<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 September 30, 1996
                               ------------------
                               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)

                        (301) 654-3100
      Registrant's telephone number, including area code

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 found on page 4.
=================================================================
<PAGE> 2

       OXFORD RESIDENTIAL PROPERTIES I LIMITED PARTNERSHIP
                                
                           FORM 10-Q
                                
                  PART I-FINANCIAL INFORMATION

Item 1.   Financial Statements.
  
   The   Consolidated  Balance  Sheets  for   Oxford  Residential
Properties  I Limited Partnership ("Oxford Residential Properties
I,"  "ORP,"  or the "Partnership") as of September 30,  1996  and
December 31, 1995, the Consolidated Statements of Operations  for
the  three- and nine-month periods ended September 30,  1996  and
1995,  the  Consolidated  Statement of Partners'  Capital  as  of
September 30, 1996, the Consolidated Statements of Cash Flows for
the nine-month periods ended September 30, 1996 and 1995, and the
notes  thereto, in accordance with generally accepted  accounting
principles,   are  incorporated  by  reference  to   sequentially
numbered   pages   14  through  20  of  ORP's  Quarterly   Report
(Unaudited) dated September 30, 1996, attached hereto as  Exhibit
20 (the "Quarterly Report").

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-  and  nine-month   periods   ended
September  30,  1996  is  incorporated  herein  by  reference  to
sequentially  numbered  pages 6 through 13  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 4 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
                                
                           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: 11/19/96 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: 11/19/96 By:  /s/ Leo E. Zickler
      --------      --------------------------------------------
                    Leo E. Zickler
                    Chairman of the Board of Directors and
                       Chief Executive Officer

Date: 11/19/96 By:  /s/ Francis P. Lavin
      --------      --------------------------------------------
                    Francis P. Lavin
                    President


















<PAGE> 4
                               
       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 14 through 20).

(20) Report furnished to security holders.

     Oxford  Residential   Properties  I  Limited   Partnership's
     Quarterly  Report  (Unaudited)  dated  September  30,  1996,
     follows on sequentially numbered pages 5 through 22 of  this
     report.

(27) Financial Data Schedule.
































<PAGE> 5











       OXFORD RESIDENTIAL PROPERTIES I LIMITED PARTNERSHIP

                       Quarterly Report
                          (Unaudited)
                                
                      September 30, 1996




















       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 ("Oxford Residential Properties I," "ORP,"
or  the "Partnership") as of September 30, 1996, its consolidated
results of operations for the three- and nine-month periods ended
September 30, 1996, and its cash flows for the nine-month  period
ended  September  30, 1996.  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 was extended to December  31,  1996
with  respect  to  the purchase of up to 600 additional  Assignee
Units.  Since July 1995, ORP has purchased, in the aggregate, 957
Assignee Units, including 35 Assignee Units purchased in  October
1996 and 12 Assignee Units purchased in November 1996.

Liquidity and Capital Resources

   Current  Position.  At September 30, 1996, ORP held $1,605,000
in  cash  and  cash equivalents and the working capital  reserve,
compared  to  $1,765,000 at December 31, 1995.  The  decrease  of
$160,000  is primarily attributable to increases in property  net
operating  incomes  offset  by:  (i)  the  distributions made  on
February 29, 1996 and August  29, 1996  to  Partners of record as
of  December  31, 1995  and June 30,  1996  totaling $189,000 and
$187,000, respectively (ii) the purchase of Assignee Units during
the nine-month period ended September 30, 1996 totaling $127,000,
and (iii) the payment of administrative costs for the  nine-month
period ended September 30, 1996 totaling $122,000.

   Other  Assets shown on the Balance Sheet increased by $247,000
to $1,162,000 at September 30, 1996 from $915,000 at December 31,
1995,  primarily  as  a result of an increase  in  the  Recurring
Replacement  Reserve  Subaccount and  the  Property  Tax  Escrow.
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
<PAGE> 7
-----------------------------------------------------------------
Report of Management
-----------------------------------------------------------------

totaling $1,048,000.  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  $46,000 and $68,000, respectively,  are  also
included in Other Assets.

   Unamortized  deferred  costs  related   to  organization   and
refinancing  costs (discussed in prior reports) at September  30,
1996  were  $546,000, compared to $620,000 at December 31,  1995.
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 and refurbishment expenses and capitalized property
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 $654,000  were  made for the  nine-month  period  ended
September 30,  1996, compared  to $498,000  for the  same  period
in 1995.  Of the $654,000 of property improvements,  $474,000 was
capitalized  for  financial statement purposes for the nine-month
period ended September 30, 1996,  compared  to  $369,000  of  the
$498,000 of property improvements for the same period in 1995.

   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  September  30, 1996 and December 31, 1995, deferred  property
management  fees  to  NHP  amounted  to  $375,000  and  $268,000,
respectively,  and  are reflected as Due  to  Affiliates  in  the
financial statements.

Results of Operations

   The  net  operating income, before debt service, refurbishment
expenses and capitalized property improvements, reported by  each
of  the  four investment properties for the three- and nine-month
periods ended September 30, 1996 and 1995 is as follows:












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

<TABLE>
-----------------------------------------------------------------
<CAPTION>
                            Three months ended  Nine months ended
                                September 30,      September 30,
                            ------------------  -----------------
                               (in thousands)      (in thousands)
Property                        1996    1995       1996      1995
-----------------------------------------------------------------
<S>                             <C>     <C>      <C>       <C>
Fairlane East, Dearborn, MI     $404    $387     $1,215    $1,188
The Landings, Indianapolis, IN   129     112        377       356
Raven Hill, Burnsville, MN       264     277        781       745
Shadow Oaks, Tampa, FL           121     121        363       330
-----------------------------------------------------------------
Total Net Operating Income      $918    $897     $2,736    $2,619
=================================================================
</TABLE>

 Three months ended September 30, 1996 versus three months ended
                      September 30, 1995

   In  the  aggregate,  the  net operating  income,  before  debt
service,   refurbishment   expenses  and   capitalized   property
improvements, reported by ORP for the quarter ended September 30,
1996 increased by $21,000, or 2.3%, compared to the quarter ended
September  30,  1995.   Set forth below is a  discussion  of  the
properties  which  compares their respective operations  for  the
three-month periods ended September 30, 1996 and 1995.

Fairlane East

   Fairlane  East's  net operating income for the  quarter  ended
September  30,  1996 increased by 4.4% from the  same  period  in
1995,  primarily  due to a 2.9% increase in  revenues and a  less
than 1% increase in apartment expenses.  Average  occupancy   for 
the quarter ended September 30,  1996 decreased  to 97%, compared
to 99% for the same period in  1995.  The weighted  average  rent
collected  for  the  month ended September  30, 1996 increased by 
4.1% to $922, compared  to  $886 for   the  same period  in 1995.
During  the  quarter ended September   30,  1996,   ORP  expended
$152,000 on property improvements, including $125,000 capitalized
for   accounting purposes.

The Landings

   The  Landings'  net  operating income for  the  quarter  ended
September  30,  1996 increased by 15.2% from the same  period  in
1995,  due  to a 2.6% increase in revenues and a 7%  decrease  in
apartment  expenses.   The  decrease  in  apartment  expenses  is
primarily  attributable  to a decrease in  maintenance  expenses.
Average  occupancy for the quarters ended September 30, 1996  and
1995  was 96%.  The weighted average rent collected for the month
ended  September 30, 1996 increased by 3.9% to $584, compared  to
<PAGE> 9
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Report of Management
-----------------------------------------------------------------

$562  for  the  same  period in 1995.  During the  quarter  ended
September   30,   1996,   ORP  expended   $25,000   on   property
improvements,   including  $16,000  capitalized  for   accounting
purposes.

Raven Hill

   Raven  Hill's  net  operating  income for  the  quarter  ended
September  30,  1996 decreased by 4.7% from the  same  period  in
1995.  Apartment revenues increased by 3%; however, this increase
was  offset  by  a  9.9%  increase in  apartment  expenses.   The
increase  in apartment expenses is primarily attributable  to  an
increase  in property taxes, marketing and maintenance  expenses.
The  average occupancy for the quarter ended September  30,  1996
decreased  to 92%, compared to 96% for the same period  in  1995.
The   weighted  average  rent  collected  for  the  month   ended
September  30, 1996 increased by 3.7% to $672, compared  to  $648
for   the  same  period  in  1995.   During  the  quarter   ended
September   30,   1996,   ORP  expended  $160,000   on   property
improvements,  including  $141,000  capitalized  for   accounting
purposes.

Shadow Oaks

   Shadow  Oaks'  net  operating income  for  the  quarter  ended
September  30,  1996 remained constant as compared  to  the  same
period in 1995. Revenues increased by 2.3%, but were offset by  a
4%  increase  in  apartment expenses. The increase  in  apartment
expenses is primarily attributable to an increase in maintenance.
The  average occupancy for the quarter ended September  30,  1996
decreased  to 93%, compared to 94% for the same period  in  1995.
The   weighted  average  rent  collected  for  the  month   ended
September 30, 1996 decreased by less than 1% to $438, compared to
$441  for  the  same  period in 1995.  During the  quarter  ended
September   30,   1996,   ORP  expended   $29,000   on   property
improvements,   including  $9,000  capitalized   for   accounting
purposes.

  Nine months ended September 30, 1996 versus nine months ended
                      September 30, 1995

   In  the  aggregate,  the  net operating  income,  before  debt
service,   refurbishment   expenses  and   capitalized   property
improvements,  reported  by ORP for the nine-month  period  ended
September  30, 1996 increased by $117,000, or 4.5%,  compared  to
the  same period in 1995.  Set forth below is a discussion of the
properties  which  compares their respective operations  for  the
nine-month periods ended September 30, 1996 and 1995.

Fairlane East

   Fairlane East's net operating income for the nine-month period
ended  September 30, 1996 increased by 2.3% from the same  period
in 1995, primarily due to a 2.9% increase in revenues offset by a
3.8%  increase in apartment expenses.  The increase in  apartment
<PAGE> 10
-----------------------------------------------------------------
Report of Management
-----------------------------------------------------------------

expenses   is   primarily  attributable   to   an   increase   in
administrative  and operating expenses offset by  a  decrease  in
maintenance  expenses and property taxes.  The average  occupancy
for  the nine-month period ended September 30, 1996 decreased  to
97%,  compared  to 98% for the same period in 1995.   During  the
nine-month period ended September 30, 1996, ORP expended $275,000
on  property  improvements, including  $223,000  capitalized  for
accounting  purposes.  The Managing General  Partner  anticipates
lower  spending  levels  on  property improvements  in  1996,  as
compared to the year ended December 31, 1995.

The Landings

   The Landings' net  operating income for  the nine-month period
ended September 30, 1996 increased by 5.9% from the  same  period 
in 1995, due to a 2.6% increase in revenues and  less  than  a 1%
decrease  in  apartment  expenses.   The  decrease  in  apartment
expenses   is   primarily   attributable   to   a   decrease   in
administrative  and marketing expenses offset by an  increase  in
maintenance  expenses and property taxes.  Average occupancy  for
the  nine-month period ended September 30, 1996 decreased to 94%,
compared  to 95% for the same period in 1995.  During  the  nine-
month  period ended September 30, 1996, ORP expended  $72,000  on
property   improvements,   including  $42,000   capitalized   for
accounting  purposes.  The Managing General  Partner  anticipates
that  slightly  higher  levels of property improvements  will  be
necessary   in  1996  to  maintain  the  property's   competitive
position, as compared to the year ended December 31, 1995.

Raven Hill

   Raven  Hill's  net operating  income for the nine-month period
ended September 30, 1996 increased by 4.8% from the  same  period
in 1995, due to  a   4.9%  increase in  revenues offset by a 4.9%
increase  in  apartment  expenses.   The  increase  in  apartment
expenses  is primarily attributable to an increase in maintenance
and  operating  expenses  which  was  offset  by  a  decrease  in
administrative  expenses.  Average occupancy for  the  nine-month
period ended September 30, 1996 decreased to 93%, compared to 96%
for  the same period in 1995. During the nine-month period  ended
September   30,   1996,   ORP  expended  $248,000   on   property
improvements,  including  $183,000  capitalized  for   accounting
purposes.   The Managing General Partner anticipates that  higher
levels  of  property improvements will be necessary  in  1996  to
maintain the property's competitive position, as compared to  the
year ended December 31, 1995.

Shadow Oaks

   Shadow  Oaks' net  operating  income for the nine-month period 
ended September 30, 1996 increased by 10% from the same period in
1995,  due  to  a  7.4%  increase  in  revenues  offset by a 5.3%
increase  in  apartment  expenses.  The  increase  in   apartment
expenses is primarily attributable to an increase in  maintenance
and operating expenses offset by  a  decrease  in  administrative
<PAGE> 11
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Report of Management
-----------------------------------------------------------------

expenses.  The average occupancy for the nine-month period  ended
September 30, 1996 increased to 93%, compared to 92% for the same
period in 1995. During the nine-month period ended September  30,
1996,  ORP  expended $59,000 on property improvements,  including
$26,000   capitalized  for  accounting  purposes.   The  Managing
General  Partner  anticipates  that  higher  levels  of  property
improvements will be necessary in 1996 to maintain the property's
competitive position, as compared to the year ended December  31,
1995.

Consolidated Statements of Operations-Other Income and Deductions

   Other income was $202,000 and $170,000, respectively, for  the
nine-month  periods  ended September  30,  1996  and  1995.   The
increase  was primarily due to an increase in interest earned  on
certain  escrow  accounts,  and an  increase  in  lease  breakage
income.

   Interest income for the nine-month periods ended September 30,
1996  and  1995  was  $59,000  and  $79,000,  respectively.   The
decrease  was  primarily  due to a  decrease  in  cash  and  cash
equivalents  during  the nine-month period  ended  September  30,
1996.  (See Liquidity and Capital Resources above.)

   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   $1,342,000  and  $1,362,000,  respectively,   and
principal payments were $242,000 and $222,000, respectively,  for
the nine-month periods ended September 30, 1996 and 1995.

   For  the nine-month periods ended September 30, 1996 and 1995,
of  the  total property improvements in the aggregate  amount  of
$654,000   and  $498,000  respectively,  $180,000  and  $129,000,
respectively,  were  classified  as  refurbishment  expenses  for
financial statement purposes.  The remaining balances of $474,000
and   $369,000,  respectively,  were  capitalized  for  financial
statement purposes.

   Depreciation   expense  for   the  nine-month  periods   ended
September   30,   1996  and  1995  was  $846,000  and   $820,000,
respectively.   Amortization expense for the  nine-month  periods
ended  September  30,  1996 and 1995 was  $74,000.   Depreciation
expense  increased  due to the addition of  capitalized  property
improvements  during  the nine-month period ended  September  30,
1996.

   ORP's administrative expenses for the nine-month periods ended
September   30,  1996  and  1995  were  $160,000  and   $173,000,
respectively.


<PAGE> 12
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Report of Management
-----------------------------------------------------------------

   In  the  aggregate,  the  net  income,  after   debt  service,
refurbishment expenses, and other deductions, reported by ORP for
the  nine-month  period  ended September 30,  1996  increased  by
$330,000, or 240.9%, from a $137,000 loss at September 30,  1995,
to  a  $193,000  profit at September 30, 1996.  The  increase  is
primarily  attributed  to a reduction of  $277,000  in  fees  and
expenses  incurred in 1995 in connection with securities  filings
and  related communications with its partners required by ORP  in
response  to certain tender offers and in defense and  settlement
of a lawsuit initiated by a partner (discussed in prior reports).













































<PAGE> 13
<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         3/31/95   6/30/95   9/30/95   12/31/95   3/31/96   6/30/96   9/30/96    
--------------------------------------------------------------------------------------------------------------------------
<S>                                <C>              <C>       <C>       <C>        <C>       <C>       <C>       <C>      
Fairlane East                      12/23/85         98%       98%       99%        99%       97%       98%       97%      
Dearborn, Michigan                                                                                                        
                                                                                                                                 
The Landings                       10/31/84         94%       97%       95%        90%       91%       96%       96%      
Indianapolis, Indiana                                                                                                     
                                                                                                                          
Raven Hill                         12/24/86         95%       95%       93%        95%       92%       95%       92%      
Burnsville, Minnesota                                                                                                      
                                                                                                                             
Shadow Oaks                         2/07/85         91%       88%       95%        94%       93%       92%       93%      
Tampa, Florida                                                                                                             
--------------------------------------------------------------------------------------------------------------------------
Summary of Project Data                                                                                                   
==========================================================================================================================
                                                              1996 Operating Results through 9/30/96 (in thousands)       
                                                      ____________________________________________________________________
                                                                                                                          
                               Average Rent Collected<F1>                       NOI                                        
                               -----------------------                     Before Property                        NOI         
Property/            Number of  September  September    Net     Apartment    Improvements     Property          Before        
Location               Units       1996       1995    Revenues   Expenses   & Debt Service  Improvements<F2> Debt Service     
--------------------------------------------------------------------------------------------------------------------------
<S>                     <C>        <C>        <C>      <C>        <C>           <C>             <C>           <C>          

Fairlane East           244        $922       $886     $1,972     $  757        $1,215          $275          $  940      
Dearborn, Michigan                                                                                                        
                                                                                                                           
The Landings            150        $584       $562        772        395           377            72             305      
Indianapolis, Indiana                                                                                                     
                                                                                                                          
Raven Hill              304        $672       $648      1,801      1,020           781           248             533      
Burnsville, Minnesota                                                                                                      
                                                                                                                          
Shadow Oaks             200        $438       $441        801        438           363            59             304      
Tampa, Florida                                                                                                            
--------------------------------------------------------------------------------------------------------------------------
       Total            898                            $5,346     $2,610        $2,736          $654          $2,082      
==========================================================================================================================
<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 $474,000 incurred through         
      September 30, 1996.
</FN>
</TABLE>














<PAGE> 14

Oxford Residential Properties I Limited Partnership and Subsidiaries
<TABLE>
--------------------------------------------------------------------
Consolidated Balance Sheets (in thousands)
--------------------------------------------------------------------
<CAPTION>
                                        September 30,   December 31,
                                            1996            1995
                                         (Unaudited)
--------------------------------------------------------------------
<S>                                         <C>            <C>
Assets
Investment properties, at cost
 Land                                       $ 3,681        $ 3,681
 Buildings and improvements,
   net of accumulated depreciation
   of $13,369 and $12,523, respectively      21,010         21,382
--------------------------------------------------------------------
  Total Investment Properties                24,691         25,063
--------------------------------------------------------------------
Cash and cash equivalents                     1,108            931
Working capital reserve                         497            834
Tenant security deposits                        139            121
Deferred costs, net of 
   amortization of $2,371 and
   $2,297, respectively                         546            620
Other assets                                  1,162            915
--------------------------------------------------------------------
                                              3,452          3,421
--------------------------------------------------------------------
  Total Assets                              $28,143        $28,484
====================================================================
Liabilities and Partners' Capital
Liabilities
 Mortgage notes payable                     $21,585        $21,828
 Accounts payable and accrued expenses          655            568
 Distributions payable                            0            189
 Due to affiliates                              375            268
 Tenant security deposits                       139            121
--------------------------------------------------------------------
  Total Liabilities                          22,754         22,974
--------------------------------------------------------------------
Partners' Capital
 General Partners                            (1,040)        (1,044)
 Assignor Limited Partner                         1              1
 Assignee Unit Holders (25,714 Assignee
   Units issued and 24,804 outstanding as
   of September 30, 1996; 25,714 Assignee
   Units issued and 25,186 outstanding as
   of December 31, 1995)                      6,428          6,553
--------------------------------------------------------------------
  Total Partners' Capital                     5,389          5,510
--------------------------------------------------------------------
  Total Liabilities and Partners' Capital   $28,143        $28,484
====================================================================
The accompanying notes are an integral part of these consolidated
                      financial statements.
</TABLE>
<PAGE> 15

Oxford Residential Properties I Limited Partnership and Subsidiaries
<TABLE>
--------------------------------------------------------------------
Consolidated Statements of Operations (in thousands, except Net
 Income (Loss) per Assignee Unit and Weighted average number of
 Assignee Units Outstanding)
(Unaudited)
--------------------------------------------------------------------
<CAPTION>
                                Three months ended Nine months ended
                                  September 30,       September 30,
                                ------------------  ----------------
                                   1996     1995     1996     1995
--------------------------------------------------------------------
<S>                              <C>      <C>      <C>      <C>
Apartment Revenues
  Rental income                  $ 1,728  $ 1,689  $ 5,144  $ 4,963
  Other income                        71       61      202      170
--------------------------------------------------------------------
  Total Apartment Revenues         1,799    1,750    5,346    5,133
--------------------------------------------------------------------
Apartment Expenses
  Maintenance                        308      297      848      805
  Operating                          145      136      462      405
  Administrative                     111      118      322      350
  Property management fees            89       87      266      255
  Property taxes                     200      192      635      628
  Marketing                           28       23       77       71
--------------------------------------------------------------------
  Total Apartment Expenses           881      853    2,610    2,514
--------------------------------------------------------------------
Net Operating Income                 918      897    2,736    2,619
--------------------------------------------------------------------
Other Deductions
  Interest expense                   446      452    1,342    1,362
  Depreciation and amortization      304      295      920      894
  Refurbishment expenses              75       43      180      129
  Interest income                    (20)     (26)     (59)     (79)
  Partnership administrative 
    expenses                          38       53      160      173
  Litigation and tender compliance     0        0        0      277
--------------------------------------------------------------------
  Total Other Deductions             843      817    2,543    2,756
--------------------------------------------------------------------
Net Income (Loss)                $    75  $    80  $   193  $  (137)
====================================================================
Net Income (Loss) Allocated
  to Assignee Unit Holders       $    73  $    78  $   189  $  (135)
====================================================================
Net Income (Loss) per
  Assignee Unit                  $  2.93  $  3.08  $  7.56  $ (5.25)
====================================================================
Weighted average number of
  Assignee Units Outstanding      24,878   25,452   25,004   25,626
====================================================================
      The accompanying notes are an integral part of these
               consolidated financial statements.
</TABLE>
<PAGE> 16

Oxford Residential Properties I Limited Partnership and Subsidiaries
<TABLE>
------------------------------------------------------------------------------
Consolidated Statement of Partners' Capital (in thousands)
------------------------------------------------------------------------------
<CAPTION>
                For the period December 31, 1995 through September 30, 1996 
               -------------------------------------------------------------
                                        Limited Partners' 
                                            Interests
                                       -------------------     
                                        Asignee   Assignor        
                                         Unit     Limited  General  
                                        Holders   Partner  Partners    Total    
------------------------------------------------------------------------------
<S>                                      <C>        <C>    <C>        <C>
Balance, December 31, 1995               $6,553     $1     $(1,044)   $5,510  
------------------------------------------------------------------------------
Net income for the nine months                                               
 ended September 30, 1996                   189      0           4       193  
                                                                              
Distribution to Assignee Unit                                                
 Holders                                   (187)     0           0      (187) 
                                                                              
Purchase of Units                          (127)     0           0      (127) 
------------------------------------------------------------------------------
Balance, September 30, 1996 (Unaudited)  $6,428     $1     $(1,040)   $5,389  
==============================================================================

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

</TABLE>

























<PAGE> 17

Oxford Residential Properties I Limited Partnership and Subsidiaries
<TABLE>
--------------------------------------------------------------------
Consolidated Statements of Cash Flows (in thousands)
(Unaudited)
--------------------------------------------------------------------
<CAPTION>
                                                  Nine months ended
                                                    September 30,
                                                 -------------------
                                                  1996         1995
--------------------------------------------------------------------
<S>                                             <C>         <C>
Operating activities
 Net income (loss)                              $  193      $  (137)
 Adjustments to reconcile net income (loss) to
   net cash provided by operating activities:
     Depreciation and amortization                 920          894
 Changes in assets and liabilities:
   Tenant security deposits liability               18           22
   Tenant security deposits                        (18)         (22)
   Other assets                                   (247)        (237)
   Accounts payable and accrued expenses            87           43
   Due to affiliates                               107          102
--------------------------------------------------------------------
Net cash provided by operating activities        1,060          665
--------------------------------------------------------------------
Investing activities
 Working capital reserve                           337          (31)
 Additions to investment properties               (474)        (369)
--------------------------------------------------------------------
Net cash used in investing activities             (137)        (400)
--------------------------------------------------------------------
Financing activities
 Distributions paid                               (376)        (257)
 Mortgage principal paid                          (243)        (224)
 Purchase of Assignee Units                       (127)        (174)
--------------------------------------------------------------------
Net cash used in financing activities             (746)        (655)
--------------------------------------------------------------------
Net increase (decrease) in cash and cash 
 equivalents                                       177         (390)
Cash and cash equivalents, beginning of period     931        1,307
--------------------------------------------------------------------
Cash and cash equivalents, end of period        $1,108      $   917
====================================================================

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

</TABLE>







<PAGE> 18
-----------------------------------------------------------------
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")   of   Oxford
Residential Properties I Limited Partnership ("Oxford Residential
Properties  I,"  "ORP," or the "Partnership"), are  necessary  to
present  fairly  the Partnership's  Consolidated  Balance  Sheets
as  of September 30, 1996 and December 31, 1995, the Consolidated
Statements  of  Operations for the three- and nine-month  periods
ended September 30, 1996 and 1995, the Consolidated Statement  of
Partners'  Capital as of September 30, 1996, and the Consolidated
Statements  of  Cash  Flows  for  the  nine-month  periods  ended
September  30,  1996  and 1995, 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, 1995.

   For  financial reporting purposes, the net income  (loss)  per
assignee unit of limited partnership of ORP ("Assignee Unit") has
been calculated by dividing the portion of the Partnership's  net
income  (loss) 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 (loss) amounts per Assignee Unit on  the
Consolidated  Statements of Operations.   In  July  1995,  August
1995,  September 1995, October 1995, February 1996,  April  1996,
July  1996, and September 1996, ORP reacquired 221, 135, 169,  3,
5, 235, 47, and 95 Assignee Units, respectively.

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 affiliates'  personnel  costs,
travel  expenses and interest on interim working capital advances
for activities directly related to the Partnership which were not
covered  separately by fees. Total reimbursements to the Managing
General  Partner  and  its affiliates for the  nine-month  period
ended   September  30,  1996,  were  approximately  $44,000   for
administrative and accounting related costs, compared to  $52,000
for the same period in 1995.

   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

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

subordinated  to  the  receipt by the Assignee  Unit  Holders  of
certain  returns.   Property  management  fees  of  $107,000  and
$102,000 for the nine-month periods ended September 30, 1996  and
September  30,  1995, respectively, have been  deferred  and  are
included  in  due to affiliates in the accompanying  consolidated
balance sheets.  NHP also has a separate 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  completed a tender offer ("Affiliate Tender")  in  which
the  affiliate acquired 4,997 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   was   extended   to
December  31,  1996 with respect to the purchase  of  up  to  600
additional  Assignee Units.  Since July 1995, ORP has  purchased,
in the aggregate, 957 Assignee Units, including 35 Assignee Units
purchased  in  October 1996 and 12 Assignee  Units  purchased  in
November 1996.

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  September 30, 1996, the total outstanding balance of the four
mortgage  notes payable was $21,585,000.  The properties  are  in
compliance  with their respective debt service agreements  as  of
September 30, 1996.











<PAGE> 20
-----------------------------------------------------------------
Notes to Consolidated Financial Statements
-----------------------------------------------------------------

The   individual  outstanding  mortgage  notes  payable   as   of
September 30, 1996 and monthly debt service are as follows:
<TABLE>
<CAPTION>
                                          
Property Collateralizing Debt      Mortgage       Monthly
  (in thousands)                  Note Amount   Debt Service<F1>
-----------------------------------------------------------------
<S>                                 <C>             <C>
Fairlane East                       $ 9,918         $ 81
The Landings                          3,269           26
Raven Hill                            4,995           41
Shadow Oaks                           3,403           28
-----------------------------------------------------------------
                                    $21,585         $176
=================================================================
<FN>
<F1>  Includes principal and interest.
</FN>
</TABLE>



































<PAGE> 21
-----------------------------------------------------------------
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
("ORP")  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  will
  continue  to  charge $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  (810)
  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 (810) 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> 22
-----------------------------------------------------------------
Instructions for Investors who wish to reregister or transfer ORP
  Assignee Units
-----------------------------------------------------------------

  The  Quarterly  Report  on  Form 10-Q  for  the  quarter  ended
  September  30,  1996,  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
                                
                          (810) 614-4550