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


                                   Form 10-QSB


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


               For the quarterly period ended March 31, 2004


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


            For the transition period from _________to _________

                         Commission file number 0-14533


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



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

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


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

<PAGE>

                         PART I - FINANCIAL INFORMATION



ITEM 1.     FINANCIAL STATEMENTS




               OXFORD RESIDENTIAL PROPERTIES I LIMITED PARTNERSHIP

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

                                 March 31, 2004

<TABLE>
<CAPTION>

Assets
<S>                                                                            <C>
  Cash and cash equivalents                                                    $ 552
  Receivables and deposits                                                         194
  Restricted escrows                                                               109
  Other assets                                                                     770
  Investment properties:
   Land                                                         $ 2,722
   Buildings and improvements                                     34,757
                                                                  37,479
   Less accumulated depreciation                                 (19,969)       17,510
                                                                              $ 19,135
Liabilities and Partners' (Deficiency) Capital
Liabilities
  Accounts payable                                                             $ 167
  Tenant security deposits                                                         125
  Accrued taxes                                                                    290
  Other liabilities                                                                272
  Due to Managing General Partner (Note B)                                         125
  Mortgage notes payable                                                        26,402

Partners' (Deficiency) Capital
  General partners                                              $ (2,198)
  Assignor limited partner                                             1
  Assignee unit holders (23,558 units outstanding)                (6,049)       (8,246)
                                                                              $ 19,135

        See Accompanying Notes to Consolidated Financial Statements

</TABLE>

<PAGE>

               OXFORD RESIDENTIAL PROPERTIES I LIMITED PARTNERSHIP

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

<TABLE>
<CAPTION>

                                                                  Three Months Ended
                                                                       March 31,
                                                                   2004          2003
                                                                              (Restated)
Revenues:
<S>                                                              <C>           <C>
  Rental income                                                  $ 1,466       $ 1,471
  Other income                                                       136           211
      Total revenues                                               1,602         1,682

Expenses:
  Operating                                                          626           732
  General and administrative                                          39            48
  Depreciation                                                       359           380
  Interest                                                           285           332
  Property taxes                                                     193           337
      Total expenses                                               1,502         1,829

Income (loss) from continuing operations                             100          (147)
(Loss) income from discontinued operations                          (166)           10
Gain on sale of discontinued operations (Note C)                   3,592            --
Net income (loss)                                                $ 3,526        $ (137)

Net loss allocated to general partner                              $ (1)         $ (3)
Net income (loss) allocated to limited partners                    3,527          (134)
                                                                 $ 3,526        $ (137)
Per limited partnership unit:
  Income (loss) from continuing operations                        $ 4.16       $ (6.12)
  (Loss) income from discontinued operations                       (6.91)         0.43
  Gain on sale of discontinued operations                         152.47            --
                                                                 $149.72       $ (5.69)

Distributions per Assignee Unit                                  $176.03       $ 51.45

        See Accompanying Notes to Consolidated Financial Statements
</TABLE>


<PAGE>

            OXFORD RESIDENTIAL PROPERTIES I LIMITED PARTNERSHIP

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

<TABLE>
<CAPTION>

                                  Assignee    General       Assignor        Assignee
                                    Units    Partners   Limited 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               --         --            --          (4,147)       (4,147)

Net income for the three
  months ended March 31, 2004           --         (1)           --           3,527         3,526

Partners' (deficiency) capital
  at March 31, 2004                 23,558    $(2,198)        $ 1           $(6,049)      $(8,246)


        See Accompanying Notes to Consolidated Financial Statements

</TABLE>

<PAGE>

            OXFORD RESIDENTIAL PROPERTIES I LIMITED PARTNERSHIP

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

                                                                   Three Months Ended
                                                                        March 31,
                                                                    2004         2003
Cash flows from operating activities:
<S>                                                                <C>          <C>
  Net income (loss)                                                $ 3,526      $ (137)
  Adjustments to reconcile net income (loss) to net cash
   provided by operating activities:
     Depreciation                                                      359          459
     Amortization of loan costs                                          8           18
     Gain on sale of discontinued operations                        (3,592)          --
     Loss on early extinguishment of debt                               85           --
     Changes in accounts:
      Receivables and deposits                                         133         (109)
      Other assets                                                    (138)         (13)
      Accounts payable                                                  (6)           1
      Tenant security deposits payable                                 (37)          (2)
      Due to Managing General Partner                                 (261)          77
      Accrued property taxes                                            63          270
      Other liabilities                                                (87)         112
          Net cash provided by operating activities                     53          676

Cash flows from investing activities:
  Property improvements and replacements                               (58)        (111)
  Net proceeds from sale of discontinued operations                  8,199           --
  Net withdrawals from (deposits to) restricted escrows                  5          (38)
          Net cash provided by (used in) investing activities        8,146         (149)

Cash flows from financing activities:
  Payments on mortgage notes payable                                  (238)        (135)
  Repayment of mortgage note payable                                (4,052)          --
  Distributions to partners                                         (4,147)      (1,212)
          Net cash used in financing activities                     (8,437)      (1,347)

Net decrease in cash and cash equivalents                             (238)        (820)
Cash and cash equivalents at beginning of period                       790        1,413

Cash and cash equivalents at end of period                          $ 552        $ 593

Supplemental disclosure of cash flow information:
  Cash paid for interest                                            $ 332        $ 358


        See Accompanying Notes to Consolidated Financial Statements

</TABLE>

<PAGE>
               OXFORD RESIDENTIAL PROPERTIES I LIMITED PARTNERSHIP

                 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)


Note A - Financial Statements

The  accompanying   unaudited   consolidated   financial  statements  of  Oxford
Residential  Properties I Limited  Partnership (the "Partnership" or "ORP") have
been prepared in accordance with generally  accepted  accounting  principles for
interim financial  information and with the instructions to Form 10-QSB and Item
310(b)  of  Regulation  S-B.  Accordingly,  they  do  not  include  all  of  the
information and footnotes required by generally accepted  accounting  principles
for  complete  financial  statements.  In  the  opinion  of  Oxford  Residential
Properties I Corporation  (the  "Managing  General  Partner"),  all  adjustments
(consisting  of  normal  recurring  accruals)  considered  necessary  for a fair
presentation  have been included.  Operating  results for the three months ended
March 31,  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 ("SFAS") No. 144,
the accompanying consolidated statement of operations for the three months ended
March 31,  2003 has been  restated  to reflect  the  operations  of Shadow  Oaks
Apartments  as (loss)  income from  discontinued  operations  due to its sale in
January 2004.

Note B - Transactions with Affiliates

The  Partnership  has no employees  and is  dependent  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 three  months  ended  March 31,  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  $95,000 and $113,000 for the three
months ended March 31, 2004 and 2003, respectively,  were charged to expense and
are included in operating expense and (loss) income from discontinued operations
on the  consolidated  statements  of  operations.  Property  management  fees of
approximately  $38,000 and $45,000 for the three months ended March 31, 2004 and
2003, respectively,  have been deferred. During the three months ended March 31,
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 March 31, 2004  totaled
approximately $19,000.

An  affiliate  of  the  Managing  General  Partner  received  reimbursements  of
accountable  administrative  expenses  amounting  to  approximately  $33,000 and
$32,000 for the three months ended March 31, 2004 and 2003, respectively,  which
is included in general and administrative expenses and investment properties. As
of March 31, 2004, approximately $106,000 in accountable administrative expenses
were due to an affiliate of the Managing General Partner.

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 2004, the Partnership anticipates its cost for
insurance  coverage  and  fees  associated  with  policy  claims  administration
provided  by  AIMCO  and its  affiliates  will  be  approximately  $89,000.  The
Partnership was charged approximately $136,000 for 2003.

Note C - Sale of Investment Property

In January 2004,  the  Partnership  sold Shadow Oaks  Apartments to an unrelated
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  $3,592,000  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 (loss)  income  from  discontinued  operations.  Included in (loss)
income from  discontinued  operations  for the three months ended March 31, 2004
and  2003 is  approximately  $67,000  and  $321,000,  respectively,  of  revenue
generated by the property.

Note D - 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  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. Discovery is currently underway.

The  Managing  General  Partner  does  not  anticipate  that  any  costs  to the
Partnership,  whether legal or settlement costs,  associated with this case will
be material to the Partnership's overall 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.

Pursuant to a formal order of investigation received by AIMCO on March 29, 2004,
the  Central  Regional  Office of the  United  States  Securities  and  Exchange
Commission is conducting an  investigation  relating to certain  matters.  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,  and capitalization of expenses and
payroll.  AIMCO is cooperating  fully.  AIMCO does not believe that the ultimate
outcome  will  have a  material  adverse  effect on its  consolidated  financial
condition or results of  operations  taken as a whole.  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 taken as a whole.

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

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
three months ended March 31, 2004 and 2003:

                                                   Average Occupancy
      Property                                      2004       2003

      The Landings Apartments                       89%        87%
        Indianapolis, Indiana
      Raven Hill Apartments                         92%        90%
        Burnsville, Minnesota
      Fairlane East Apartments (1)                  83%        87%
        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  are  dependent  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  which are
outside the control of the  Partnership  such as the local economic  climate and
weather can adversely or positively impact the Partnership's financial results.

Results of Operations

The  Partnership's  net income for the three  months  ended  March 31,  2004 was
approximately  $3,526,000  compared to a net loss of approximately  $137,000 for
the corresponding  period in 2003. The decrease in net loss for the three months
ended March 31, 2004 is primarily due to the recognition of the gain on the sale
of discontinued operations.

In accordance with Statement of Financial Accounting Standards ("SFAS") No. 144,
the accompanying consolidated statement of operations for the three months ended
March 31,  2003 has been  restated  to reflect  the  operations  of Shadow  Oaks
Apartments  as (loss)  income from  discontinued  operations  due to its sale in
January 2004.

In January 2004,  the  Partnership  sold Shadow Oaks  Apartments to an unrelated
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  $3,592,000  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 (loss)  income  from  discontinued  operations.  Included in (loss)
income from  discontinued  operations  for the three months ended March 31, 2004
and  2003 is  approximately  $67,000  and  $321,000,  respectively,  of  revenue
generated by the property.

Excluding the discontinued operations and gain on sale, the Partnership's income
from  continuing  operations  for the three  months  ended  March  31,  2004 was
approximately  $100,000  compared  to  a  loss  from  continuing  operations  of
approximately  $147,000 for the  corresponding  period in 2003.  The increase in
income from  continuing  operations for the three months ended March 31, 2004 is
due to a decrease  in total  expenses  partially  offset by a decrease  in total
revenues. Total revenues decreased for the three months ended March 31, 2004 due
to a decrease in other income.  Other income  decreased due to decreases in late
charges at all of the Partnership's properties.

Total  expenses  decreased  for the three  months  ended  March 31,  2004 due to
decreases in  operating,  depreciation,  interest  and  property  tax  expenses.
Operating  expenses  decreased  due to decreases in property and  administrative
expenses.  Property expenses  decreased due to decreased  utilities and contract
courtesy patrol at Fairlane East Apartments  partially  offset by an increase in
utilities at Raven Hill  Apartments.  Administrative  expenses  decreased due to
decreases in legal fees and taxes at Raven Hill Apartments. Depreciation expense
decreased due to assets at the investment properties becoming fully depreciated.
Property tax expense  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.  Interest expense decreased due to the
refinancing  in  May  2003  of  the  mortgages   encumbering  the  Partnership's
properties, which resulted in lower interest rates.

Included in general and administrative expenses for the three months ended March
31, 2004 and 2003 are 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.

Liquidity and Capital Resources

At  March  31,  2004,  the  Partnership   had  cash  and  cash   equivalents  of
approximately $552,000 compared to approximately $593,000 at March 31, 2003. For
the three  months  ended March 31,  2004,  cash and cash  equivalents  decreased
approximately  $238,000.  The  decrease in cash and cash  equivalents  is due to
approximately  $8,437,000 of cash used in financing  activities partially offset
by  approximately  $8,146,000  of cash  provided  by  investing  activities  and
approximately $53,000 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.  Net cash
provided by investing  activities  consisted  of the  proceeds  from the sale of
Shadow Oaks 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 Partners
monitors  developments  in the area of legal and  regulatory  compliance  and is
studying  new  federal  laws,  including  the  Sarbanes-Oxley  Act of 2002.  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,  including  increased  legal and audit  fees.  Capital  improvements
planned for each of the Partnership's properties are detailed below.

The Landings Apartments

During  the  three  months  ended  March 31,  2004,  the  Partnership  completed
approximately  $18,000  of  capital  improvements  at The  Landings  Apartments,
consisting  primarily of 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  an  additional  $65,000 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 the
anticipated cash flow generated by the property.

Raven Hill Apartments

During  the  three  months  ended  March 31,  2004,  the  Partnership  completed
approximately   $16,000  of  capital  improvements  at  Raven  Hill  Apartments,
consisting primarily of 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  $151,000 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  three  months  ended  March 31,  2004,  the  Partnership  completed
approximately  $16,000 of capital  improvements  at  Fairlane  East  Apartments,
consisting primarily of floor covering, appliance, and HVAC 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 $118,000 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.

Shadow Oaks Apartments

During  the  three  months  ended  March 31,  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 the investment properties of approximately  $26,402,000
is being  amortized over 20 years and is scheduled to be fully  amortized at the
maturity in June 2023.

The Partnership  distributed the following amounts during the three months ended
March 31, 2004 and 2003 (in thousands, except per unit data):
<TABLE>
<CAPTION>

                       Three Months                     Three Months
                           Ended       Per Assignee         Ended        Per Assignee
                      March 31, 2004       Unit        March 31, 2003        Unit

<S>                        <C>             <C>             <C>              <C>
Operations                 $ --            $ --            $1,212           $51.45
Sale (1)                   4,147          176.03               --               --
                          $4,147         $176.03           $1,212           $51.45
</TABLE>

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

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 13,642.00 limited partnership units
(the "Units") in the Partnership representing 57.91% of the outstanding Units at
March 31, 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  57.91%  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  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. Discovery is currently underway.

The  Managing  General  Partner  does  not  anticipate  that  any  costs  to the
Partnership,  whether legal or settlement costs,  associated with this case will
be material to the Partnership's overall operations.

ITEM 3.     EXHIBITS AND REPORTS ON FORM 8-K

            a) Exhibits:

                  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).

                  Exhibit 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.

                  Exhibit 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.

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

            b)    Reports on Form 8-K filed  during the quarter  ended March 31,
                  2004:

                  Current Report on Form 8-K dated January 30, 2004 and filed on
                  February  10,  2004   disclosing   the  sale  of  Shadow  Oaks
                  Apartments.




<PAGE>



                                   SIGNATURES



In accordance with the  requirements of the Exchange Act, the Registrant  caused
this  report to be  signed on its  behalf  by the  undersigned,  thereunto  duly
authorized.



                              OXFORD RESIDENTIAL PROPERTIES I LIMITED
                                   PARTNERSHIP


                              By:   Oxford Residential Properties I
                                   Corporation
                                    Managing General Partner


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


                               By:  /s/Thomas M. Herzog
                                     Thomas M. Herzog
                                     Senior Vice President
                                     and Chief Accounting Officer


                               Date: May 13, 2004



<PAGE>



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 registrant as of, and for, the periods presented in this report;

4.    The  registrant'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 registrant
      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
            registrant,  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 registrant'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  registrant's  internal
            control  over   financial   reporting   that  occurred   during  the
            registrant's  most recent fiscal  quarter (the  registrant's  fourth
            fiscal  quarter in the case of an annual report) that has materially
            affected,   or  is  reasonably  likely  to  materially  affect,  the
            registrant's internal control over financial reporting; and

5.    The registrant's other certifying  officer(s) and I have disclosed,  based
      on  our  most  recent   evaluation  of  internal  control  over  financial
      reporting,  to the  registrant's  auditors and the audit  committee of the
      registrant'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  registrant'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  registrant's
            internal control over financial reporting.


Date:  May 13, 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



<PAGE>



Exhibit 31.2


                                  CERTIFICATION


I, Thomas M. Herzog, 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 registrant as of, and for, the periods presented in this report;

4.    The  registrant'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 registrant
      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
            registrant,  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 registrant'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  registrant's  internal
            control  over   financial   reporting   that  occurred   during  the
            registrant's  most recent fiscal  quarter (the  registrant's  fourth
            fiscal  quarter in the case of an annual report) that has materially
            affected,   or  is  reasonably  likely  to  materially  affect,  the
            registrant's internal control over financial reporting; and

5.    The registrant's other certifying  officer(s) and I have disclosed,  based
      on  our  most  recent   evaluation  of  internal  control  over  financial
      reporting,  to the  registrant's  auditors and the audit  committee of the
      registrant'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  registrant'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  registrant's
            internal control over financial reporting.


Date:  May 13, 2004

                                    /s/Thomas M. Herzog
                                    Thomas M. Herzog
                                    Senior   Vice    President   and   Chief
                                    Accounting     Officer     of     Oxford
                                    Residential  Properties  I  Corporation,
                                    equivalent   of  the   chief   financial
                                    officer of the Partnership


<PAGE>


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 March 31, 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 Thomas M. Herzog, 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:  May 13, 2004


                                           /s/Thomas M. Herzog
                                    Name:  Thomas M. Herzog
                                    Date:  May 13, 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.