May    , 2001



United States
Securities and Exchange Commission
Washington, D.C.  20549


RE:   Oxford Residential Properties I Limited Partnership
      Form 10-QSB
      File No. 0-14533


To Whom it May Concern:

The  accompanying  Form 10-QSB for the quarter ended March 31, 2001  describes a
change in the  method of  accounting  to  capitalize  expenditures  for  certain
replacements  and  improvements,  which would have been  expensed  under the old
policy.  The  Partnership  believes  that this  accounting  principle  change is
preferable  because it provides a better  matching of expenses  with the related
benefit of the expenditures and it is consistent with industry  practice and the
policies of the Managing General Partner.

Please do not hesitate to contact the undersigned with any questions or comments
that you might have.

Very truly yours,



/s/Stephen Waters
Real Estate Controller

<PAGE>




     FORM 10-QSB--QUARTERLY OR TRANSITIONAL REPORT UNDER SECTION 13 OR 15(d) OF
                        THE SECURITIES EXCHANGE ACT OF 1934
                        Quarterly or Transitional Report



                     U.S. Securities and Exchange Commission
                             Washington, D.C. 20549


                                   Form 10-QSB


(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, 2001


[ ] 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 small business issuer as specified in its charter)



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

                          55 Beattie Place, PO Box 1089
                        Greenville, South Carolina 29602
                      (Address of principal executive offices)


                                 (864) 239-1000
                           (Issuer's telephone number)



Check  whether the issuer (1) filed all reports  required to be filed by Section
13 or 15(d) of the  Exchange  Act during the past 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___


<PAGE>



                         PART I - FINANCIAL INFORMATION



ITEM 1.     FINANCIAL STATEMENTS


a)

                OXFORD RESIDENTIAL PROPERTIES I LIMITED PARTNERSHIP

                           CONSOLIDATED BALANCE SHEET
                                   (Unaudited)
                          (in thousands, except unit data)

                                 March 31, 2001


<TABLE>
<CAPTION>

Assets
<S>                                                                           <C>
  Cash and cash equivalents                                                   $  1,013
  Tenant security deposits                                                         136
  Deferred costs, net of amortization of $2,742                                    175
  Other assets                                                                   1,368
  Investment properties:
   Land                                                         $ 3,681
   Buildings and improvements                                     40,249
                                                                  43,930
   Less accumulated depreciation                                 (19,606)       24,324
                                                                              $ 27,016
Liabilities and Partners' (Deficit) Capital
Liabilities
  Accounts payable and accrued expenses                                        $ 663
  Tenant security deposits                                                         195
  Other liabilities                                                              1,079
  Due to general partner                                                            82
  Mortgage notes payable                                                        19,767

Partners' (Deficit) Capital
  General partners                                               $ (960)
  Assignor limited partner                                             1
  Assignee unit holders (23,558 units outstanding)                 6,189         5,230
                                                                              $ 27,016

            See Accompanying Notes to Consolidated Financial Statements

</TABLE>

<PAGE>

b)

                OXFORD RESIDENTIAL PROPERTIES I LIMITED PARTNERSHIP

                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (Unaudited)
                          (in thousands, except unit data)

<TABLE>
<CAPTION>

                                                               Three Months Ended
                                                                    March 31,
                                                               2001          2000
Revenues:
<S>                                                           <C>           <C>
  Rental income                                               $ 2,091       $ 1,947
  Other income                                                    117            84
      Total revenues                                            2,208         2,031

Expenses:
  Operating                                                       815           756
  Property taxes                                                  224           176
  Interest                                                        427           435
  Depreciation                                                    318           310
  General and administrative                                       33            45
      Total expenses                                            1,817         1,722

Income before cumulative effect                                   391           309
Cumulative effect on prior years of a change in
  accounting principle for the cost of capital
  improvements and replacements                                 1,120            --

Net income                                                    $ 1,511        $ 309

Net income allocated to general partner                        $ 30           $ 6

Net income allocated to assignee unit holders                   1,481           303

                                                              $ 1,511        $ 309
Per assignee unit:
  Income before cumulative effect                             $ 16.26       $ 12.80
  Cumulative effect on prior years of a change in
   accounting principle for the cost of capital
   improvements and replacements                                46.61            --

Net income                                                    $ 62.87       $ 12.80

Weighted average number of assignee units outstanding          23,558        23,639

Proforma amounts assuming the new accounting principle
  was  applied  retroactively:
   Net income                                                  $ 391         $ 282
   Net income per limited partnership unit                    $ 16.26       $ 11.93

            See Accompanying Notes to Consolidated Financial Statements

</TABLE>

<PAGE>


c)

                OXFORD RESIDENTIAL PROPERTIES I LIMITED PARTNERSHIP

               CONSOLIDATED STATEMENT OF PARTNERS' (DEFICIT) CAPITAL
                                   (Unaudited)
                                   (in thousands)


<TABLE>
<CAPTION>

                                                    Limited Partners' Interests

                                     General        Assignee        Assignor
                                     Partners     Unit Holders   Limited Partner    Total

Partners' (deficit) capital
<S>           <C> <C>                 <C>             <C>            <C>           <C>
  at December 31, 2000                $ (990)         $ 1            $ 4,708       $ 3,719

Net income for the three
  months ended March 31, 2001             30             --            1,481         1,511

Partners' (deficit) capital
  at March 31, 2001                   $ (960)         $ 1            $ 6,189       $ 5,230

            See Accompanying Notes to Consolidated Financial Statements

</TABLE>

<PAGE>
d)

                OXFORD RESIDENTIAL PROPERTIES I LIMITED PARTNERSHIP

                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Unaudited)
                                   (in thousands)

<TABLE>
<CAPTION>

                                                                 Three Months Ended
                                                                       March 31,
                                                                  2001        2000
Cash flows from operating activities:
<S>                                                             <C>           <C>
  Net income                                                    $ 1,511       $ 309
  Adjustments to reconcile net income to net cash
   provided by operating activities:
     Depreciation                                                   318          310
     Amortization of loan costs                                      16           17
     Cumulative effect on prior years of a change in
      accounting principle for the costs of capital
      improvements and replacements                              (1,120)          --
     Changes in assets and liabilities:
      Tenant security deposits liability                             (1)          19
      Tenant security deposits                                       60          (19)
      Other assets                                                 (144)        (197)
      Accounts payable and accrued expenses                         230           84
      Other liabilities                                              42           40
          Net cash provided by operating activities                 912          563

Cash flows from investing activities:
  Working capital reserve                                            --           22
  Capital improvements and replacements                            (310)         (76)
          Net cash used in investing activities                    (310)         (54)

Cash flows from financing activities:
  Distributions paid                                             (1,150)        (355)
  Payments on mortgage notes payable                               (120)        (110)
  Due to general partner                                             82           --
  Purchase of assignee units                                         --          (34)
          Net cash used in financing activities                  (1,188)        (499)

Net (decrease) increase in cash and cash equivalents               (586)          10
Cash and cash equivalents at beginning of period                  1,599        1,322

Cash and cash equivalents at end of period                      $ 1,013      $ 1,332

Supplemental disclosure of cash flow information:
  Cash paid for interest                                         $ 409        $ 418

            See Accompanying Notes to Consolidated Financial Statements
</TABLE>


<PAGE>

e)

                OXFORD RESIDENTIAL PROPERTIES I LIMITED PARTNERSHIP

                     NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)


Note A - Financial Statements

The  accompanying   unaudited   consolidated   financial  statements  of  Oxford
Residential  Properties I Limited  Partnership (the "Partnership" or "ORP") have
been prepared in accordance with generally  accepted  accounting  principles for
interim financial  information and with the instructions to Form 10-QSB and Item
310(b)  of  Regulation  S-B.  Accordingly,  they  do  not  include  all  of  the
information and footnotes required by generally accepted  accounting  principles
for  complete  financial  statements.  In  the  opinion  of  Oxford  Residential
Properties I Corporation  (the  "Managing  General  Partner"),  all  adjustments
(consisting  of  normal  recurring  accruals)  considered  necessary  for a fair
presentation  have been included.  Operating  results for the three months ended
March 31,  2001,  are not  necessarily  indicative  of the  results  that may be
expected for the fiscal year ending December 31, 2001. For further  information,
refer to the consolidated financial statements and footnotes thereto included in
the Partnership's  Annual Report on Form 10-K for the fiscal year ended December
31, 2000.

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.

Certain  reclassifications  have been made to the 2000 amounts to conform to the
2001 presentation.

Note B - Transfer of Control

On September 20, 2000, Apartment Investment and Management Company ("AIMCO"),  a
publicly traded real estate investment trust,  acquired 100% ownership  interest
in Oxford Realty Financial  Group,  Inc.  ("ORFG"),  the sole shareholder of the
Managing General Partner, as well as other interests in various Oxford entities.
As a result,  AIMCO controls the Managing  General Partner and thereby  controls
the  management  of ORP and its four  investment  properties.  In  addition,  in
connection  with  this  transaction,  AIMCO  acquired  4,997  assignee  units or
approximately 21% of ORP through an ORFG affiliate. The Managing General Partner
does not believe that this transaction has had or will have a material effect on
the affairs and operations of the Partnership.

Note C - 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.

Expense  reimbursements are for an affiliate's  personnel costs, travel expenses
and  interest  on  interim  working  capital  advances,  which  are not  covered
separately by fees. Total reimbursements to the Managing General Partner and its
affiliates for the three month period ended March 31, 2001,  were  approximately
$11,000 for administrative and accounting related costs, compared to $18,000 for
the same period in 2000.


Under  the  Property  Management  Agreement  with NHP  Management  Company,  the
management fee is equal to 5% of gross collections for all properties;  however,
40% of this fee is subordinated until certain distribution  preference levels to
the Limited  Partners or Assignee  Unit  Holders are  achieved.  Total  property
management fees of approximately $106,000 and $99,000 for the three months ended
March 31, 2001 and 2000, respectively,  were charged to expense and are included
in  operating  expense on the  consolidated  statement of  operations.  Property
management fees of approximately $42,000 and $40,000 for the three month periods
ended March 31, 2001 and 2000, respectively, have been deferred and are included
in other liabilities on the accompanying consolidated balance sheet.

In addition to its  indirect  ownership of the general  partner  interest in the
Partnership, AIMCO and its affiliates currently own 11,152 Assignee Units in the
Partnership  representing  approximately  47.34% of the outstanding units. It is
possible that AIMCO or its affiliates will acquire additional Assignee Units for
cash or in  exchange  for units in the  operating  partnership  of AIMCO  either
through private purchases or tender offers. Under the terms of ORP's Partnership
Agreement,  limited  partners  holding  a  majority  of the  Assignee  Units are
entitled  to take  action  with  respect to a variety of  matters,  which  would
include  without  limitation,  voting on certain  amendments to the  Partnership
Agreement and voting to remove the Managing General Partner.  As a result of its
ownership of approximately 47.34% of the outstanding Assignee Units, AIMCO is in
a position to  significantly  influence all voting decisions with respect to the
Partnership.  When voting on matters,  AIMCO  would in all  likelihood  vote the
Units it acquired in a manner  favorable to the interest of the Managing General
Partner because of its affiliation with the Managing General Partner.

Note D - Segment Reporting

Statement of Financial Standards ("SFAS") No. 131, "Disclosure about Segments of
an Enterprise and Related  Information"  established  standards for the way that
public business  enterprises  report  information  about  operating  segments in
annual financial  statements and requires that those enterprises report selected
information  about  operating  segments in interim  financial  reports.  It also
establishes  standards  for related  disclosures  about  products and  services,
geographic  areas,  and  major  customers.  As  defined  in SFAS  No.  131,  the
Partnership  has only one  reportable  segment.  The  Managing  General  Partner
believes that  segment-based  disclosures  will not result in a more  meaningful
presentation than the consolidated financial statements as currently presented.

Note E - Distributions

During  the  three  months  ended  March  31,  2001,  the  Partnership   paid  a
distribution  of  $1,150,000  to  the  limited   partners  ($48.82  per  limited
partnership unit). This distribution was accrued as of December 31, 2000. During
the three months ended March 31, 2000, the  Partnership  paid a distribution  of
$355,000 to the limited partners ($15.00 per assignee unit).  This  distribution
was accrued as of December 31, 1999.

Note F - Change in Accounting Principle

Effective  January 1, 2001,  the four  properties  comprising  the ORP portfolio
changed their thresholds for capitalizing expenditures for certain enhancements,
replacements and  improvements to the investment real estate,  and changed their
method of accounting to capitalize  expenditures  for certain  replacements  and
improvements,  such as asphalt paving,  major landscaping,  common area interior
and exterior  painting.  Management  believes  that these  accounting  principle
changes are preferable  because they provide a better  matching of expenses with
the  related  benefit  of the  expenditures  and are  consistent  with  industry
practice and policies of the Managing General  Partner.  In the first quarter of
2001, ORP recognized a cumulative effect adjustment of approximately $1,120,000,
which is the  result  of  applying  the  afore-mentioned  change  in  accounting
principles retroactively to prior periods. The accounting principle changes will
not have an  effect on cash  flow,  funds  available  for  distribution  or fees
payable to the Managing General Partner and affiliates.

ITEM 2.     MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS

The  matters  discussed  in this Form  10-QSB  contain  certain  forward-looking
statements  and  involve  risks and  uncertainties  (including  changing  market
conditions,   competitive  and  regulatory   matters,   etc.)  detailed  in  the
disclosures  contained  in this  Form  10-QSB  and the  other  filings  with the
Securities and Exchange Commission made by the Registrant from time to time. The
discussions of the  Registrant's  business and results of operations,  including
forward-looking  statements  pertaining  to such  matters,  does not  take  into
account the effects of any changes to the  Registrant's  business and results of
operations.  Accordingly,  actual  results  could differ  materially  from those
projected in the forward-looking  statements as a result of a number of factors,
including those identified herein.

This item should be read in  conjunction  with  financial  statements  and other
items contained elsewhere in this report.

The Partnership's investment properties consist of four apartment complexes. The
following table sets forth the average occupancy of the properties for the three
months ended March 31, 2001 and 2000:

                                                   Average Occupancy
      Property                                      2001       2000

      The Landings Apartments                       90%        87%
        Indianapolis, Indiana
      Shadow Oaks Apartments                        92%        94%
        Tampa, Florida
      Raven Hill Apartments                         99%        98%
        Burnsville, Minnesota
      Fairlane East Apartments                      97%        92%
        Dearborn, Michigan

The Managing General Partner attributes the increase in average occupancy at The
Landings Apartments to aggressive marketing efforts.

The Managing  General  Partner  attributes the increase in average  occupancy at
Fairlane East Apartments to an overall improvement in the local market.

Results of Operations

The  Partnership's  net income for the three  months  ended  March 31,  2001 was
approximately $1,511,000 compared to net income for the three months ended March
31, 2000 of approximately  $309,000. The increase in net income is primarily due
to the recognition of approximately  $1,120,000 of a cumulative  effect on prior
years of a change in accounting  principle as discussed below. Income before the
cumulative  effect  on prior  years  of a change  in  accounting  principle  was
approximately  $391,000  and  $309,000 for the three months ended March 31, 2001
and 2000, respectively.  The increase in income was primarily due to an increase
in total revenues partially offset by an increase in total expenses.

The increase in total  revenues is due to an increase in rental income and other
income.  The  increase in rental  income is due to an increase in  occupancy  at
three of the  Partnership's  investment  properties  and an  increase in average
rental rates at all of the Partnership's investment properties.

The increase in total  expenses is primarily due to an increase in operating and
property tax expense.  The  increase in  operating  expense is primarily  due to
increases  in  utilities  and  contract  common area  maintenance  at Raven Hill
Apartments. The increase in property tax expense is primarily due to the receipt
of a refund in February 2000 for The Landings  Apartments  and the timing of the
receipt of property tax billings for Fairlane East Apartments which affected the
recording of the accrual at both March 31, 2001 and 2000.

Effective  January 1, 2001,  the four  properties  comprising  the ORP portfolio
changed their thresholds for capitalizing expenditures for certain enhancements,
replacements and  improvements to the investment real estate,  and changed their
method of accounting to capitalize  expenditures  for certain  replacements  and
improvements,  such as asphalt paving,  major landscaping,  common area interior
and exterior  painting.  Management  believes  that these  accounting  principle
changes are preferable  because they provide a better  matching of expenses with
the  related  benefit  of the  expenditures  and are  consistent  with  industry
practice and policies of the Managing General  Partner.  In the first quarter of
2001, ORP recognized a cumulative effect adjustment of approximately $1,120,000,
which is the  result  of  applying  the  afore-mentioned  change  in  accounting
principles retroactively to prior periods. The accounting principle changes will
not have an  effect on cash  flow,  funds  available  for  distribution  or fees
payable to the Managing General Partner and affiliates.

As part of the ongoing  business plan of the  Partnership,  the General  Partner
monitors the rental market  environment of its  investment  properties to assess
the feasibility of increasing rents,  maintaining or increasing occupancy levels
and protecting the Partnership from increases in expenses. As part of this plan,
the  General  Partner  attempts to protect  the  Partnership  from the burden of
inflation-related  increases in expenses by increasing  rents and  maintaining a
high overall occupancy level. However, due to changing market conditions,  which
can  result in the use of rental  concessions  and rental  reductions  to offset
softening market conditions, there is no guarantee that the General Partner will
be able to sustain such a plan.

Liquidity and Capital Resources

At  March  31,  2001,  the  Partnership   had  cash  and  cash   equivalents  of
approximately $1,013,000 compared to approximately $1,332,000 at March 31, 2000.
The decrease in cash and cash  equivalents  for the three months ended March 31,
2001 from the  Partnership's  year ended  December  31,  2000 was  approximately
$586,000.  This  decrease  is due to  approximately  $1,188,000  of cash used in
financing  activities  and  approximately  $310,000  of cash  used in  investing
activities  partially  offset by  approximately  $912,000  of cash  provided  by
operating   activities.   Cash  used  in  financing   activities   consisted  of
distributions  paid to the  partners  and  principal  payments on the  mortgages
encumbering the investment  properties  partially offset by advances made by the
General  Partner.  Cash  used  in  investing  activities  consisted  of  capital
improvements and  replacements.  The Partnership  invests its working capital in
interest bearing accounts.

The sufficiency of existing  liquid assets to meet future  liquidity and capital
expenditure   requirements   is  directly   related  to  the  level  of  capital
expenditures  required at the  properties  to  adequately  maintain the physical
assets and other  operating needs of the Partnership and to comply with Federal,
state and local legal and regulatory requirements.  Capital improvements planned
for each of the Partnership's properties are detailed below.

The Landings Apartments

Based on a report received from an independent third party consultant  analyzing
necessary  exterior  improvements  and  estimates  made by the Managing  General
Partner on interior  improvements,  it is estimated that the property  requires,
but is not limited to, approximately  $318,000 of capital improvements which are
anticipated to be completed in 2001. The exterior capital  improvements  include
hot water heater replacement, soffit, stairwell and balcony improvements, window
replacements,  outdoor recreational facility improvements, major landscaping and
irrigation  improvements.  The interior  capital  improvements  include $375 per
apartment  unit which  includes,  but is not limited to,  flooring and appliance
replacements  and  interior  painting.  During the three  months ended March 31,
2001, the Partnership completed  approximately  $102,000 of capital improvements
at The Landings Apartments,  consisting primarily of floor covering replacement,
water heater replacements,  structural  improvements and plumbing  improvements.
These  improvements  were  funded  from  operating  cash  flow  and  replacement
reserves.

Shadow Oaks Apartments

Based on a report received from an independent third party consultant  analyzing
necessary  exterior  improvements  and  estimates  made by the Managing  General
Partner on interior  improvements,  it is estimated that the property  requires,
but is not limited to, approximately  $267,000 of capital improvements which are
anticipated to be completed in 2001. The exterior capital  improvements  include
soffit, exterior painting,  major landscaping and irrigation  improvements.  The
interior  capital  improvements  include $375 per apartment unit which includes,
but  is not  limited  to,  flooring  and  appliance  replacements  and  interior
painting.  During  the three  months  ended  March  31,  2001,  the  Partnership
completed   approximately  $143,000  of  capital  improvements  at  Shadow  Oaks
Apartments,  consisting primarily of exterior painting,  plumbing  improvements,
furniture and fixtures and floor covering  replacement.  These improvements were
funded from operating cash flow and replacement reserves.

Raven Hill Apartments

Based on a report received from an independent third party consultant  analyzing
necessary  exterior  improvements  and  estimates  made by the Managing  General
Partner on interior  improvements,  it is estimated that the property  requires,
but is not limited to, approximately  $487,000 of capital improvements which are
anticipated to be completed in 2001. The exterior capital  improvements  include
gutters,  plumbing and electrical  enhancements,  outdoor recreational  facility
improvements,  major  landscaping  and  irrigation  improvements.  The  interior
capital improvements include $375 per apartment unit which includes,  but is not
limited to, flooring and appliance  replacements and interior  painting.  During
the three months ended March 31, 2001, the Partnership  completed  approximately
$27,000 of capital  improvements at Raven Hill Apartments,  consisting primarily
of floor covering replacement and heating improvements.  These improvements were
funded from operating cash flow.

Fairlane East Apartments

Based on a report received from an independent third party consultant  analyzing
necessary  exterior  improvements  and  estimates  made by the Managing  General
Partner on interior  improvements,  it is estimated that the property  requires,
but is not limited to, approximately  $570,000 of capital improvements which are
anticipated to be completed in 2001. The exterior capital  improvements  include
gutters, HVAC replacement, exterior painting, balcony improvements,  parking lot
enhancements,  major  landscaping,  irrigation  and draining  improvements.  The
interior  capital  improvements  include $375 per apartment unit which includes,
but  is not  limited  to,  flooring  and  appliance  replacements  and  interior
painting.  During  the three  months  ended  March  31,  2001,  the  Partnership
completed  approximately  $38,000  of  capital  improvements  at  Fairlane  East
Apartments,  consisting primarily of floor covering replacement and recreational
facility improvements. These improvements were funded from operating cash flow.

The additional  capital  expenditures will be incurred only if cash is available
from operations or from Partnership  reserves.  To the extent that such budgeted
capital improvements are completed,  the Partnership's  distributable cash flow,
if any, may be adversely affected at least in the short term.

The  Partnership's  assets  are  currently  thought  to be  sufficient  for  any
near-term needs  (exclusive of capital  improvements)  of the  Partnership.  The
mortgage indebtedness of approximately  $19,767,000 requires monthly payments of
principal and interest and matures  February 2004. The Managing  General Partner
will attempt to refinance such indebtedness  and/or sell the properties prior to
such  maturity  date.  If the  properties  cannot  be  refinanced  or sold for a
sufficient  amount,  the  Partnership  will risk losing the  properties  through
foreclosure.

During  the  three  months  ended  March  31,  2001,  the  Partnership   paid  a
distribution  of  $1,150,000  to  the  limited   partners  ($48.82  per  limited
partnership unit). This distribution was accrued as of December 31, 2000. During
the three months ended March 31, 2000, the  Partnership  paid a distribution  of
$355,000 to the limited partners ($15.00 per assignee unit).  This  distribution
was accrued as of December 31, 1999.

In addition to its  indirect  ownership of the general  partner  interest in the
Partnership, AIMCO and its affiliates currently own 11,152 Assignee Units in the
Partnership  representing  approximately  47.34% of the outstanding units. It is
possible that AIMCO or its affiliates will acquire additional Assignee Units for
cash or in  exchange  for units in the  operating  partnership  of AIMCO  either
through private purchases or tender offers. Under the terms of ORP's Partnership
Agreement,  limited  partners  holding  a  majority  of the  Assignee  Units are
entitled  to take  action  with  respect to a variety of  matters,  which  would
include  without  limitation,  voting on certain  amendments to the  Partnership
Agreement and voting to remove the Managing General Partner.  As a result of its
ownership of approximately 47.34% of the outstanding Assignee Units, AIMCO is in
a position to  significantly  influence all voting decisions with respect to the
Partnership.  When voting on matters,  AIMCO  would in all  likelihood  vote the
Units it acquired in a manner  favorable to the interest of the Managing General
Partner because of its affiliation with the Managing General Partner.



<PAGE>


                           PART II - OTHER INFORMATION


ITEM 3.     EXHIBITS AND REPORTS ON FORM 8-K

            a)    Exhibits:

                  Exhibit 16, Letter dated March 15, 2001, from the Registrant's
                  former independent  accountants regarding its concurrence with
                  the statements made by the Registrant.

            b)    Reports on Form 8-K filed in the first quarter of 2001:

                  None.


<PAGE>




                                   SIGNATURES



In accordance with the  requirements of the Exchange Act, the Registrant  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


                             By: /s/Patrick J. Foye
                                 Patrick J. Foye
                                 Executive Vice President


                              By:/s/Martha L. Long
                                 Martha L. Long
                                 Senior Vice President
                                 and Controller


                              Date:


<PAGE>


                                                                      Exhibit 16

March 15, 2001



Mr. Patrick J. Foye
Executive Vice President
Oxford Residential Properties I Corporation
Managing General Partner of Oxford Residential
  Properties I Limited Partnership
55 Beattie Place
P.O. Box 1089
Greenville, South Carolina 29602

Dear Mr. Foye:

Note F of Notes to the Financial  Statement of Oxford  Residential  Properties I
Limited Partnership  included in its Form 10-QSB for the quarter ended March 31,
2001 describes a change in the method of accounting to change the thresholds for
capitalizing   expenditures   for   certain   enhancements,   replacements   and
improvements  to the  investment  in real  estate,  and  change  the  method  of
accounting to capitalize expenditures for certain replacements and improvements,
such as asphalt  paving,  major  landscaping,  common area interior and exterior
painting which would have been expensed  under the old policy.  You have advised
us  that  you  believe  that  the  change  is  the  preferable  method  in  your
circumstances  because it provides a better  matching of expenses  with  related
benefit of the expenditures and is consistent with policies currently being used
by your industry and conforms to the policies of the Managing General Partner.

There are no authoritative criteria for determining a preferable method based on
the particular circumstances, however, we conclude that the change in the method
of accounting to change the thresholds for capitalizing expenditures for certain
enhancements,  replacements  and  improvements to the investment in real estate,
and change the method of  accounting  to  capitalize  expenditures  for  certain
replacements and improvements, such as asphalt paving, major landscaping, common
area interior and exterior painting is an acceptable  alternative  method which,
based on your business judgment to make this change for the reasons cited above,
is preferable in your circumstances.

Very truly yours,



/s/Reznick Fedder and Silverman