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


                                   Form 10-QSB


(Mark One)
[X]   QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
      ACT OF 1934


              For the quarterly period ended September 30, 2004


[ ]   TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT


             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 ___

                         PART I - FINANCIAL INFORMATION



ITEM 1.     FINANCIAL STATEMENTS




             OXFORD RESIDENTIAL PROPERTIES I LIMITED PARTNERSHIP

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

                               September 30, 2004

<TABLE>
<CAPTION>


Assets
<S>                                                                            <C>
  Cash and cash equivalents                                                    $ 174
  Receivables and deposits                                                         181
  Restricted escrows                                                               109
  Other assets                                                                     735
  Investment properties:
   Land                                                         $ 2,722
   Buildings and improvements                                     35,496
                                                                  38,218
   Less accumulated depreciation                                 (20,640)       17,578
                                                                              $ 18,777
Liabilities and Partners' (Deficiency) Capital
Liabilities
  Accounts payable                                                             $ 191
  Tenant security deposits                                                         112
  Accrued taxes                                                                    390
  Other liabilities                                                                198
  Due to affiliates (Note B)                                                       314
  Mortgage notes payable                                                        25,952

Partners' (Deficiency) Capital
  General partners                                              $ (2,200)
  Assignor limited partner                                             1
  Assignee unit holders (23,558 units outstanding)                (6,181)       (8,380)
                                                                              $ 18,777

         See Accompanying Notes to Consolidated Financial Statements
</TABLE>


             OXFORD RESIDENTIAL PROPERTIES I LIMITED PARTNERSHIP

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

<TABLE>
<CAPTION>


                                                  Three Months Ended        Nine Months Ended
                                                     September 30,            September 30,
                                                  2004          2003         2004        2003
                                                             (Restated)               (Restated)
Revenues:
<S>                                              <C>          <C>          <C>         <C>
  Rental income                                  $ 1,490      $ 1,547      $ 4,442     $ 4,561
  Other income                                       161          159          430         482
  Casualty gains (Note E)                             --           --           35          38
      Total revenues                               1,651        1,706        4,907       5,081

Expenses:
  Operating                                          811          765        2,285       2,431
  General and administrative                          49           31          145         101
  Depreciation                                       337          350        1,059       1,107
  Interest                                           282          280          852         883
  Property taxes                                     190          188          558         738
       Total expenses                              1,669        1,614        4,899       5,260

(Loss) income from continuing operations             (18)          92            8        (179)
Income (loss) from discontinued operations
  (Note C)                                            --           92         (166)        166
Gain on sale of discontinued operations
  (Note C)                                            --           --        3,700          --

Net (loss) income                                 $ (18)       $ 184       $ 3,542      $ (13)

Net (loss) income allocated to general
  partners                                        $ --          $ 4          $ (3)       $ --
Net (loss) income allocated to limited
  partners                                           (18)         180        3,545         (13)

                                                  $ (18)       $ 184       $ 3,542      $ (13)
Per assignee unit:
  (Loss) income from continuing operations       $ (0.76)      $ 3.82       $ 0.32     $ (7.45)
  Income (loss) from discontinued
   operations                                         --         3.82        (6.90)       6.90
  Gain on sale of discontinued operations             --           --       157.06          --

Net (loss) income                                $ (0.76)      $ 7.64      $150.48     $ (0.55)

Distributions per assignee unit                   $ --          $ --       $182.40     $446.81

         See Accompanying Notes to Consolidated Financial Statements
</TABLE>

             OXFORD RESIDENTIAL PROPERTIES I LIMITED PARTNERSHIP

           CONSOLIDATED STATEMENT OF PARTNERS' (DEFICIENCY) CAPITAL
                                   (Unaudited)
                        (in thousands, except unit data)
<TABLE>
<CAPTION>

                                                                          Assignor
                                  Assignee     General       Limited      Assignee
                                    Units     Partners       Partner    Unit Holders     Total

Partners' (deficiency) capital
<S>           <C> <C>               <C>        <C>             <C>        <C>          <C>
  at December 31, 2003              23,558     $(2,197)        $ 1        $ (5,429)    $ (7,625)

Distributions to partners               --         --             --        (4,297)      (4,297)

Net income for the nine months
  ended September 30, 2004              --          (3)           --         3,545        3,542

Partners' (deficiency) capital
  at September 30, 2004             23,558     $(2,200)        $ 1        $ (6,181)    $ (8,380)

         See Accompanying Notes to Consolidated Financial Statements
</TABLE>

             OXFORD RESIDENTIAL PROPERTIES I LIMITED PARTNERSHIP

                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Unaudited)
                                 (in thousands)
<TABLE>
<CAPTION>

                                                                     Nine Months Ended
                                                                       September 30,
                                                                     2004         2003
Cash flows from operating activities:
<S>                                                                 <C>           <C>
  Net income (loss)                                                 $ 3,542       $ (13)
  Adjustments to reconcile net income (loss) to net cash
   provided by operating activities:
     Depreciation                                                     1,059        1,351
     Amortization of loan costs                                          39           44
     Gain on sale of discontinued operations                         (3,700)          --
     Casualty gain                                                      (35)         (38)
     Loss on early extinguishment of debt                                85            6
     Changes in assets and liabilities:
      Receivables and deposits                                          146          509
      Other assets                                                     (134)        (167)
      Accounts payable                                                  104           61
      Tenant security deposits                                          (50)          16
      Due to affiliates                                                (284)      (1,348)
      Accrued property tax                                              163          319
      Other liabilities                                                (161)          (3)
          Net cash provided by operating activities                     774          737

Cash flows from investing activities:
  Property improvements and replacements                               (813)        (361)
  Net withdrawals from restricted escrows                                 5          230
  Net proceeds from sale of discontinued operations                   8,199           --
  Insurance proceeds received                                            44           48
          Net cash provided by (used in) investing activities         7,435          (83)

Cash flows from financing activities:
  Payments on mortgage notes payable                                   (688)        (442)
  Repayment of mortgage note payable                                 (4,052)     (15,726)
  Distributions to partners                                          (4,297)     (10,526)
  Loan costs paid                                                        --         (514)
  Proceeds from mortgage notes payable                                   --       27,060
  Advances from affiliate                                               212          385
  Repayment of advance from affiliate                                    --         (385)
          Net cash used in financing activities                      (8,825)        (148)

Net (decrease) increase in cash and cash equivalents                   (616)         506
Cash and cash equivalents at beginning of period                        790        1,413

Cash and cash equivalents at end of period                           $ 174       $ 1,919

Supplemental disclosure of cash flow information:
  Cash paid for interest                                             $ 893        $ 980

Supplemental disclosure of non-cash activity:
  Property improvements and replacements in accounts payable         $ 21         $ --

         See Accompanying Notes to Consolidated Financial Statements
</TABLE>

             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 and nine months
ended September 30, 2004, are not necessarily indicative of the results that may
be  expected  for  the  fiscal  year  ending  December  31,  2004.  For  further
information,  refer  to the  consolidated  financial  statements  and  footnotes
thereto  included  in the  Partnership's  Annual  Report on Form  10-KSB for the
fiscal  year  ended  December  31,  2003.  The  Managing  General  Partner is an
affiliate of Apartment  Investment and Management Company ("AIMCO"),  a publicly
traded real estate investment trust.

In  accordance  with  Statement of Financial  Accounting  Standards No. 144, the
accompanying consolidated statements of operations for the three and nine months
ended  September 30, 2003 have been restated to reflect the operations of Shadow
Oaks Apartments as income (loss) from discontinued operations due to its sale in
January 2004.

Note B - Transactions with Affiliates

The Partnership has no employees and depends on the Managing General Partner and
its  affiliates  for  the  management  and  administration  of  all  Partnership
activities.  The Partnership  Agreement  provides for (i) payments to affiliates
for property  management services and (ii) for reimbursement of certain expenses
incurred by affiliates on behalf of the Partnership.

During the nine months  ended  September  30, 2004 and 2003,  affiliates  of the
Managing  General Partner were entitled to receive 5% of gross receipts from all
of  the  Partnership's   properties  as  compensation  for  providing   property
management  services.  However,  40% of this fee is  subordinated  until certain
distribution preference levels to the Assignee Unit Holders are achieved.  Total
property  management  fees of  approximately  $262,000 and $344,000 for the nine
months ended September 30, 2004 and 2003, respectively,  were charged to expense
and are  included  in  operating  expense and income  (loss)  from  discontinued
operations.  Property management fees of approximately $105,000 and $138,000 for
the nine  months  ended  September  30, 2004 and 2003,  respectively,  have been
deferred.  During the nine months ended  September  30, 2004,  the  distribution
preferences  were met with the sale of Shadow Oaks Apartments and  approximately
$323,000 of the previously  subordinated fees were paid. The cumulative deferred
management fees as of September 30, 2004 totaled  approximately  $77,000 and are
included in due to affiliates.

An  affiliate  of the  Managing  General  Partner  charged the  Partnership  for
reimbursements of accountable administrative expenses amounting to approximately
$109,000  and  $74,000 for the nine months  ended  September  30, 2004 and 2003,
respectively,  which is  included  in general and  administrative  expenses  and
investment   properties.   Included  in  these   amounts  are  fees  related  to
construction  management  services  provided  by an  affiliate  of the  Managing
General  Partner of  approximately  $3,000 and $2,000 for the nine months  ended
September 30, 2004 and 2003,  respectively.  The construction management service
fees  are  calculated  based  on a  percentage  of  current  year  additions  to
investment  properties.  As of  September  30,  2004,  approximately  $24,000 in
accountable  administrative  expenses  were due to an  affiliate of the Managing
General Partner and are included in due to affiliates.

In  accordance  with the  Partnership  Agreement,  during the nine months  ended
September 30, 2003, the Managing General Partner advanced approximately $385,000
to the Partnership to cover fees  associated  with the  refinancings of three of
the   investment   properties.   The  entire  amount,   including   interest  of
approximately  $3,000, was repaid during the same period. During the nine months
ended September 30, 2004, the Managing  General Partner  advanced  approximately
$212,000 to the Partnership to cover operating expenses and redevelopment  costs
at Fairlane East  Apartments.  Interest accrues at the prime rate plus 2% (6.75%
at September  30, 2004) and was  approximately  $1,000 for the nine months ended
September 30, 2004. At September  30, 2004,  approximately  $213,000 of advances
and accrued interest is included in due to affiliates.

In connection with the May 2003  refinancings of Fairlane East, The Landings and
Raven Hill  Apartments,  the  Partnership  paid  approximately  $135,000  to the
Managing General Partner as allowed pursuant to the Partnership Agreement. These
amounts are recorded as loan costs and included in other assets.  The loan costs
are amortized over the lives of the respective mortgages.

The  Partnership  insures its properties up to certain  limits through  coverage
provided by AIMCO which is  generally  self-insured  for a portion of losses and
liabilities  related to workers  compensation,  property  casualty  and  vehicle
liability. The Partnership insures its properties above the AIMCO limits through
insurance  policies  obtained  by  AIMCO  from  insurers  unaffiliated  with the
Managing  General  Partner.  During the nine months ended September 30, 2004 and
2003,  the  Partnership  was charged by AIMCO and its  affiliates  approximately
$78,000 and $136,000,  respectively,  for insurance coverage and fees associated
with policy claims administration.

Note C - Sale of Investment Property

In January 2004, the  Partnership  sold Shadow Oaks Apartments to a third party,
for net proceeds of approximately $8,199,000 after payment of closing costs. The
Partnership  used  approximately  $4,052,000  of the net  proceeds  to repay the
mortgage   encumbering  the  property.   The  Partnership  realized  a  gain  of
approximately  $3,700,000 as a result of the sale. In addition,  the Partnership
recorded a loss on early  extinguishment  of debt of approximately  $85,000 as a
result of  unamortized  loan costs being written off which is included in income
(loss) from discontinued operations. Included in income (loss) from discontinued
operations   for  the  nine  months  ended   September  30,  2004  and  2003  is
approximately $67,000 and $1,022,000, respectively, of revenues generated by the
property.

Note D - Refinancing of Mortgage Notes Payable

On May 8, 2003, the  Partnership  refinanced the mortgage  encumbering  Fairlane
East  Apartments.  The refinancing  replaced the first mortgage of approximately
$8,578,000 with a new mortgage of $11,480,000. The new mortgage carries a stated
interest rate of 4.21%  compared to the 8.25% interest rate on the old mortgage.
Principal and interest payments on the mortgage of approximately $71,000 are due
monthly  until the loan  matures in May 2023 at which time the loan is scheduled
to be fully amortized. Total capitalized loan costs were approximately $187,000.

On May 8, 2003, the Partnership refinanced the mortgage encumbering The Landings
Apartments.  The  refinancing  replaced  the  first  mortgage  of  approximately
$2,828,000 with a new mortgage of $3,370,000.  The new mortgage carries a stated
interest rate of 4.21%  compared to the 8.25% interest rate on the old mortgage.
Principal and interest payments on the mortgage of approximately $21,000 are due
monthly  until  June  2008 at which  time a  balloon  payment  of  approximately
$2,772,000  will  be  due.  Total  capitalized  loan  costs  were  approximately
$101,000.  The Partnership  recognized a loss on early extinguishment of debt of
approximately $6,000 due to the write-off of unamortized loan costs. This amount
is included in interest expense.

On May 8, 2003, the Partnership  refinanced the mortgage  encumbering Raven Hill
Apartments.  The  refinancing  replaced  the  first  mortgage  of  approximately
$4,320,000 with a new mortgage of $12,210,000. The new mortgage carries a stated
interest rate of 4.21%  compared to the 8.25% interest rate on the old mortgage.
Principal and interest payments on the mortgage of approximately $75,000 are due
monthly  until  June  2008 at which  time a  balloon  payment  of  approximately
$10,083,000  will  be due.  Total  capitalized  loan  costs  were  approximately
$226,000.

Note E -Casualty Gain

In March 2004,  Fairlane East Apartments  incurred damages to its buildings as a
result of a fire.  During the nine months ended  September  30, 2004,  net fixed
assets of  approximately  $9,000 were written off and proceeds of  approximately
$44,000 were received from the  insurance  company to repair the damaged  units.
Accordingly, a casualty gain of approximately $35,000 was recognized as a result
of the  difference  between the proceeds  received and the net book value of the
buildings which were damaged.

In April 2001, The Landings  Apartments  incurred  damages to its buildings as a
result of a fire.  During 2002, net fixed assets of  approximately  $62,000 were
written off and  proceeds  of  approximately  $300,000  were  received  from the
insurance company to repair the damaged units.  Accordingly,  a casualty gain of
approximately  $238,000 was recognized as a result of the difference between the
proceeds  received and the net book value of the  buildings  which were damaged.
During the nine months  ended  September  30,  2003,  the  Partnership  received
additional   proceeds  of   approximately   $48,000  and  wrote  off  additional
undepreciated  assets of  approximately  $10,000.  As a result,  the Partnership
recognized a casualty gain of approximately $38,000 during the nine months ended
September 30, 2003.

Note F - Contingencies

On August 8, 2003 AIMCO  Properties  L.P., an affiliate of the Managing  General
Partner,  was served  with a  complaint  in the United  States  District  Court,
District of Columbia alleging that AIMCO Properties L.P.  willfully violated the
Fair Labor Standards Act ("FLSA") by failing to pay maintenance workers overtime
for all  hours  worked  in  excess  of forty  per  week.  On  March 5,  2004 the
plaintiffs filed an amended complaint also naming NHP Management Company,  which
is also an affiliate of the Managing General Partner. The complaint is styled as
a Collective  Action  under the FLSA and seeks to certify  state  subclasses  in
California, Maryland, and the District of Columbia. Specifically, the plaintiffs
contend that AIMCO Properties L.P. failed to compensate  maintenance workers for
time  that they were  required  to be  "on-call".  Additionally,  the  complaint
alleges AIMCO  Properties  L.P.  failed to comply with the FLSA in  compensating
maintenance  workers  for time that they  worked in  responding  to a call while
"on-call".  The defendants have filed an answer to the amended complaint denying
the  substantive  allegations.  Some  discovery  has taken place and  settlement
negotiations  continue.  Although the outcome of any  litigation  is  uncertain,
AIMCO  Properties,  L.P. does not believe that the ultimate  outcome will have a
material  adverse  effect on its financial  condition or results of  operations.
Similarly,  the  Managing  General  Partner  does not believe  that the ultimate
outcome  will have a  material  adverse  effect on the  Partnership's  financial
condition or results of operations.

The  Partnership  is unaware of any pending or  outstanding  litigation  matters
involving  it or its  investment  properties  that are not of a  routine  nature
arising in the ordinary course of business.

As  previously  disclosed,  the  Central  Regional  Office of the United  States
Securities  and  Exchange   Commission   (the  "SEC")  is  conducting  a  formal
investigation relating to certain matters.  Although the staff of the SEC is not
limited  in the  areas  that it may  investigate,  AIMCO  believes  the areas of
investigation include AIMCO's miscalculated monthly net rental income figures in
third quarter 2003,  forecasted  guidance,  accounts payable,  rent concessions,
vendor  rebates,  capitalization  of payroll and certain  other  costs,  and tax
credit  transactions.  AIMCO is cooperating  fully. AIMCO is not able to predict
when the matter  will be  resolved.  AIMCO does not  believe  that the  ultimate
outcome  will  have a  material  adverse  effect on its  consolidated  financial
condition or results of operations. Similarly, the Managing General Partner does
not believe that the ultimate outcome will have a material adverse effect on the
Partnership's consolidated financial condition or results of operations.

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

The matters discussed in this report contain certain forward-looking statements,
including, without limitation, statements regarding future financial performance
and the effect of government  regulations.  Actual results may differ materially
from those described in the forward-looking statements and will be affected by a
variety of risks and factors including,  without limitation:  national and local
economic  conditions;  the terms of  governmental  regulations  that  affect the
Registrant and interpretations of those regulations; the competitive environment
in which the Registrant operates;  financing risks, including the risk that cash
flows from operations may be insufficient to meet required payments of principal
and interest;  real estate risks, including variations of real estate values and
the general  economic  climate in local markets and  competition  for tenants in
such markets;  litigation,  including  costs  associated  with  prosecuting  and
defending  claims  and  any  adverse   outcomes,   and  possible   environmental
liabilities.   Readers  should  carefully  review  the  Registrant's   financial
statements and the notes thereto,  as well as the risk factors  described in the
documents  the  Registrant  files  from  time to time  with the  Securities  and
Exchange Commission.

The Partnership's  investment  properties consist of three apartment  complexes.
The following  table sets forth the average  occupancy of the properties for the
nine months ended September 30, 2004 and 2003:

                                                   Average Occupancy
      Property                                      2004       2003

      The Landings Apartments                       88%        89%
        Indianapolis, Indiana
      Raven Hill Apartments                         92%        90%
        Burnsville, Minnesota
      Fairlane East Apartments (1)                  86%        89%
        Dearborn, Michigan

(1)   The Managing General Partner  attributes the decrease in average occupancy
      at Fairlane East Apartments to increased credit standards for tenants.

The  Partnership's  financial  results depend upon a number of factors including
the  ability to attract  and  maintain  tenants  at the  investment  properties,
interest  rates on mortgage  loans,  costs  incurred  to operate the  investment
properties,  general  economic  conditions  and weather.  As part of the ongoing
business plan of the  Partnership,  the Managing  General  Partner  monitors the
rental market  environment  of each 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
Managing  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,  the Managing  General Partner may use
rental  concessions  and  rental  rate  reductions  to offset  softening  market
conditions, accordingly, there is no guarantee that the Managing General Partner
will be able to  sustain  such a plan.  Further,  a number of  factors  that are
outside the control of the  Partnership  such as the local economic  climate and
weather can adversely or positively affect the Partnership's financial results.

Results of Operations

The  Partnership's  net loss for the three months ended  September  30, 2004 was
approximately  $18,000 compared to net income of approximately  $184,000 for the
corresponding  period in 2003. The  Partnership's net income for the nine months
ended September 30, 2004 was  approximately  $3,542,000  compared to net loss of
approximately  $13,000 for the corresponding period in 2003. The increase in net
loss for the three months ended September 30, 2004 is due to a decrease in total
revenues  and an increase in total  expenses.  The  decrease in net loss for the
nine months ended  September 30, 2004 is primarily due to the recognition of the
gain on the sale of Shadow Oaks Apartments in 2004.

In  accordance  with  Statement of Financial  Accounting  Standards No. 144, the
accompanying consolidated statements of operations for the three and nine months
ended  September 30, 2003 have been restated to reflect the operations of Shadow
Oaks Apartments as income (loss) from discontinued operations due to its sale in
January 2004.

In January 2004, the  Partnership  sold Shadow Oaks Apartments to a third party,
for net proceeds of approximately $8,199,000 after payment of closing costs. The
Partnership  used  approximately  $4,052,000  of the net  proceeds  to repay the
mortgage   encumbering  the  property.   The  Partnership  realized  a  gain  of
approximately  $3,700,000 as a result of the sale. In addition,  the Partnership
recorded a loss on early  extinguishment  of debt of approximately  $85,000 as a
result of  unamortized  loan costs being written off which is included in income
(loss) from discontinued operations. Included in income (loss) from discontinued
operations   for  the  nine  months  ended   September  30,  2004  and  2003  is
approximately $67,000 and $1,022,000, respectively, of revenues generated by the
property.

Excluding the  discontinued  operations and the gain on sale, the  Partnership's
loss from  continuing  operations for the three months ended  September 30, 2004
was  approximately  $18,000  compared to income from  continuing  operations  of
approximately  $92,000  for the  corresponding  period  in 2003.  Excluding  the
discontinued  operations  and the gain on sale,  the  Partnership's  income from
continuing  operations  for  the  nine  months  ended  September  30,  2004  was
approximately   $8,000  compared  to  a  loss  from  continuing   operations  of
approximately  $179,000 for the  corresponding  period in 2003.  The decrease in
income from continuing operations for the three months ended September 30, 2004,
is due to a decrease in total  revenues and an increase in total  expenses.  The
decrease in loss from continuing  operations for the nine months ended September
30, 2004 is due to a decrease in total expenses  partially  offset by a decrease
in total revenues.

Total  expenses for the three months ended  September 30, 2004  increased due to
increases in operating and general and administrative expenses, partially offset
by a decrease in depreciation expense. Interest expense and property tax expense
remained  comparable  for the three months ended  September 30, 2004.  Operating
expenses  increased due to increased  payroll and related benefits at Raven Hill
Apartments. Total expenses for the nine month ended September 30, 2004 decreased
due to decreases in operating, depreciation,  interest and property tax expenses
partially  offset  by  an  increase  in  general  and  administrative  expenses.
Operating  expenses  for  the  nine  month  period  decreased  due to  decreased
advertising,  administrative,  and maintenance  expenses  partially offset by an
increase in property expenses.  Advertising  expenses decreased due to decreases
in periodical  advertising at Fairlane East  Apartments,  leasing  promotions at
Raven Hill  Apartments and decreased  referral fees at Raven Hill Apartments and
Fairlane East  Apartments.  Administrative  expenses  decreased due to decreased
legal fees and taxes at Raven Hill Apartments.  Maintenance  expenses  decreased
due  to  decreased  contract  labor  at  all  of  the  Partnership's  investment
properties.  Property  expenses  increased due to increased  payroll and related
benefits at Fairlane East  Apartments  and Raven Hill  Apartments.  Depreciation
expense for the three and nine months ended  September 30, 2004 decreased due to
assets at the investment  properties  becoming fully depreciated which more than
offset  depreciation on new improvements and replacements.  Interest expense for
the nine months ended  September 30, 2004  decreased due to lower interest rates
obtained on the mortgages  encumbering  The Landings  Apartments,  Fairlane East
Apartments,  and Raven Hill  Apartments as a result of  refinancing in May 2003.
The  effect  of the lower  interest  rates was  partially  offset by the  higher
mortgage  indebtedness from the refinancings.  Property tax expense for the nine
months ended  September 30, 2004  decreased due to an adjustment of property tax
accruals  in 2003 for a change in the  methodology  for  accruing  taxes for the
Partnership's investment property located in Michigan.

General  and  administrative  expenses  for  both  periods  increased  due to an
increase in the costs of services  included in management  reimbursements to the
Managing General Partner as allowed under the Partnership Agreement. In addition
to  these  reimbursements,  costs  associated  with  the  quarterly  and  annual
communications  with  investors  and  regulatory  agencies  and the annual audit
required  by  the  Partnership  Agreement  are  also  included  in  general  and
administrative expenses.

Total revenues  decreased for the three months ended September 30, 2004 due to a
decrease in rental income.  Total  revenues  decreased for the nine month period
due to decreases in rental, other income and casualty gains (see below).  Rental
income for both periods  decreased due to decreased  average rental rates at all
of the Partnership's  investment  properties and decreased occupancy at Fairlane
East Apartments and The Landings  Apartments  partially offset by an increase in
occupancy at Raven Hill  Apartments and a decrease in bad debt expense at all of
the investment properties.  Other income decreased for the nine month period due
to  decreased  late  charges  and  lease   cancellation   fees  at  all  of  the
Partnership's   properties   partially   offset  by  an   increase   in  utility
reimbursements at Raven Hill and Fairlane East Apartments.

In March 2004,  Fairlane East Apartments  incurred damages to its buildings as a
result of a fire.  During the nine months ended  September  30, 2004,  net fixed
assets of  approximately  $9,000 were written off and proceeds of  approximately
$44,000 were received from the  insurance  company to repair the damaged  units.
Accordingly, a casualty gain of approximately $35,000 was recognized as a result
of the  difference  between the proceeds  received and the net book value of the
buildings which were damaged.

In April 2001, The Landings  Apartments  incurred  damages to its buildings as a
result of a fire.  During 2002, net fixed assets of  approximately  $62,000 were
written off and  proceeds  of  approximately  $300,000  were  received  from the
insurance company to repair the damaged units.  Accordingly,  a casualty gain of
approximately  $238,000 was recognized as a result of the difference between the
proceeds  received and the net book value of the  buildings  which were damaged.
During the nine months  ended  September  30,  2003,  the  Partnership  received
additional   proceeds  of   approximately   $48,000  and  wrote  off  additional
undepreciated  assets of  approximately  $10,000.  As a result,  the Partnership
recognized a casualty gain of $38,000 during the nine months ended September 30,
2003.

Liquidity and Capital Resources

At  September  30,  2004,  the  Partnership  had cash and  cash  equivalents  of
approximately  $174,000  compared to  approximately  $1,919,000 at September 30,
2003. For the nine months ended  September 30, 2004,  cash and cash  equivalents
decreased  approximately  $616,000. The decrease in cash and cash equivalents is
due to approximately  $8,825,000 of cash used in financing  activities partially
offset by approximately  $7,435,000 of cash provided by investing activities and
approximately  $774,000 of cash provided by operating activities.  Net cash used
in financing activities consisted of distributions to partners, the repayment of
the mortgage encumbering Shadow Oaks Apartments and scheduled principal payments
on the mortgages  encumbering the Partnership's  investment properties partially
offset by advances  from the  Managing  General  Partner.  Net cash  provided by
investing  activities  consisted  of the  proceeds  from the sale of Shadow Oaks
Apartments, insurance proceeds from the casualty at Fairlane East Apartments and
net  withdrawals  from  restricted  escrows  maintained by the mortgage  lenders
partially  offset by property  improvements  and  replacements.  The Partnership
invests its working capital reserves 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. The Managing General Partner
monitors  developments  in the  area of legal  and  regulatory  compliance.  For
example,  the  Sarbanes-Oxley  Act  of  2002  mandates  or  suggests  additional
compliance  measures  with  regard to  governance,  disclosure,  audit and other
areas.  In light of these changes,  the  Partnership  expects that it will incur
higher expenses related to compliance.  Capital improvements planned for each of
the Partnership's properties are detailed below.

The Landings Apartments

During the nine months ended  September  30,  2004,  the  Partnership  completed
approximately  $87,000  of  capital  improvements  at The  Landings  Apartments,
consisting primarily of structural improvements,  landscaping,  retaining walls,
and floor covering, cabinet and appliance replacements.  These improvements were
funded  from  operating  cash  flow.  The  Partnership   evaluates  the  capital
improvement  needs of the  property  during  the year and  currently  expects to
complete only necessary  capital  improvements to maintain  occupancy during the
remainder of 2004.  Additional  capital  improvements may be considered and will
depend on the physical condition of the property as well as the anticipated cash
flow generated by the property.

Raven Hill Apartments

During the nine months ended  September  30,  2004,  the  Partnership  completed
approximately  $222,000  of  capital  improvements  at  Raven  Hill  Apartments,
consisting primarily of structural improvements,  painting,  lighting, HVAC, and
door, window, floor covering and appliance replacements. These improvements were
funded  from  operating  cash  flow.  The  Partnership   evaluates  the  capital
improvement  needs of the  property  during  the year and  currently  expects to
complete an additional $28,000 in capital  improvements  during the remainder of
2004.  Additional capital  improvements may be considered and will depend on the
physical  condition  of  the  property  as  well  as  replacement  reserves  and
anticipated cash flow generated by the property.

Fairlane East Apartments

During the nine months ended  September  30,  2004,  the  Partnership  completed
approximately  $517,000 of capital  improvements  at Fairlane  East  Apartments,
consisting primarily of floor covering, building improvements, appliance, window
and HVAC  replacements.  These improvements were funded from operating cash flow
and insurance  proceeds.  The property is currently  undergoing a  redevelopment
project in order to become more competitive with other properties in the area in
an effort to increase occupancy at the property.  Based on current redevelopment
plans,  the  Managing  General  Partner  anticipates  the  redevelopment  to  be
completed  in  the  fourth  quarter  of  2005  at  a  total  estimated  cost  of
approximately  $3,800,000 of which  approximately  $344,000 was completed during
the nine  months  ended  September  30,  2004.  The  project is being  funded by
operations and advances from an affiliate of the Managing General  Partner.  The
Partnership  evaluates the capital  improvement needs of the property during the
year and  currently  expects  to  complete  an  additional  $15,000  in  capital
improvements not related to property redevelopment and approximately  $1,218,000
for  property  redevelopment  as mentioned  above during the  remainder of 2004.
Additional  capital  improvements  may be  considered  and  will  depend  on the
physical  condition  of  the  property  as  well  as  replacement  reserves  and
anticipated cash flow generated by the property.

Shadow Oaks Apartments

During the nine months ended  September  30,  2004,  the  Partnership  completed
approximately   $8,000  of  capital  improvements  at  Shadow  Oaks  Apartments,
consisting  primarily of floor covering  replacements.  These  improvements were
funded from  operating  cash flow.  Shadow Oaks  Apartments  was sold in January
2004.

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 thought to be sufficient for any near-term  needs
(exclusive  of  capital   improvements)   of  the   Partnership.   The  mortgage
indebtedness  encumbering Fairlane East Apartments of approximately  $11,010,000
is being  amortized  over 20 years and is  scheduled  to be fully  amortized  at
maturity  in June 2023.  The  mortgage  indebtedness  encumbering  The  Landings
Apartments  and Raven Hill  Apartments  of  approximately  $14,942,000  is being
amortized over 20 years with balloon  payments due in June 2008 of approximately
$12,855,000.

The Partnership  distributed the following  amounts during the nine months ended
September 30, 2004 and 2003 (in thousands, except per unit data):

<TABLE>
<CAPTION>

                      Nine Months       Per Limited      Nine Months      Per Limited
                         Ended          Partnership         Ended         Partnership
                  September 30, 2004       Unit       September 30, 2003      Unit

<S>  <C>                <C>               <C>                <C>              <C>
Sale (1)                $ 4,147           $176.03            $ --             $ --
Refinance (2)                --                --            9,314           395.36
Operations                  150              6.37            1,212            51.45
                        $ 4,297           $182.40          $10,526          $446.81
</TABLE>

(1)   Proceeds from the sale of Shadow Oaks Apartments in January 2004.

(2)   Proceeds  from the  refinancings  of  Fairlane  East,  Raven  Hill and The
      Landings Apartments in May 2003.

The  Partnership's  cash  available  for  distribution  is reviewed on a monthly
basis. Future cash distributions will depend on the levels of net cash generated
from  operations,  the  availability  of cash  reserves,  and the timing of debt
maturities,  refinancings  and/or  property  sales.  There can be no  assurance,
however,  that the Partnership  will generate  sufficient  funds from operations
after  required  capital  improvements  to permit further  distributions  to its
partners during the remainder of 2004 or subsequent periods.

Other

In addition to its  indirect  ownership of the general  partner  interest in the
Partnership,  AIMCO and its affiliates owned 13,812.00 limited partnership units
(the "Units") in the Partnership representing 58.63% of the outstanding Units at
September  30,  2004. A number of these Units were  acquired  pursuant to tender
offers  made by  AIMCO  or its  affiliates.  It is  possible  that  AIMCO or its
affiliates will acquire  additional  Units in exchange for cash or a combination
of cash and units in AIMCO Properties,  LP, the operating  partnership of AIMCO,
either through private  purchases or tender offers.  Pursuant to the Partnership
Agreement,  unitholders  holding a majority  of the Units are  entitled  to take
action  with  respect to a variety  of matters  which  would  include  voting on
certain  amendments  to the  Partnership  Agreement  and  voting to  remove  the
Managing  General  Partner.  As a  result  of its  ownership  of  58.63%  of the
outstanding  Units,  AIMCO is in a position to control all such voting decisions
with respect to the  Partnership.  Although the  Managing  General  Partner owes
fiduciary  duties to the  limited  partners  of the  Partnership,  the  Managing
General Partner also owes fiduciary duties to AIMCO as its sole stockholder.  As
a result,  the duties of the  Managing  General  Partner,  as  managing  general
partner, to the Partnership and its limited partners may come into conflict with
the duties of the Managing General Partner to AIMCO as its sole stockholder.

Critical Accounting Policies and Estimates

The consolidated financial statements are prepared in accordance with accounting
principles   generally  accepted  in  the  United  States,   which  require  the
Partnership to make estimates and assumptions.  The Partnership believes that of
its significant  accounting policies,  the following may involve a higher degree
of judgment and complexity.

Impairment of Long-Lived Assets

Investment  properties  are  recorded at cost,  less  accumulated  depreciation,
unless  considered  impaired.  If  events  or  circumstances  indicate  that the
carrying  amount of a property may be  impaired,  the  Partnership  will make an
assessment of its  recoverability  by estimating  the  undiscounted  future cash
flows,  excluding  interest  charges,  of the property.  If the carrying  amount
exceeds the aggregate  future cash flows,  the  Partnership  would  recognize an
impairment  loss to the extent the carrying amount exceeds the fair value of the
property.

Real  property  investments  are  subject  to varying  degrees of risk.  Several
factors  may  adversely  affect  the  economic  performance  and  value  of  the
Partnership's investment properties.  These factors include, but are not limited
to,  changes  in the  national,  regional  and  local  economic  climate;  local
conditions,  such as an oversupply of multifamily  properties;  competition from
other available  multifamily property owners and changes in market rental rates.
Any adverse changes in these factors could cause impairment of the Partnership's
assets.

Revenue Recognition

The Partnership generally leases apartment units for twelve-month terms or less.
Rental income  attributable to leases is recognized monthly as it is earned. The
Partnership  evaluates all accounts receivable from residents and establishes an
allowance, after the application of security deposits, for accounts greater than
30 days past due on current tenants and all receivables due from former tenants.
The Partnership will offer rental concessions during particularly slow months or
in response to heavy  competition from other similar  complexes in the area. Any
concessions  given at the inception of the lease are amortized  over the life of
the lease.

ITEM 3.     CONTROLS AND PROCEDURES

(a) Disclosure Controls and Procedures.  The Partnership's management,  with the
participation of the principal executive officer and principal financial officer
of the Managing  General  Partner,  who are the equivalent of the  Partnership's
principal executive officer and principal financial officer,  respectively,  has
evaluated  the  effectiveness  of  the  Partnership's  disclosure  controls  and
procedures (as such term is defined in Rules  13a-15(e) and 15d-15(e)  under the
Securities  Exchange Act of 1934, as amended (the "Exchange Act")) as of the end
of the period covered by this report.  Based on such  evaluation,  the principal
executive  officer  and  principal  financial  officer of the  Managing  General
Partner, who are the equivalent of the Partnership's principal executive officer
and principal  financial officer,  respectively,  have concluded that, as of the
end of such period,  the  Partnership's  disclosure  controls and procedures are
effective.

(b) Internal Control Over Financial  Reporting.  There have not been any changes
in the Partnership's  internal control over financial reporting (as such term is
defined in Rules  13a-15(f)  and  15d-15(f)  under the Exchange  Act) during the
fiscal quarter to which this report relates that have  materially  affected,  or
are reasonably likely to materially affect,  the Partnership's  internal control
over financial reporting.

                           PART II - OTHER INFORMATION

ITEM 1.     LEGAL PROCEEDINGS

On August 8, 2003 AIMCO  Properties  L.P., an affiliate of the Managing  General
Partner,  was served  with a  complaint  in the United  States  District  Court,
District of Columbia alleging that AIMCO Properties L.P.  willfully violated the
Fair Labor Standards Act ("FLSA") by failing to pay maintenance workers overtime
for all  hours  worked  in  excess  of forty  per  week.  On  March 5,  2004 the
plaintiffs filed an amended complaint also naming NHP Management Company,  which
is also an affiliate of the Managing General Partner. The complaint is styled as
a Collective  Action  under the FLSA and seeks to certify  state  subclasses  in
California, Maryland, and the District of Columbia. Specifically, the plaintiffs
contend that AIMCO Properties L.P. failed to compensate  maintenance workers for
time  that they were  required  to be  "on-call".  Additionally,  the  complaint
alleges AIMCO  Properties  L.P.  failed to comply with the FLSA in  compensating
maintenance  workers  for time that they  worked in  responding  to a call while
"on-call".  The defendants have filed an answer to the amended complaint denying
the  substantive  allegations.  Some  discovery  has taken place and  settlement
negotiations  continue.  Although the outcome of any  litigation  is  uncertain,
AIMCO  Properties,  L.P. does not believe that the ultimate  outcome will have a
material  adverse  effect on its financial  condition or results of  operations.
Similarly,  the  Managing  General  Partner  does not believe  that the ultimate
outcome  will have a  material  adverse  effect on the  Partnership's  financial
condition or results of operations.

ITEM 6.     EXHIBITS

            See Exhibit Index attached.

                                   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/Martha L. Long
                                     Martha L. Long
                                     Senior Vice President


                               By:  /s/Stephen B. Waters
                                     Stephen B. Waters
                                     Vice President


                             Date: November 12, 2004

                                  EXHIBIT INDEX

Exhibit     Description of Exhibit

 3.1        Amended  and  Restated   Agreement   and   Certificate   of  Limited
            Partnership   (incorporated   by  reference  to  Exhibit  A  of  the
            Prospectus of the Partnership, dated May 24, 1985).

10.9        Mortgage  dated  May 7,  2003  between  ORP One  L.L.C.  and  Golden
            American Life Insurance  Company  (incorporated  by reference to the
            Current Report on Form 8-K dated May 8, 2003).

10.10       Mortgage, Security Agreement, Financing Statement and Fixture Filing
            dated May 7, 2003 between ORP Two L.L.C.  and Golden  American  Life
            Insurance  Company  (incorporated by reference to the Current Report
            on Form 8-K dated May 8, 2003).

10.11       Mortgage, Security Agreement, Financing Statement and Fixture Filing
            dated May 7, 2003 between ORP Three L.L.C.  and Golden American Life
            Insurance  Company  (incorporated by reference to the Current Report
            on Form 8-K dated May 8, 2003).

10.12       Purchase and Sale Contract  between  Registrant and CNC Investments,
            Ltd., LLP, dated October 20, 2003  (incorporated by reference to the
            Current Report on Form 8-K dated January 30, 2004).

10.13       First Amendment to Purchase and Sale Contract between Registrant and
            CNC Investments,  Ltd., LLP, dated December 9, 2003 (incorporated by
            reference to the Current Report on Form 8-K dated January 30, 2004).

10.14       Second  Amendment to Purchase and Sale Contract  between  Registrant
            and  CNC   Investments,   Ltd.,   LLP,   dated   December  15,  2003
            (incorporated  by reference to the Current  Report on Form 8-K dated
            January 30, 2004).

10.15       Third Amendment to Purchase and Sale Contract between Registrant and
            CNC Investments, Ltd., LLP, dated December 30, 2003 (incorporated by
            reference to the Current Report on Form 8-K dated January 30, 2004).

10.16       Assignment and Assumption of Purchase and Sale Contract  between CNC
            Investments,  Ltd., LLP and Sandalwood  Limited  Partnership,  dated
            January 27, 2004 (incorporated by reference to the Current Report on
            Form 8-K dated January 30, 2004).

31.1        Certification  of equivalent of Chief Executive  Officer pursuant to
            Securities  Exchange  Act  Rules  13a-14(a)/15d-14(a),   as  Adopted
            Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2        Certification  of equivalent of Chief Financial  Officer pursuant to
            Securities  Exchange  Act  Rules  13a-14(a)/15d-14(a),   as  Adopted
            Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1        Certification  Pursuant  to  18  U.S.C.  Section  1350,  as  Adopted
            Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.



Exhibit 31.1


                                  CERTIFICATION


I, Martha L. Long, certify that:


1.    I have reviewed this quarterly report on Form 10-QSB of Oxford Residential
      Properties I Limited Partnership;

2.    Based on my knowledge,  this 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
      report;

3.    Based on my  knowledge,  the  financial  statements,  and other  financial
      information  included  in this  report,  fairly  present  in all  material
      respects the financial condition,  results of operations and cash flows of
      the small  business  issuer as of, and for, the periods  presented in this
      report;

4.    The  small  business  issuer's  other  certifying  officer(s)  and  I  are
      responsible  for  establishing  and  maintaining  disclosure  controls and
      procedures (as defined in Exchange Act Rules  13a-15(e) and 15d-15(e)) for
      the small business issuer and have:

      (a)   Designed such  disclosure  controls and  procedures,  or caused such
            disclosure   controls  and  procedures  to  be  designed  under  our
            supervision,  to ensure that  material  information  relating to the
            small business issuer, including its consolidated  subsidiaries,  is
            made  known to us by  others  within  those  entities,  particularly
            during the period in which this report is being prepared;

      (b)   Evaluated  the   effectiveness   of  the  small  business   issuer's
            disclosure  controls and procedures and presented in this report our
            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

      (c)   Disclosed in this report any change in the small  business  issuer's
            internal  control over financial  reporting that occurred during the
            small  business  issuer's  most  recent  fiscal  quarter  (the small
            business  issuer's  fourth  fiscal  quarter in the case of an annual
            report) that has  materially  affected,  or is reasonably  likely to
            materially affect, the small business issuer's internal control over
            financial reporting; and

5.    The  small  business  issuer's  other  certifying  officer(s)  and I  have
      disclosed,  based on our most recent  evaluation of internal  control over
      financial reporting, to the small business issuer's auditors and the audit
      committee of the small  business  issuer's  board of directors (or persons
      performing the equivalent functions):

      (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 small business  issuer's
            ability  to  record,   process,   summarize  and  report   financial
            information; and

      (b)   Any fraud,  whether or not  material,  that  involves  management or
            other  employees who have a significant  role in the small  business
            issuer's internal control over financial reporting.


Date:  November 12, 2004

                                    /s/Martha L. Long
                                    Martha L. Long
                                    Senior Vice President of Oxford  Residential
                                    Properties I Corporation,  equivalent of the
                                    chief executive officer of the Partnership


Exhibit 31.2


                                  CERTIFICATION


I, Stephen B. Waters, certify that:


1.    I have reviewed this quarterly report on Form 10-QSB of Oxford Residential
      Properties I Limited Partnership;

2.    Based on my knowledge,  this 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
      report;

3.    Based on my  knowledge,  the  financial  statements,  and other  financial
      information  included  in this  report,  fairly  present  in all  material
      respects the financial condition,  results of operations and cash flows of
      the small  business  issuer as of, and for, the periods  presented in this
      report;

4.    The  small  business  issuer's  other  certifying  officer(s)  and  I  are
      responsible  for  establishing  and  maintaining  disclosure  controls and
      procedures (as defined in Exchange Act Rules  13a-15(e) and 15d-15(e)) for
      the small business issuer and have:

      (a)   Designed such  disclosure  controls and  procedures,  or caused such
            disclosure   controls  and  procedures  to  be  designed  under  our
            supervision,  to ensure that  material  information  relating to the
            small business issuer, including its consolidated  subsidiaries,  is
            made  known to us by  others  within  those  entities,  particularly
            during the period in which this report is being prepared;

      (b)   Evaluated  the   effectiveness   of  the  small  business   issuer's
            disclosure  controls and procedures and presented in this report our
            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

      (c)   Disclosed in this report any change in the small  business  issuer's
            internal  control over financial  reporting that occurred during the
            small  business  issuer's  most  recent  fiscal  quarter  (the small
            business  issuer's  fourth  fiscal  quarter in the case of an annual
            report) that has  materially  affected,  or is reasonably  likely to
            materially affect, the small business issuer's internal control over
            financial reporting; and

5.    The  small  business  issuer's  other  certifying  officer(s)  and I  have
      disclosed,  based on our most recent  evaluation of internal  control over
      financial reporting, to the small business issuer's auditors and the audit
      committee of the small  business  issuer's  board of directors (or persons
      performing the equivalent functions):

      (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 small business  issuer's
            ability  to  record,   process,   summarize  and  report   financial
            information; and

      (b)   Any fraud,  whether or not  material,  that  involves  management or
            other  employees who have a significant  role in the small  business
            issuer's internal control over financial reporting.


Date:  November 12, 2004

                                    /s/Stephen B. Waters
                                    Stephen B. Waters
                                    Vice   President  of  Oxford   Residential
                                    Properties I  Corporation,  equivalent  of
                                    the  chief   financial   officer   of  the
                                   Partnership

Exhibit 32.1


                          Certification of CEO and CFO
                       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 on Form 10-QSB of Oxford  Residential
Properties I Limited Partnership (the  "Partnership"),  for the quarterly period
ended September 30, 2004 as filed with the Securities and Exchange Commission on
the date hereof (the  "Report"),  Martha L. Long, as the equivalent of the Chief
Executive  Officer of the Partnership,  and Stephen B. Waters, as the equivalent
of the Chief  Financial  Officer  of the  Partnership,  each  hereby  certifies,
pursuant to 18 U.S.C.  Section 1350,  as adopted  pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002, that, to the best of his knowledge:

      (1)   The Report fully complies with the  requirements of Section 13(a) or
            15(d) of the Securities Exchange Act of 1934; 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/Martha L. Long
                                    Name:  Martha L. Long
                                    Date:  November 12, 2004


                                           /s/Stephen B. Waters
                                    Name:  Stephen B. Waters
                                    Date:  November 12, 2004


This  certification is furnished with this Report pursuant to Section 906 of the
Sarbanes-Oxley  Act of 2002 and shall not be deemed filed by the Partnership for
purposes of Section 18 of the Securities Exchange Act of 1934, as amended.