
                                     ----------------------------
Property                                 1997            1996
-----------------------------------------------------------------
<S>                                      <C>             <C>
Fairlane East, Dearborn, MI              $411            $386
The Landings, Indianapolis, IN            125             109
Raven Hill, Burnsville, MN                260             245
Shadow Oaks, Tampa, FL                    119             127
-----------------------------------------------------------------
   Total Net Operating Income            $915            $867
=================================================================
</TABLE>
<PAGE> 8
-----------------------------------------------------------------
Report of Management
-----------------------------------------------------------------

                Three months ended March 31, 1997
            versus three months ended March 31, 1996

   In  the  aggregate,  the  net operating  income,  before  debt
service,   refurbishment  expenses,  and   capitalized   property
improvements,  reported by ORP for the quarter  ended  March  31,
1997,  increased by 5.5% compared to the quarter ended March  31,
1996.   Set  forth below is a discussion of the properties  which
compares their respective operations for the three-month  periods
ended March 31, 1997 and 1996.

Fairlane East

   Fairlane  East's  net operating income for the  quarter  ended
March 31, 1997 increased by 6.5% from the same period in 1996 due
to  a  3.5%  increase in revenues and a 1% decrease in  apartment
expenses.   The  decrease  in  apartment  expenses  is  primarily
attributable   to   a   decrease   in   maintenance,   operating,
administrative,  and marketing expenses.  Average  occupancy  for
the  quarter ended March 31, 1997  decreased to  96%, compared to
97%  for  the  same  period  in  1996.  The weighted average rent 
collected for the month ended March 31, 1997 increased by 4.6% to
$941, compared  to $900 for the same  period in 1996.  During the 
three-month period ended March 31, 1997, the Partnership expended
$55,000 on property improvements, including  $42,000  capitalized
for accounting purposes. The Managing General Partner anticipates
slightly lower spending levels on property improvements in  1997,
as compared to the year ended December 31, 1996.

The Landings

   The Landings' net operating income for the quarter ended March
31, 1997 increased by 14.7% from the same period in 1997 due to a
4.4%  increase  in  revenues  and a 3.6%  decrease  in  apartment
expenses.   The  decrease  in  apartment  expenses  is  primarily
attributable to a decrease in maintenance expenses.  The increase
in revenues was primarily attributable to a 96% increase in other
income  offset  by  a  1.6%  decrease  in rental income.  Average
occupancy for the quarter ended March 31, 1997 decreased to  86%,
compared  to  91%  for  the same period in 1996.  The decrease in 
occupancy level is primarily attributed  to increased home buying
and a decrease in the job market  for  the  Landings  area.   The
weighted  average   rent  collected for the month ended March 31,
1997  increased  by  3%  to  $581,  compared to $564 for the same
period  in  1996.  During  the three-month period ended March 31,
1997, the Partnership expended $27,000 on  property improvements,
including $15,000 capitalized for   accounting   purposes.    The
Managing  General  Partner anticipates  slightly  lower  spending
levels on  property improvements in 1997, as compared to the year
ended December  31, 1996.





<PAGE> 9
-----------------------------------------------------------------
Report of Management
-----------------------------------------------------------------

Raven Hill

   Raven  Hill's net operating income for the quarter ended March
31, 1997 increased by 6.1% from the same period in 1996 due to  a
3.4%  increase in revenues offset by a 1.6% increase in apartment
expenses.   The  increase  in  apartment  expenses  is  primarily
attributable to an increase in operating and marketing  expenses.
Average  occupancy for the quarter ended March 31, 1997 increased
to 94%, compared to 92% for the same period in 1996. The weighted
average  rent  collected  for  the  month  ended  March  31, 1997 
increased by less than 1% to $681, compared to $676  for the same
period in 1996.  During the  three-month  period  ended March 31,
1997, the Partnership expended $19,000 for property improvements,
including  $10,000  capitalized  for  accounting  purposes.   The
Managing  General  Partner anticipates  slightly  lower  spending
levels on  property improvements in 1997, as compared to the year
ended December  31, 1996.

Shadow Oaks

   Shadow Oaks' net  operating income for the quarter ended March
31, 1997 decreased by 6.3% from the same period in 1996 due to  a
1.6%  decrease  in  revenues  and a 2.3%  increase  in  apartment
expenses.  The decrease in revenues was primarily attributable to 
a  1%  increase  in  rental  income offset by a 30.3% decrease in 
other income.  The increase in apartment  expenses  is  primarily
attributable   to  an  increase  in  maintenance  and   operating
expenses.   The  oversupply of housing in  the  area's  submarket
continues to impact the Shadow Oaks community.  Average occupancy
for the  quarter  ended March 31, 1997 increased to 94%, compared
to 93% for the same  period in 1996.   The  weighted average rent
collected for the month  ended  March  31, 1997 increased by 7.4%
to $466, compared to  $434 for the  same  period in 1996.  During
the three-month  period  ended March  31,  1997,  the Partnership
expended $14,000  on  property improvements,   including  $12,000
capitalized for accounting purposes. The Managing General Partner
anticipates  slightly higher levels of property improvements will
be necessary in 1997, as  compared to the year ended December 31,
1996, in order to maintain the property's competitive position.

Consolidated Statements of Operations-Other Income and Deductions

   Other  income was $83,000 and $75,000, respectively,  for  the
three-month periods ended March 31, 1997 and 1996.  The  increase
was  primarily due to an increase in laundry income.

   The  terms of the mortgage loans require the borrowers to make
equal  installment  payments over the term of  the  loans.   Each
payment  consists of interest on the unpaid balance of the  loans
and  a  reduction of loan principal.  The interest paid on  these
loans  decreases each period, while the portion  applied  to  the
loan  principal  increases each period.  As  a  result,  interest
expense was  $442,000 and $449,000, respectively,  and  principal
paid  was $86,000 and $79,000, respectively, for the  three-month
periods ended March 31, 1997 and 1996.
<PAGE> 10
-----------------------------------------------------------------
Report of Management
-----------------------------------------------------------------

   Depreciation expense for the three-month periods  ended  March
31,  1997  and  1996  was  $292,000 and  $284,000,  respectively.
Amortization expense for the three-month periods ended March  31,
1997 and 1996 was $25,000.

   For the three-month periods ended March 31, 1997 and 1996,  of
the  total  property  improvements in the  aggregate  amounts  of
$115,000   and  $122,000,  respectively,  $36,000  and   $47,000,
respectively,  were  classified  as  refurbishment  expenses  for
financial statement purposes.  The remaining balances of  $79,000
and   $75,000,  respectively,  were  capitalized  for   financial
statement purposes.

   Interest  income for the three-month periods ended  March  31,
1997  and  1996  was  $18,000  and  $20,000,  respectively.   The
decrease  was  primarily  due to a decrease, in the aggregate, in
the Partnership's  cash  and  cash equivalents  and  the  working
capital  reserve.

   ORP's partnership administrative expenses for the  three-month
periods ended March 31, 1997 and 1996 were  $50,000  and  $58,000, 
respectively.

































<PAGE> 11
<TABLE>
-------------------------------------------------------------------------------------------------
Average Occupancy
-------------------------------------------------------------------------------------------------
The average occupancy for each of the four investment properties is shown in the following chart:
<CAPTION>
                                                                   For the Quarter Ended
Property/                     Acquisition    ------------------------------------------------------------------
Location                          Date       3/31/96       6/30/96       9/30/96       12/31/96       3/31/97          
---------------------------------------------------------------------------------------------------------------
<S>                            <C>             <C>           <C>           <C>            <C>           <C>
Fairlane East                  12/23/85        97%           98%           97%            98%           96%
Dearborn, Michigan

The Landings                   10/31/84        91%           96%           96%            92%           86%
Indianapolis, Indiana

Raven Hill                     12/24/86        92%           95%           92%            92%           94%
Burnsville, Minnesota

Shadow Oaks                     2/07/85        93%           92%           93%            90%           94%
Tampa, Florida
--------------------------------------------------------------------------------------------------------------
Summary of Project Data (in thousands)
--------------------------------------------------------------------------------------------------------------
<CAPTION>
                                                  1997 Operating Results through 3/31/97 (in thousands)
                                          --------------------------------------------------------------------
                            Average Rent                            NOI
                           Collected<F1>                      Before Property                          NOI  
Property/          No. of  March  March  Apartment  Apartment Improvements &    Property             Before   
Location           Units   1997   1996   Revenues   Expenses    Debt Service  Improvements<F2>   Debt Service
--------------------------------------------------------------------------------------------------------------
<S>                  <C>   <C>    <C>     <C>         <C>          <C>             <C>               <C>     
Fairlane East        244   $941   $900    $  673      $262         $411            $ 55              $356
Dearborn, Michigan

The Landings         150   $581   $564       256       131          125              27                98
Indianapolis, Indiana

Raven Hill           304   $681   $676       613       353          260              19               241
Burnsville, Minnesota

Shadow Oaks          200   $466   $434       268       149          119              14               105
Tampa, Florida
--------------------------------------------------------------------------------------------------------------
     Total           898                  $1,810      $895         $915            $115              $800
==============================================================================================================
<FN>
<F1>Represents  net  rental  revenue  collected  for the month divided by the average number of units occupied 
    during the month.
<F2>Represents  total  property  improvement  costs,  including  capitalized  costs totaling  $79,000 incurred 
    during the quarter ended March 31, 1997.
</FN>
</TABLE>


































<PAGE> 12
Oxford Residential Properties I Limited Partnership and Subsidiaries
--------------------------------------------------------------------
Consolidated Balance Sheets (in thousands)
--------------------------------------------------------------------
<TABLE>
<CAPTION>
                                   March 31, 1997  December 31, 1996
                                     (Unaudited)                   
--------------------------------------------------------------------
<S>                                    <C>               <C>
Assets
  Investment properties, at cost
    Land                               $ 3,681           $ 3,681
    Buildings and improvements, net
      of accumulated depreciation 
      of $13,952 and $13,656, 
      respectively                      20,776            20,989
--------------------------------------------------------------------
        Total Investment Properties     24,457            24,670
--------------------------------------------------------------------
  Cash and cash equivalents              1,424             1,106
  Working capital reserve                  177               454
  Tenant security deposits                 151               135
  Deferred costs, net of amortization
    of $2,420 and $2,395, respectively     497               522
  Other assets                           1,108               973
--------------------------------------------------------------------
                                         3,357             3,190
--------------------------------------------------------------------
        Total Assets                   $27,814           $27,860
====================================================================

Liabilities and Partners' Capital
  Liabilities
    Mortgage notes payable             $21,415           $21,501
    Accounts payable and accrued 
      expenses                             557               472
    Distributions payable                    0               185
    Due to affiliates                      447               411
    Tenant security deposits               151               135
--------------------------------------------------------------------
        Total Liabilities               22,570            22,704
--------------------------------------------------------------------

  Partners' Capital
    General Partners                    (1,038)           (1,040)
    Assignor Limited Partner                 1                 1
    Assignee Unit Holders (25,714 
      Assignee Units issued and
      24,657 outstanding)                6,281             6,195
--------------------------------------------------------------------
        Total Partners' Capital          5,244             5,156
--------------------------------------------------------------------
        Total Liabilities and 
          Partners' Capital            $27,814           $27,860
====================================================================
       The accompanying notes are an integral part of these
                consolidated financial statements.
</TABLE>
<PAGE> 13
Oxford Residential Properties I Limited Partnership and Subsidiaries
--------------------------------------------------------------------
Consolidated  Statements  of  Operations  (in  thousands, except Net
Income per  Assignee  Unit  and  Weighted average number of Assignee
Units Outstanding) (Unaudited)                            
--------------------------------------------------------------------
<TABLE>
<CAPTION>
                                        Three months ended March 31,
                                        ----------------------------
                                            1997            1996
--------------------------------------------------------------------
<S>                                       <C>             <C>
Apartment Revenues
  Rental income                           $ 1,727         $ 1,686
  Other income                                 83              75
--------------------------------------------------------------------
        Total Apartment Revenues            1,810           1,761
--------------------------------------------------------------------

Apartment Expenses
  Maintenance                                 252             288
  Operating                                   197             167
  Administrative                               98             109
  Property management fees                     90              88
  Property taxes                              230             218
  Marketing                                    28              24
--------------------------------------------------------------------
        Total Apartment Expenses              895             894
--------------------------------------------------------------------

Net Operating Income                          915             867
--------------------------------------------------------------------

Other Deductions
  Interest expense                            442             449
  Depreciation and amortization               317             309
  Refurbishment expenses                       36              47
  Interest income                             (18)            (20)
  Partnership administrative expenses          50              58
--------------------------------------------------------------------
        Total Other Deductions            $   827         $   843
--------------------------------------------------------------------
Net Income                                $    88         $    24
====================================================================
Net Income Allocated to Assignee Unit 
  Holders                                 $    86         $    24
====================================================================
Net Income per Assignee Unit              $  3.49         $   .93
====================================================================
Weighted average number of Assignee 
  Units Outstanding                        24,657          25,183
====================================================================

      The accompanying notes are an integral part of these
               consolidated financial statements.
</TABLE>



<PAGE> 14
Oxford Residential Properties I Limited Partnership and Subsidiaries
-----------------------------------------------------------------------
Consolidated Statement of Partners' Capital (in thousands)
-----------------------------------------------------------------------
<TABLE>
<CAPTION>
                For the period December 31, 1996 through March 31, 1997
                ------------------------------------------------------- 
                             Limited Partners'
                                 Interests
                           -------------------
                           Assignee   Assignor
                             Unit     Limited    General
                           Holders    Partner    Partners     Total
----------------------------------------------------------------------
<S>                        <C>          <C>      <C>          <C>    
Balance, December 31, 1996 $6,195       $1       $(1,040)     $5,156
----------------------------------------------------------------------

Net income, March 31, 1997     86        0             2          88

----------------------------------------------------------------------
Balance, March 31, 1997 
  (Unaudited)              $6,281       $1       $(1,038)     $5,244
======================================================================

         The accompanying notes are an integral part of these 
                    consolidated financial statements.
</TABLE>






























<PAGE> 15
Oxford Residential Properties I Limited Partnership and Subsidiaries
--------------------------------------------------------------------
Consolidated Statements of Cash Flows (in thousands)
(Unaudited)
--------------------------------------------------------------------
<TABLE>
<CAPTION>
                                        Three months ended March 31,
                                        ----------------------------
                                           1997             1996
--------------------------------------------------------------------
<S>                                      <C>               <C>
Operating activities
  Net income                             $   88            $  24
  Adjustments to reconcile net income 
    to net cash provided by operating 
    activities:
      Depreciation and amortization         317              309
  Changes in assets and liabilities:
    Tenant security deposits liability       16                6
    Tenant security deposits                (16)              (6)
    Other assets                           (135)            (169)
    Accounts payable and accrued 
      expenses                               85              (16)
    Due to affiliates                        36               35
--------------------------------------------------------------------
Net cash provided by operating activities   391              183
--------------------------------------------------------------------

Investing activities
  Working capital reserve                   277              (10)
  Additions to investment properties        (79)             (75)
--------------------------------------------------------------------
Net cash provided by (used in) investing 
   activities                               198              (85)
--------------------------------------------------------------------

Financing activities
  Distributions paid                       (185)            (189)
  Mortgage principal paid                   (86)             (79)
  Purchase of Assignee Units                  0               (2)
--------------------------------------------------------------------
Net cash used in financing activities      (271)            (270)
--------------------------------------------------------------------
Net increase (decrease) in cash and 
  cash equivalents                          318             (172)
Cash and cash equivalents, beginning 
  of period                               1,106              931
--------------------------------------------------------------------
Cash and cash equivalents, end of 
  period                                 $1,424            $ 759
====================================================================

      The accompanying notes are an integral part of these 
                consolidated financial statements.
</TABLE>



<PAGE> 16
-----------------------------------------------------------------
Notes to Consolidated Financial Statements
-----------------------------------------------------------------

Note 1.  Financial Statements.

   The  consolidated financial statements reflect all adjustments
which,  in  the  opinion  of  Oxford  Residential  Properties   I
Corporation, the managing general partner (the "Managing  General
Partner")  of Oxford Residential Properties I Limited Partnership
("ORP" or the "Partnership"), are necessary to present fairly the
Partnership's  Consolidated Balance Sheets as of March  31,  1997
and  December 31, 1996, the Consolidated Statements of Operations
for  the  three-month periods ended March 31, 1997 and 1996,  the
Consolidated Statement of Partners' Capital as of March 31, 1997,
and the Consolidated Statements of Cash Flows for the three-month
periods  ended  March 31, 1997 and 1996, according  to  generally
accepted  accounting principles.  Although the  Managing  General
Partner  believes the disclosures presented are adequate to  make
the  information not misleading, these statements should be  read
in conjunction with the audited consolidated financial statements
and the notes included in the Partnership's Annual Report for the
year ended December 31, 1996.

   For  financial reporting purposes, the net income per assignee
unit  of  limited partnership of ORP ("Assignee Unit")  has  been
calculated  by  dividing  the portion of  the  Partnership's  net
income  allocable to Assignee Unit Holders (98%) by the  weighted
average  of  Assignee Units outstanding.  In all computations  of
earnings  per  Assignee Unit, the weighted  average  of  Assignee
Units outstanding during the period constitutes the basis for the
net   income  amounts  per  Assignee  Unit  on  the  Consolidated
Statements of Operations.

Note 2.  Transactions with Affiliates.

   The  Partnership has no directors or officers.   The  Managing
General  Partner  and its affiliates do not  receive  any  direct
compensation, but receive fees and are reimbursed by ORP for  any
actual direct costs and expenses incurred in connection with  the
operation  of  the  Partnership.   ORP  reimbursed affiliates for 
personnel  costs, travel expenses and interest on interim working
capital advances which were not covered separately by fees. Total
reimbursements to the Managing General Partner and its affiliates
for  the   three-month  period   ended  March   31,  1997,   were 
approximately  $25,000  for administrative and accounting-related
costs, compared to  $16,000 for the same period in 1996.

   Under  the  Property Management Agreements with NHP Management
Company  ("NHP"),  the management fee is equal  to  5%  of  gross
collections  for  all properties; however, 40%  of  this  fee  is
subordinated  to  the  receipt by the Assignee  Unit  Holders  of
certain  returns.  Property management fees of  $36,000  for  the
three-month  period ended March 31, 1997, have been deferred  and
are   included   in   Due  to  affiliates  in  the   accompanying
Consolidated Balance Sheets.  Cumulative deferred management fees



<PAGE> 17
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Notes to Consolidated Financial Statement
-----------------------------------------------------------------

as  of March 31, 1997 and December 31, 1996, totaled $447,000 and
$411,000,  respectively.   NHP  also  has  a  separate   services
agreement  with  Oxford  Realty Financial Group,  Inc.  ("ORFG"),
pursuant  to  which  ORFG provides certain  services  to  NHP  in
exchange  for  service fees in an amount equal to 25.41%  of  all
fees  collected  by NHP from certain properties, including  those
owned by the Partnership.

   On  May 25, 1995, an affiliate of ORP and its Managing General
Partner, completed a tender offer ("Affiliate Tender")  in  which
the  affiliate   acquired   4,997  assignee   units   of  limited 
partnership  of  ORP ("Assignee Units") at a price  of  $332  per
Assignee  Unit.  Subsequent to the termination of  the  Affiliate
Tender, ORP determined that additional Assignee Unit Holders were
interested  in  selling their Assignee Units for the  same  price
offered  in the Affiliate Tender.  On June 20, 1995, ORP  advised
its  Assignee  Unit Holders that it would purchase  on  a  "first
come, first served" basis, at any time on or before September 11,
1995,  unless  sooner terminated, all Assignee  Units  up  to  an
aggregate  of 600 Assignee Units at a price of $332 per  Assignee
Unit,  net  to  the  seller  in cash  without  interest  ("Issuer
Tender").   The Issuer Tender has been extended to  December  31,
1997, with  respect  to  the purchase of  up  to  600  additional
Assignee Units.  Since June 20, 1995, ORP has purchased,  in  the
aggregate, 1,057 Assignee Units. No Assignee Units were purchased
by ORP during the quarter ended March 31, 1997.

Note 3.  Mortgage Notes Payable.

   Effective January 12, 1994, separate mortgage loans were  made
to  each  of the four ownership entities (as discussed  in  prior
reports)   in   the  aggregate  original  principal   amount   of
$22,362,000.   These mortgage loans are not cross-collateralized,
nor  are  they  cross-defaulted.  Each note bears interest  at  a
fixed  rate of 8.25% per annum and matures on February 11,  2004.
The total monthly principal and interest payment is $176,000.  As
of  March  31, 1997, the total outstanding balance  of  the  four
mortgage  notes payable was $21,415,000.  The properties  are  in
compliance  with their respective debt service agreements  as  of
March 31, 1997.














<PAGE> 18
-----------------------------------------------------------------
Notes to Consolidated Financial Statements
-----------------------------------------------------------------

The individual outstanding mortgage notes payable as of March 31,
1997, and monthly debt service are as follows:

<TABLE>
<CAPTION>

-----------------------------------------------------------------
Property Collateralizing Debt       Outstanding     Monthly
(in thousands)                        Mortgage   Debt Service<F1>
-----------------------------------------------------------------
<S>                                    <C>           <C>
Fairlane East, Dearborn, Michigan      $ 9,840       $ 81
The Landings, Indianapolis, Indiana      3,243         26
Raven Hill, Burnsville, Minnesota        4,956         41
Shadow Oaks, Tampa, Florida              3,376         28
-----------------------------------------------------------------
                                       $21,415       $176
=================================================================
<FN>
<F1> Includes principal and interest.
</FN>
</TABLE>

































<PAGE> 19
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Instructions for Investors who wish to reregister or transfer ORP
  Assignee Units
-----------------------------------------------------------------

Please follow the instructions below if you wish to reregister  or
transfer  ownership  of  your  Oxford  Residential  Properties  I
Limited Partnership ("ORP" or the "Partnership") Assignee  Units.
No  transfers or sales can be effected without the consent of the
Managing  General  Partner  and  the  completion  of  the  proper
documents.

  To  cover  the costs associated with processing transfers,  MMS
  Escrow & Transfer Agency, Inc. ("MMS"), the transfer agent  for
  ORP,  charges  $25  for  each transfer of  ORP  Assignee  Units
  between  related parties, and $50 per seller for each  transfer
  for consideration (sale).  The only exception is a transfer  to
  a  surviving  joint  holder of Assignee Units  when  the  other
  joint  holder  dies,  in which case no  fee  is  charged.   MMS
  charges  $150  for  the  conversion of Assignee  Units  into  a
  limited partner interest.

  To  transfer  ownership of Assignee Units  held  in  a  Merrill
  Lynch   account,  please  have  your  Merrill  Lynch  financial
  consultant contact Merrill Lynch Partnership Operations in  New
  Jersey  at  (201)  557-1619 to request the  necessary  transfer
  documents.   Merrill  Lynch Partnership  Operations  will  only
  accept  calls  from your financial consultant.  YOU  MUST  HAVE
  THE  PROPER TRANSFER DOCUMENTS FROM MERRILL LYNCH TO  EFFECT  A
  TRANSFER.   Your financial consultant must contact  Partnership
  Operations,  as  ORP  Investor  Services  does  not  send   out
  transfer  papers  for Assignee Units held in  a  Merrill  Lynch
  account.

  Investors who no longer hold their Assignee Units in a  Merrill
  Lynch  account  should contact ORP Investor Services  at  (248)
  614-4550  or  P.O.  Box  7090, Troy,  Michigan  48007-9921,  to
  obtain   transfer  documents.   YOU  MUST  OBTAIN  THE   PROPER
  TRANSFER  DOCUMENTS  FROM ORP INVESTOR  SERVICES  TO  EFFECT  A
  TRANSFER OF ASSIGNEE UNITS WHICH YOU HOLD PERSONALLY.

  To  redeposit  your  ORP  units into a Merrill  Lynch  account,
  please  notify  ORP  Investor Services  in  writing  after  the
  Merrill  Lynch account has been opened.  ORP Investor  Services
  will  then instruct Merrill Lynch to deposit the Assignee Units
  into the account.

  Please  remember to notify ORP Investor Services in writing  at
  the  address  below or by calling (248) 614-4550 in  the  event
  you  change  your mailing address or your financial consultant.
  We  can  then  continue to provide you and your  representative
  with   timely  information  about  your  investment  in  Oxford
  Residential Properties I Limited Partnership.






<PAGE> 20
-----------------------------------------------------------------
Instructions for Investors who wish to reregister or transfer ORP
  Assignee Units
-----------------------------------------------------------------

  The  Quarterly Report on Form 10-Q for the quarter ended  March
  31,  1997,  filed with the Securities and Exchange  Commission,
  is  available to Assignee Unit Holders and may be  obtained  by
  writing:
                         
                               
                        Investor Services
       Oxford Residential Properties I Limited Partnership
                          P.O. Box 7090
                    Troy, Michigan 48007-9921
                                
                         (248) 614-4550