<PAGE 1>                                                            
================================================================= 
                                                                     
                          UNITED STATES                              
                                                                     
               SECURITIES AND EXCHANGE COMMISSION                     
                                                                     
                     Washington, D.C. 20549                         
                     ----------------------                          
                            FORM 10-Q                               
                                                                     
(Mark One)                                                               
                                                                       
  X        QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF           
-----      THE SECURITIES EXCHANGE ACT OF 1934                          
                                                                      
           For the quarterly period ended March 31, 1998               
                                                                      
                               OR                                      
                                                                     
           TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF          
-----      THE SECURITIES EXCHANGE ACT OF 1934                           
                                                                          
           For the transition period from__________to___________          
                --------------------------------                           
                Commission file number:  0-14533                          
                --------------------------------                          
                                                                         
          OXFORD RESIDENTIAL PROPERTIES I LIMITED PARTNERSHIP    
        (Exact name of registrant as specified in its charter)           
                                                                      
           Maryland                               52-1322906     
(State or other jurisdiction of                (I.R.S. Employer  
incorporation or organization)                Identification No.)
                                                                  
  7200 Wisconsin Avenue, 11th floor,  Bethesda, Maryland 20814    
      (Address of principal executive offices)  (Zip Code)           
                                                                      
Registrant's telephone number, including area code:                  
                        (301) 654-3100                             
                                                                     
Securities Registered Pursuant to Section 12(b) of the Act:  NONE
                                                                 
   Securities Registered Pursuant to Section 12(g) of the Act:    
                         Assignee Units                            
                                                                 
Indicate  by check mark whether the registrant (1) has filed  all
reports  required  to be filed by Section  13  or  15(d)  of  the
Securities  Exchange Act of 1934 during the preceding  12  months
(or  for such shorter period that the registrant was required  to
file  such  reports),  and (2) has been subject  to  such  filing
requirements for the past 90 days.  YES  /X/    NO / /.          
                                                                 
There  is  no  public  trading market  for  the  Assignee  Units.
Therefore, the Assignee Units had neither a market selling  price
nor an average bid or asked price within the 60 days prior to the
date of this filing.                                             
                                                                 
Index to Exhibits is on page 3.                                  
=================================================================
<PAGE 2>                                                         
                                                                   
       OXFORD RESIDENTIAL PROPERTIES I LIMITED PARTNERSHIP       
                                                                 
                            FORM 10-Q                             
                                                                 
                 PART I - FINANCIAL INFORMATION                  
                                                                  
Item 1.    Financial Statements.                                  
                                                                   
    The  financial statements of the Partnership, and  the  notes
thereto,  are  incorporated herein by reference  to  sequentially
numbered  pages 10 through 15 included in ORP's Quarterly  Report
(Unaudited).                                                      
                                                                  
Item 2.    Management's   Discussion   and  Analysis of Financial
           Condition and Results of Operations.                   
                                                                 
    A discussion  of  ORP's financial condition  and  results  of
operations  for the three-month period ended March 31,  1998,  is
incorporated herein by reference to sequentially numbered pages 6
through  9  entitled  "Report of Management"  included  in  ORP's
Quarterly Report (Unaudited).                                     
                                                                  
                   PART II - OTHER INFORMATION                    
                                                                  
Item 1.    Legal Proceedings.                                     
                                                                   
    The  Registrant  is engaged from time to time  in  litigation
incident  to  its business; however, there are no  pending  legal
proceedings whose potential effects are considered to be material
by the Managing General Partner.                                        
                                                                       
Item 2.    Changes in Securities.                                
    None.                                                        
                                                                  
Item 3.    Defaults Upon Senior Securities.                       
    None.                                                        
                                                                  
Item 4.    Submission of Matters to a Vote of Security Holders.        
    None.                                                          
                                                                  
Item 5.   Other Information.                                         
    None.                                                          
                                                                   
Item 6.    Exhibits and Reports on Form 8-K                            
    (a) Exhibits.                                                         
                                                                         
    For a list of Exhibits as required by Item 601 of  Regulation 
    S-K, see Exhibit Index on page 3 of this report.                 
                                                                          
    (b) Reports on Form 8-K.   None.                                  
                                                                          
    No other items were applicable.                                       
                                                                         
                                                                       
                                                                      
                                                                    
                                                                       
                                                                       
<PAGE 3>                                                           
                                                                        
       OXFORD RESIDENTIAL PROPERTIES I LIMITED PARTNERSHIP         
                                                                   
                            FORM 10-Q                             
                                                                  
                          EXHIBIT INDEX                            
                                                                  
(Listed according to the number assigned in the Exhibit Table  in
Item 601 of Regulation S-K.)                                     
                                                                 
(11) Statement regarding computation of per share earnings.       
                                                                  
     The information to compute earnings per share is provided in
     the  financial  statements and notes thereto of  the  Oxford
     Residential  Properties  I Limited  Partnership's  Quarterly
     Report  (Unaudited)  to Assignee Unit Holders,  attached  as
     Exhibit 20 (sequentially numbered pages 10 through 15).      
                                                                    
(20) Report furnished to security holders.                         
                                                                   
     Oxford   Residential   Properties  I  Limited  Partnership's
     Quarterly  Report (Unaudited) dated March 31, 1998,  follows
     on sequentially numbered pages 5 through 16 of this report. 
                                                                    
(27) Financial Data Schedule.                                        
                                                                  
                                                                 
                                                                 
                                                                  
                                                                 
                                                                 
                                                                 


























                                                                    
<PAGE 4>                                                            
                                                                    
       OXFORD RESIDENTIAL PROPERTIES I LIMITED PARTNERSHIP        
                                                                  
                            FORM 10-Q                            
                                                                 
                           SIGNATURES                            
                                                                 
    Pursuant  to the requirements of Section 13 or 15(d)  of  the
Securities  Exchange Act of 1934, the registrant has duly  caused
this  report  to  be  signed on its behalf  by  the  undersigned,
thereunto duly authorized.                                       
                                                                 
              Oxford Residential Properties I Limited Partnership
                                                                 
                 By:  Oxford Residential Properties I Corporation
                      Managing General Partner of the registrant 
                                                                       
Date: 05/15/98   By:  /s/ Richard R. Singleton                     
      --------        ------------------------------------------- 
                      Richard R. Singleton                       
                      Senior Vice President and                  
                        Chief Financial Officer                   
                                                                  
   Pursuant to the requirements of the Securities Exchange Act of
1934,  this report has been signed below by the following persons
on  behalf  of the registrant and in the capacities  and  on  the
dates indicated.                                                 
                                                                  
                                                                   
Date: 05/15/98   By:  /s/ Leo E. Zickler                          
      --------        -------------------------------------------
                      Leo E. Zickler                             
                      Chairman of the Board of Directors and      
                        Chief Executive Officer                   
                                                                 
                                                                 
                                                                  
Date: 05/15/98   By:  /s/ Francis P. Lavin                        
      --------        -------------------------------------------
                      Francis P. Lavin                           
                      President                                  















<PAGE 5>












       OXFORD RESIDENTIAL PROPERTIES I LIMITED PARTNERSHIP

                        Quarterly Report
                           (Unaudited)

                         March 31, 1998
                                






















       CONTENTS

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





<PAGE 6>                                                         
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Report of Management                                             
-----------------------------------------------------------------

   The following report provides additional information about the
consolidated financial condition of Oxford Residential Properties
I  Limited Partnership ("ORP" or the "Partnership") as  of  March
31,  1998,  and its consolidated results of operations  and  cash
flows  for  the  quarter ended March 31, 1998.  This  report  and
analysis  should be read together with the consolidated financial
statements   and   related  notes  thereto   and   the   selected
consolidated financial data appearing elsewhere in this Quarterly
Report.                                                          
                                                                 
Recent Developments                                              
                                                                 
   On behalf of the Partnership, Oxford Residential Properties  I
Corporation  ("Managing General Partner"), will  consider  offers
made  by  Assignee  Unitholders who wish to sell  their  Assignee
Units  at  such  prices  as may be set by  the  Managing  General
Partner from time to time.  The prices that will be paid will  be
established  by reference to prevailing secondary  market  prices
that  will be determined solely by the Managing General  Partner.
This  is  neither an offer to purchase nor a solicitation  of  an
offer  to  sell  by the Partnership.  Since July  1995,  ORP  has
purchased,   in   the   aggregate,  1,389  Assignee   Units   for
approximately   $461,000.   No  Assignee  Units,  however,   were
purchased by ORP during the quarter ended March 31, 1998.        
                                                                 
Liquidity and Capital Resources                                  
                                                                 
   Current  Position.  At March 31, 1998, ORP held $1,545,000  in
cash  and  cash  equivalents  and the  working  capital  reserve,
compared  to  $1,503,000 at December 31, 1997.  The  increase  of
$42,000  is  primarily attributable to increases in property  net
operating  incomes offset by distributions made on  February  28,
1998  to  Partners  of record as of December  31,  1997  totaling
approximately   $243,000,   and  the   payment   of   partnership
administrative expenses during the quarter ended March  31,  1998
totaling $44,000.                                                
                                                                 
   Other  Assets  shown on the accompanying consolidated  Balance
Sheet increased by $84,000 to $1,112,000 at March 31, 1998,  from
$1,028,000 at December 31, 1997.  The increase in Other Assets is
primarily  a result of an increase in prepaid property  insurance
and  the  property tax escrow subaccount.  Other  Assets  include
primarily  a  Liquidity Reserve Subaccount (for debt service),  a
Recurring   Replacement   Reserve   Subaccount   (for    property
improvements),  a Property Insurance Escrow, and a  Property  Tax
Escrow  for each of the Operating Partnerships totaling  $860,000
at  March  31, 1998.  These Subaccounts are funded and maintained
monthly,   as  needed,  from  property  income  (except  security
deposits), in accordance with the requirements pursuant  to  each
property's  loan agreement and based on expenditures  anticipated
in   the  following  months.   Accounts  Receivable  and  Prepaid
Expenses  totaling  $25,000  and  $226,000  at  March  31,  1998,
respectively, are also included in Other Assets.                 
                                                                 
    Unamortized  deferred  costs  relating  to  organization  and
refinancing costs (discussed in prior reports) at March 31,  1998
were  $400,000, compared to $424,000 at December 31, 1997.  These
costs are being amortized over the term of the mortgages.        
                                                                 
   Property Operations.  ORP's future liquidity and level of cash
distributions are dependent upon the net operating  income  after
debt    service,   refurbishment   expenses,   and    capitalized
improvements  generated by ORP's four investment  properties  and
proceeds  from  any sale or refinancing of those properties.   To
the  extent  any individual property does not generate sufficient
cash  to  cover  its  operating needs,  including  debt  service,
deficits  would  be  funded  by cash  generated  from  the  other
investment properties, if any, working capital reserves, if  any,
or  borrowings  by ORP.  Property improvements in  the  aggregate
amount  of  $168,000 were made for the quarter  ended  March  31,
1998,  compared to $115,000 for the same period in 1997.  Of  the
$168,000  of property improvements, $119,000 was capitalized  for
financial  statement  purposes for the quarter  ended  March  31,
1998,   compared   to  $79,000  of  the  $115,000   of   property
improvements for the same period in 1997.                        
                                                                 
<PAGE 7>                                                          
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Report of Management                                             
-----------------------------------------------------------------    

  Other Sources.  Since 1994, 40% of the property management fees
owed to NHP Management Company ("NHP") have been subordinated  to
the receipt by the Assignee Unit Holders of certain returns.   As
of  March  31,  1998  and  December 31, 1997,  deferred  property
management  fees  to  NHP  amounted  to  $597,000  and  $560,000,
respectively.                                                    
                                                                  
Results of Operations                                            
                                                                 
    The  net operating income, before debt service, refurbishment
expenses, and capitalized property improvements, from each of the
four  investment properties for the quarter ended March 31, 1998,
as compared to the quarter ended March 31, 1997, is as follows:  
<TABLE>                                                           
-----------------------------------------------------------------
<CAPTION>                                                        
                                            (in thousands)       
                                     Three months ended March 31,
                                     ----------------------------
Property                                 1998            1997    
-----------------------------------------------------------------
<S>                                  <C>                <C>      
Fairlane East, Dearborn, MI          $  412             $  411   
The Landings, Indianapolis, IN          170                125   
Raven Hill, Burnsville, MN              318                260   
Shadow Oaks, Tampa, FL                  133                119    
-----------------------------------------------------------------   
   Total Net Operating Income        $1,033             $  915   
=================================================================
</TABLE>                                                         



                     Three months ended March 31, 1998           
                 versus three months ended March 31, 1997        
                                                                 
    In  the  aggregate,  the net operating  income,  before  debt
service,   refurbishment  expenses,  and   capitalized   property
improvements,  reported by ORP for the quarter  ended  March  31,
1998,  increased by 13% compared to the quarter ended  March  31,
1997.   Set  forth below is a discussion of the properties  which
compares their respective operations for the three-month  periods
ended March 31, 1998 and 1997.                                   
                                                                 
Fairlane East                                                    
                                                                 
    Fairlane  East's net operating income for the  quarter  ended
March 31, 1998 increased by less than 1% from the same period  in
1997  due  to  a 2% decrease in revenues and a 5.5%  decrease  in
apartment  expenses.   The  decrease  in  apartment  expenses  is
primarily  attributable to a decrease in maintenance,  operating,
and  property  tax expenses.  Average occupancy for  the  quarter
ended  March 31, 1998 decreased to 91%, compared to 96%  for  the
same  period  in  1997.  Approximately 10 to 15  percent  of  the
residents  of Fairlane East are students from Saudi Arabia.   Due
to  the current political situation in that region, a significant
number of those students have been required to break or not renew
their  leases  and  return  to their home  land  to  prepare  for
military   readiness,  thus  contributing  to  the   decline   in
occupancy.    The weighted average rent collected for  the  month
ended March 31, 1998 increased by 3.1% to $970, compared to  $941
for the same period in 1997.  During the three-month period ended
March  31,  1998,  the Partnership expended $53,000  on  property
improvements,   including  $27,000  capitalized  for   accounting
purposes.   The  Managing  General Partner  anticipates  slightly
lower  spending  levels  on  property improvements  in  1998,  as
compared to the year ended December 31, 1997.                    
                                                                 
The Landings                                                     
                                                                 
   The Landings' net operating income for the quarter ended March
31, 1998 increased by 35.9% from the same period in 1997 due to a
2.5%  increase  in  revenues  and a  29%  decrease  in  apartment
expenses.   The  decrease  in  apartment  expenses  is  primarily
attributable  to a decrease in property tax expenses.   In  March
1998,  the Partnership received a refund of real estate taxes  in
the  amount  of $38,000 due to tax overpayments in  prior  years.
The  refund, in turn, reduced the amount of property tax expenses
and  resulted in a significantly higher net operating income  for
the  quarter.  Average occupancy for the quarter ended March  31,
1998  increased  to 94%, compared to 86% for the same  period  in
1997.   The  increase in occupancy is primarily  attributable  to
lower  rent  increases in the first quarter of 1998  as  well  as
higher  volume  of first quarter traffic and sales  caused  by  a
milder  than normal winter.  The weighted average rent  collected
for  the  month ended March 31, 1998 increased by 3.3%  to  $600,
compared to $581 for the same period in 1997.  During the  three-
month  period  ended  March  31, 1998, the  Partnership  expended
                                                                 

<PAGE 8>                                                         
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Report of Management                                             
-----------------------------------------------------------------

$17,000  on  property improvements, including $8,000  capitalized
for   accounting   purposes.    The  Managing   General   Partner
anticipates   slightly   lower  spending   levels   on   property
improvements in 1998, as compared to the year ended December  31,
1997.                                                            
                                                                 
Raven Hill                                                       
                                                                 
    Raven Hill's net operating income for the quarter ended March
31,  1998 increased by approximately 22% from the same period  in
1997  due  to a 6.4% increase in revenues and a 5.7% decrease  in
apartment expenses.  The increase in revenues is attributable  to
a  7.7%  increase  in rental income offset by a 25%  decrease  in
other  income.  The decrease in apartment expenses  is  primarily
attributable to decreases in operating and marketing expenses, as
well  as  a  decrease in property taxes paid during the  quarter.
Average  occupancy for the quarter ended March 31, 1998 increased
to  98%,  compared  to  94% for the same  period  in  1997.   The
weighted  average rent collected for the month  ended  March  31,
1998  increased  by  5% to $715, compared to $681  for  the  same
period  in  1997.  During the three-month period ended March  31,
1998, the Partnership expended $25,000 for property improvements,
including  $16,000  capitalized  for  accounting  purposes.   The
Managing  General  Partner anticipates  slightly  lower  spending
levels on property improvements in 1998, as compared to the  year
ended December 31, 1997.                                         
                                                                 
Shadow Oaks                                                      
                                                                 
    Shadow Oaks' net operating income for the quarter ended March
31,  1998 increased by 11.1% from the same period in 1997 due  to
an  8.4%  increase  in  revenues offset by  a  6.2%  increase  in
apartment  expenses.   The  increase in  revenues  was  primarily
attributable to a 7.6% increase in rental income, as  well  as  a
21.3%  increase  in  other  income.  The  increase  in  apartment
expenses   is   primarily  attributable   to   an   increase   in
administrative and marketing expenses.  Average occupancy for the
quarter  ended March 31, 1998 increased to 97%, compared  to  94%
for the same period in 1997.  The weighted average rent collected
for  the  month ended March 31, 1998 increased by 1.1%  to  $471,
compared to $466 for the same period in 1997.  During the  three-
month  period  ended  March  31, 1998, the  Partnership  expended
$73,000  on  property improvements, including $68,000 capitalized
for  accounting  purposes.   Of the  $68,000  capitalized  costs,
$55,000  was  paid for a major roofing replacement project.   The
Managing  General Partner anticipates slightly higher  levels  of
property  improvements will be necessary in 1998, as compared  to
the  year  ended  December 31, 1997, in  order  to  maintain  the
property's competitive position.                                 
                                                                 
Consolidated Statements of Operations-Other Income and Deductions
                                                                 
   Other  income was $57,000 and $83,000, respectively,  for  the
three-month periods ended March 31, 1998 and 1997.  The  decrease
was  primarily  due  to  decreases in laundry  income  and  lease
breakage income.                                                 
                                                                 
   The  terms of the mortgage loans require the borrowers to make
equal  installment  payments over the term of  the  loans.   Each
payment  consists of interest on the unpaid balance of the  loans
and  a  reduction of loan principal.  The interest paid on  these
loans  decreases each period, while the portion  applied  to  the
loan  principal  increases each period.  As  a  result,  interest
expense  was  $435,000 and $442,000, respectively, and  principal
paid  was  $93,000 and $86,000, respectively, for the three-month
periods ended March 31, 1998 and 1997.                           
                                                                 
   Depreciation expense for the three-month periods  ended  March
31,  1998  and  1997  was  $304,000 and  $292,000,  respectively.
Amortization expense for the three-month periods ended March  31,
1998 and 1997 was $24,000 and $25,000, respectively.             
                                                                 
   For the three-month periods ended March 31, 1998 and 1997,  of
the  total  property  improvements in the  aggregate  amounts  of
$168,000   and  $115,000,  respectively,  $49,000  and   $36,000,
respectively,  were  classified  as  refurbishment  expenses  for
financial statement purposes.  The remaining balances of $119,000
and   $79,000,  respectively,  were  capitalized  for   financial
statement purposes.                                              
                                                                  
   Interest  income for the three-month periods ended  March  31,
1998  and  1997  was  $17,000  and 18,000,  respectively.   ORP's
partnership  administrative expenses for the three-month  periods
ended   March  31,  1998  and  1997  were  $44,000  and  $50,000,
respectively.                                                    
                                                                 
<PAGE 9>                                                         
<TABLE>                                                                        
----------------------------------------------------------------------------------------------------------------------------
<CAPTION>                                                                                                                   
Average Occupancy                                                                                                            
                                                                                                                             
----------------------------------------------------------------------------------------------------------------------------
                                                                                                                             
The average occupancy for each of the four investment properties is shown in the following chart:                            
                                                                                                                             
                                                      For the Quarter Ended                                                  
                                       --------------------------------------------------------                              
Property/               Acquisition                                                                                          
Location                   Date        3/31/97     6/30/97     9/30/97     12/31/97     3/31/98                              
----------------------------------------------------------------------------------------------------------------------------
<S>                       <C>            <C>         <C>         <C>          <C>        <C>                                
Fairlane                  12/23/85       96%         97%         98%          94%        91%                                
Dearborn, Michigan                                                                                                          
The Landings              10/31/84       86%         91%         94%          93%        94%                                
Indianapolis, Indiana                                                                                                             
Raven Hill                12/24/86       94%         97%         97%          98%        98%                                      
Burnsville, Minnesota                                                                                                             
Shadow Oaks               02/07/85       94%         92%         95%          98%        97%                                      
Tampa, Florida                                                                                                                    
----------------------------------------------------------------------------------------------------------------------------
</TABLE>                                                                    
                                                                            
<TABLE>                                                                                                                     
----------------------------------------------------------------------------------------------------------------------------
<CAPTION>                                                                                                                   
Summary of Project Data (in thousands)                                                                                      
                                                                                                                            
----------------------------------------------------------------------------------------------------------------------------
                                                                  1998 Operating Results through 3/31/98 (in thousands)     
                                                       _____________________________________________________________________
                                                                                                                            
                                     Average Rent                                                                           
                                     Collected<F1>                                    NOI                           NOI     
                                     ---------------                           Before Property                     Before   
Property/                   No. of   March    March    Apartment  Apartment    Improvements      Property           Debt    
Location                    Units    1998     1997      Revenues   Expenses   & Debt Service   Improvements<F2>   Service   
----------------------------------------------------------------------------------------------------------------------------
<S>                          <C>      <C>      <C>      <C>           <C>          <C>            <C>              <C>      
Fairlane East                244      $970     $941     $  659        $247         $  412         $ 53             $359     
Dearborn, Michigan                                                                                                          
The Landings                 150      $600     $581        263          93            170           17              153     
Indianapolis, Indiana                                                                                                       
Raven Hill                   304      $715     $681        652         333            318           25              293     
Burnsville, Minnesota                                                                                                       
Shadow Oaks                  200      $471     $466        291         159            133           73               60     
Tampa, Florida                                                                                                              
----------------------------------------------------------------------------------------------------------------------------
     Total                   898                        $1,865        $832         $1,033         $168             $865     
============================================================================================================================
<FN>                                                                                                                        
<F1> Represents net rental revenue collected for the month divided by the average number of units occupied during the month.
<F2> Represents total property improvement costs, including capitalized costs totaling $119,000 incurred during the quarter 
     ended March 31, 1998.                                                                                                  
</FN>                                                                                                                      
</TABLE>                                                                    
                                                                 






























<PAGE 10>                                                              
Oxford Residential Properties I Limited Partnership and Subsidiaries
--------------------------------------------------------------------
Consolidated Balance Sheets (in thousands)                          
--------------------------------------------------------------------
<TABLE>                                                             
<CAPTION>                                                           
                                  March 31, 1998   December 31, 1997
                                   (Unaudited)                        
--------------------------------------------------------------------
<S>                                      <C>            <C>          
Assets                                                              
  Investment properties, at cost                                    
    Land                                 $ 3,681        $ 3,681     
    Buildings and improvements, net                                  
      of accumulated depreciation                                    
      of $15,131 and $14,827,                                        
      respectively                        20,557         20,742     
--------------------------------------------------------------------
        Total Investment Properties       24,238         24,423       
-------------------------------------------------------------------- 
Cash and cash equivalents                  1,461          1,068       
Working capital reserve                       84            435        
Tenant security deposits                     169            163       
Deferred costs, net of amortization                                      
of $2,517 and $2,493, respectively           400            424       
Other assets                               1,112          1,028      
--------------------------------------------------------------------
                                           3,226          3,118       
--------------------------------------------------------------------
        Total Assets                     $27,464        $27,541     
====================================================================
                                                                    
Liabilities and Partners' Capital                                   
  Liabilities                                                       
    Mortgage notes payable               $21,052        $21,145      
    Accounts payable and accrued                                     
      expenses                               493            471      
    Distributions payable                      0            243      
    Other liabilities                        597            560      
    Tenant security deposits                 169            163     
--------------------------------------------------------------------
        Total Liabilities                 22,311         22,582      
--------------------------------------------------------------------
                                                                    
Partners' Capital                                                   
  General Partners                        (1,028)        (1,032)        
  Assignor Limited Partner                     1              1       
  Assignee Unit Holders (25,714                                        
    Assignee Units issued                                             
    and 24,325 outstanding)                6,180          5,990     
--------------------------------------------------------------------
        Total Partners' Capital            5,153          4,959       
--------------------------------------------------------------------
        Total Liabilities and                                       
          Partners' Capital              $27,464        $27,541     
====================================================================
      The accompanying notes are an integral part of these          
               consolidated financial statements.                          
</TABLE>                                                            
<PAGE 11>                                                           
Oxford Residential Properties I Limited Partnership and Subsidiaries
--------------------------------------------------------------------
Consolidated Statements of Operations (in thousands, except Net     
Income per Assignee Unit and Weighted average number of Assignee    
Units Outstanding) (Unaudited)                                      
--------------------------------------------------------------------
<TABLE>                                                             
<CAPTION>                                                           
                                        Three months ended March 31,
                                        ----------------------------
                                            1998            1997     
--------------------------------------------------------------------
<S>                                       <C>             <C>       
Apartment Revenues                                                  
  Rental income                           $ 1,808         $ 1,727   
  Other income                                 57              83   
--------------------------------------------------------------------
        Total Apartment Revenues            1,865           1,810   
--------------------------------------------------------------------
                                                                    
Apartment Expenses                                                  
  Maintenance                                 249             252      
  Operating                                   180             197    
  Administrative                              114              98    
  Property management fees                     94              90    
  Property taxes                              169             230    
  Marketing                                    26              28    
--------------------------------------------------------------------   
        Total Apartment Expenses              832             895        
--------------------------------------------------------------------
                                                                     
Net Operating Income                        1,033             915     
--------------------------------------------------------------------
                                                                     
Other Deductions                                                     
  Interest expense                            435             442     
  Depreciation and amortization               328             317    
  Refurbishment expenses                       49              36   
  Interest income                             (17)            (18)  
  Partnership administrative expenses          44              50   
--------------------------------------------------------------------
        Total Other Deductions            $   839         $   827     
--------------------------------------------------------------------
Net Income                                $   194         $    88   
====================================================================
Net Income Allocated to Assignee Unit                               
  Holders                                 $   190         $    86   
====================================================================
Net Income per Assignee Unit              $  7.81         $  3.49   
====================================================================
Weighted average number of Assignee                                   
  Units Outstanding                        24,325          24,657   
====================================================================
                                                                    
      The accompanying notes are an integral part of these          
               consolidated financial statements.                   
</TABLE>                                                            
                                                                     
                                                                    
<PAGE 12>                                                           
Oxford Residential Properties I Limited Partnership and Subsidiaries 
--------------------------------------------------------------------
Consolidated Statement of Partners' Capital (in thousands)           
--------------------------------------------------------------------
<TABLE>                                                              
<CAPTION>                                                            
                                                                     
             For the period December 31, 1997 through March 31, 1998
             -------------------------------------------------------
                             Limited Partners'                        
                                 Interests                             
                            -------------------                        
                            Assignee   Assignor                        
                              Unit     Limited    General            
                            Holders    Partner    Partners    Total  
--------------------------------------------------------------------
<S>                         <C>          <C>     <C>         <C>     
Balance, December 31, 1997  $5,990       $1      $(1,032)    $4,959  
--------------------------------------------------------------------
                                                                       
Net income, March 31, 1998     190        0            4        194  
                                                                      
--------------------------------------------------------------------
Balance, March 31, 1998                                              
  (Unaudited)               $6,180       $1      $(1,028)    $5,153  
====================================================================
                                                                      
         The accompanying notes are an integral part of these        
                    consolidated financial statements.              
</TABLE>                                                             





























<PAGE 13>                                                           
Oxford Residential Properties I Limited Partnership and Subsidiaries
--------------------------------------------------------------------
Consolidated Statements of Cash Flows (in thousands)                
(Unaudited)                                                          
--------------------------------------------------------------------
<TABLE>                                                             
<CAPTION>                                                           
                                        Three months ended March 31,
                                        ----------------------------
                                             1998           1997       
--------------------------------------------------------------------
<S>                                         <C>            <C>        
Operating activities                                                  
  Net income                                $  194         $   88     
  Adjustments to reconcile net income                                 
    to net cash provided by operating                                
    activities:                                                     
      Depreciation and amortization            328            317        
  Changes in assets and liabilities:                                
    Tenant security deposits liability           6             16         
    Tenant security deposits                    (6)           (16)         
    Other assets                               (84)          (135)         
    Accounts payable and accrued                                     
      expenses                                  22             85         
    Other liabilities                           37             36         
--------------------------------------------------------------------
Net cash provided by operating activities      497            391        
-------------------------------------------------------------------- 
                                                                    
Investing activities                                                
  Working capital reserve                      351            277     
  Additions to investment properties          (119)           (79)    
--------------------------------------------------------------------
Net cash provided by (used in) investing                             
   activities                                  232            198        
--------------------------------------------------------------------
                                                                    
Financing activities                                                 
  Distributions paid                          (243)          (185)    
  Mortgage principal paid                      (93)           (86)   
--------------------------------------------------------------------
Net cash used in financing activities         (336)          (271)     
--------------------------------------------------------------------
Net increase (decrease) in cash and                                   
   cash equivalents                            393            318   
Cash and cash equivalents, beginning                                 
   of period                                 1,068          1,106   
--------------------------------------------------------------------
Cash and cash equivalents, end of                                     
   period                                   $1,461         $1,424   
====================================================================
                                                                     
      The accompanying notes are an integral part of these          
               consolidated financial statements.                   
</TABLE>                                                            
                                                                     
                                                                 
<PAGE 14>                                                           
-----------------------------------------------------------------
Notes to Consolidated Financial Statements                            
-----------------------------------------------------------------
                                                                    
Note 1.  Financial Statements.                                   
                                                                       
   The  consolidated financial statements reflect all adjustments
which,  in  the  opinion  of  Oxford  Residential  Properties   I
Corporation, the managing general partner (the "Managing  General
Partner")  of Oxford Residential Properties I Limited Partnership
("ORP" or the "Partnership"), are necessary to present fairly the
Partnership's  Consolidated Balance Sheets as of March  31,  1998
and  December 31, 1997, the Consolidated Statements of Operations
for  the  three-month periods ended March 31, 1998 and 1997,  the
Consolidated Statement of Partners' Capital as of March 31, 1998,
and the Consolidated Statements of Cash Flows for the three-month
periods  ended  March 31, 1998 and 1997, according  to  generally
accepted  accounting principles.  Although the  Managing  General
Partner  believes the disclosures presented are adequate to  make
the  information not misleading, these statements should be  read
in conjunction with the audited consolidated financial statements
and the notes included in the Partnership's Annual Report for the
year ended December 31, 1997.                                    
                                                                 
   For  financial reporting purposes, the net income per assignee
unit  of  limited partnership of ORP ("Assignee Unit")  has  been
calculated  by  dividing  the portion of  the  Partnership's  net
income  allocable to Assignee Unit Holders (98%) by the  weighted
average  of  Assignee Units outstanding.  In all computations  of
earnings  per  Assignee Unit, the weighted  average  of  Assignee
Units outstanding during the period constitutes the basis for the
net   income  amounts  per  Assignee  Unit  on  the  Consolidated
Statements of Operations.                                        
                                                                 
Note 2.  Transactions with Affiliates.                           
                                                                 
   The  Partnership has no directors or officers.   The  Managing
General  Partner  and its affiliates do not  receive  any  direct
compensation, but receive fees and are reimbursed by ORP for  any
actual direct costs and expenses incurred in connection with  the
operation of the Partnership.                                    
                                                                 
   Expense reimbursements are for an affiliate's personnel costs,
travel expenses and interest on interim working capital advances,
which  were  not covered separately by fees. Total reimbursements
to the Managing General Partner and its affiliates for the three-
month period ended March 31, 1998, were approximately $24,000 for
administrative and accounting-related costs, compared to  $25,000
for the same period in 1997.                                     
                                                                 
   An  affiliate of NHP Management Company, the property manager,
has  a  separate services agreement with Oxford Realty  Financial
Group,  Inc.  ("ORFG"),  an affiliate  of  the  Managing  General
Partner, pursuant to which ORFG provides certain services to  NHP
in  exchange for service fees in an amount equal to 25.41% of all
fees  collected  by NHP from certain properties, including  those
owned by the Partnership.                                        
                                                                 

Note 3.  Other Liabilities                                        
                                                                  
   Other  Liabilities.  Under the Property Management  Agreements
with NHP Management Company, the management fee is equal to 5% of
gross collections for all properties; however, 40% of this fee is
subordinated until certain distribution preference levels to  the
Limited Partners or Assignee Unit Holders are achieved.  Property
management  fees  of  $37,000  and $36,000  for  the  three-month
periods  ended March 31, 1998 and 1997, respectively,  have  been
deferred.  The Managing General Partner has determined  that  the
property manager is not an affiliate of the Partnership.         
                                                                  
Note 4.  Mortgage Notes Payable.                                  
                                                                 
   Effective January 12, 1994, separate mortgage loans were  made
to  each  of the four ownership entities (as discussed  in  prior
reports)   in   the  aggregate  original  principal   amount   of
$22,362,000.   These mortgage loans are not cross-collateralized,
nor  are  they  cross-defaulted.  Each note bears interest  at  a
fixed  rate of 8.25% per annum and matures on February 11,  2004.
The total monthly principal and interest payment is $176,000.  As
of  March  31, 1998, the total outstanding balance  of  the  four
mortgage  notes payable was $21,052,000.  The properties  are  in
compliance  with their respective debt service agreements  as  of
March 31, 1998.                                                  
                                                                 
<PAGE 15>                                                        
-----------------------------------------------------------------
Notes to Consolidated Financial Statements                       
-----------------------------------------------------------------
                                                                 
The individual outstanding mortgage notes payable as of March 31,
1998, and monthly debt service are as follows:                   
                                                                 
<TABLE>                                                          
<CAPTION>                                                         
                                                                  
-------------------------------------------------------------------
Property Collateralizing Debt         Outstanding      Monthly     
 (in thousands)                        Mortgage    Debt Service<F1>
-------------------------------------------------------------------
<S>                                      <C>              <C>        
Fairlane East, Dearborn, Michigan        $ 9,673         $ 81      
The Landings, Indianapolis, Indiana        3,189           26      
Raven Hill, Burnsville, Minnesota          4,872           41      
Shadow Oaks, Tampa, Florida                3,318           28        
-------------------------------------------------------------------
                                         $21,052         $176      
===================================================================
<FN>                                                               
<F1> Includes principal and interest.                              
</FN>                                                              
</TABLE>                                                            







<PAGE 16>                                                        
-----------------------------------------------------------------
Instructions for Investors who wish to reregister or transfer ORP
Assignee Units                                                   
-----------------------------------------------------------------

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

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

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

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

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

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

  The  Quarterly Report on Form 10-Q for the quarter ended  March
  31,  1998,  filed with the Securities and Exchange  Commission,
  is  available to Assignee Unit Holders and may be  obtained  by
  writing:
                                
                                
                        Investor Services
       Oxford Residential Properties I Limited Partnership
                          P.O. Box 7090
                    Troy, Michigan 48007-9921
                                
                         (248) 614-4550