<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, 1997

                               OR

/ /  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
     SECURITIES EXCHANGE ACT OF 1934
                                
        For the transition period from__________ to__________

                --------------------------------                                
                Commission file number:  0-14533
                -------------------------------- 

       OXFORD RESIDENTIAL PROPERTIES I LIMITED PARTNERSHIP
     (Exact name of registrant as specified in its charter)
                                
           Maryland                         52-1322906
(State or other jurisdiction of          (I.R.S. Employer
incorporation or organization)           Identification No.)

   7200 Wisconsin Avenue, 11th floor, Bethesda, Maryland 20814
   ------------------------------------------------------------
      (Address of principal executive offices)  (Zip Code)
                                
Registrant's telephone number, including area code (301) 654-3100

Securities registered pursuant to Section 12(b) of the Act:  None
Securities registered pursuant to Section 12(g) of the Act:
  Assignee Units

Indicate  by check mark whether the registrant (1) has filed  all
reports  required  to be filed by Section  13  or  15(d)  of  the
Securities  Exchange Act of 1934 during the preceding  12  months
(or  for such shorter period that the registrant was required  to
file  such  reports),  and (2) has been subject  to  such  filing
requirements for the past 90 days.  Yes /X/   NO / /

There  is  no  public  trading market  for  the  Assignee  Units.
Therefore, the Assignee Units had neither a market selling  price
nor an average bid or asked price within the 60 days prior to the
date of this filing.

Index to Exhibits is found on page 3.
=================================================================
<PAGE> 2

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

Item 1.  Financial Statements.

   The  financial statements of the Partnership,  and  the  notes
thereto,  are  incorporated herein by reference  to  sequentially
numbered  pages 13 through 19 included in ORP's Quarterly  Report
(Unaudited).

Item 2.  Management's  Discussion  and   Analysis   of  Financial 
         Condition and Results of Operations.
   
   A  discussion  of  ORP's financial condition  and  results  of
operations for the three- and nine-month periods ended  September
30,  1997  is  incorporated herein by reference  to  sequentially
numbered  pages  6  through 12 entitled  "Report  of  Management"
included in ORP's Quarterly Report (Unaudited).

                   PART II - OTHER INFORMATION

Item 1.  Legal Proceedings.

   The  Registrant  is  engaged from time to time  in  litigation
incident  to  its business; however, there are no  pending  legal
proceedings   known  by  the  Managing  General  Partners   whose
potential effects are considered to be material.

Item 2.  Changes in Securities.
         None.

Item 3.  Defaults Upon Senior Securities.
         None.

Item 4.  Submission of Matters to a Vote of Security Holders.
         None.

Item 5.  Other Information.
         None.

Item 6.  Exhibits and Reports on Form 8-K.
    (a)  Exhibits.

     For a list of Exhibits as required by Item 601 of Regulation 
     S-K, see Exhibit Index on page 3 of this report.

    (b)  Reports on Form 8-K.
         None.

     No other items were applicable.





<PAGE> 3
                                
       OXFORD RESIDENTIAL PROPERTIES I LIMITED PARTNERSHIP
                              
                         FORM 10-Q
                                
                       EXHIBIT INDEX

(Listed according to the number assigned in the Exhibit Table in
Item 601 of Regulation S-K.)

(11) Statement regarding computation of per share earnings.

     The information to compute earnings per share is provided in
     the  financial  statements and notes thereto of  the  Oxford
     Residential  Properties  I Limited  Partnership's  Quarterly
     Report  (Unaudited)  to Assignee Unit Holders,  attached  as
     Exhibit 20 (sequentially numbered pages 13 through 19).

(20) Report furnished to security holders.

     Oxford  Residential   Properties  I  Limited   Partnership's
     Quarterly  Report  (Unaudited)  dated  September  30,  1997,
     follows on sequentially numbered pages 5 through 21 of  this
     report.

(27) Financial Data Schedule.

































<PAGE> 4

       OXFORD RESIDENTIAL PROPERTIES I LIMITED PARTNERSHIP
                                
                            FORM 10-Q
                                
                           SIGNATURES

    Pursuant  to the requirements of Section 13 or 15(d)  of  the
Securities  Exchange Act of 1934, the registrant has duly  caused
this  report  to  be  signed on its behalf  by  the  undersigned,
thereunto duly authorized.

              Oxford Residential Properties I Limited Partnership

                 By:  Oxford Residential Properties I Corporation
                      Managing General Partner of the registrant

Date: 11/24/97   By:  /S/  Richard R. Singleton
      --------        -------------------------------------------
                      Richard R. Singleton
                      Senior Vice President and 
                        Chief Financial Officer


   Pursuant to the requirements of the Securities Exchange Act of
1934,  this report has been signed below by the following persons
on  behalf  of the registrant and in the capacities  and  on  the
dates indicated.



Date: 11/24/97   By:  /S/  Leo E. Zicker
      --------        -------------------------------------------
                      Leo E. Zickler
                      Chairman of the Board of Directors and 
                      Chief Executive Officer


Date: 11/24/97   By:  /S/  Francis P. Lavin
      --------        -------------------------------------------
                      Francis P. Lavin
                      President

















<PAGE> 5









       OXFORD RESIDENTIAL PROPERTIES I LIMITED PARTNERSHIP

                       Quarterly Report
                         (Unaudited)
                                
                      September 30, 1997


















       CONTENTS

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














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

   The following report provides additional information about the
consolidated financial condition of Oxford Residential Properties
I  Limited Partnership ("Oxford Residential Properties I," "ORP,"
or  the "Partnership") as of September 30, 1997, its consolidated
results of operations for the three- and nine-month periods ended
September 30, 1997, and its cash flows for the nine-month  period
ended  September  30, 1997.  This report and analysis  should  be
read  together  with  the consolidated financial  statements  and
related  notes  thereto  and the selected consolidated  financial
data appearing elsewhere in this Quarterly Report.

Recent Developments

   On  May 25, 1995, an affiliate of ORP and its managing general
partner,  Oxford Residential Properties I Corporation  ("Managing
General  Partner"), completed a tender offer ("Affiliate Tender")
in  which the affiliate acquired 4,997 assignee units of  limited
partnership  of  ORP ("Assignee Units") at a price  of  $332  per
Assignee  Unit.  Subsequent to the termination of  the  Affiliate
Tender, ORP determined that additional Assignee Unit Holders were
interested  in  selling their Assignee Units for the  same  price
offered  in the Affiliate Tender.  On June 20, 1995, ORP  advised
its  Assignee  Unit Holders that it would purchase  on  a  "first
come, first served" basis, at any time on or before September 11,
1995,  unless  sooner terminated, all Assignee  Units  up  to  an
aggregate  of 600 Assignee Units at a price of $332 per  Assignee
Unit,  net  to  the  seller  in cash  without  interest  ("Issuer
Tender").   The Issuer Tender has been extended to  December  31,
1997  with  respect  to  the purchase of  up  to  600  additional
Assignee  Units.  Since June 20, 1995 ORP has purchased,  in  the
aggregate,  1,192  Assignee  Units  or  approximately 4.6% of the 
orginal units issued, of which 135 Assignee Units were  purchased
in 1997.

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

Liquidity and Capital Resources

   Current  Position.  At September 30, 1997, ORP held $1,519,000
in  cash  and  cash equivalents and the working capital  reserve,
compared  to  $1,560,000 at December 31, 1996.  The  decrease  of
$41,000  is  primarily attributable to increases in property  net
operating incomes offset by: (i) the distributions made on  March
1,  1997 and August 29, 1997 to Partners of record as of December
31, 1996  and  June  30,  1997 totaling  $185,000  and  $247,000,
respectively,(ii) the purchase of Assignee Units during the nine-
month period ended September 30, 1997 totaling $45,000, and (iii)
the  payment  of  administrative costs for the nine-month  period
ended September 30, 1997 totaling $133,000.


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

   Other  Assets shown on the Balance Sheet increased by $193,000
to $1,166,000 at September 30, 1997 from $973,000 at December 31,
1996,  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
totaling $1,077,000.  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  $26,000 and $63,000, respectively,  are  also
included in Other Assets.

    Unamortized  deferred  costs  related  to  organization   and
refinancing  costs (discussed in prior reports) at September  30,
1997  were  $449,000, compared to $522,000 at December 31,  1996.
These costs are being amortized over the term of the mortgages.

   Property Operations.  ORP's future liquidity and level of cash
distributions are dependent upon the net operating  income  after
debt service, refurbishment expenses and capitalized improvements
generated  by ORP's four investment properties and proceeds  from
any  sale or refinancing of those properties.  To the extent  any
individual  property does not generate sufficient cash  to  cover
its  operating needs, including debt service, deficits  would  be
funded by 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  $782,000  were
made for the nine-month period ended September 30, 1997, compared
to  $654,000  for  the same period in 1996.  Of the  $782,000  of
property  improvements,  $588,000 was capitalized  for  financial
statement purposes for the nine-month period ended September  30,
1997,   compared  to  $474,000  of  the  $654,000   of   property
improvements for the same period in 1996.

  Other Sources.  Since 1994, 40% of the property management fees
owed to NHP Management Company ("NHP") have been subordinated  to
the receipt by the Assignee Unit Holders of certain returns.   As
of  September  30, 1997 and December 31, 1996, deferred  property
management  fees  to  NHP  amounted  to  $522,000  and  $411,000,
respectively,  and  are reflected as Due  to  Affiliates  in  the
financial statements.










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

    The  net operating income, before debt service, refurbishment
expenses and capitalized property improvements, reported by  each
of  the  four investment properties for the three- and nine-month
periods ended September 30, 1997 and 1996 is as follows:
<TABLE>
-----------------------------------------------------------------
<CAPTION>
                                 Three months     Nine months 
                                     ended           ended
                                  September 30,  September 30,
                                 --------------  --------------
                                 (in thousands)  (in thousands)
Property                          1997   1996     1997    1996
-----------------------------------------------------------------
<S>                               <C>    <C>    <C>      <C>
Fairlane East,
  Dearborn, MI                    $420   $404   $1,244   $1,215
The Landings,
  Indianapolis, IN                 117    129      366      377
Raven Hill, 
  Burnsville, MN                   296    264      838      781
Shadow Oaks, 
  Tampa, FL                        129    121      393      363
----------------------------------------------------------------- 
  Total Net Operating Income      $962   $918   $2,841   $2,736
=================================================================
</TABLE>

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

    In  the  aggregate,  the net operating  income,  before  debt
service,   refurbishment   expenses  and   capitalized   property
improvements, reported by ORP for the quarter ended September 30,
1997 increased by $44,000, or 4.8%, compared to the quarter ended
September  30,  1996.   Set forth below is a  discussion  of  the
properties  which  compares their respective operations  for  the
three-month periods ended September 30, 1997 and 1996.

Fairlane East

    Fairlane  East's net operating income for the  quarter  ended
September  30,  1997 increased by 4.0% from the  same  period  in
1996,  primarily  due  to a 4.7% increase in  apartment  revenues
and a  5.6%  increase in  apartment  expenses.  The  increase  in
apartment  expenses is  primarily  attributable to an increase in
administrative fees and property taxes. Average occupancy for the 
quarter  ended  September  30, 1997 increased to 98%, compared to 
97% for the  same  period  in  1996.  The  weighted  average rent 
collected  for the  month  ended  September 30, 1997 increased by 
3.5% to $954, compared to $922 for the same period in 1996.During 
the quarter ended September 30,  1997,  ORP  expended  $67,000 on 
property   improvements,   including   $47,000  capitalized   for
accounting purposes.
<PAGE> 9
-----------------------------------------------------------------
Report of Management
-----------------------------------------------------------------

The Landings

    The  Landings'  net operating income for  the  quarter  ended
September  30,  1997 decreased by 9.3% from the  same  period  in
1996,  due  to  a 1.3%  increase  in  apartment  revenues  and  a
11.6%    increase   in    apartment    expenses.   The   increase
in apartment expenses is primarily attributable to an increase in
maintenance  expenses which  reflects,  among  other  things,  an 
increase in turnovers and wages.Average occupancy for the quarter
ended September 30, 1997  decreased  to  94%, compared to 96% for 
the same period in 1996. The weighted average rent collected  for 
the month ended September 30, 1997 increased  by  4.6%  to  $611,
compared to $584 for the same period in 1996.  During the quarter
ended  September  30,  1997,  ORP expended  $47,000  on  property
improvements,   including  $28,000  capitalized  for   accounting
purposes.

Raven Hill

    Raven  Hill's  net  operating income for  the  quarter  ended
September  30,  1997 increased by 12.1% from the same  period  in
1996. Apartment  revenues  increased  by  6.4%;  while  apartment 
expenses only increased 1.9% compared to the same period in 1996.
The average occupancy for the quarter ended  September  30,  1997
increased  to 97%, compared to 92% for the same period  in  1996.
The weighted average rent collected for the month ended September
30, 1997 increased by 3.3% to $694, compared to $672 for the same
period in 1996.  During the quarter ended September 30, 1997, ORP
expended  $75,000  on  property improvements,  including  $50,000
capitalized for accounting purposes.

Shadow Oaks

    Shadow  Oaks'  net  operating income for  the  quarter  ended
September  30,  1997 increased by 6.6% from the  same  period  in
1996. Apartment  revenues  increased  by  3.1%,  while  apartment 
expenses   decreased  by  1%.  The  average   occupancy  for  the
quarter  ended September 30, 1997 increased to 95%,  compared  to
93%  for  the  same  period in 1996. The  weighted  average  rent
collected  for  the month ended September 30, 1997  increased  by
4.1%  to  $456  compared to $438,  for the same period  in  1996.
During  the  quarter  ended  September  30,  1997,  ORP  expended
$123,000 on property improvements, including $107,000 capitalized
for accounting purposes.

Nine  months  ended  September 30, 1997  versus nine months ended
September 30, 1996

    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, 1997 increased by $105,000, or 3.8%,  compared  to
the  same period in 1996.  Set forth below is a discussion of the
properties  which  compares their respective operations  for  the
nine-month periods ended September 30, 1997 and 1996.
<PAGE> 10
-----------------------------------------------------------------
Report of Management
-----------------------------------------------------------------

Fairlane East

   Fairlane East's net operating income for the nine-month period
ended  September 30, 1997 increased by 2.4% from the same  period
in  1996,  primarily due to a 4.3% increase in apartment revenues
and  a  7.3%  increase  in  apartment  expenses.  The increase in
apartment  expenses is primarily attributable to an  increase  in
maintenance  expenses and property taxes.  The average  occupancy
for  the nine-month period ended September 30, 1997 and 1996  was
97%,  respectively.  During the nine-month period ended September
30,   1997,  ORP  expended  $203,000  on  property  improvements,
including  $151,000  capitalized for  accounting  purposes.   The
Managing  General  Partner anticipates  slightly  lower  spending
levels on property improvements in 1997, as compared to the  year
ended December 31, 1996.

The Landings

    The  Landings' net operating income for the nine-month period
ended  September 30, 1997 decreased by 2.9% from the same  period
in  1996, due to  a  1.2%  increase  in apartment revenues  and a
5.2%  increase in apartment expenses.  The increase in  apartment
expenses  is  primarily attributable to a increase in maintenance
and  marketing  expenses.  Average occupancy for  the  nine-month
period ended September 30, 1997 decreased to 90%, compared to 94%
for  the same period in 1996. The decrease in occupancy  level is 
primarily   attributed to increased home buying and rental market
competition for the Landings  area.  During the nine-month period
ended September 30, 1997, ORP  expended  $103,000   on   property
improvements,   including  $59,000  capitalized  for   accounting
purposes.   The  Managing  General Partner  anticipates  slightly
lower  spending  levels  on  property  improvements  in  1997  as
compared to the year ended December 31, 1996.

Raven Hill

    Raven  Hill's net operating income for the nine-month  period
ended  September 30, 1997 increased by 7.3% from the same  period
in 1996, due to a 5.1%  increase  in  apartment  revenues  and  a
3.4%  increase in apartment expenses.  The increase in  apartment
expenses  is primarily attributable to an increase in   operating
expenses  and  property taxes.  Average occupancy for  the  nine-
month  period ended September 30, 1997 increased to 96%, compared
to  93% for the same period in 1996. During the nine-month period
ended  September  30,  1997, ORP expended  $309,000  on  property
improvements,  including  $246,000  capitalized  for   accounting
purposes.   The  Managing  General  Partner  anticipates   higher
spending levels on property improvements in 1997, as compared  to
the  year  ended  December  31, 1996 due  to  siding  and  window
replacements.





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

Shadow Oaks

    Shadow  Oaks' net operating income for the nine-month  period
ended  September 30, 1997 increased by 8.3% from the same  period
in 1996, due to a 6.2%  increase  in  apartment  revenues  and  a
4.3%  increase in apartment expenses.  The increase in  apartment
expenses  is primarily attributable to an increase in maintenance
and operating expenses.  The average occupancy for the nine-month
period ended September 30, 1997 increased to 94%, compared to 93%
for  the same period in 1996. During the nine-month period  ended
September   30,   1997,   ORP  expended  $167,000   on   property
improvements,  including  $132,000  capitalized  for   accounting
purposes.   The Managing General Partner anticipates that  higher
levels  of  property improvements will be necessary  in  1997  to
maintain the property's competitive position, as compared to  the
year ended December 31, 1996.

Consolidated Statements of Operations-Other Income and Deductions

   Other income was $266,000 and $202,000, respectively, for  the
nine-month periods ended September 30, 1997 and 1996.

   The  terms of the mortgage loans require the borrowers to make
equal  installment  payments over the term of  the  loans.   Each
payment consists of interest on the unpaid balance of the  loans,
and  a  reduction of loan principal.  The interest paid on  these
loans  decreases each period, while the portion  applied  to  the
loan  principal  increases each period.  As  a  result,  interest
expense   was   $1,321,000  and  $1,342,000,  respectively,   and
principal payments were $264,000 and $242,000, respectively,  for
the nine-month periods ended September 30, 1997 and 1996.

  Depreciation expense for the nine-month periods ended September
30,  1997  and  1996  was  $876,000 and  $846,000,  respectively.
Amortization  expense for the nine-month periods ended  September
30, 1997 and 1996 was $74,000.

   For  the nine-month periods ended September 30, 1997 and 1996,
of  the  total property improvements in the aggregate  amount  of
$782,000   and  $654,000  respectively,  $194,000  and  $180,000,
respectively,  were  classified  as  refurbishment  expenses  for
financial statement purposes.  The remaining balances of $588,000
and   $474,000,  respectively,  were  capitalized  for  financial
statement purposes.  The increase in property improvements is due
primarily to siding and window replacements at Raven Hill  during
the nine months ended September 30, 1997.

   Interest income for the nine-month periods ended September 30,
1997 and 1996 was $59,000.

   ORP's administrative expenses for the nine-month periods ended
September   30,  1997  and  1996  were  $151,000  and   $160,000,
respectively.


<PAGE> 12
<TABLE>
---------------------------------------------------------------------------------------------------------
Average Occupancy                                                                                        
---------------------------------------------------------------------------------------------------------
<CAPTION>                                                                                                         
The average occupancy for each of the four investment properties is shown in the following chart:        
                                                                                                         
                                                          For the Quarter Ended                          
Property/            Acquisition  -----------------------------------------------------------------------                    
Location                 Date      3/31/96   6/30/96   9/30/96   12/31/96   3/31/97   6/30/97   9/30/97  
---------------------------------------------------------------------------------------------------------
<S>                    <C>           <C>       <C>       <C>        <C>       <C>       <C>       <C>
Fairlane East          12/23/85      97%       98%       97%        98%       96%       97%       98%    
Dearborn, Michigan                                                                                       
                                                                                                         
The Landings           10/31/84      91%       96%       96%        92%       86%       91%       94%    
Indianapolis, Indiana                                                                                    
                                                                                                         
Raven Hill             12/24/86      92%       95%       92%        92%       94%       97%       97%    
Burnsville, Minnesota                                                                                    
                                                                                                         
Shadow Oaks             2/07/85      93%       92%       93%        90%       94%       92%       95%     
Tampa, Florida                                                                                            
---------------------------------------------------------------------------------------------------------
Summary of Project Data (in thousands)                                                                   
---------------------------------------------------------------------------------------------------------
                                                    1997 Operating Result through 9/30/97 (in thousands)    
                                                 -------------------------------------------------------- 
                                 Average Rent                             NOI                            
                                 Collected<F1>                          Before                           
                              -------------------                      Property                NOI Before    
Property/           Number of September September  Net   Apartment   Improvements  Property<F2>   Debt     
Location              Units     1997       1996  Revenues Expenses  & Debt Service Improvements  Service 
---------------------------------------------------------------------------------------------------------
<S>                   <C>     <C>        <C>      <C>      <C>          <C>            <C>       <C>
Fairlane East         244     $  954     $  922   $2,057   $  813       $1,244         $203      $1,041  
Dearborn, Michigan                                                                                       
                                                                                                         
The Landings          150     $  611     $  584      781      415          366          103         263  
Indianapolis, Indiana                                                                                     
                                                                                                         
Raven Hill            304     $  694     $  672    1,893    1,055          838          309         529  
Burnsville, Minnesota                                                                                    
                                                                                                          
Shadow Oaks           200     $  456     $  438      850      457          393          167         226  
Tampa, Florida                                                                                            
---------------------------------------------------------------------------------------------------------
     Total            898                         $5,581   $2,740       $2,841         $782      $2,059  
=========================================================================================================
<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  $ 588,000       
      incurred through September 30, 1997.                                                                
</FN>


</TABLE>








<PAGE> 13

Oxford Residential Properties I Limited Partnership and Subsidiaries
--------------------------------------------------------------------
Consolidated Balance Sheets (in thousands)
--------------------------------------------------------------------
<TABLE>
<CAPTION>
                                       September 30,  December 31,
                                           1997           1996
                                        (Unaudited)
--------------------------------------------------------------------
<S>                                        <C>           <C>
Assets
Investment properties, at cost:
 Land                                      $ 3,681       $ 3,681
 Buildings and improvements, net of                                 
   accumulated depreciation of $14,536                               
   and $13,656, respectively                20,700        20,989    
--------------------------------------------------------------------
    Total Investment Properties             24,381        24,670    
--------------------------------------------------------------------
Cash and cash equivalents                    1,020         1,106    
Working capital reserve                        499           454    
Tenant security deposits                       167           135    
Deferred costs, net of amortization of                              
  $2,468 and $2,395, respectively              449           522    
Other assets                                 1,166           973    
--------------------------------------------------------------------
                                             3,301         3,190   
--------------------------------------------------------------------
    Total Assets                           $27,682       $27,860    
--------------------------------------------------------------------
Liabilities and Partners' Capital                                   
Liabilities                                                         
  Mortgage notes payable                   $21,237       $21,501    
  Accounts payable and accrued expenses        609           472   
  Distributions payable                          0           185   
  Due to affiliates                            522           411     
  Tenant security deposits                     167           135   
--------------------------------------------------------------------
    Total Liabilities                       22,535        22,704  
--------------------------------------------------------------------
Partners' Capital                                                  
 General Partners                           (1,034)       (1,040)   
 Assignor Limited Partner                        1             1    
 Assignee Unit Holders (25,714 Assignee                            
   Units issued  and 24,522 outstanding                             
   as of September 30, 1997 and 24,657                             
   outstanding as of December 31, 1996)      6,180         6,195    
--------------------------------------------------------------------
    Total Partners' Capital                  5,147         5,156    
--------------------------------------------------------------------
    Total Liabilities and                                             
      Partners' Capital                    $27,682       $27,860
====================================================================
The accompanying notes are an integral part of these consolidated
                      financial statements.

</TABLE>
<PAGE> 14

Oxford Residential Properties I Limited Partnership and Subsidiaries
--------------------------------------------------------------------
Consolidated Statements of Operations (in thousands, except Net 
(Unaudited)                           Income per Assignee Unit and 
                                      Weighted average number of
                                      Assignee Units Outstanding)
--------------------------------------------------------------------
<TABLE>
<CAPTION>
                                   Three months     Nine months
                                      ended            ended
                                   September 30,    September 30,
                                  ---------------  ---------------
                                   1997     1996     1997     1996
---------------------------------------------------------------------
<S>                              <C>      <C>      <C>      <C>
Apartment Revenues                                                   
  Rental income                  $1,811   $1,728   $5,315   $5,144    
  Other income                       69       71      266      202
---------------------------------------------------------------------
    Total Apartment Revenues      1,880    1,799    5,581    5,346
---------------------------------------------------------------------
Apartment Expenses                                                   
  Maintenance                       324      308      893      848  
  Operating                         143      145      485      462   
  Administrative                    114      111      324      322   
  Property management fees           94       89      278      266   
  Property taxes                    213      200      673      635  
  Marketing                          30       28       87       77  
---------------------------------------------------------------------
    Total Apartment Expenses        918      881    2,740    2,610
---------------------------------------------------------------------
Net Operating Income                962      918    2,841    2,736
---------------------------------------------------------------------
Other Deductions                                                     
  Interest expense                  438      446    1,321    1,342  
  Depreciation and                                                   
    amortization                    316      304      951      920   
  Refurbishment expenses             80       75      194      180   
  Interest income                   (19)     (20)     (59)     (59) 
  Partnership                                                       
  administrative expenses            39       38      151      160  
---------------------------------------------------------------------
    Total Other Deductions          854      843    2,558    2,543
---------------------------------------------------------------------
Net Income                       $  108   $   75   $  283   $  193
=====================================================================
Net Income Allocated to                                              
  Assignee Unit Holders          $  106   $   73   $  277   $  189  
=====================================================================
Net Income per Assignee Unit     $ 4.31   $ 2.93   $11.25   $ 7.56  
=====================================================================
Weighted average number of                                           
  Assignee Units Outstanding     24,580   24,878   24,631   25,004  
=====================================================================
      The accompanying notes are an integral part of these
               consolidated financial statements.
</TABLE>
<PAGE> 15

Oxford Residential Properties I Limited Partnership and Subsidiaries
--------------------------------------------------------------------
Consolidated Statement of Partners' Capital (in thousands)
--------------------------------------------------------------------
<TABLE>
<CAPTION>
  
                            For the period December 31, 1996 through 
                                      September 30, 1997
                            ----------------------------------------
                                  Limited Partners'
                                     Interests
                                 ------------------
                                 Assignee  Assignor    
                                   Unit    Limited   General
                                  Holders  Partners  Partners Total
---------------------------------------------------------------------
<S>                                <C>          <C>  <C>      <C>
Balance, December 31, 1996         $6,195       $1   $(1,040) $5,156
---------------------------------------------------------------------
Net income for the nine months                                       
  ended September 30, 1997            277        0         6     283
                                                                           
Distribution to Assignee                                            
  Unit Holders                       (247)       0         0    (247)
                                                                     
Purchase of Assignee Units            (45)       0         0     (45)
---------------------------------------------------------------------
Balance, September 30, 1997                                           
(Unaudited)                        $6,180       $1   $(1,034) $5,147
=====================================================================

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

</TABLE>






















<PAGE> 16

Oxford Residential Properties I Limited Partnership and Subsidiaries
--------------------------------------------------------------------
Consolidated Statements of Cash Flows (in thousands)
(Unaudited)
--------------------------------------------------------------------
<TABLE>
<CAPTION>
                                                  Nine months ended
                                                    September 30,
                                                  ------------------  
                                                     1997    1996
--------------------------------------------------------------------
<S>                                                 <C>     <C>
Operating activities                                                 
  Net income (loss)                                 $  283  $  193
  Adjustments to reconcile net income (loss) to                    
    net cash provided by operating activities:                     
      Depreciation and amortization                    951     920
  Changes in assets and liabilities:                                
    Tenant security deposits liability                  32      18
    Tenant security deposits                           (32)    (18)
    Other assets                                      (194)   (247)
    Accounts payable and accrued expenses              137      87
      Due to affiliates                                111     107
--------------------------------------------------------------------
Net cash provided by operating activities            1,288   1,060
--------------------------------------------------------------------
Investing activities                                                
  Working capital reserve                              (45)    337
  Additions to investment properties                  (588)   (474)
--------------------------------------------------------------------
Net cash used in investing activities                 (633)   (137)
--------------------------------------------------------------------
Financing activities                                                
  Distributions paid                                  (432)   (376)
  Mortgage principal paid                             (264)   (243)
  Purchase of Assignee Units                           (45)   (127)
--------------------------------------------------------------------
Net cash used in financing activities                 (741)   (746)
--------------------------------------------------------------------
Net increase (decrease) in cash and                                
  cash equivalents                                     (86)    177
Cash and cash equivalents, beginning of period       1,106     931
--------------------------------------------------------------------
Cash and cash equivalents, end of period            $1,020  $1,108
====================================================================

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

</TABLE>







<PAGE> 17
-----------------------------------------------------------------
Notes to Consolidated Financial Statements
-----------------------------------------------------------------

Note 1.  Financial Statements.

   The consolidated financial statements reflect all adjustments
which,  in  the  opinion  of  Oxford  Residential  Properties  I
Corporation, the managing general partner (the "Managing General
Partner") of Oxford Residential Properties I Limited Partnership
("ORP"  or  the "Partnership"), are necessary to present  fairly
the   Partnership's   Consolidated   Balance   Sheets   as    of
September  30,  1997  and  December 31, 1996,  the  Consolidated
Statements  of Operations for the three- and nine-month  periods
ended September 30, 1997 and 1996, the Consolidated Statement of
Partners' Capital as of September 30, 1997, and the Consolidated
Statements  of  Cash  Flows  for the  nine-month  periods  ended
September  30,  1997  and 1996, according to generally  accepted
accounting  principles.  Although the Managing  General  Partner
believes  the  disclosures presented are adequate  to  make  the
information not misleading, these statements should be  read  in
conjunction  with the audited consolidated financial  statements
and  the  notes included in the Partnership's Annual Report  for
the year ended December 31, 1996.

   For  financial reporting purposes, the net income per assignee
unit  of  limited partnership of ORP ("Assignee Unit")  has  been
calculated  by  dividing  the portion of  the  Partnership's  net
income  allocable to Assignee Unit Holders (98%) by the  weighted
average  of  Assignee Units outstanding.  In all computations  of
earnings  per  Assignee Unit, the weighted  average  of  Assignee
Units outstanding during the period constitutes the basis for the
net   income  amounts  per  Assignee  Unit  on  the  Consolidated
Statements of Operations.

Note 2.  Transactions with Affiliates.

   The  Partnership has no directors or officers.   The  Managing
General  Partner  and its affiliates do not  receive  any  direct
compensation, but receive fees and are reimbursed by ORP for  any
actual direct costs and expenses incurred in connection with  the
operation  of  the  Partnership.  ORP reimbursed  affiliates  for
personnel costs, travel expenses and interest on interim  working
capital advances which were not covered separately by fees. Total
reimbursements to the Managing General Partner and its affiliates
for   the  nine-month  period  ended  September  30,  1997,  were
approximately  $52,000 for administrative and  accounting-related
costs, compared to $44,000 for the same period in 1996.

   Under  the  Property Management Agreements with NHP Management
Company  ("NHP"),  the management fee is equal  to  5%  of  gross
collections  for  all properties; however, 40%  of  this  fee  is
subordinated  to  the  receipt by the Assignee  Unit  Holders  of
certain  returns.  Property management fees of $111,000  for  the
nine-month  period ended September 30, 1997, have  been  deferred
and  are  included  in  Due  to affiliates  in  the  accompanying
Consolidated Balance Sheets.  Cumulative deferred management fees
as  of September 30, 1997 and December 31, 1996, totaled $522,000
and  $411,000,  respectively.  NHP also has a  separate  services
<PAGE> 18
-----------------------------------------------------------------
Notes to Consolidated Financial Statements
-----------------------------------------------------------------

agreement  with  Oxford  Realty Financial Group,  Inc.  ("ORFG"),
pursuant  to  which  ORFG provides certain  services  to  NHP  in
exchange  for  service fees in an amount equal to 25.41%  of  all
fees  collected  by NHP from certain properties, including  those
owned by the Partnership.

   On  May 25, 1995, an affiliate of ORP and its managing general
partner,  Oxford Residential Properties I Corporation  ("Managing
General  Partner"), completed a tender offer ("Affiliate Tender")
in  which the affiliate acquired 4,997 Assignee Units  at a price 
of $332 per Assignee  Unit.  Subsequent to the termination of the
Affiliate  Tender,  ORP  determined that additional Assignee Unit
Holders were interested  in  selling their Assignee Units for the  
same price offered in the Affiliate Tender. On June 20, 1995, ORP 
advised its  Assignee  Unit Holders that it would purchase  on  a 
"first  come,  first  served"  basis,  at  any  time on or before
September 11, 1995, unless sooner terminated, all Assignee  Units  
up to an aggregate  of  600 Assignee Units at a price of $332 per  
Assignee Unit, net to the seller in cash without interest("Issuer
Tender").   The Issuer Tender has been extended to  December  31,
1997  with  respect  to  the purchase of  up  to  600  additional
Assignee  Units.   For  the period from  June  20,  1995  through
December  31,  1996, ORP had purchased, in the  aggregate,  1,057
Assignee Units.  In August and September of 1997 ORP purchased an
additional 105 and 30 Assignee Units, respectively, bringing  the
total  number of Assignee Units purchased by ORP since  June  20,
1995 to 1,192.

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, 1997, the total outstanding balance of the four
mortgage  notes payable was $21,237,000.  The properties  are  in
compliance  with their respective debt service agreements  as  of
September 30, 1997.














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

The   individual  outstanding  mortgage  notes  payable   as   of
September 30, 1997 and monthly debt service are as follows:

<TABLE>
<CAPTION>
-----------------------------------------------------------------
Property Collateralizing Debt      Outstanding     Monthly
(in thousands)                       Mortgage   Debt Service <F1>
-----------------------------------------------------------------
<S>                                  <C>             <C>
Fairlane East                        $ 9,758         $ 81
The Landings                           3,216           26
Raven Hill                             4,915           41
Shadow Oaks                            3,348           28
-----------------------------------------------------------------
                                     $21,237         $176
=================================================================
<FN>
<F1> Includes principal and interest.
</FN>

</TABLE>

































<PAGE> 20
-----------------------------------------------------------------
Instructions for Investors who wish to reregister or transfer ORP
Assignee Units
-----------------------------------------------------------------

Please follow the instructions below if you wish to reregister or
transfer  ownership  of  your  Oxford  Residential  Properties  I
("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> 21
-----------------------------------------------------------------
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,  1997,  filed with the Securities  and  Exchange
  Commission, is available to Assignee Unit Holders  and  may  be
  obtained by writing:
                                
                                
                        Investor Services
       Oxford Residential Properties I Limited Partnership
                          P.O. Box 7090
                    Troy, Michigan 48007-9921
                                
                         (810) 614-4550