<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 June 30, 1997

                               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   13  through  19 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  six-month  period  ended  June  30,  1997,   
is   incorporated   herein   by    reference   to    sequentially
numbered  pages 6   through  12  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   known  by  the  Managing  General  Partners   whose
potential effects are considered to be material.

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 13 through 19).

(20) Report furnished to security holders.

     Oxford   Residential  Properties  I  Limited   Partnership's
     Quarterly  Report  (Unaudited) dated June 30,  1997, follows 
     on sequentially numbered pages 5 through 21 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: 08/21/97    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: 08/21/97    By: /S/ Leo E. Zicker
      --------        -------------------------------------------
                      Leo E. Zickler
                      Chairman of the Board of Directors
                        and Chief Executive Officer


Date: 08/21/97    By: /S/ Francis P. Lavin
      --------        -------------------------------------------
                      Francis P. Lavin
                      President


















<PAGE> 5










       OXFORD RESIDENTIAL PROPERTIES I LIMITED PARTNERSHIP

                        Quarterly Report
                           (Unaudited)

                          June 30, 1997
                                




















   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
-----------------------------------------------------------------
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 
June 30,  1997,  and  its  consolidated results of operations for
the  three-  and six-month periods ended June 30, 1997,  and  its
consolidated statements of partners' capital and the  cash  flows
for    the     six-month    period    ended    June   30,   1997.
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  May 25, 1995, an affiliate of ORP and its managing general
partner,  Oxford Residential Properties I Corporation  ("Managing
General  Partner"), completed a tender offer ("Affiliate Tender")
in  which the affiliate acquired 4,997 assignee units of  limited
partnership  of  ORP ("Assignee Units") at a price  of  $332  per
Assignee  Unit.  Subsequent to the termination of  the  Affiliate
Tender, ORP determined that additional Assignee Unit Holders were
interested  in  selling their Assignee Units for the  same  price
offered  in the Affiliate Tender.  On June 20, 1995, ORP  advised
its  Assignee  Unit Holders that it would purchase  on  a  "first
come, first served" basis, at any time on or before September 11,
1995,  unless  sooner terminated, all Assignee  Units  up  to  an
aggregate  of 600 Assignee Units at a price of $332 per  Assignee
Unit,  net  to  the  seller  in cash  without  interest  ("Issuer
Tender").   The Issuer Tender has been extended to  December  31,
1997  with  respect  to  the purchase of  up  to  600  additional
Assignee  Units.  For the period from July 1995 through  December
31, 1996, ORP has purchased, in the  aggregate,  1,057   Assignee
Units.  No Assignee  Units  were  purchased  by  ORP  during  the 
six-month period ended June 30, 1997.  Subsequent  to   June  30,
on  August 15, 1997,  ORP  purchased  an additional  105 Assignee
Units.

   On  August 29, 1997, ORP will pay to its Partners and Assignee
Unit  Holders of record as of June 30, 1997, a  cash distribution  
for  the  first half  of  1997 in the amount of $247,000, or  $10
per Assignee Unit,  representing an annualized return of  2%  for 
1997  based  on  the  original cost of $1,000  per Assignee Unit. 

Liquidity and Capital Resources

   Current   Position.     At    June  30,  1997,    ORP     held
$1,786,000  in cash and cash equivalents and the working  capital
reserve,  compared  to  $1,560,000 at  December  31,  1996.   The
increase  of  $226,000 is primarily attributable to increases  in
property  net operating incomes offset by distributions  made  on
March  1,  1997  to  Partners of record as of December  31,  1996
totaling   $185,000,   and  the  payment  of ORP's administrative  
expenses  during  the  six-months   ended  June 30, 1997 totaling
$146,000.

<PAGE> 7
-----------------------------------------------------------------
Report of Management
-----------------------------------------------------------------

   Other  Assets  shown on the accompanying consolidated  Balance
Sheet   decreased  by   $5,000  to  $968,000  at   June 30, 1997,
from   $973,000   at  December 31, 1996.   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  $857,000
at  June  30,  1997.    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  $30,000  and  $81,000  at  June  30,
1997, respectively, are also  included  in  Other Assets.

    Unamortized  deferred  costs  relating  to  organization  and
refinancing  costs  (discussed in  prior  reports)  at  June  30,
1997 were $473,000,  compared  to  $522,000 at December 31, 1996.  
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 net cash flow generated  from  the
other investment properties, if any, working capital reserves, if
any,  or  borrowings  by  ORP.   Property  improvements  in   the
aggregate   amount  of  $470,000  were  made  for  the  six-month
period ended June 30, 1997, compared to $288,000  for   the  same  
period in 1996.   Of  the   $470,000  of  property  improvements,  
$356,000 was capitalized for financial statement purposes for the 
six-month period ended June 30, 1997, compared to $183,000 of the 
$288,000 of property improvements for the same period in 1996.

       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 June  30, 1997 and December  31,  1996,
deferred property management fees to NHP amounted to $484,000 and
$411,000, respectively, and are reflected as Due to Affiliates in
the financial statements.











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

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  June  30,
1997, as compared  to  the  quarter  ended  June  30, 1996, is as 
follows:

<TABLE>
-----------------------------------------------------------------
<CAPTION>
                          Three months ended    Six months ended
                                June 30,            June 30,
                          ------------------    -----------------   
                            (in thousands)        (in thousands)
Property                     1997     1996      1997       1996
----------------------------------------------------------------- 
<S>                          <C>      <C>     <C>        <C>
Fairlane East,
  Dearborn, MI               $413     $425    $  824     $  811
The Landings,               
  Indianapolis, IN            124      139       249        248
Raven Hill, 
  Burnsville, MN              282      272       542        517
Shadow Oaks, 
  Tampa, FL                   145      115       264        242
----------------------------------------------------------------- 
Total Net Operating Income   $964     $951    $1,879     $1,818
=================================================================
</TABLE>

       Three months ended June 30, 1997 versus three months
                      ended June 30, 1996

    In  the  aggregate,  the net operating  income,  before  debt
service,   refurbishment  expenses,  and   capitalized   property
improvements,  reported  by ORP for the quarter  ended  June  30,
1997,    increased     by  1.4%    compared    to    the  quarter
ended  June  30,  1996.  Set forth below is a discussion  of  the
properties  which  compares their respective operations  for  the
three-month periods ended June 30, 1997 and 1996.

Fairlane East

    Fairlane  East's net operating income for the  quarter  ended
June   30,  1997  decreased   by  2.8%  from   the   same  period
in  1996  due to a 4.7% increase in revenues offset by  an  18.6%
increase  in  apartment  expenses.   The  increase  in  apartment
expenses  is primarily attributable to an increase in maintenance
and  marketing  expenses,  and  an  increase  in  property  taxes
due to a recent assessment.  During the three-month period  ended   
June 30, 1997,  the  Partnership  expended  $81,000  on  property  
improvements,  including   $63,000  capitalized  for   accounting 
purposes.

<PAGE> 9
-----------------------------------------------------------------
Report of Management
-----------------------------------------------------------------

The Landings

    The  Landings'  net operating income for  the  quarter  ended
June   30,  1997    decreased      by   10.8%   from   the   same
period  in  1996  due  to a 1.9% decrease in revenues  and  a  8%
increase  in  apartment expenses.  The decrease in  revenues  was
primarily attributable to a 4.3% decrease in rental income offset
by  a 41.5 % increase in other income.  The increase in apartment
expenses  is primarily attributable to an increase in maintenance
and administrative expenses.  During the three-month period ended
June  30,  1997,   the    Partnership    expended   $29,000    on
property   improvements,   including  $16,000   capitalized   for
accounting purposes.

Raven Hill

    Raven  Hill's  net  operating income for  the  quarter  ended
June  30, 1997  increased  by  3.7%   from   the   same    period
in  1996  due  to a 5.5% increase in revenues offset  by  a  6.9%
increase  in  apartment  expenses.   The  increase  in  apartment
expenses   is   primarily  attributable   to   an   increase   in
maintenance   expenses   and   property   taxes.    During    the
three-month period ended June 30, 1997, the Partnership  expended  
$215,000    for   property   improvements,   including   $185,000
capitalized for accounting purposes.

Shadow Oaks

    Shadow  Oaks'  net  operating income for  the  quarter  ended
June   30,   1997    increased   by     26.1%    from   the  same
period  in 1996 due to a 17.5% increase in revenues offset  by  a
11.1%   increase  in  apartment  expenses.   Most of  the revenue 
increase is attributable to an amount paid by a  laundry  service 
vendor in connection with a new five-year contract.  The increase
in apartment expenses  is  primarily attributable  to an increase 
in  maintenance   and  administrative expenses due to an increase 
in tenant turnover. During the  three-month period ended June 30, 
1997, the  Partnership expended $30,000 on property improvements, 
including $13,000 capitalized for accounting purposes.

         Six months ended June 30, 1997 versus six months
                      ended June 30, 1996

    In  the  aggregate,  the net operating  income,  before  debt
service and refurbishment expenses, reported by ORP for the  six-
month    period     ended   June   30,   1997    increased     by
$61,000,  or  3.4%, compared to the same period  in  1996.    Set
forth  below  is  a discussion of the properties  which  compares
their  respective  operations  for the  six-month  periods  ended
June 30, 1997 and 1996.





<PAGE> 10
-----------------------------------------------------------------
Report of Management
-----------------------------------------------------------------

Fairlane East

    Fairlane East's net operating income for the six-month period
ended  June  30, 1996 increased by 1.6% from the same  period  in
1996,  primarily due to a 4.1% increase in revenues offset  by  a
8.2%  increase in apartment expenses.  The increase in  apartment
expenses  is primarily attributable to an increase in maintenance
expenses and property taxes.  Average occupancy for the six-month
periods    ended    June  30,   1997   decreased   to   97%  from
98%  compared  to the same period in 1996.  During the  six-month
period    ended     June 30,   1997,   ORP   expended $136,000 on
property   improvements,  including  $105,000   capitalized   for
accounting  purposes.  The Managing General  Partner  anticipates
slightly lower spending levels on property improvements in  1997,
as compared to the year ended December 31, 1996.

The Landings

    The  Landings' net operating income for the six-month  period
ended     June    30,    1997    increased    less    than     1%
from the same period in 1996, primarily due to a 1.2% increase in
revenues  offset  by  a 2% increase in apartment  expenses.   The
increase  in apartment expenses is primarily attributable  to  an
increase  in  operating, administrative and  marketing  expenses.
Average    occupancy   for    the    six-month    period    ended 
June  30, 1997 decreased  to  89%  from 94%, compared to the same
period  in  1996.  The decrease in occupancy level  is  primarily
attributed  to increased home buying  and  market competition for 
the  Landings  area.  During the six-month period ended June  30,  
1997, ORP expended $56,000  on property improvements,   including  
$31,000 capitalized for accounting purposes. The Managing General 
Partner anticipates slightly lower  spending levels  on  property  
improvements in 1997 as compared to the year  ended  December 31, 
1996.

Raven Hill

    Raven  Hill's  net operating income for the six-month  period
ended   June   30,   1997   increased   by   4.8%  from the  same
period  in  1996,  primarily due to a 4.4% increase  in  revenues
offset by a 4.2% increase in apartment expenses.  The increase in
apartment  expenses is primarily attributable to an  increase  in
operating  and marketing expenses, and an increase  in   property
taxes,   which were offset by a decrease in maintenance expenses.
Average  occupancy  for  the  six-month  period  ended  June  30,
1997  increased  to   96%   from   94%,   compared   to  the same
period    in    1996.    During   the   six-month  period   ended 
June   30,   1997,   ORP    expended     $234,000   on   property
improvements,  including  $195,000  capitalized  for   accounting
purposes.     The    Managing   General    Partner    anticipates
higher   spending    levels   on    property   improvements    in
1997,  as  compared to the year ended December 31,  1996  due  to
siding and window replacements.


<PAGE> 11
-----------------------------------------------------------------
Report of Management
-----------------------------------------------------------------

Shadow Oaks

    Shadow  Oaks'  net operating income for the six-month  period
ended   June   30,   1997   increased   by   9.1%  from the  same
period  in  1996,  primarily due to a 7.7% increase  in  revenues
offset by a 6.6% increase in  apartment  expenses.  Most  of  the 
revenue increase is attributable to  an  amount paid by a laundry 
service vendor in connection with a new five-year contract.   The 
increase in apartment  expenses  is primarily attributable to  an 
increase  in  maintenance  and  operating  expenses.  The average  
occupancy  for the   six-month   period   ended   June   30, 1997
and 1996 was 93%. During  the six-month   period   ended June 30, 
1997, ORP expended $44,000 on property  improvements,   including
$25,000   capitalized  for  accounting  purposes.   The  Managing
General  Partner anticipates slightly higher levels  of  property
improvements will be necessary in 1997 as compared  to  the  year
ended December 31, 1996.

Consolidated Statements of Operations-Other Income and Deductions

   Other income was $197,000 and $131,000, respectively, for  the
six-month   periods   ended   June   30,   1997   and  1996. 

   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  $883,000 and $896,000, respectively, and  principal
paid  was  $173,000 and $160,000, respectively, for the six-month
periods ended June 30, 1997 and 1996.

   Depreciation  expense   for  the   six-month   periods   ended
June   30,   1997   and   1996  was   $586,000    and    $567,000
respectively.   Amortization expense for  the  six-month  periods
ended June 30, 1997 and 1996 was $49,000.

   For   the   six-month   periods   ended   June  30, 1997  and
1996, of the total property improvements in the aggregate amounts
of $470,000 and  $288,000,   respectively, $114,000 and $105,000,
respectively,  were  classified  as  refurbishment  expenses  for
financial statement purposes.  The remaining balances of $356,000
and   $183,000,   respectively, were  capitalized  for  financial
statement purposes.  The increase in property improvements is due
primarily to siding and window replacements at Raven Hill  during
the six-months ended June 30, 1997.

   Interest  income  for  the six-month periods  ended  June  30,
1997 and 1996 was $40,000 and $39,000, respectively.

   ORP's  partnership administrative expenses for  the  six-month
periods   ended   June   30,  1997  and   1996   were    $112,000
and $122,000, respectively.

<PAGE> 12
<TABLE>
-------------------------------------------------------------------------------------------------------------
Average Occupancy                                                                                            
-------------------------------------------------------------------------------------------------------------
<CAPTION>
                                                                                                             
The average occupancy for each of the four investment properties is shown in the following chart:            
                                                                                                             
                                                                    For the Quarter Ended                    
Property/                        Acquisition      -----------------------------------------------------------
Location                             Date         3/31/96   6/30/96   9/30/96   12/31/96   3/31/97   6/30/97 
-------------------------------------------------------------------------------------------------------------
<S>                                <C>              <C>       <C>       <C>        <C>       <C>       <C>
Fairlane East                      12/23/85         97%       98%       97%        98%       96%       97%   
Dearborn, Michigan                                                                                           
The Landings                       10/31/84         91%       96%       96%        92%       86%       91%   
Indianapolis, Indiana                                                                                        
Raven Hill                         12/24/86         92%       95%       92%        92%       94%       97%   
Burnsville, Minnesota                                                                                        
Shadow Oaks                         2/07/85         93%       92%       93%        90%       94%       92%   
Tampa, Florida                                                                                               
-------------------------------------------------------------------------------------------------------------
Summary of Project Data (in thousands)                                                                       
=============================================================================================================
                                                    1997 Operating Results through 6/30/97 (in thousands)    
                                              ---------------------------------------------------------------
                                Average Rent                                                                 
                                Collected<F1>                          NOI                                   
                                -------------                    Before Property                      NOI    
Property/            Number of  June     June Apartment Apartment  Improvements    Property      Before Debit
Location               Units    1997     1996 Revenues  Expenses  & Debt Service Improvements<F2>  Service   
-------------------------------------------------------------------------------------------------------------
<S>                     <C>     <C>      <C>   <C>      <C>           <C>           <C>            <C>
Fairlane East           244     $950     $908  $1,363   $  539        $  824        $136           $  688    
Dearborn, Michigan                                                                                           
                                                                                                             
The Landings            150     $590     $579     515      266           249          56              193    
Indianapolis, Indiana                                                                                        
                                                                                                             
Raven Hill              304     $682     $678   1,251      709           542         234              308    
Burnsville, Minnesota                                                                                        
                                                                                                             
Shadow Oaks             200     $439     $438     572      308           264          44              220    
Tampa, Florida                                                                                               
-------------------------------------------------------------------------------------------------------------
     Total              898                    $3,701   $1,822        $1,879        $470           $1,409    
=============================================================================================================
<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 $356,000, incurred 
      during the six-month period ended June 30, 1997.
</FN>

</TABLE>

















<PAGE> 13

Oxford Residential Properties I Limited Partnership and Subsidiaries
------------------------------------------------------------------------------
Consolidated Balance Sheets (in thousands)
------------------------------------------------------------------------------
<TABLE>
<CAPTION>
                                             June 30, 1997   December 31,1996
                                              (Unaudited)
------------------------------------------------------------------------------
<S>                                              <C>               <C>
Assets                                                                       
  Investment properties, at cost                                           
    Land                                         $ 3,681           $ 3,681
    Buildings and improvements, net of                                        
      accumulated depreciation  of                                            
      $14,246 and $13,656, respectively           20,759            20,989
------------------------------------------------------------------------------
        Total Investment Properties               24,440            24,670
------------------------------------------------------------------------------
                                                                             
  Cash and cash equivalents                          975             1,106
  Working capital reserve                            811               454
  Tenant security deposits                           158               135
  Deferred costs, net of amortization of                                      
    $2,444 and $2,395, respectively                  473               522
  Other assets                                       968               973
------------------------------------------------------------------------------
                                                   3,385             3,190
------------------------------------------------------------------------------
        Total Assets                             $27,825           $27,860
==============================================================================
                                                                              
Liabilities and Partners' Capital                                              
  Liabilities                                                                   
    Mortgage notes payable                       $21,327           $21,501
    Accounts payable and accrued expenses            525               472
    Distributions payable                            247               185
    Due to affiliates                                484               411
    Tenant security deposits                         158               135
------------------------------------------------------------------------------
        Total Liabilities                         22,741            22,704
------------------------------------------------------------------------------
                                                                               
Partners' Capital                                                             
  General Partners                                (1,036)           (1,040)   
  Assignor Limited Partner                             1                 1
  Assignee Unit Holders (25,714 Assignee                                     
    Units issued and 24,657 outstanding)           6,119             6,195
------------------------------------------------------------------------------
        Total Partners' Capital                    5,084             5,156
------------------------------------------------------------------------------
        Total Liabilities and                                                
          Partners' Capital                      $27,825           $27,860
==============================================================================
      The accompanying notes are an integral part of these consolidated
                         financial statements.
</TABLE>
<PAGE> 14

Oxford Residential Properties I Limited Partnership and Subsidiaries
------------------------------------------------------------------------------
Consolidated Statements of Operations (in  thousands,  except  Net Income per 
(Unaudited)                            Assignee  Unit  and  weighted  average  
                                       number  of   Assignee   Units 
                                       Outstanding)
------------------------------------------------------------------------------
<TABLE>
<CAPTION>
                         Three months ended June 30, Six months ended June 30,
                         --------------------------- ------------------------- 
                                1997       1996             1997      1996
------------------------------------------------------------------------------
<S>                           <C>        <C>              <C>       <C>
Apartment Revenues                                                          
  Rental income               $1,777     $1,730           $3,504    $3,416
  Other income                   114         56              197       131
------------------------------------------------------------------------------
  Total Apartment Revenues     1,891      1,786            3,701     3,547
------------------------------------------------------------------------------
Apartment Expenses                                                       
  Maintenance                    317        252              569       540
  Operating                      145        150              342       317
  Administrative                 112        102              210       211
  Property management fees        94         89              184       177
  Property taxes                 230        217              460       435
  Marketing                       29         25               57        49
------------------------------------------------------------------------------
 Total Apartment Expenses        927        835            1,822     1,729
------------------------------------------------------------------------------
Net Operating Income             964        951            1,879     1,818
==============================================================================
Other Deductions                                                              
  Interest expense               441        447              883       896
  Depreciation and                                                           
    amortization                 318        307              635       616
  Refurbishment expenses          78         58              114       105
  Interest income                (22)       (19)             (40)      (39)
  Partnership administrative                                                 
    expenses                      62         64              112       122
------------------------------------------------------------------------------
  Total Other Deductions         877        857            1,704     1,700
------------------------------------------------------------------------------
Net Income                    $   87     $   94           $  175    $  118
==============================================================================
Net Income Allocated to                                                       
  Assignee Unit Holders       $   85     $   92           $  171    $  116
==============================================================================
Net Income per Assignee Unit  $ 3.44     $ 3.69           $ 6.93    $ 4.63
==============================================================================
Weighted average number of                                                    
  Assignee  Units Outstanding 24,657     24,951           24,657    25,067
==============================================================================
         The accompanying notes are an integral part of these
                 consolidated financial statements.
</TABLE>
  

<PAGE> 15

Oxford Residential Properties I Limited Partnership and Subsidiaries
------------------------------------------------------------------------------
Consolidated Statement of Partners' Capital (in thousands)
------------------------------------------------------------------------------
<TABLE>
<CAPTION>
                        For the period December 31, 1996 through June 30, 1997
                       -------------------------------------------------------
                              Limited Partners' Interests
                            -------------------------------
                            Assignee Unit  Assignor Limited  General
                               Holders        Partner        Partners   Total
------------------------------------------------------------------------------
<S>                             <C>             <C>          <C>       <C>
Balance, December 31, 1996      $6,195          $ 1          $(1,040)  $5,156
------------------------------------------------------------------------------ 

Net income, June 30, 1997          171            0                4      175  
                                                                              
Distribution to Assignee                                                     
  Unit Holders                    (247)           0                0     (247)
------------------------------------------------------------------------------
Balance, June 30, 1997                                                        
  (Unaudited)                   $6,119          $ 1          $(1,036)  $5,084
------------------------------------------------------------------------------

      The accompanying notes are an integral part of these consolidated
                           financial statements.
 
</TABLE>




























<PAGE> 16

Oxford Residential Properties I Limited Partnership and Subsidiaries
------------------------------------------------------------------------------
Consolidated Statements of Cash Flows (in thousands)
(Unaudited)
------------------------------------------------------------------------------
<TABLE>
<CAPTION>
                                                   Six months ended June 30,
                                                   -------------------------
                                                        1997         1996
------------------------------------------------------------------------------
<S>                                                   <C>            <C>
Operating activities                                                         
  Net income                                          $  175         $118
  Adjustments to reconcile net income to                                   
    net cash provided by operating activities:                              
      Depreciation and amortization                      635          616
  Changes in assets and liabilities:                                        
    Tenant security deposits liability                    23           15
    Tenant security deposits                             (23)         (15)
    Other assets                                           5          (89)
    Accounts payable and accrued expenses                 53         (132)
    Due to affiliates                                     73           71
------------------------------------------------------------------------------
Net cash provided by operating activities                941          584
------------------------------------------------------------------------------
                                                                            
Investing activities                                                        
  Working capital reserve                               (357)          85
  Additions to investment properties                    (356)        (183)
------------------------------------------------------------------------------
Net cash used in investing activities                   (713)         (98)
------------------------------------------------------------------------------
Financing activities                                                       
  Distributions paid                                    (185)        (189)
  Mortgage principal paid                               (174)        (160)
  Purchase of Assignee Units                               0          (80)
------------------------------------------------------------------------------
Net cash used in financing activities                   (359)        (429)
------------------------------------------------------------------------------
Net (decrease) increase in cash and cash equivalents    (131)          57
Cash and cash equivalents, beginning of period         1,106          931
------------------------------------------------------------------------------
Cash and cash equivalents, end of period              $  975         $988
==============================================================================

      The accompanying notes are an integral part of these consolidated
                            financial statements.

</TABLE>








<PAGE> 17 
----------------------------------------------------------------
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  June  30,
1997     and    December   31,    1996,     the     Consolidated
Statements  of  Operations for the three- and six-month  periods
ended   June   30,   1997    and   1996,    the     Consolidated
Statement   of   Partners'   Capital   as   of   June 30,  1997,
and  the Consolidated Statements of Cash Flows for the six-month
periods   ended    June  30,   1997   and   1996,  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, 1996.

   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.  ORP reimbursed  affiliates  for
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   six-month   period   ended   June   30,   1997,  were
approximately  $41,000 for administrative and  accounting-related
costs, compared to $30,000 for the same period in 1996.

   Under  the  Property Management Agreements with NHP Management
Company  ("NHP"),  the management fee is equal  to  5%  of  gross
collections  for  all properties; however, 40%  of  this  fee  is
subordinated  to  the  receipt by the Assignee  Unit  Holders  of
certain returns.   Property  management  fees  of $73,000 for the 
six-month   period   ended  June  30,  1997,  have  been deferred
and  are  included  in  Due  to affiliates  in  the  accompanying
Consolidated Balance Sheets.  Cumulative deferred management fees
as   of   June  30,   1997   and   December   31,   1996, totaled
$484,000  and  $411,000, respectively.  NHP also has  a  separate
<PAGE> 18
-----------------------------------------------------------------
Notes to Consolidated Financial Statements
-----------------------------------------------------------------

services  agreement  with  Oxford Realty  Financial  Group,  Inc.
("ORFG"), 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.

   On  May 25, 1995, an affiliate of ORP and its managing general
partner,  Oxford Residential Properties I Corporation  ("Managing
General  Partner"), completed a tender offer ("Affiliate Tender")
in  which the affiliate acquired 4,997 assignee units of  limited
partnership  of  ORP ("Assignee Units") at a price  of  $332  per
Assignee  Unit.  Subsequent to the termination of  the  Affiliate
Tender, ORP determined that additional Assignee Unit Holders were
interested  in  selling their Assignee Units for the  same  price
offered  in the Affiliate Tender.  On June 20, 1995, ORP  advised
its  Assignee  Unit Holders that it would purchase  on  a  "first
come, first served" basis, at any time on or before September 11,
1995,  unless  sooner terminated, all Assignee  Units  up  to  an
aggregate  of 600 Assignee Units at a price of $332 per  Assignee
Unit,  net  to  the  seller  in cash  without  interest  ("Issuer
Tender").   The Issuer Tender has been extended to  December  31,
1997  with  respect  to  the purchase of  up  to  600  additional
Assignee Units.For the period from July 1995 through December 31, 
1996,  ORP has purchased, in the aggregate, 1,057 Assignee Units.  
No Assignee Units were purchased  by  ORP  during  the  six-month
period ended June 30, 1997. Subsequent to  June 30, on August 15,
1997, ORP  purchased  an additional 105 Assignee Units.

Note 3.  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  June   30,   1997,   the   total   outstanding   balance   of
the  four mortgage notes payable was $21,327,000.  The properties
are  in  compliance with their respective debt service agreements
as of June 30, 1997.














<PAGE> 19
-----------------------------------------------------------------
Notes to Consolidated Financial Statements
-----------------------------------------------------------------

   The  individual  outstanding  mortgage  notes  payable  as  of
June  30, 1997, 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     $ 9,799        $ 81
The Landings, Indianapolis, Indiana     3,230          26
Raven Hill, Burnsville, Minnesota       4,936          41
Shadow Oaks, Tampa, Florida             3,362          28
-----------------------------------------------------------------
                                      $21,327        $176
=================================================================
<FN>
<F1> Includes principal and interest.
</FN>

</TABLE>

































<PAGE> 20
-----------------------------------------------------------------
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.






<PAGE> 21
-----------------------------------------------------------------
Instructions for Investors who wish to reregister or transfer ORP
  Assignee Units
-----------------------------------------------------------------

  The  Quarterly  Report  on  Form 10-Q  for  the  quarter  ended
  June 30,   1997,   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