UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C.  20549





Form 10-Q





(Mark One)

[X]

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





For the quarterly period ended March 31, 2008





[ ]

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





For the transition period from _________to _________



Commission file number 0-14533





OXFORD RESIDENTIAL PROPERTIES I LIMITED PARTNERSHIP

(Exact name of registrant as specified in its charter)



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





55 Beattie Place, PO Box 1089

Greenville, South Carolina  29602

(Address of principal executive offices)





(864) 239-1000

(Registrant's telephone number, including area code)



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

[X] Yes  [ ] No



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



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



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







PART I  FINANCIAL INFORMATION





ITEM 1.

FINANCIAL STATEMENTS





OXFORD RESIDENTIAL PROPERTIES I LIMITED PARTNERSHIP



CONSOLIDATED BALANCE SHEETS

(in thousands, except unit data)





|                                                 |             |             
|------------------------------------------------ | ----------- | ------------
|                                                 | March 31,   | December 31,
|                                                 | 2008        | 2007        
|                                                 | (Unaudited) | (Note)      
|Assets                                           |             |             
|Cash and cash equivalents                        | $  1,462    | $    426    
|Receivables and deposits                         | 368         | 369         
|Restricted escrow                                | --          | 619         
|Other assets                                     | 354         | 456         
|Investment properties:                           |             |             
|Land                                             | 2,160       | 2,160       
|Buildings and related personal property          | 36,085      | 35,850      
|                                                 | 38,245      | 38,010      
|Less accumulated depreciation                    | (21,051)    | (20,652)    
|                                                 | 17,194      | 17,358      
|                                                 | $19,378     | $19,228     
|Liabilities and Partners' (Deficiency) Capital   |             |             
|Liabilities                                      |             |             
|Accounts payable                                 | $    159    | $    740    
|Tenant security deposit liabilities              | 107         | 103         
|Accrued property taxes                           | 189         | 124         
|Other liabilities                                | 245         | 231         
|Due to affiliates (Note B)                       | 4,242       | 3,881       
|Mortgage notes payable                           | 19,717      | 19,947      
|                                                 | 24,659      | 25,026      
|                                                 |             |             
|Partners' (Deficiency) Capital                   |             |             
|General partners                                 | (2,139)     | (2,149)     
|Assignor limited partner                         | 1           | 1           
|Assignee unit holders (23,558 units outstanding) | (3,143)     | (3,650)     
|                                                 | (5,281)     | (5,798)     
|                                                 | $19,378     | $19,228     





Note:

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



See Accompanying Notes to Consolidated Financial Statements













OXFORD RESIDENTIAL PROPERTIES I LIMITED PARTNERSHIP



CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(in thousands, except per unit data)







|                                                           |                    |         
|---------------------------------------------------------- | ------------------ | --------
|                                                           | Three Months Ended
|                                                           | March 31,         
|                                                           | 2008               | 2007    
|Revenues:                                                  |                    |         
|Rental income                                              | $ 1,318            | $ 1,353 
|Other income                                               | 271                | 179     
|Total revenues                                             | 1,589              | 1,532   
|                                                           |                    |         
|Expenses:                                                  |                    |         
|Operating                                                  | 683                | 713     
|General and administrative                                 | 51                 | 50      
|Depreciation                                               | 399                | 410     
|Interest                                                   | 449                | 278     
|Property taxes                                             | 189                | 167     
|Total expenses                                             | 1,771              | 1,618   
|                                                           |                    |         
|Casualty gain (Note C)                                     | 699                | --      
|Net income (loss)                                          | $517               | $(86)   
|                                                           |                    |         
|                                                           |                    |         
|Net income (loss) allocated to general partners (2%)       | $    10            | $    (2)
|Net income (loss) allocated to assignee unit holders (98%) | 507                | (84)    
|                                                           | $517               | $(86)   
|                                                           |                    |         
|Net income (loss) per Assignee Unit                        | $21.52             | $(3.57) 



See Accompanying Notes to Consolidated Financial Statements













OXFORD RESIDENTIAL PROPERTIES I LIMITED PARTNERSHIP



CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' (DEFICIENCY) CAPITAL

(Unaudited)

(in thousands, except unit data)











|                               |          |          |          |         
|------------------------------ | -------- | -------- | -------- | --------
|                               |          | Assignor | Assignee |         
|                               | General  | Limited  | Unit     |         
|                               | Partners | Partner  | Holders  | Total   
|                               |          |          |          |         
|Partners' (deficiency) capital |          |          |          |         
|at December 31, 2007           | $(2,149) | $     1  | $(3,650) | $(5,798)
|                               |          |          |          |         
|Net income for the three       |          |          |          |         
|months ended March 31, 2008    | 10       | --       | 507      | 517     
|                               |          |          |          |         
|Partners' (deficiency) capital |          |          |          |         
|at March 31, 2008              | $(2,139) | $1       | $(3,143) | $(5,281)



See Accompanying Notes to Consolidated Financial Statements











OXFORD RESIDENTIAL PROPERTIES I LIMITED PARTNERSHIP



CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(in thousands)

|                                                       |                    |        
|------------------------------------------------------ | ------------------ | -------
|                                                       | Three Months Ended
|                                                       | March 31,         
|                                                       | 2008               | 2007   
|Cash flows from operating activities:                  |                    |        
|Net income (loss)                                      | $  517             | $  (86)
|Adjustments to reconcile net income (loss) to net cash |                    |        
|provided by operating activities:                      |                    |        
|Depreciation                                           | 399                | 410    
|Amortization of loan costs                             | 162                | 5      
|Bad debt expense                                       | 41                 | 20     
|Casualty gain                                          | (699)              | --     
|Changes in accounts:                                   |                    |        
|Receivables and deposits                               | (30)               | (85)   
|Other assets                                           | (60)               | (136)  
|Accounts payable                                       | 14                 | 202    
|Tenant security deposit liabilities                    | 4                  | --     
|Due to affiliates                                      | 130                | 75     
|Accrued property taxes                                 | 65                 | 37     
|Other liabilities                                      | 14                 | 41     
|Net cash provided by operating activities              | 557                | 483    
|                                                       |                    |        
|Cash flows from investing activities:                  |                    |        
|Property improvements and replacements                 | (830)              | (399)  
|Net withdrawals from restricted escrow                 | --                 | 60     
|Insurance proceeds received                            | 1,308              | --     
|Net cash provided by (used in) investing activities    | 478                | (339)  
|                                                       |                    |        
|Cash flows from financing activities:                  |                    |        
|Payments on mortgage notes payable                     | (230)              | (220)  
|Advances from affiliate                                | 231                | --     
|Repayment of advances from affiliate                   | --                 | (865)  
|Net cash provided by (used in) financing activities    | 1                  | (1,085)
|                                                       |                    |        
|Net increase (decrease) in cash and cash equivalents   | 1,036              | (941)  
|Cash and cash equivalents at beginning of period       | 426                | 1,367  
|                                                       |                    |        
|Cash and cash equivalents at end of period             | $1,462             | $426   
|                                                       |                    |        
|Supplemental disclosure of cash flow information:      |                    |        
|Cash paid for interest                                 | $209               | $260   
|                                                       |                    |        
|Supplemental disclosure of non-cash activity:          |                    |        
|Property improvements and replacements included in     |                    |        
|accounts payable                                       | $65                | $48    



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



See Accompanying Notes to Consolidated Financial Statements











OXFORD RESIDENTIAL PROPERTIES I LIMITED PARTNERSHIP



NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)





Note A  Basis of Presentation



The accompanying unaudited consolidated financial statements of Oxford Residential Properties I Limited Partnership (the "Partnership" or "ORP") have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of Oxford Residential Properties I Corporation (the "Managing General Partner"), all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2008 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2008. For further information, refer to the consolidated financial statements and footnotes thereto included in the Partnership's Annual Report on Form 10-KSB for the fiscal year ended December 31, 2007. The Managing General Partner is an affiliate of Apartment Investment and Management Company ("AIMCO"), a publicly traded real estate investment trust.



Certain reclassifications have been made to the 2007 balances to conform to the 2008 presentation.



Recent Accounting Pronouncement



In September 2006, the Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standards ("SFAS") No. 157, Fair Value Measurements. SFAS No. 157 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. SFAS No. 157 applies whenever other standards require assets or liabilities to be measured at fair value and does not expand the use of fair value in any new circumstances. SFAS No. 157 establishes a hierarchy that prioritizes the information used in developing fair value estimates. The hierarchy gives the highest priority to quoted prices in active markets and the lowest priority to unobservable data, such as the reporting entitys own data. SFAS No. 157 requires fair value measurements to be disclosed by level within the fair value hierarchy. In February 2008, the FASB issued FASB Staff Position No. FAS 157-2, Effective Date of FASB Statement No. 157, which deferred the effective date of SFAS No. 157 for all nonrecurring fair value measurements of non-financial assets and non-financial liabilities until fiscal years beginning after November 15, 2008.  The provisions of SFAS No. 157 are applicable to recurring fair value measurements of financial assets and liabilities for fiscal years beginning after November 15, 2007, which for the Partnership is generally limited to annual disclosures required by SFAS No. 107.  The Partnership adopted the provisions of SFAS No. 157 during the three months ended March 31, 2008, and at that time determined no transition adjustment was required.



Note B  Transactions with Affiliated Parties



The Partnership has no employees and depends on the Managing General Partner and its affiliates for the management and administration of all Partnership activities. The Partnership Agreement provides for payments to affiliates for property management services and for reimbursement of certain expenses incurred by affiliates on behalf of the Partnership.



Affiliates of the Managing General Partner receive 5% of gross receipts from both of the Partnership's properties as compensation for providing property management services. However, 40% of this fee is subordinated until certain distribution preference levels to the Assignee Unit Holders are achieved. Total property management fees of approximately $75,000 and $77,000 for the three months ended March 31, 2008 and 2007, respectively, were charged to expense and are included in operating expense on the consolidated statements of operations.  Property management fees of approximately $30,000 and $31,000 for the three months ended March 31, 2008 and 2007, respectively, have been deferred.  The cumulative deferred management fees as of March 31, 2008 and December 31, 2007 totaled approximately $444,000 and $414,000, respectively, and are included in due to affiliates on the accompanying consolidated balance sheets.



An affiliate of the Managing General Partner charged the Partnership for reimbursement of accountable administrative expenses amounting to approximately $26,000 and $32,000 for the three months ended March 31, 2008 and 2007, respectively, which is included in general and administrative expense and investment properties. The portion of these reimbursements included in investment properties for the three months ended March 31, 2008 and 2007 are construction management services provided by an affiliate of the Managing General Partner of approximately $4,000 and $2,000, respectively. At March 31, 2008 and December 31, 2007, approximately $577,000 and $546,000, respectively, in accountable administrative expenses and related accrued interest were due to an affiliate of the Managing General Partner and are included in due to affiliates on the accompanying consolidated balance sheets.



AIMCO Properties, L.P., an affiliate of the Managing General Partner, advanced the Partnership approximately $231,000 during the three months ended March 31, 2008 to fund operations at Raven Hill Apartments.  There were no such advances during the three months ended March 31, 2007.  Interest on advances accrues at the prime rate plus 2% or 7.25% at March 31, 2008.  Interest expense was approximately $69,000 and $47,000 for the three months ended March 31, 2008 and 2007, respectively. During the three months ended March 31, 2007, the Partnership repaid approximately $907,000 of advances and accrued interest. No such payments were made during the three months ended March 31, 2008.  At March 31, 2008 and December 31, 2007, the total advances and accrued interest due to AIMCO Properties, L.P. was approximately $3,221,000 and $2,921,000, respectively, and is included in due to affiliates on the consolidated balance sheets.  The Partnership may receive additional advances of funds from AIMCO Properties, L.P. although AIMCO Properties, L.P. is not obligated to provide such advances.  For more information on AIMCO Properties, L.P., including copies of its audited balance sheet, please see its reports filed with the Securities and Exchange Commission. Subsequent to March 31, 2008, the Partnership repaid approximately $900,000 of advances and associated accrued interest.



The Partnership insures its properties up to certain limits through coverage provided by AIMCO which is generally self-insured for a portion of losses and liabilities related to workers compensation, property casualty, general liability and vehicle liability.  The Partnership insures its properties above the AIMCO limits through insurance policies obtained by AIMCO from insurers unaffiliated with the Managing General Partner.  During the three months ended March 31, 2008, the Partnership was charged by AIMCO and its affiliates approximately $92,000 for hazard insurance coverage and fees associated with policy claims administration.  Additional charges will be incurred by the Partnership during 2008 as other insurance policies renew later in the year. The Partnership was charged by AIMCO and its affiliates approximately $184,000 for insurance coverage and fees associated with policy claims administration during the year ended December 31, 2007.



Note C - Casualty Event



During June 2007, one of the Partnerships investment properties, Raven Hill Apartments, incurred damages as a result of a fire. The estimates of building damages and lost rents are approximately $2,796,000 and $71,000, respectively.  In addition, the Partnership incurred clean up expenses, primarily related to asbestos removal, of approximately $807,000, which were included in operating expenses for the year ended December 31, 2007.  All of the asbestos related work was completed in 2007.  During the year ended December 31, 2007, the Partnership received insurance proceeds of approximately $2,087,000 to repair the damaged units, approximately $619,000 of which was held on deposit with the mortgage lender at December 31, 2007 and released to the Partnership during the three months ended March 31, 2008. During the year ended December 31, 2007, the Partnership wrote off approximately $644,000 of undepreciated damaged assets, which resulted in a casualty gain of approximately $1,443,000 for the year ended December 31, 2007. During the three months ended March 31, 2008, the Partnership recorded an additional gain of approximately $699,000 as a result of the receipt of additional insurance proceeds. In addition, the Partnership received approximately $71,000 to cover lost rents, which was included in revenues in 2007.



Note D  Contingencies



The Partnership is unaware of any pending or outstanding litigation matters involving it or its investment properties that are not of a routine nature arising in the ordinary course of business.



Environmental



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



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



Mold



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















ITEM 2.

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



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



The Partnership's investment properties consist of two apartment complexes. The following table sets forth the average occupancy of the properties for the three months ended March 31, 2008 and 2007:



|                             |                   |     
|---------------------------- | ----------------- | ----
|                             | Average Occupancy
|Property                     | 2008              | 2007
|                             |                   |     
|Raven Hill Apartments        | 96%               | 95% 
|Burnsville, Minnesota        |                   |     
|Fairlane East Apartments (1) | 91%               | 96% 
|Dearborn, Michigan           |                   |     



(1)

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



The Partnerships financial results depend upon a number of factors including the ability to attract and maintain tenants at the investment properties, interest rates on mortgage loans, costs incurred to operate the investment properties, general economic conditions and weather. As part of the ongoing business plan of the Partnership, the Managing General Partner monitors the rental market environment of each of its investment properties to assess the feasibility of increasing rents, maintaining or increasing occupancy levels and protecting the Partnership from increases in expenses.  As part of this plan, the Managing General Partner attempts to protect the Partnership from the burden of inflation-related increases in expenses by increasing rents and maintaining a high overall occupancy level. However, the Managing General Partner may use rental concessions and rental rate reductions to offset softening market conditions; accordingly, there is no guarantee that the Managing General Partner will be able to sustain such a plan. Further, a number of factors that are outside the control of the Partnership such as the local economic climate and weather can adversely or positively affect the Partnerships financial results.



Results of Operations



The Partnerships net income for the three months ended March 31, 2008 was approximately $517,000, compared to a net loss of approximately $86,000 for the three months ended March 31, 2007.  The increase in net income is due to the recognition of a casualty gain in 2008 and an increase in total revenues, partially offset by an increase in total expenses.



During June 2007, one of the Partnerships investment properties, Raven Hill Apartments, incurred damages as a result of a fire. The estimates of building damages and lost rents are approximately $2,796,000 and $71,000, respectively.  In addition, the Partnership incurred clean up expenses, primarily related to asbestos removal, of approximately $807,000, which were included in operating expenses for the year ended December 31, 2007.  All of the asbestos related work was completed in 2007.  During the year ended December 31, 2007, the Partnership received insurance proceeds of approximately $2,087,000 to repair the damaged units, approximately $619,000 of which was held on deposit with the mortgage lender at December 31, 2007 and released to the Partnership during the three months ended March 31, 2008. During the year ended December 31, 2007, the Partnership wrote off approximately $644,000 of undepreciated damaged assets, which resulted in a casualty gain of approximately $1,443,000 for the year ended December 31, 2007. During the three months ended March 31, 2008, the Partnership recorded an additional gain of approximately $699,000 as a result of the receipt of additional insurance proceeds.  In addition, the Partnership received approximately $71,000 to cover lost rents, which was included in revenues in 2007.



Total revenues increased due to an increase in other income, partially offset by a decrease in rental income.  Other income increased primarily due to an increase in utitlity reimbursements at Raven Hill Apartments.  Rental income decreased primarily due to a decrease in occupancy and an increase in bad debt expense at Fairlane East Apartments, partially offset by an increase in the average rental rate at both of the Partnerships investment properties.



Total expenses increased due to increases in interest and property tax expenses, partially offset by decreases in operating and depreciation expenses.  General and administrative expense remained relatively constant for the comparable periods. Interest expense increased due to an increase in amortization of loan costs associated with the mortgages encumbering both investment properties as a result of the mortgage lender exercising its call option on the mortgages as discussed in Liquidity and Capital Resources, and an increase in interest on advances from AIMCO Properties, L.P. as a result of a higher average advance balance.  Property tax expense increased due to an increase in the assessed value of Raven Hill Apartments.  Operating expense decreased primarily due to decreases in utilities and payroll related expenses at Raven Hill Apartments and contract services at Fairlane East Apartments.  Depreciation expense decreased due to assets becoming fully depreciated at Raven Hill Apartments during the fourth quarter of 2007.



Included in general and administrative expenses for the three months ended March 31, 2008 and 2007 are management reimbursements to the Managing General Partner as allowed under the Partnership Agreement, costs associated with the quarterly and annual communications with investors and regulatory agencies and the annual audit required by the Partnership Agreement.



Liquidity and Capital Resources



At March 31, 2008, the Partnership had cash and cash equivalents of approximately $1,462,000, compared to approximately $426,000 at March 31, 2007.  Cash and cash equivalents increased approximately $1,036,000, from December 31, 2007, due to approximately $557,000, $478,000 and $1,000 of cash provided by operating, investing, and financing activities, respectively.  Cash provided by investing activities consisted of insurance proceeds received, partially offset by property improvements and replacements.  Cash provided by financing activities consisted of advances received from AIMCO Properties, L.P., substantially offset by principal payments made on the mortgages encumbering both investment properties.  The Partnership invests its working capital reserves in interest bearing accounts.



AIMCO Properties, L.P., an affiliate of the Managing General Partner, advanced the Partnership approximately $231,000 during the three months ended March 31, 2008 to fund operations at Raven Hill Apartments.  There were no such advances during the three months ended March 31, 2007.  Interest on advances accrues at the prime rate plus 2% or 7.25% at March 31, 2008.  Interest expense was approximately $69,000 and $47,000 for the three months ended March 31, 2008 and 2007, respectively. During the three months ended March 31, 2007, the Partnership repaid approximately $907,000 of advances and accrued interest. No such payments were made during the three months ended March 31, 2008.  At March 31, 2008 and December 31, 2007, the total advances and accrued interest due to AIMCO Properties, L.P. was approximately $3,221,000 and $2,921,000, respectively, and is included in due to affiliates.  The Partnership may receive additional advances of funds from AIMCO Properties, L.P. although AIMCO Properties, L.P. is not obligated to provide such advances.  For more information on AIMCO Properties, L.P., including copies of its audited balance sheet, please see its reports filed with the Securities and Exchange Commission.  Subsequent to March 31, 2008, the Partnership repaid approximately $900,000 of advances and associated accrued interest.



The sufficiency of existing liquid assets to meet future liquidity and capital expenditure requirements is directly related to the level of capital expenditures required at the properties to adequately maintain the physical assets and other operating needs of the Partnership and to comply with Federal, state, and local legal and regulatory requirements. The Managing General Partner monitors developments in the area of legal and regulatory compliance.  Capital improvements planned for the Partnership's properties are detailed below.



Raven Hill Apartments



During the three months ended March 31, 2008, the Partnership completed approximately $198,000 of capital improvements at Raven Hill Apartments, consisting primarily of appliance and floor covering replacements and construction related to the casualty discussed above. These improvements were funded from operating cash flow and insurance proceeds. The Partnership regularly evaluates the capital improvement needs of the property.  While the Partnership has no material commitments for property improvements and replacements, certain routine capital expenditures are anticipated during 2008.  Such capital expenditures will depend on the physical condition of the property as well as anticipated cash flow generated by the property.



Fairlane East Apartments



During the three months ended March 31, 2008, the Partnership completed approximately $37,000 of capital improvements, consisting primarily of recreational facility upgrades and floor covering replacement. These improvements were funded from operating cash flow. The Partnership regularly evaluates the capital improvement needs of the property. In addition, certain routine capital expenditures are anticipated during 2008. Such capital expenditures will depend on the physical condition of the property as well as anticipated cash flow generated by the property.



Capital expenditures will be incurred only if cash is available from operations or from Partnership reserves.  To the extent that capital improvements are completed, the Partnership's distributable cash flow, if any, may be adversely affected at least in the short term.



The Partnerships assets are thought to be generally sufficient for any near-term needs (exclusive of capital improvements and repayment of advances from affiliates) of the Partnership. The mortgage indebtedness encumbering both of the Partnerships properties of approximately $19,717,000 was being amortized over 20 years and was scheduled to be fully amortized at maturity in June 2023. Each of the mortgages encumbering the Partnerships investment properties includes a call option that allows the lender to call the mortgages due and payable on July 1, 2008, July 1, 2013 or July 1, 2018. In December 2007, the holder of the mortgages encumbering both properties exercised its option to declare the entire outstanding principal balances to be due and payable on July 1, 2008. The Partnership is exploring financing options for both of its investment properties.  If the properties cannot be refinanced and/or sold for a sufficient amount, the Partnership will risk losing such properties through foreclosure.



No distributions were made during the three months ended March 31, 2008 and 2007. Future cash distributions will depend on the levels of net cash generated from operations, property sales and/or refinancings. The Partnerships cash available for distribution is reviewed on a monthly basis. In light of the amounts accrued and payable to affiliates of the Managing General Partner at March 31, 2008, there can be no assurance that the Partnership will generate sufficient funds from operations after required capital improvements to permit any distributions to its partners in 2008 or subsequent periods.



Other



In addition to its indirect ownership of the general partner interest in the Partnership, AIMCO and its affiliates owned 14,144.5 Assignee units (the "Units") in the Partnership representing 60.04% of the outstanding Units at March 31, 2008.  A number of these Units were acquired pursuant to tender offers made by AIMCO or its affiliates. It is possible that AIMCO or its affiliates will acquire additional Units in exchange for cash or a combination of cash and units in AIMCO Properties, L.P., the operating partnership of AIMCO, either through private purchases or tender offers. Pursuant to the Partnership Agreement, unitholders holding a majority of the Units are entitled to take action with respect to a variety of matters which would include voting on certain amendments to the Partnership Agreement and voting to remove the Managing General Partner. As a result of its ownership of 60.04% of the outstanding Units, AIMCO is in a position to control all such voting decisions with respect to the Partnership. Although the Managing General Partner owes fiduciary duties to the limited partners of the Partnership, the Managing General Partner also owes fiduciary duties to AIMCO as its sole stockholder. As a result, the duties of the Managing General Partner, as managing general partner, to the Partnership and its limited partners may come into conflict with the duties of the Managing General Partner to AIMCO as its sole stockholder.



Critical Accounting Policies and Estimates



The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States, which require the Partnership to make estimates and assumptions. The Partnership believes that of its significant accounting policies, the following may involve a higher degree of judgment and complexity.



Impairment of Long-Lived Assets



Investment properties are recorded at cost, less accumulated depreciation, unless the carrying amount of the asset is not recoverable.  If events or circumstances indicate that the carrying amount of a property may not be recoverable, the Partnership will make an assessment of its recoverability by comparing the carrying amount to the Partnerships estimate of the undiscounted future cash flows, excluding interest charges, of the property.   If the carrying amount exceeds the aggregate undiscounted future cash flows, the Partnership would recognize an impairment loss to the extent the carrying amount exceeds the estimated fair value of the property.



Real property investment is subject to varying degrees of risk.  Several factors may adversely affect the economic performance and value of the Partnerships investment properties.  These factors include, but are not limited to, general economic climate; competition from other apartment communities and other housing options; local conditions, such as loss of jobs or an increase in the supply of apartments that might adversely affect apartment occupancy or rental rates; changes in governmental regulations and the related cost of compliance; increases in operating costs (including real estate taxes) due to inflation and other factors, which may not be offset by increased rents; and changes in tax laws and housing laws, including the enactment of rent control laws or other laws regulating multi-family housing.  Any adverse changes in these factors could cause impairment of the Partnerships assets.



Revenue Recognition



The Partnership generally leases apartment units for twelve-month terms or less.  The Partnership will offer rental concessions during particularly slow months or in response to heavy competition from other similar complexes in the area. Rental income attributable to leases, net of any concessions, is recognized on a straight-line basis over the term of the lease.  The Partnership evaluates all accounts receivable from residents and establishes an allowance, after the application of security deposits, for accounts greater than 30 days past due on current tenants and all receivables due from former tenants.



ITEM 4.

CONTROLS AND PROCEDURES



(a)

Disclosure Controls and Procedures.



The Partnerships management, with the participation of the principal executive officer and principal financial officer of the Managing General Partner, who are the equivalent of the Partnerships principal executive officer and principal financial officer, respectively, has evaluated the effectiveness of the Partnerships disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the Exchange Act)) as of the end of the period covered by this report. Based on such evaluation, the principal executive officer and principal financial officer of the Managing General Partner, who are the equivalent of the Partnerships principal executive officer and principal financial officer, respectively, have concluded that, as of the end of such period, the Partnerships disclosure controls and procedures are effective.



(b)

Changes in Internal Control Over Financial Reporting.



There have been no significant changes in the Partnerships internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the fiscal quarter to which this report relates that have materially affected, or are reasonably likely to materially affect, the Partnerships internal control over financial reporting.















PART II - OTHER INFORMATION





ITEM 5.

OTHER INFORMATION



On April 24, 2008, the Partnership Agreement was amended to merge Oxford Residential Properties I Limited Partnership into Oxford Residential Properties I Limited Partnership, a Delaware limited partnership (the Partnership), with the Partnership as the surviving entity.  The Partnership Agreement was also amended to allow for the establishment of a series of limited partnership units.



ITEM 6.

EXHIBITS



See Exhibit Index.













SIGNATURES







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





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













OXFORD RESIDENTIAL PROPERTIES I LIMITED PARTNERSHIP



EXHIBIT INDEX



Exhibit

Description of Exhibit





3.1

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



4.1

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



4.2

Second Amendment to the Amended and Restricted Agreement and Certificate of Limited Partnership.



10.9

Mortgage, security agreement, financing statement and fixture filing dated May 7, 2003 between ORP One L.L.C. and Golden American Life Insurance Company (incorporated by reference to the Partnerships Current Report on Form 8-K dated May 8, 2003 and filed on May 23, 2003).



10.11

Mortgage, Security Agreement, Financing Statement and Fixture Filing dated May 7, 2003 between ORP Three L.L.C. and Golden American Life Insurance Company (incorporated by reference to the Partnerships Current Report on Form 8-K dated May 8, 2003 and filed on May 23, 2003).

31.1

Certification of equivalent of Chief Executive Officer pursuant to Securities Exchange Act Rules 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.



31.2

Certification of equivalent of Chief Financial Officer pursuant to Securities Exchange Act Rules 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.



32.1

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