UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C.  20549





Form 10-Q





(Mark One)

[X]

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





For the quarterly period ended June 30, 2008





[ ]

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





For the transition period from _________to _________



Commission file number 0-14533





OXFORD RESIDENTIAL PROPERTIES I LIMITED PARTNERSHIP

(Exact name of registrant as specified in its charter)



|                                |                     
|------------------------------- | --------------------
|Delaware                        | 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

(Registrant's telephone number, including area code)



Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

[X] Yes  [ ] No



Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See the definitions of large accelerated filer, accelerated filer and smaller reporting company in Rule 12b-2 of the Exchange Act.



|                                                                        |                              
|----------------------------------------------------------------------- | -----------------------------
|Large accelerated filer [ ]                                             | Accelerated filer [ ]        
|Non-accelerated filer [ ]
(Do not check if a smaller reporting company) | Smaller reporting company [X]



Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). [ ] Yes  [X] No







PART I  FINANCIAL INFORMATION





ITEM 1.

FINANCIAL STATEMENTS





OXFORD RESIDENTIAL PROPERTIES I LIMITED PARTNERSHIP



CONSOLIDATED BALANCE SHEETS

(in thousands, except unit data)





|                                                 |             |             
|------------------------------------------------ | ----------- | ------------
|                                                 | June 30,    | December 31,
|                                                 | 2008        | 2007        
|                                                 | (Unaudited) | (Note)      
|Assets                                           |             |             
|Cash and cash equivalents                        | $ 10,895    | $    426    
|Receivables and deposits                         | 382         | 369         
|Restricted escrow                                | --          | 619         
|Other assets                                     | 452         | 456         
|Investment properties:                           |             |             
|Land                                             | 2,160       | 2,160       
|Buildings and related personal property          | 36,459      | 35,850      
|                                                 | 38,619      | 38,010      
|Less accumulated depreciation                    | (21,689)    | (20,652)    
|                                                 | 16,930      | 17,358      
|                                                 | $28,659     | $19,228     
|Liabilities and Partners' (Deficiency) Capital   |             |             
|Liabilities                                      |             |             
|Accounts payable (Note D)                        | $  6,327    | $    740    
|Tenant security deposit liabilities              | 113         | 103         
|Accrued property taxes                           | 243         | 124         
|Other liabilities                                | 155         | 231         
|Due to affiliates (Note B)                       | 2,716       | 3,881       
|Mortgage notes payable (Note D)                  | 24,425      | 19,947      
|                                                 | 33,979      | 25,026      
|                                                 |             |             
|Partners' (Deficiency) Capital                   |             |             
|General partners                                 | (2,139)     | (2,149)     
|Assignor limited partner                         | 1           | 1           
|Assignee unit holders (23,558 units outstanding) | (3,182)     | (3,650)     
|                                                 | (5,320)     | (5,798)     
|                                                 | $28,659     | $19,228     





Note:

The consolidated balance sheet at December 31, 2007 has been derived from the audited financial statements at that date but does not include all the information and footnotes required by generally accepted accounting principles for complete financial statements.



See Accompanying Notes to Consolidated Financial Statements











OXFORD RESIDENTIAL PROPERTIES I LIMITED PARTNERSHIP



CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(in thousands, except per unit data)







|                                        |                    |                  |         |         
|--------------------------------------- | ------------------ | ---------------- | ------- | --------
|                                        | Three Months Ended | Six Months Ended
|                                        | June 30,           | June 30,        
|                                        | 2008               | 2007             | 2008    | 2007    
|Revenues:                               |                    |                  |         |         
|Rental income                           | $ 1,332            | $ 1,304          | $ 2,650 | $ 2,657 
|Other income                            | 163                | 265              | 434     | 444     
|Total revenues                          | 1,495              | 1,569            | 3,084   | 3,101   
|                                        |                    |                  |         |         
|Expenses:                               |                    |                  |         |         
|Operating                               | 694                | 694              | 1,377   | 1,407   
|General and administrative              | 53                 | 60               | 104     | 110     
|Depreciation                            | 440                | 414              | 839     | 824     
|Interest                                | 430                | 271              | 879     | 549     
|Property taxes                          | 189                | 172              | 378     | 339     
|Total expenses                          | 1,806              | 1,611            | 3,577   | 3,229   
|                                        |                    |                  |         |         
|Casualty gain (Note C)                  | 272                | --               | 971     | --      
|                                        |                    |                  |         |         
|Net (loss) income                       | $(39)              | $(42)            | $478    | $(128)  
|                                        |                    |                  |         |         
|Net (loss) income allocated to general  |                    |                  |         |         
|partners (2%)                           | $    (1)           | $    (1)         | $    10 | $    (3)
|Net (loss) income allocated to assignee |                    |                  |         |         
|unit holders (98%)                      | (38)               | (41)             | 468     | (125)   
|                                        |                    |                  |         |         
|                                        | $(39)              | $(42)            | $478    | $(128)  
|                                        |                    |                  |         |         
|Net (loss) income per assignee unit     | $(1.61)            | $(1.74)          | $19.87  | $(5.31) 



See Accompanying Notes to Consolidated Financial Statements















OXFORD RESIDENTIAL PROPERTIES I LIMITED PARTNERSHIP



CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' (DEFICIENCY) CAPITAL

(Unaudited)

(in thousands, except unit data)







|                               |          |          |                 |              |         
|------------------------------ | -------- | -------- | --------------- | ------------ | --------
|                               | Assignee | General  | Assignor        | Assignee     |         
|                               | Units    | Partners | Limited Partner | Unit Holders | Total   
|                               |          |          |                 |              |         
|Partners' (deficiency) capital |          |          |                 |              |         
|at December 31, 2007           | 23,558   | $(2,149) | $     1         | $(3,650)     | $(5,798)
|                               |          |          |                 |              |         
|Net income for the six         |          |          |                 |              |         
|months ended June 30, 2008     | --       | 10       | --              | 468          | 478     
|                               |          |          |                 |              |         
|Partners' (deficiency) capital |          |          |                 |              |         
|at June 30, 2008               | 23,558   | $(2,139) | $1              | $(3,182)     | $(5,320)



See Accompanying Notes to Consolidated Financial Statements











OXFORD RESIDENTIAL PROPERTIES I LIMITED PARTNERSHIP



CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(in thousands)



|                                                       |                  |          
|------------------------------------------------------ | ---------------- | ---------
|                                                       | Six Months Ended
|                                                       | June 30,        
|                                                       | 2008             | 2007     
|                                                       |                  |          
|Cash flows from operating activities:                  |                  |          
|Net income (loss)                                      | $    478         | $   (128)
|Adjustments to reconcile net income (loss) to net cash |                  |          
|provided by operating activities:                      |                  |          
|Depreciation                                           | 839              | 824      
|Amortization of loan costs                             | 321              | 10       
|Casualty gain                                          | (195)            | --       
|Bad debt expense                                       | 86               | 62       
|Change in accounts:                                    |                  |          
|Other assets                                           | (3)              | (103)    
|Receivables and deposits                               | (99)             | (132)    
|Accounts payable                                       | 4                | 18       
|Accrued property taxes                                 | 119              | 91       
|Due to affiliates                                      | (628)            | 185      
|Tenant security deposit liabilities                    | 10               | 6        
|Other liabilities                                      | (76)             | (33)     
|Net cash provided by operating activities              | 856              | 800      
|                                                       |                  |          
|Cash flows from investing activities:                  |                  |          
|Property improvements and replacements                 | (908)            | (698)    
|Insurance proceeds received                            | 664              | --       
|Net withdrawals from restricted escrow                 | --               | 60       
|Net cash used in investing activities                  | (244)            | (638)    
|                                                       |                  |          
|Cash flows from financing activities:                  |                  |          
|Payments on mortgage notes payable                     | (462)            | (442)    
|Repayment of mortgage notes payable                    | (19,485)         | --       
|Proceeds from mortgage notes payable                   | 24,425           | --       
|Overpayment due to title company (Note D)              | 6,230            | --       
|Loan costs paid                                        | (314)            | --       
|Advances from affiliate                                | 497              | 66       
|Repayment of advances from affiliate                   | (1,034)          | (865)    
|Net cash provided by (used in) financing activities    | 9,857            | (1,241)  
|                                                       |                  |          
|Net increase (decrease) in cash and cash equivalents   | 10,469           | (1,079)  
|Cash and cash equivalents at beginning of period       | 426              | 1,367    
|Cash and cash equivalents at end of period             | $10,895          | $288     
|Supplemental disclosure of cash flow information:      |                  |          
|Cash paid for interest                                 | $881             | $476     
|Supplemental disclosure of non-cash activity:          |                  |          
|Property improvements and replacements included in     |                  |          
|accounts payable                                       | $13              | $85      



At December 31, 2007 and 2006, accounts payable included approximately $660,000 and $231,000, respectively, of property improvements and replacements, which are included in property improvements and replacements for the six months ended June 30, 2008 and 2007, respectively.



See Accompanying Notes to Consolidated Financial Statements











OXFORD RESIDENTIAL PROPERTIES I LIMITED PARTNERSHIP



NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note A  Basis of Presentation



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-Q and Article 8-03 of Regulation S-X. 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 six month periods ended June 30, 2008 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2008. 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, 2007. The Managing General Partner is an affiliate of Apartment Investment and Management Company ("AIMCO"), a publicly traded real estate investment trust.



Note B  Transactions with Affiliated Parties



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 payments to affiliates for property management services and for reimbursement of certain expenses incurred by affiliates on behalf of the Partnership.



Affiliates of the Managing General Partner receive 5% of gross receipts from both of the Partnership's properties as compensation for providing property management services. However, 40% of this fee is subordinated until certain operating distribution preference levels to the Assignee Unit Holders are achieved or the Partnership distributes proceeds from a sale or refinancing. Total property management fees of approximately $154,000 and $150,000 for the six months ended June 30, 2008 and 2007, respectively, were charged to expense and are included in operating expense.  Property management fees of approximately $61,000 and $60,000 for the six months ended June 30, 2008 and 2007, respectively, have been deferred. The cumulative deferred management fees as of June 30, 2008 and December 31, 2007 totaled approximately $475,000 and $414,000, respectively, and are included in due to affiliates. Subsequent to June 30, 2008, the Partnership paid approximately $485,000 of deferred management fees from proceeds from the refinancing of the mortgage encumbering Raven Hill Apartments.



An affiliate of the Managing General Partner charged the Partnership for reimbursement of accountable administrative expenses amounting to approximately $50,000 and $67,000 for the six months ended June 30, 2008 and 2007, respectively, which is included in general and administrative expense and investment properties. The portion of these reimbursements included in investment properties for the six months ended June 30, 2008 and 2007 are construction management services provided by an affiliate of the Managing General Partner of approximately $5,000 and $6,000, respectively. At December 31, 2007, the Partnership owed approximately $546,000 for accountable administrative expenses, which are included in due to affiliates.  There were no accountable administrative expenses due at June 30, 2008.



AIMCO Properties, L.P., an affiliate of the Managing General Partner, advanced the Partnership approximately $497,000 and $66,000 during the six months ended June 30, 2008 and 2007, respectively, to fund mortgage application fees and operations at both investment properties.  Interest on advances accrues at the prime rate plus 2% or 7.00% at June 30, 2008.  Interest expense was approximately $123,000 and $87,000 for the six months ended June 30, 2008 and 2007, respectively. During the six months ended June 30, 2008 and 2007, the Partnership repaid approximately $1,300,000 and $907,000 of advances and accrued interest. At June 30, 2008 and December 31, 2007, the total advances and accrued interest due to AIMCO Properties, L.P. was approximately $2,241,000 and $2,921,000, respectively, and is included in due to affiliates.  The Partnership may receive additional advances of funds from AIMCO Properties, L.P. although AIMCO Properties, L.P. is not obligated to provide such advances.  For more information on AIMCO Properties, L.P., including copies of its audited balance sheet, please see its reports filed with the Securities and Exchange Commission. Subsequent to June 30, 2008, the Partnership repaid approximately $2,242,000 of advances and associated accrued interest from proceeds from the refinancing of the mortgage encumbering Raven Hill Apartments.



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, general liability 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 six months ended June 30, 2008, the Partnership was charged by AIMCO and its affiliates approximately $92,000 for hazard insurance coverage and fees associated with policy claims administration.  Additional charges will be incurred by the Partnership during 2008 as other insurance policies renew later in the year. The Partnership was charged by AIMCO and its affiliates approximately $184,000 for insurance coverage and fees associated with policy claims administration during the year ended December 31, 2007.



Note C - Casualty Event



During June 2007, one of the Partnerships investment properties, Raven Hill Apartments, incurred damages as a result of a fire. The Partnership initially estimated building damages and lost rents of approximately $2,796,000 and $71,000, respectively. In addition, the Partnership incurred clean up expenses, primarily related to asbestos removal, of approximately $807,000, which were included in operating expenses for the year ended December 31, 2007.  All of the asbestos related work was completed in 2007. During the year ended December 31, 2007, the Partnership received insurance proceeds of approximately $2,087,000 to repair the damaged units, approximately $619,000 of which was held on deposit with the mortgage lender at December 31, 2007 and released to the Partnership during the six months ended June 30, 2008. During the year ended December 31, 2007, the Partnership wrote off approximately $644,000 of undepreciated damaged assets, which resulted in a casualty gain of approximately $1,443,000 for the year ended December 31, 2007. During the three and six months ended June 30, 2008, the Partnership revised its estimate of building damages to approximately $2,132,000. In addition, during the six months ended June 30, 2008, the Partnership received additional proceeds of approximately $821,000, approximately $132,000 of which was received during the three months ended June 30, 2008.  Approximately $776,000 of the proceeds received during 2008 were related to the clean up expenses recognized during 2007. This amount is included in casualty gain for the three and six months ended June 30, 2008. The Partnership recognized an additional casualty gain of approximately $195,000 during the three and six months ended June 30, 2008 as a result of the revision to the estimate of building damages of approximately $150,000 and the receipt of insurance proceeds of approximately $45,000 to cover the damages. As a result of the change in estimate of building damages, the casualty gain recognized during the three months ended June 30, 2008 was partially offset by the reversal of the casualty gain of approximately $699,000 recognized during the first quarter of 2008.  In addition, the Partnership received approximately $71,000 during the six months ended June 30, 2008 to cover lost rents, which was included in revenues in 2007.



Note D  Refinancing of Mortgage Notes Payable



On June 20, 2008, the Partnership refinanced the mortgage encumbering Fairlane East Apartments. The refinancing replaced the existing mortgage, which at the time of refinancing had a principal balance of approximately $9,442,000, with a new mortgage loan in the principal amount of $10,200,000. The new loan was refinanced under a secured real estate credit facility (Secured Credit Facility) with AEGON USA Realty Advisors, Inc., as agent for Transamerica Occidental Life Insurance Company, which has a maturity of October 1, 2010, with two one-year extension options. The new mortgage requires monthly payments of interest only beginning on August 1, 2008, through the October 1, 2010 maturity date, at which date the entire principal balance of $10,200,000 is due. The new loan has a variable interest rate of the one-month LIBOR rate plus 0.78% (3.24% per annum at June 30, 2008) and resets monthly. The variable interest rate may increase to the one-month LIBOR rate plus 0.98% if the debt service coverage ratio of the investment property decreases below a prescribed threshold. The Secured Credit Facility provides mortgage loans on properties owned by other partnerships that are affiliated with the Managing General Partner. The Secured Credit Facility creates separate loans for each property that are not cross-collateralized or cross-defaulted with the other property loans. The loans are prepayable without penalty. As a condition of the Secured Credit Facility, the lender required AIMCO Properties, L.P., an affiliate of the Managing General Partner, to guarantee certain non-recourse carveout obligations and liabilities of the Partnership with respect to the new mortgage financing. Total capitalized loan costs associated with the new mortgage were approximately $77,000 and are included in other assets. Loan costs associated with the previous mortgage were fully amortized.



On June 30, 2008, the Partnership refinanced the mortgage debt encumbering Raven Hill Apartments.  The refinancing resulted in the replacement of the existing mortgage debt, which at the time of refinancing had a principal balance outstanding of approximately $10,043,000, with a new mortgage loan in the principal amount of $14,225,000. The new mortgage loan bears interest at 5.75% per annum and requires monthly payments of interest only of approximately $68,000 beginning on August 1, 2008 through June 30, 2010.  From July 1, 2010 through the maturity date of July 1, 2015, the new mortgage loan requires monthly payments of principal and interest with the interest rate being equal to the prime rate in effect 90 days prior to July 1, 2010 plus 2.50%, with a minimum interest rate of 5.75% and a maximum interest rate of 16.00%.  The interest rate will reset annually.  If the Partnership meets certain criteria, the Partnership will have the option to fix the interest rate for the period from July 1, 2010 through the maturity date of July 1, 2015 to the weekly average yield for Five Year United States Treasury Notes as of 90 days prior to July 1, 2010 plus 275 basis points (the Adjusted Fixed Rate).  The new mortgage loan will have a balloon payment due at maturity.  If the Partnership does not elect the Adjusted Fixed Rate option, the Partnership may prepay the mortgage loan without penalty with 30 days written notice.  If the Partnership elects the Adjusted Fixed Rate option, the Partnership may prepay the mortgage loan at any time with 30 days written notice to the lender, subject to a prepayment penalty. Total capitalized loan costs associated with the new mortgage were approximately $237,000 and are included in other assets. Loan costs associated with the previous mortgage were fully amortized. In connection with the closing of the refinancing on June 30, 2008, the Partnership received approximately $6,230,000 from the title company in error. This amount is reflected in accounts payable at June 30, 2008, and was returned to the title company on July 1, 2008.



Note E  Contingencies



As previously disclosed, AIMCO Properties, L.P. and NHP Management Company, both affiliates of the Managing General Partner, were defendants in a lawsuit, filed as a collective action in August 2003 in the United States District Court for the District of Columbia, alleging that they willfully violated the Fair Labor Standards Act (FLSA) by failing to pay maintenance workers overtime for time worked in excess of 40 hours per week (overtime claims).  The plaintiffs also contended that AIMCO Properties, L.P. and NHP Management Company failed to compensate maintenance workers for time that they were required to be "on-call" (on-call claims).  In March 2007, the court in the District of Columbia decertified the collective action.  In July 2007, plaintiffs counsel filed individual cases in Federal court in 22 jurisdictions.  In the second quarter 2008, AIMCO Properties, L.P. settled the overtime cases involving 652 plaintiffs and established a framework for resolving the 88 remaining on-call claims and the attorneys fees claimed by plaintiffs counsel.  As a result, the lawsuits asserted in the 22 Federal courts will be dismissed.  At this time, affiliates of the Managing General Partner are attempting to obtain additional information to determine the most equitable allocation of settlement amounts and attorneys fees.  The Managing General Partner is uncertain as to the amount of loss, if any, allocable to the Partnership.  Therefore, the Partnership cannot estimate whether a loss will occur or a potential range of loss.



The Partnership is unaware of any other 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.



Environmental



Various Federal, state and local laws subject property owners or operators to liability for management, and the costs of removal or remediation, of certain hazardous substances present on a property. Such laws often impose liability without regard to whether the owner or operator knew of, or was responsible for, the release or presence of the hazardous substances. The presence of, or the failure to manage or remedy properly, hazardous substances may adversely affect occupancy at affected apartment communities and the ability to sell or finance affected properties. In addition to the costs associated with investigation and remediation actions brought by government agencies, and potential fines or penalties imposed by such agencies in connection therewith, the presence of hazardous substances on a property could result in claims by private plaintiffs for personal injury, disease, disability or other infirmities. Various laws also impose liability for the cost of removal, remediation or disposal of hazardous substances through a licensed disposal or treatment facility. Anyone who arranges for the disposal or treatment of hazardous substances is potentially liable under such laws. These laws often impose liability whether or not the person arranging for the disposal ever owned or operated the disposal facility. In connection with the ownership, operation and management of its properties, the Partnership could potentially be liable for environmental liabilities or costs associated with its properties. As discussed in Note C, the Partnership incurred clean up expenses of approximately $807,000 related to asbestos removal at Raven Hill Apartments during 2007.  All of the asbestos related work was completed during 2007.



The remaining buildings at Raven Hill Apartments contain asbestos.  The asbestos is appropriately contained, in accordance with current environmental regulations, and the Partnership has no current plans to remove the asbestos.  If these buildings were demolished, certain environmental regulations are in place which specify the manner in which the asbestos must be handled and disposed.  Because the obligation to remove the asbestos has an indeterminable settlement date, the Partnership is not able to reasonably estimate the fair value of this asset retirement obligation.



Mold



The Partnership is aware of lawsuits against owners and managers of multifamily properties asserting claims of personal injury and property damage caused by the presence of mold, some of which have resulted in substantial monetary judgments or settlements.  The Partnership has only limited insurance coverage for property damage loss claims arising from the presence of mold and for personal injury claims related to mold exposure.  Affiliates of the Managing General Partner have implemented policies, procedures, third-party audits and training and the Managing General Partner believes that these measures will prevent or eliminate mold exposure and will minimize the effects that mold may have on residents.  To date, the Partnership has not incurred any material costs or liabilities relating to claims of mold exposure or to abate mold conditions.  Because the law regarding mold is unsettled and subject to change the Managing General Partner can make no assurance that liabilities resulting from the presence of or exposure to mold will not have a material adverse effect on the Partnerships consolidated financial condition or results of operations.



Note F  Subsequent Event



Subsequent to June 30, 2008, the Partnership distributed approximately $1,175,000 to the assignee unit holders ($49.88 per assignee unit) from proceeds from the refinancing of the mortgage encumbering Raven Hill Apartments.













ITEM 2.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS



The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements in certain circumstances. Certain information included in this Report contains or may contain information that is forward-looking, including, without limitation, statements regarding the effect of redevelopments, the Partnerships future financial performance, including the Partnerships ability to maintain current or meet projected occupancy and rent levels, and the effect of government regulations. Actual results may differ materially from those described in the forward-looking statements and, in addition, will be affected by a variety of risks and factors that are beyond the Partnerships control including, without limitation: natural disasters such as hurricanes; national and local economic conditions; the general level of interest rates; energy costs; the terms of governmental regulations that affect the Partnerships properties and interpretations of those regulations; the competitive environment in which the Partnership operates; financing risks, including the risk that the Partnerships cash flows from operations may be insufficient to meet required payments of principal and interest; real estate risks, including fluctuations in real estate values and the general economic climate in local markets and competition for tenants in such markets; insurance risks; development risks; litigation, including costs associated with prosecuting or defending claims and any adverse outcomes; and possible environmental liabilities, including costs, fines or penalties that may be incurred due to necessary remediation of contamination of properties presently owned or previously owned by the Partnership. Readers should carefully review the Partnerships consolidated financial statements and the notes thereto and the other documents the Partnership files from time to time with the Securities and Exchange Commission.



The Partnership's investment properties consist of two apartment complexes. The following table sets forth the average occupancy of the properties for the six months ended June 30, 2008 and 2007:



|                             |                   |     
|---------------------------- | ----------------- | ----
|                             | Average Occupancy
|Property                     | 2008              | 2007
|                             |                   |     
|Raven Hill Apartments (1)    | 96%               | 93% 
|Burnsville, Minnesota        |                   |     
|Fairlane East Apartments (2) | 92%               | 96% 
|Dearborn, Michigan           |                   |     



(1)

The Managing General Partner attributes the increase in occupancy at Raven Hill Apartments to units placed back in service as a result of reconstruction following the June 2007 casualty at the property.



(2)

The Managing General Partner attributes the decrease in occupancy at Fairlane East Apartments to the soft rental market in the Dearborn area.



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 June 30, 2008 and 2007 was approximately $39,000 and $42,000, respectively.  The Partnerships net income for the six months ended June 30, 2008 was approximately $478,000, compared to a net loss of approximately $128,000 for the corresponding period in 2007. Net loss remained relatively constant for the three months ended June 30, 2008 as the recognition of a casualty gain during 2008 was substantially offset by an increase in total expenses and a decrease in total revenues. The increase in net income for the six months ended June 30, 2008 is due to the recognition of a casualty gain in 2008, partially offset by an increase in total expenses and a decrease in total revenues.



During June 2007, one of the Partnerships investment properties, Raven Hill Apartments, incurred damages as a result of a fire. The Partnership initially estimated building damages and lost rents of approximately $2,796,000 and $71,000, respectively. In addition, the Partnership incurred clean up expenses, primarily related to asbestos removal, of approximately $807,000, which were included in operating expenses for the year ended December 31, 2007.  All of the asbestos related work was completed in 2007. During the year ended December 31, 2007, the Partnership received insurance proceeds of approximately $2,087,000 to repair the damaged units, approximately $619,000 of which was held on deposit with the mortgage lender at December 31, 2007 and released to the Partnership during the six months ended June 30, 2008. During the year ended December 31, 2007, the Partnership wrote off approximately $644,000 of undepreciated damaged assets, which resulted in a casualty gain of approximately $1,443,000 for the year ended December 31, 2007. During the three and six months ended June 30, 2008, the Partnership revised its estimate of building damages to approximately $2,132,000. In addition, during the six months ended June 30, 2008, the Partnership received additional proceeds of approximately $821,000, approximately $132,000 of which was received during the three months ended June 30, 2008.  Approximately $776,000 of the proceeds received during 2008 were related to the clean up expenses recognized during 2007. This amount is included in casualty gain for the three and six months ended June 30, 2008. The Partnership recognized an additional casualty gain of approximately $195,000 during the three and six months ended June 30, 2008 as a result of the revision to the estimate of building damages of approximately $150,000 and the receipt of insurance proceeds of approximately $45,000 to cover the damages.  As a result of the change in estimate of building damages, the casualty gain recognized during the three months ended June 30, 2008 was partially offset by the reversal of the casualty gain of approximately $699,000 recognized during the first quarter of 2008.  In addition, the Partnership received approximately $71,000 during the six months ended June 30, 2008 to cover lost rents, which was included in revenues in 2007.



Total expenses increased for the three months ended June 30, 2008 due to increases in interest, property tax, and depreciation expenses, partially offset by a decrease in general and administrative expenses. Operating expenses remained relatively constant for the three months ended June 30, 2008.  Total expenses increased for the six months ended June 30, 2008 due to increases in interest, property tax, and depreciation expenses, partially offset by decreases in operating and general and administrative expenses. Interest expense increased for both periods due to an increase in amortization of loan costs associated with the previous mortgages encumbering both investment properties as a result of the mortgage lender exercising its call option on the mortgages, as discussed in Liquidity and Capital Resources, and an increase in interest on advances from AIMCO Properties, L.P. as a result of a higher average advance balance. Property tax expense increased for both periods due to an increase in the assessed value of both investment properties. Depreciation expense increased for both periods due to property improvements and replacements placed into service during the past twelve months at Raven Hill Apartments, which are now being depreciated. Operating expense decreased for the six months ended June 30, 2008 primarily due to decreases in contract services and insurance expense as a result of reduced premiums at both of the Partnerships investment properties, partially offset by increases in payroll and utility expenses at Fairlane East Apartments.



General and administrative expenses decreased for both periods primarily due to a decrease in the management reimbursements charged by the Managing General Partner as allowed under the Partnership Agreement. Also included in general and administrative expenses for the three and six months ended June 30, 2008 and 2007 are costs associated with the quarterly and annual communications with investors and regulatory agencies and the annual audit required by the Partnership Agreement.



Total revenues decreased for the three months ended June 30, 2008 due to a decrease in other income, partially offset by an increase in rental income.  Total revenues decreased for the six months ended June 30, 2008 due to a decrease in other income. Rental income remained relatively constant for the six months ended June 30, 2008. Rental income increased for the three months ended June 30, 2008 primarily due to increases in occupancy and the average rental rate at Raven Hill Apartments, partially offset by a decrease in occupancy at Fairlane East Apartments. Other income decreased for the three months ended June 30, 2008 primarily due to decreases in utility reimbursements and lease cancellation fees at Raven Hill Apartments. The decrease in other income for the six months ended June 30, 2008 is primarily due to decreases in lease cancellation fees at Raven Hill Apartments and utility reimbursements at Fairlane East Apartments, partially offset by an increase in late charges at Raven Hill Apartments.



Liquidity and Capital Resources



At June 30, 2008, the Partnership had cash and cash equivalents of approximately $10,895,000, compared to approximately $288,000 at June 30, 2007. The increase in cash and cash equivalents of approximately $10,469,000, from December 31, 2007, is due to approximately $9,857,000 and $856,000 of cash provided by financing and operating activities, respectively, partially offset by approximately $244,000 of cash used in investing activities. Cash provided by financing activities consisted of proceeds from the refinancing of the mortgage notes payable encumbering both investment properties, overpayment of the proceeds from the refinancing of the mortgage encumbering Raven Hill Apartments and advances from AIMCO Properties, L.P., partially offset by repayment of the previous mortgage notes encumbering both investment properties, repayment of advances from AIMCO Properties, L.P., principal payments made on the mortgages encumbering both of the Partnerships investment properties and loan costs paid. Cash used in investing activities consisted of property improvements and replacements, partially offset by insurance proceeds received. The Partnership invests its working capital reserves in interest bearing accounts.



AIMCO Properties, L.P., an affiliate of the Managing General Partner, advanced the Partnership approximately $497,000 and $66,000 during the six months ended June 30, 2008 and 2007, respectively, to fund mortgage application fees and operations at both investment properties.  Interest on advances accrues at the prime rate plus 2% or 7.00% at June 30, 2008.  Interest expense was approximately $123,000 and $87,000 for the six months ended June 30, 2008 and 2007, respectively. During the six months ended June 30, 2008 and 2007, the Partnership repaid approximately $1,300,000 and $907,000 of advances and accrued interest. At June 30, 2008 and December 31, 2007, the total advances and accrued interest due to AIMCO Properties, L.P. was approximately $2,241,000 and $2,921,000, respectively, and is included in due to affiliates.  The Partnership may receive additional advances of funds from AIMCO Properties, L.P. although AIMCO Properties, L.P. is not obligated to provide such advances.  For more information on AIMCO Properties, L.P., including copies of its audited balance sheet, please see its reports filed with the Securities and Exchange Commission. Subsequent to June 30, 2008, the Partnership repaid approximately $2,242,000 of advances and associated accrued interest from proceeds from the refinancing of the mortgage encumbering Raven Hill Apartments.



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.  Capital improvements planned for the Partnership's properties are detailed below.



Raven Hill Apartments



During the six months ended June 30, 2008, the Partnership completed approximately $172,000 of capital improvements at Raven Hill Apartments, consisting primarily of appliance and floor covering replacements and construction related to the casualty discussed above. These improvements were funded from operating cash flow and insurance proceeds. The Partnership regularly evaluates the capital improvement needs of the property.  While the Partnership has no material commitments for property improvements and replacements, certain routine capital expenditures are anticipated during the remainder of 2008. Such capital expenditures will depend on the physical condition of the property as well as anticipated cash flow generated by the property.



Fairlane East Apartments



During the six months ended June 30, 2008, the Partnership completed approximately $89,000 of capital improvements, consisting primarily of swimming pool and recreational facility upgrades and appliance and floor covering replacements. These improvements were funded from operating cash flow. The Partnership regularly evaluates the capital improvement needs of the property. While the Partnership has no material commitments for property improvements and replacements, certain routine capital expenditures are anticipated during the remainder of 2008. Such capital expenditures will depend on the physical condition of the property as well as anticipated cash flow generated by the property.



Capital expenditures will be incurred only if cash is available from operations or from Partnership reserves.  To the extent that 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. On June 20, 2008, the Partnership refinanced the mortgage encumbering Fairlane East Apartments. The refinancing replaced the existing mortgage, which at the time of refinancing had a principal balance of approximately $9,442,000, with a new mortgage loan in the principal amount of $10,200,000. The new loan was refinanced under a secured real estate credit facility (Secured Credit Facility) with AEGON USA Realty Advisors, Inc., as agent for Transamerica Occidental Life Insurance Company, which has a maturity of October 1, 2010, with two one-year extension options. The new mortgage requires monthly payments of interest only beginning on August 1, 2008, through the October 1, 2010 maturity date, at which date the entire principal balance of $10,200,000 is due. The new loan has a variable interest rate of the one-month LIBOR rate plus 0.78% (3.24% per annum at June 30, 2008) and resets monthly. The variable interest rate may increase to the one-month LIBOR rate plus 0.98% if the debt service coverage ratio of the investment property decreases below a prescribed threshold. The Secured Credit Facility provides mortgage loans on properties owned by other partnerships that are affiliated with the Managing General Partner. The Secured Credit Facility creates separate loans for each property that are not cross-collateralized or cross-defaulted with the other property loans. The loans are prepayable without penalty. As a condition of the Secured Credit Facility, the lender required AIMCO Properties, L.P., an affiliate of the Managing General Partner, to guarantee certain non-recourse carveout obligations and liabilities of the Partnership with respect to the new mortgage financing. Total capitalized loan costs associated with the new mortgage were approximately $77,000 and are included in other assets. Loan costs associated with the previous mortgage were fully amortized.



On June 30, 2008, the Partnership refinanced the mortgage debt encumbering Raven Hill Apartments.  The refinancing resulted in the replacement of the existing mortgage debt, which at the time of refinancing had a principal balance outstanding of approximately $10,043,000, with a new mortgage loan in the principal amount of $14,225,000. The new mortgage loan bears interest at 5.75% per annum and requires monthly payments of interest only of approximately $68,000 beginning on August 1, 2008 through June 30, 2010.  From July 1, 2010 through the maturity date of July 1, 2015, the new mortgage loan requires monthly payments of principal and interest with the interest rate being equal to the prime rate in effect 90 days prior to July 1, 2010 plus 2.50%, with a minimum interest rate of 5.75% and a maximum interest rate of 16.00%.  The interest rate will reset annually.  If the Partnership meets certain criteria, the Partnership will have the option to fix the interest rate for the period from July 1, 2010 through the maturity date of July 1, 2015 to the weekly average yield for Five Year United States Treasury Notes as of 90 days prior to July 1, 2010 plus 275 basis points (the Adjusted Fixed Rate).  The new mortgage loan will have a balloon payment due at maturity.  If the Partnership does not elect the Adjusted Fixed Rate option, the Partnership may prepay the mortgage loan without penalty with 30 days written notice.  If the Partnership elects the Adjusted Fixed Rate option, the Partnership may prepay the mortgage loan at any time with 30 days written notice to the lender, subject to a prepayment penalty. Total capitalized loan costs associated with the new mortgage were approximately $237,000 and are included in other assets. Loan costs associated with the previous mortgage were fully amortized. In connection with the closing of the refinancing on June 30, 2008, the Partnership received approximately $6,230,000 from the title company in error. This amount is reflected in accounts payable at June 30, 2008, and was returned to the title company on July 1, 2008.



No distributions were made during the six months ended June 30, 2008 and 2007. Subsequent to June 30, 2008, the Partnership distributed approximately $1,175,000 to the assignee unit holders ($49.88 per assignee unit) from proceeds from the refinancing of the mortgage encumbering Raven Hill Apartments. Future cash distributions will depend on the levels of net cash generated from operations, the timing of debt maturities, property sales and/or refinancings. The Partnerships cash available for distribution is reviewed on a monthly basis. There can be no assurance, however, that the Partnership will generate sufficient funds from operations after required capital improvements to permit additional distributions to its partners in 2008 or subsequent periods.



Other



In addition to its indirect ownership of the general partner interest in the Partnership, AIMCO and its affiliates owned 14,144.5 Assignee units (the "Units") in the Partnership representing 60.04% of the outstanding Units at June 30, 2008.  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, L.P., 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 60.04% 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 the carrying amount of the asset is not recoverable.  If events or circumstances indicate that the carrying amount of a property may not be recoverable, the Partnership will make an assessment of its recoverability by comparing the carrying amount to the Partnerships estimate of the undiscounted future cash flows, excluding interest charges, of the property.   If the carrying amount exceeds the aggregate undiscounted future cash flows, the Partnership would recognize an impairment loss to the extent the carrying amount exceeds the estimated fair value of the property.



Real property investment is 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, general economic climate; competition from other apartment communities and other housing options; local conditions, such as loss of jobs or an increase in the supply of apartments that might adversely affect apartment occupancy or rental rates; changes in governmental regulations and the related cost of compliance; increases in operating costs (including real estate taxes) due to inflation and other factors, which may not be offset by increased rents; and changes in tax laws and housing laws, including the enactment of rent control laws or other laws regulating multi-family housing.  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.  The Partnership will offer rental concessions during particularly slow months or in response to heavy competition from other similar complexes in the area. Rental income attributable to leases, net of any concessions, is recognized on a straight-line basis over the term of the lease.  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.



ITEM 4T.

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)

Changes in Internal Control Over Financial Reporting.



There have been no significant 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



As previously disclosed, AIMCO Properties, L.P. and NHP Management Company, both affiliates of the Managing General Partner, were defendants in a lawsuit, filed as a collective action in August 2003 in the United States District Court for the District of Columbia, alleging that they willfully violated the Fair Labor Standards Act (FLSA) by failing to pay maintenance workers overtime for time worked in excess of 40 hours per week (overtime claims).  The plaintiffs also contended that AIMCO Properties, L.P. and NHP Management Company failed to compensate maintenance workers for time that they were required to be "on-call" (on-call claims).  In March 2007, the court in the District of Columbia decertified the collective action.  In July 2007, plaintiffs counsel filed individual cases in Federal court in 22 jurisdictions. In the second quarter 2008, AIMCO Properties, L.P. settled the overtime cases involving 652 plaintiffs and established a framework for resolving the 88 remaining on-call claims and the attorneys fees claimed by plaintiffs counsel.  As a result, the lawsuits asserted in the 22 Federal courts will be dismissed.  At this time, affiliates of the Managing General Partner are attempting to obtain additional information to determine the most equitable allocation of settlement amounts and attorneys fees.  The Managing General Partner is uncertain as to the amount of loss, if any, allocable to the Partnership.  Therefore, the Partnership cannot estimate whether a loss will occur or a potential range of loss.



ITEM 6.

EXHIBITS



See Exhibit Index.













SIGNATURES







Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.





|                      |                                                    
|--------------------- | ---------------------------------------------------
|                      | Oxford Residential Properties I Limited Partnership
|                      |                                                    
|                      | By:   Oxford Residential Properties I Corporation  
|                      | Managing General Partner                           
|                      |                                                    
|Date: August 14, 2008 | By:   /s/Martha L. Long                            
|                      | Martha L. Long                                     
|                      | Senior Vice President                              
|                      |                                                    
|Date: August 14, 2008 | By:   /s/Stephen B. Waters                         
|                      | Stephen B. Waters                                  
|                      | Vice President                                     













OXFORD RESIDENTIAL PROPERTIES I LIMITED PARTNERSHIP



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).



4.1

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



4.2

Second Amendment to the Amended and Restricted Agreement and Certificate of Limited Partnership, incorporated by reference to the Partnerships Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2008.



10.12

Future Advance Mortgage, dated June 20, 2008, between ORP One, LLC, a Maryland limited liability company, and Transamerica Occidental Life Insurance Company, an Iowa corporation (incorporated by reference to the Partnerships Current Report on Form 8-K dated June 20, 2008).



10.13

Secured Promissory Note, dated June 20, 2008, between ORP One, LLC, a Maryland limited liability company, and Transamerica Occidental Life Insurance Company, an Iowa corporation (incorporated by reference to the Partnerships Current Report on Form 8-K dated June 20, 2008).



10.14

Carveout Guarantee and Indemnity Agreement, dated June 20, 2008, between AIMCO Properties, L.P., a Delaware limited partnership, and Transamerica Occidental Life Insurance Company, an Iowa corporation (incorporated by reference to the Partnerships Current Report on Form 8-K dated June 20, 2008).



10.15

First Mortgage Note dated June 30, 2008, between ORP Three, L.L.C., a Maryland limited liability company, and New York Community Bank, a New York state chartered banking institution (incorporated by reference to the Partnerships Current Report on Form 8-K dated June 30, 2008).



10.16

First Mortgage and Security Agreement dated June 30, 2008, between ORP Three, L.L.C., a Maryland limited liability company, and New York Community Bank, a New York state chartered banking institution (incorporated by reference to the Partnerships Current Report on Form 8-K dated June 30, 2008).



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 of the equivalent of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.