====================================================================
                                                                    
                          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, 1998
                     
                               OR
                    
           TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                THE SECURITIES EXCHANGE ACT OF 1934
                                                                    
           For the transition period from ___________ to___________
             ------------------------------------                     
                Commission file number:  0-14533                    
             ------------------------------------                     

          OXFORD RESIDENTIAL PROPERTIES I LIMITED PARTNERSHIP
        (Exact name of registrant as specified in its charter)

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

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

Securities Registered Pursuant to Section 12(b) of the Act:  NONE
                                
   Securities Registered Pursuant to Section 12(g) of the Act:
                         Assignee Units

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

There  is  no  public  trading market  for  the  Assignee  Units.
Therefore, the Assignee Units had neither a market selling  price
nor an average bid or asked price within the 60 days prior to the
date of this filing.
                                                                    
Index to Exhibits is on page 3.                                     
====================================================================

<PAGE 2>

       OXFORD RESIDENTIAL PROPERTIES I LIMITED PARTNERSHIP
                                
                            FORM 10-Q

                 PART I - FINANCIAL INFORMATION

Item 1.    Financial Statements.
                                                                 
    The  financial statements of the Partnership, and  the  notes
thereto,  are  incorporated herein by reference  to  sequentially
numbered  pages 12 through 17 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 nine-month period ended September 30, 1998, is
incorporated herein by reference to sequentially numbered pages 6
through  11  entitled "Report of Management"  included  in  ORP's
Quarterly Report (Unaudited).                                     
                                                                 
                   PART II - OTHER INFORMATION                    
                                                                  
Item 1. Legal Proceedings.                                       
                                                                    
    The  Registrant  is engaged from time to time  in  litigation
incident  to  its business; however, there are no  pending  legal
proceedings whose potential effects are considered to be material
by the Managing General Partner.                                 
                                                                 
Item 2.   Changes in Securities.                                   
     None.                                                           
                                                                 
Item 3.   Defaults Upon Senior Securities.                       
     None.                                                       
                                                                 
Item 4.   Submission of Matters to a Vote of Security Holders.    
     None.                                                         
                                                                  
Item 5.   Other Information.                                        
     None.                                                        
                                                                
Item 6.    Exhibits and Reports on Form 8-K                       
     (a) Exhibits.                                              
                                                                     
     For a list of Exhibits as required by Item 601 of Regulation
     S-K, see Exhibit Index on page 3 of this report.             
                                                                    
     (b) Reports on Form 8-K                                       
                                                                      
         None.                                                      
                                                                        
   No other items were applicable.                                   




<PAGE 3>

       OXFORD RESIDENTIAL PROPERTIES I LIMITED PARTNERSHIP
                                
                            FORM 10-Q

                          EXHIBIT INDEX

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

(11) Statement regarding computation of per share earnings.

     The information to compute earnings per share is provided in
     the  financial  statements and notes thereto of  the  Oxford
     Residential  Properties  I Limited  Partnership's  Quarterly
     Report  (Unaudited)  to Assignee Unit Holders,  attached  as
     Exhibit 20 (sequentially numbered pages 12 through 17).

(20) Reports furnished to security holders.

     Oxford  Residential   Properties  I  Limited   Partnership's
     Quarterly  Report  (Unaudited)  dated  September  30,  1998,
     follows on sequentially numbered pages 5 through 18 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: 11/13/98   By:  /S/ Richard R. Singleton                   
      --------       --------------------------------------------
                      Richard R. Singleton                       
                      Senior Vice President and                   
                        Chief Financial Officer                  
                                                                 
                                                                 
   Pursuant to the requirements of the Securities Exchange Act of
1934,  this report has been signed below by the following persons
on  behalf  of the registrant and in the capacities  and  on  the
dates indicated.                                                 
                                                                 
                                                                 
                                                                  
Date: 11/13/98   By: /S/ Leo E. Zickler                          
      --------      ---------------------------------------------
                     Leo E. Zickler                                 
                     Chairman of the Board of Directors and      
                       Chief Executive Officer                   
                                                                 
                                                                 
Date: 11/13/98   By: /S/ Francis P. Lavin                        
      --------      ---------------------------------------------
                     Francis P. Lavin                             
                     President                                   















<PAGE 5>










       OXFORD RESIDENTIAL PROPERTIES I LIMITED PARTNERSHIP

                        Quarterly Report
                           (Unaudited)

                       September 30, 1998
                                




















       CONTENTS

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



                                                                  

<PAGE 6>                                                         
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Report of Management                                             
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   The following report provides additional information about the
consolidated financial condition of Oxford Residential Properties
I   Limited  Partnership  ("ORP"  or  the  "Partnership")  as  of
September  30,  1998, and its consolidated results of  operations
for  the three- and nine-month periods ended September 30,  1998,
and  its cash flows for the nine-month period ended September 30,
1998.  This report and analysis should be read together with  the
consolidated financial statements and related notes  thereto  and
the  selected consolidated financial data appearing elsewhere  in
this Quarterly Report.                                            
                                                                 
Recent Developments                                              
                                                                 
   On  August 11, 1998, the Managing General Partner declared  an
increase in the amount of the semi-annual distribution payable by
ORP  from  $10 per Assignee Unit to $15 per Assignee Unit.   This
distribution  was  made on August 28, 1998, to its  Partners  and
Assignee Unit Holders of record as of June 30, 1998.              
                                                                   
   On behalf of the Partnership, Oxford Residential Properties  I
Corporation  ("Managing General Partner"), will  consider  offers
made  by  Assignee  Unitholders who wish to sell  their  Assignee
Units  at  such  prices  as may be set by  the  Managing  General
Partner from time to time.  The prices that will be paid will  be
established  by reference to prevailing secondary  market  prices
and  will  be determined solely by the Managing General  Partner.
This  is  neither an offer to purchase nor a solicitation  of  an
offer to sell by ORP.  Since July 1995, and through September 30,
1998,  ORP has purchased, in the aggregate, 1,479 Assignee Units.
ORP purchased an additional 61 Assignee Units during the month of
October, 1998.                                                   
                                                                 
Liquidity and Capital Resources                                  
                                                                  
   Current  Position.  At September 30, 1998, ORP held $1,322,000
in  cash  and  cash equivalents and the working capital  reserve,
compared  to  $1,503,000 at December 31, 1997.  The  decrease  of
$181,000  is primarily attributable to increases in property  net
operating  incomes  offset  by: (i)  the  distributions  made  on
February 28, 1998 and on August 28, 1998 to Partners of record as
of  December  31,  1997 and June 30, 1998 totaling  approximately
$243,000  and  $365,000,  respectively,  (ii)  the  purchase   of
Assignee  Units during the nine-month period ended September  30,
1998  totaling approximately $40,000, (iii) an increase in  other
assets   of   $295,000,  and  (iv)  the   payment   of   ORP's   
administrative  expenses  during  the  nine-month  period   ended
September 30, 1998 totaling $145,000.                            
                                                                 
   Other  Assets  shown on the accompanying consolidated  Balance
Sheet  increased by $295,000 to $1,323,000 at September 30, 1998,
from  $1,028,000  at December 31, 1997.  The  increase  in  Other
Assets  is primarily a result of an increase in prepaid  property
insurance  and the property tax escrow subaccount.  Other  Assets
include  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 $1,172,000
at   September  30,  1998.   These  Subaccounts  are  funded  and
maintained  monthly,  as  needed, from  property  income  (except
security  deposits), in accordance with the requirements pursuant
to  each  property's  loan agreement and  based  on  expenditures
anticipated  in  the following months.  Accounts  Receivable  and
Prepaid  Expenses totaling $97,000 and $54,000 at  September  30,
1998, respectively, are also included in Other Assets.           
                                                                 
    Unamortized  deferred  costs  relating  to  organization  and
refinancing  costs (discussed in prior reports) at September  30,
1998  were  $351,000, compared to $424,000 at December 31,  1997.
These costs are being amortized over the term of the mortgages.  
                                                                 
   Property Operations.  ORP's future liquidity and level of cash
distributions are dependent upon the net operating  income  after
debt    service,   refurbishment   expenses,   and    capitalized
improvements  generated by ORP's four investment  properties  and
proceeds  from  any sale or refinancing of those properties.   To
the  extent  any individual property does not generate sufficient
cash  to  cover  its  operating needs,  including  debt  service,
deficits  would  be  funded  by cash  generated  from  the  other
investment properties, if any, working capital reserves, if  any,
or  borrowings  by ORP.  Property improvements in  the  aggregate
amount  of  $814,000  were made for the nine-month  period  ended
September  30, 1998, compared to $782,000 for the same period  in
1997.   Of  the  $814,000 of property improvements, $527,000  was
capitalized  for financial statement purposes for the  nine-month
period  ended  September 30, 1998, compared to  $588,000  of  the
$782,000 of property improvements for the same period in 1997.   
                                                                  
<PAGE 7>                                                          
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Report of Management                                              
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  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, 1998 and December 31, 1997, deferred  property
management  fees  to  NHP  amounted  to  $675,000  and  $560,000,
respectively.                                                    
                                                                 
Results of Operations                                            
                                                                  
    The  net operating income, before debt service, refurbishment
expenses, and capitalized property improvements, from each of the
four  investment properties for the three- and nine-month periods
ended September 30, 1998 and 1997, is as follows:                 
                                                                 







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Report of Management                                             
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<TABLE>                                                          
-----------------------------------------------------------------
<CAPTION>                                                         
                          (in thousands)         (in thousands)    
                        Three months ended     Nine months ended   
                           September 30,          September 30,     
                        ------------------      -----------------
Property                  1998      1997         1998      1997    
-----------------------------------------------------------------
<S>                        <C>       <C>        <C>        <C>          
                                                                    
Fairlane East,                                                    
  Dearborn, MI             $  434    $  420     $1,267     $1,244
The Landings,                                                    
  Indianapolis, IN            126       117        415        366
Raven Hill,                                                      
  Burnsville, MN              351       296      1,013        838
Shadow Oaks,                                                     
  Tampa, FL                   156       129        429        393
-----------------------------------------------------------------
Total Net Operating Income $1,067    $  962     $3,124     $2,841
=================================================================
</TABLE>                                                          
                                                                  
      Three months ended September 30, 1998 versus three months   
                      ended September 30, 1997                    
                                                                    
    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,
1998,  increased by 10.9% compared to the quarter ended September
30,  1997.   Set  forth below is a discussion of  the  properties
which  compares  their respective operations for the  three-month
periods ended September 30, 1998 and 1997.                       
                                                                 
Fairlane East                                                    
                                                                  
    Fairlane  East's net operating income for the  quarter  ended
September 30, 1998 increased by 3.3% from the same period in 1997
due to a 5.4% increase in revenues offset by an 8.6% increase  in
apartment  expenses.   The  increase  in  apartment  expenses  is
primarily  attributable to increases in maintenance and marketing
expenses.   Occupancy for the three-month period ended  September
30, 1998 decreased to 97% compared to 98% for the same period  in
1997.   The  weighted average rent collected for the month  ended
September 30, 1998 increased by 4.8% to $1,000, compared to  $954
for the same period in 1997.  During the three-month period ended
September 30, 1998, the Partnership expended $88,000 on  property
improvements,   including  $51,000  capitalized  for   accounting
purposes.                                                        
                                                                 
The Landings                                                     
                                                                 
    The  Landings'  net operating income for  the  quarter  ended
September 30, 1998 increased by 7.7% from the same period in 1997
due  to a 5.1% increase in apartment revenues and a 2.8% increase
in  apartment  expenses. The increase in  apartment  expenses  is
primarily   attributable  to  increases  in  administrative   and
maintenance expenses.  Occupancy for the three-month period ended
September 30, 1998 increased to 96% compared to 94% for the  same
period in 1997. The weighted average rent collected for the month
ended  September 30, 1998 increased by 1.5% to $620, compared  to
$611  for the same period in 1997.  During the three-month period
ended  September  30, 1998, the Partnership expended  $80,000  on
property   improvements,   including  $50,000   capitalized   for
accounting purposes.                                             
                                                                 
Raven Hill                                                       
                                                                 
    Raven  Hill's  net  operating income for  the  quarter  ended
September  30,  1998 increased by 18.6% from the same  period  in
1997  due  to a 4.9% increase in revenues and a 6.7% decrease  in
apartment  expenses.   The  decrease  in  apartment  expenses  is
primarily  attributable to decreases in maintenance and operating
expenses  and  property  taxes due to a decrease  in  the  annual
                                                                 
<PAGE 8>                                                         
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Report of Management                                             
-----------------------------------------------------------------
                                                                 
property  tax  assessment. Occupancy for the three-month  periods
ended  September 30, 1998 and 1997 was 97%.  The weighted average
rent  collected for the month ended September 30, 1998  increased
by  5.2%  to $730, compared to $694 for the same period in  1997.
During  the three-month period ended September 30, 1998,  the
Partnership   expended   $133,000  for   property   improvements,
including $109,000 capitalized for accounting purposes.          
                                                                 
Shadow Oaks                                                      
                                                                 
    Shadow  Oaks'  net  operating income for  the  quarter  ended
September  30,  1998 increased by 20.9% from the same  period  in
1997  due  to  a  9.9% increase in revenues and a  less  than  1%
decrease   in  apartment  expenses.  The  decrease  in  apartment
expenses  is  primarily attributable to decreases in  maintenance
expenses  and  property taxes.  For the three-month period  ended
September  30, 1998, average occupancy increased to 98%  compared
to  95%  for  the same period in 1997. The weighted average  rent
collected  for  the month ended September 30, 1998  increased  by
6.1%  to  $484,  compared to $456 for the same  period  in  1997.
During  the  three-month  period ended September  30,  1998,  the
Partnership expended $79,000 on property improvements,  including
$61,000 capitalized for accounting purposes.                     
                                                                 
  Nine months ended September 30, 1998 versus nine months ended  
                       September 30, 1997                        
                                                                  
    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, 1998, increased by $283,000, or 10%,  compared  to
the  same  period  in  1997.   Throughout  1998,  the  collective
portfolio has shown both consistent growth in revenues as well as
consistent decline in operating expenses.  Set forth below  is  a
discussion  of  the  properties which compares  their  respective
operations  for the nine-month periods ended September  30,  1998
and 1997.                                                        
                                                                 
Fairlane East                                                    
                                                                 
   Fairlane East's net operating income for the nine-month period
ended  September 30, 1998 increased by 1.8% from the same  period
in  1997  due to a less than 1% increase in revenues and  a  less
than  1%  decrease  in  apartment  expenses.   The  decrease   in
apartment  expenses is primarily attributable to  a  decrease  in
property  taxes  due  to  changes in state  legislation.  Average
occupancy  for  the  nine-month period ended September  30,  1998
decreased  to 94%, compared to 97% for the same period  in  1997.
However, for the month ended September 30, 1998, Fairlane  East's
occupancy  rate  increased to 99%, thus showing continuing  signs
of  occupancy improvement.  During  the nine-month  period  ended
September 30, 1998, the Partnership expended $235,000 on property
improvements,  including  $128,000  capitalized  for   accounting
purposes.   The  Managing  General Partner  anticipates  slightly
lower  spending  levels  on  property improvements  in  1998,  as
compared to the year ended December 31, 1997.                    
                                                                 
The Landings                                                     
                                                                 
    The  Landings' net operating income for the nine-month period
ended  September 30, 1998 increased by 13.4% from the same period
in 1997 due to a 4.6% increase in revenues and a 3.3% decrease in
apartment  expenses.   The  decrease  in  apartment  expenses  is
primarily attributable to a decrease in property taxes.  In March
1998,  the Partnership received a refund of real estate taxes  in
the  amount  of $38,000 due to tax overpayments in  prior  years.
The  refund, in turn, reduced the amount of property tax expenses
and  resulted  in  a significantly higher overall  net  operating
income  for  the  nine-month  period ended  September  30,  1998.
Average  occupancy for the nine-month period ended September  30,
1998  increased  to 95%, compared to 90% for the same  period  in
1997.   The  increase in occupancy is primarily  attributable  to
stronger  market conditions, lower rent increases, and  decreased
"move-outs"  due  to new home purchases.  During  the  nine-month
period   ended  September  30,  1998,  the  Partnership  expended
$141,000  on property improvements, including $68,000 capitalized
for   accounting   purposes.    The  Managing   General   Partner
anticipates   slightly   lower  spending   levels   on   property
improvements in 1998, as compared to the year ended December  31,
1997.                                                            
                                                                 
<PAGE 9>                                                          
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Report of Management                                             
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Raven Hill                                                       
                                                                  
    Raven  Hill's net operating income for the nine-month  period
ended  September 30, 1998 increased by 20.9% from the same period
in  1997 due to a 4.8% increase in revenues and an 8% decrease in
apartment expenses.  The increase in revenues is attributable  to
a  5.1%  increase  in rental income partially offset  by  a  1.8%
decrease in other income.  The decrease in apartment expenses  is
primarily  attributable to: (i) savings in utility costs  due  to
better  than  average  weather  conditions,  (ii)  decreases   in
maintenance  expenses due to payroll savings  from  having  fewer
maintenance workers, and (iii) a decrease in property  taxes  due
to  lower  1998 property tax assessments.  Average occupancy  for
the  nine-month period ended September 30, 1998 increased to 97%,
compared  to 96% for the same period in 1997.  During  the  nine-
month  period ended September 30, 1998, the Partnership  expended
$262,000    for   property   improvements,   including   $196,000
capitalized  for  accounting  purposes.   The  Managing   General
Partner  anticipates slightly lower spending levels  on  property
improvements in 1998, as compared to the year ended December  31,
1997.                                                            
                                                                 
Shadow Oaks                                                      
                                                                  
    Shadow  Oaks' net operating income for the nine-month  period
ended  September 30, 1998 increased by 9.2% from the same  period
in  1997  due to a 4.2% increase in revenues and a less  than  1%
decrease  in  apartment expenses.  The increase in  revenues  was
primarily  attributable to a 7% increase in rental  income.   The
decrease  in  apartment expenses is primarily attributable  to  a
decrease  in  maintenance expenses and property  taxes.   Average
occupancy  for  the  nine-month period ended September  30,  1998
increased  to 97%, compared to 94% for the same period  in  1997.
During  the  nine-month  period ended  September  30,  1998,  the
Partnership expended $176,000 on property improvements, including
$134,000  capitalized for accounting purposes.  Of  the  $134,000
capitalized  costs,  approximately $98,000  was  paid  for  major
roofing  replacement and exterior painting.  The Managing General
Partner   anticipates   slightly  higher   levels   of   property
improvements will be necessary in 1998, as compared to  the  year
ended  December  31,  1997, in order to maintain  the  property's
competitive position.                                            
                                                                  
Consolidated Statements of Operations-Other Income and Deductions
                                                                 
   Other income was $220,000 and $266,000, respectively, for  the
nine-month  periods  ended September  30,  1998  and  1997.   The
decrease was primarily due to decreases in laundry income, tenant
late charge income, interest income and lease breakage income.   
                                                                 
   The  terms of the mortgage loans require the borrowers to make
equal  installment  payments over the term of  the  loans.   Each
payment  consists of interest on the unpaid balance of the  loans
and  a  reduction of loan principal.  The interest paid on  these
loans  decreases each period, while the portion  applied  to  the
loan  principal  increases each period.  As  a  result,  interest
expense   was   $1,299,000  and  $1,321,000,  respectively,   and
principal paid was $286,000 and $264,000, respectively,  for  the
nine-month periods ended September 30, 1998 and 1997.            
                                                                 
  Depreciation expense for the nine-month periods ended September
30,  1998  and  1997  was  $926,000 and  $876,000,  respectively.
Amortization  expense for the nine-month periods ended  September
30, 1998 and 1997 was $73,000.                                   
                                                                 
   For  the nine-month periods ended September 30, 1998 and 1997,
of  the  total property improvements in the aggregate amounts  of
$814,000  and  $782,000,  respectively,  $287,000  and  $194,000,
respectively,  were  classified  as  refurbishment  expenses  for
financial statement purposes.  The remaining balances of $527,000
and   $588,000,  respectively,  were  capitalized  for  financial
statement purposes.                                               
                                                                 
   Interest income for the nine-month periods ended September 30,
1998  and  1997  was  $58,000  and 59,000,  respectively.   ORP's
partnership  administrative expenses for the  nine-month  periods
ended  September  30, 1998 and 1997 were $145,000  and  $151,000,
respectively.                                                    
                                                                 
<PAGE 10>                                                        
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Report of Management                                             
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Year 2000 Compliance                                             
                                                                 
     In accordance with the SEC's interpretive release "Statement
of  the Commission Regarding Disclosure  of  Year 2000 Issues and
Consequences by Public Companies...," the Managing General Partner
of ORP has  upgraded and tested the principal system on which ORP
relies and  believes that they are Year 2000 compliant as of this
date.  The Managing General Partner is currently contacting third
parties with whom ORP does business to evaluate their exposure to
year  2000  issues.  In addition, the Managing General Partner is
in the  process  of determining the risks associated with a third
party service  provider  failure  and  is  developing contingency
plans.  The Managing General Partner believes  that such analysis
will  take  approximately  180  days  to complete.   The Managing
General  Partner is committed to making ORP's transition into the
next millenium a smooth one.                                    
                                                                
                                                                 
                                                                
<PAGE 11>                                                       
<TABLE>                                                           
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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      3/31/97    6/30/97    9/30/97    12/31/97    3/31/98    6/30/98    9/30/98                     
-----------------------------------------------------------------------------------------------------------------------
<S>                    <C>           <C>        <C>        <C>        <C>         <C>        <C>        <C>                
Fairlane East          12/23/85      96%        97%        98%        94%         91%        94%        97%              
Dearborn, Michigan                                                                                                     
The Landings           10/31/84      86%        91%        94%        93%         94%        96%        96%              
Indianapolis, Indiana                                                                                                  
Raven Hill             12/24/86      94%        97%        97%        98%         98%        97%        97%              
Burnsville, Minnesota                                                                                                  
Shadow Oaks            02/07/85      94%        92%        95%        98%         97%        96%        98%              
Tampa, Florida                                                                                                         
------------------------------------------------------------------------------------------------------------------------
</TABLE>                                                               
                                                                       
<TABLE>                                                                                                                 
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<CAPTION>                                                                                                               
Summary of Project Data (in thousands)                                                                                  
------------------------------------------------------------------------------------------------------------------------
                                                                                                                        
                                                1998 Operating Results through 9/30/98 (in thousands)                   
                                        --------------------------------------------------------------------------------
                                                                                                                        
                                Average Rent Collected<F1>                         NOI                            NOI       
                                --------------------------                  Before Property                     Before   
Property/               No. of  September  September   Apartment  Apartment Improvements &      Property         Debt   
Location                Units     1998       1997       Revenues  Expenses   Debt Service    Improvements<F2>  Service    
------------------------------------------------------------------------------------------------------------------------
<S>                      <C>     <C>         <C>           <C>       <C>         <C>            <C>            <C>      
Fairlane East            244     $1,000      $954          $2,074    $  807      $1,267         $235           $1,032   
Dearborn, Michigan                                                                                                      
The Landings             150     $  620      $611             816       401         415          141              274   
Indianapolis, Indiana                                                                                                   
Raven Hill               304     $  730      $694           1,984       971       1,013          262              751   
Burnsville, Minnesota                                                                                                   
Shadow Oaks              200     $  484      $456             886       457         429          176              253   
Tampa, Florida                                                                                                          
------------------------------------------------------------------------------------------------------------------------
     Total               898                               $5,760    $2,636      $3,124         $814           $2,310   
------------------------------------------------------------------------------------------------------------------------
<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  $527,000  incurred       
     during the nine-month period  ended  September  30, 1998.                                                          
</FN>                                                                                                                   
</TABLE>                                                     
                                                                    



























<PAGE 12>                                                             
Oxford Residential Properties I Limited Partnership and Subsidiaries
--------------------------------------------------------------------
Consolidated Balance Sheets (in thousands)                          
--------------------------------------------------------------------
<TABLE>                                                             
<CAPTION>                                                           
                              September 30, 1998   December 31, 1997
                                 (Unaudited)                        
--------------------------------------------------------------------
<S>                                     <C>               <C>             
Assets                                                              
Investment properties, at cost                                      
 Land                                   $ 3,681           $ 3,681     
 Buildings and improvements, net                                    
   of accumulated depreciation                                      
   of $15,753 and $14,827,                                           
   respectively                          20,343            20,742      
--------------------------------------------------------------------
  Total Investment Properties            24,024            24,423   
--------------------------------------------------------------------
Cash and cash equivalents                 1,118             1,068   
Working capital reserve                     204               435   
Tenant security deposits                    176               163   
Deferred costs, net of amortization                                 
of $2,566 and $2,493, respectively          351               424   
Other assets                              1,323             1,028   
--------------------------------------------------------------------
                                          3,172             3,118   
--------------------------------------------------------------------
  Total Assets                          $27,196           $27,541   
====================================================================
Liabilities and Partners' Capital                                   
  Liabilities                                                          
    Mortgage notes payable              $20,859           $21,145   
    Accounts payable and accrued                                    
      expenses                              480               471   
  Distributions payable                       0               243   
  Other liabilities                         675               560   
  Tenant security deposits                  176               163   
--------------------------------------------------------------------
  Total Liabilities                      22,190            22,582   
--------------------------------------------------------------------
Partners' Capital                                                   
  General Partners                       (1,023)           (1,032)  
  Assignor Limited Partner                    1                 1   
  Assignee Unit Holders (25,714                                     
    Assignee Units issued and 24,235                                
    outstanding at September 30, 1998                               
    and 24,325 outstanding at                                       
    December 31, 1997)                    6,028             5,990   
--------------------------------------------------------------------
  Total Partners' Capital                 5,006             4,959   
--------------------------------------------------------------------
  Total Liabilities and                                             
    Partners' Capital                   $27,196           $27,541   
====================================================================
     The accompanying notes are an integral part of these           
              consolidated financial statements.                    
</TABLE>                                                            
<PAGE 13>                                                           
Oxford Residential Properties I Limited Partnership and Subsidiaries
--------------------------------------------------------------------
Consolidated Statements of Operations (in thousands, except Net     
Income per Assignee Unit and weighted average number of Assignee    
Units Outstanding)  (Unaudited)                                     
--------------------------------------------------------------------
<TABLE>                                                             
<CAPTION>                                                           
                              Three months         Nine months        
                                 ended                ended            
                              September 30,       September 30,        
                             ---------------     ---------------      
                              1998      1997      1998      1997     
--------------------------------------------------------------------
<S>                           <C>       <C>       <C>       <C>       
Apartment Revenues                                                   
  Rental income               $1,897    $1,811    $5,540    $5,315    
  Other income                    93        69       220       266     
--------------------------------------------------------------------
  Total Apartment                                                   
     Revenues                  1,990     1,880     5,760     5,581      
--------------------------------------------------------------------
Apartment Expenses                                                  
  Maintenance                    321       324       877       893  
  Operating                      146       143       453       485  
  Administrative                 120       114       352       324  
  Property management fees        99        94       288       278  
  Property taxes                 199       213       569       673  
  Marketing                       38        30        97        87  
--------------------------------------------------------------------
  Total Apartment Expenses       923       918     2,636     2,740  
--------------------------------------------------------------------
Net Operating Income           1,067       962     3,124     2,841  
--------------------------------------------------------------------
Other Deductions                                                    
  Interest expense               431       438     1,299     1,321  
  Depreciation and                                                  
    amortization                 338       316       999       951  
  Refurbishment expenses         110        80       287       194  
  Interest income                (19)      (19)      (58)      (59) 
  Partnership                                                       
    administrative expenses       48        39       145       151  
--------------------------------------------------------------------
  Total Other Deductions         908       854     2,672     2,558     
--------------------------------------------------------------------
Net Income                    $  159    $  108    $  452    $  283  
====================================================================
Net Income Allocated to                                             
  Assignee Unit Holders       $  156    $  106    $  443    $  277  
====================================================================
Net Income per Assignee Unit  $ 6.54    $ 4.31    $18.21    $11.25  
====================================================================
Weighted average number of                                           
   Assignee Units Outstanding 24,306    24,580    24,319    24,631  
====================================================================
      The accompanying notes are an integral part of these           
               consolidated financial statements.                   
</TABLE>                                                            
                                                                    
<PAGE 14>                                                           
Oxford Residential Properties I Limited Partnership and Subsidiaries
--------------------------------------------------------------------
Consolidated Statement of Partners' Capital (in thousands)          
(Unaudited)                                                         
--------------------------------------------------------------------
<TABLE>                                                             
<CAPTION>                                                           
                                                                    
         For the period December 31, 1997 through September 30, 1998
         -----------------------------------------------------------
                               Limited Partners'Interests                   
                               ------------------------------       
                              Assignee   Assignor                    
                                Unit      Limited   General         
                               Holders    Partner   Partners  Total 
--------------------------------------------------------------------
<S>                          <C>            <C>    <C>        <C>   
Balance, December 31, 1997   $5,990         $1     $(1,032)   $4,959
                                                                    
Net income,                                                         
 September 30, 1998             443          0           9       452 
                                                                    
Distribution to Assignee                                              
 Unit Holders                  (365)         0           0      (365)
                                                                     
Purchase of Assignee Units      (40)         0           0       (40)
---------------------------------------------------------------------
Balance, September 30, 1998  $6,028         $1     $(1,023)   $5,006 
=====================================================================
      The accompanying notes are an integral part of these 
               consolidated financial statements.                           
</TABLE>                                                             













                                                                    












<PAGE 15>                                                           
Oxford Residential Properties I Limited Partnership and Subsidiaries
--------------------------------------------------------------------
Consolidated Statements of Cash Flows (in thousands)                
(Unaudited)                                                         
--------------------------------------------------------------------
<TABLE>                                                             
<CAPTION>                                                           
                                  Nine Months Ended September 30,   
                                ------------------------------------
                                               1998         1997    
--------------------------------------------------------------------
<S>                                           <C>           <C>         
Operating activities                                                
 Net income                                   $  452        $  283      
 Adjustments to reconcile net income                                
   to net cash provided by operating                                
   activities:                                                       
     Depreciation and amortization               999           951   
 Changes in assets and liabilities:                                  
   Tenant security deposits liability             13            32   
   Tenant security deposits                      (13)          (32)  
   Other assets                                 (295)         (194)  
   Accounts payable and accrued expenses           9           137   
   Other liabilities                             115           111   
--------------------------------------------------------------------
Net cash provided by operating activities      1,280         1,288  
--------------------------------------------------------------------
                                                                     
Investing activities                                                
 Working capital reserve                         231           (45) 
 Additions to investment properties             (527)         (588) 
--------------------------------------------------------------------
Net cash provided by (used in)                                      
   investing activities                         (296)         (633) 
--------------------------------------------------------------------
                                                                    
Financing activities                                                
 Distributions paid                             (608)         (432) 
Mortgage principal paid                         (286)         (264) 
 Purchase of Assignee Units                      (40)          (45) 
--------------------------------------------------------------------
Net cash used in financing activities           (934)         (741) 
--------------------------------------------------------------------
Net increase (decrease) in cash                                     
   and cash equivalents                           50           (86) 
Cash and cash equivalents, beginning                                
   of period                                   1,068         1,106   
--------------------------------------------------------------------
Cash and cash equivalents, end of period      $1,118        $1,020  
====================================================================
        The accompanying notes are an integral part of these        
               consolidated financial statements.                   
</TABLE>                                                            
                                                                    
                                                                    


<PAGE 16>                                                            
-----------------------------------------------------------------
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,
1998  and  December  31,  1997, the  Consolidated  Statements  of
Operations for the three- and nine-month periods ended  September
30,  1998  and  1997,  the  Consolidated Statement  of  Partners'
Capital as of September 30, 1998, and the Consolidated Statements
of Cash Flows for the nine-month periods ended September 30, 1998
and  1997, according to generally accepted accounting principles.
Although  the  Managing General Partner believes the  disclosures
presented  are  adequate to make the information not  misleading,
these  statements should be read in conjunction with the  audited
consolidated financial statements and the notes included  in  the
Partnership's Annual Report for the year ended December 31, 1997.
                                                                 
   For  financial reporting purposes, the net income per assignee
unit  of  limited partnership of ORP ("Assignee Unit")  has  been
calculated  by  dividing  the portion of  the  Partnership's  net
income  allocable to Assignee Unit Holders (98%) by the  weighted
average  of  Assignee Units outstanding.  In all computations  of
earnings  per  Assignee Unit, the weighted  average  of  Assignee
Units outstanding during the period constitutes the basis for the
net   income  amounts  per  Assignee  Unit  on  the  Consolidated
Statements of Operations.                                        
                                                                 
Note 2.  Transactions with Affiliates.                           
                                                                 
   The  Partnership has no directors or officers.   The  Managing
General  Partner  and its affiliates do not  receive  any  direct
compensation, but receive fees and are reimbursed by ORP for  any
actual direct costs and expenses incurred in connection with  the
operation of the Partnership.                                    
                                                                 
   Expense reimbursements are for an affiliate's personnel costs,
travel expenses and interest on interim working capital advances,
which  were  not covered separately by fees. Total reimbursements
to  the Managing General Partner and its affiliates for the nine-
month period ended September 30, 1998, were approximately $89,000
for  administrative  and accounting-related  costs,  compared  to
$52,000 for the same period in 1997.                             
                                                                  
   An  affiliate of NHP Management Company, the property manager,
has  a  separate services agreement with Oxford Realty  Financial
Group,  Inc.  ("ORFG"),  an affiliate  of  the  Managing  General
Partner, pursuant to which ORFG provides certain services to  NHP
in  exchange for service fees in an amount equal to 25.41% of all
fees  collected  by NHP from certain properties, including  those
owned by the Partnership.                                        
                                                                 
   An  affiliate of ORP and its managing general partner,  Oxford
Residential Properties I Corporation ("Managing General Partner")
owns approximately 20.6% of the outstanding Assignee Units.      
                                                                  
Note 3.  Other Liabilities.                                      
                                                                 
   Other  Liabilities.  Under the Property Management  Agreements
with NHP Management Company, the management fee is equal to 5% of
gross collections for all properties; however, 40% of this fee is
subordinated until certain distribution preference levels to  the
Limited Partners or Assignee Unit Holders are achieved.  Property
management  fees  of  $115,000 and $111,000  for  the  nine-month
periods  ended  September 30, 1998 and 1997,  respectively,  have
been  deferred. The Managing General Partner has determined  that
the property manager is not an affiliate of the Partnership.     
                                                                 
Note 4.  Mortgage Notes Payable.                                 
                                                                 
   Effective January 12, 1994, separate mortgage loans were  made
to  each  of the four ownership entities (as discussed  in  prior
reports)   in   the  aggregate  original  principal   amount   of
$22,362,000.   These mortgage loans are not cross-collateralized,
nor  are  they  cross-defaulted.  Each note bears interest  at  a
fixed  rate of 8.25% per annum and matures on February 11,  2004.
The total monthly principal and interest payment is $176,000.  As
of  September 30, 1998, the total outstanding balance of the four
mortgage  notes payable was $20,859,000.  The properties  are  in
compliance  with their respective debt service agreements  as  of
September 30, 1998.                                              
                                                                 
The individual outstanding mortgage notes payable as of September
30, 1998, and monthly debt service are as follows:               
                                                                  
<PAGE 17>                                                        
----------------------------------------------------------------- 
Notes to Consolidated Financial Statements                       
-----------------------------------------------------------------
<TABLE>                                                         
<CAPTION>                                                        
-----------------------------------------------------------------
Property Collateralizing Debt      Outstanding    Monthly        
(in thousands)                       Mortgage   Debt Service<F1> 
-----------------------------------------------------------------
<S>                                      <C>             <C>      
Fairlane East, Dearborn, Michigan        $ 9,585         $ 81    
The Landings, Indianapolis, Indiana        3,159           26    
Raven Hill, Burnsville, Minnesota          4,827           41    
Shadow Oaks, Tampa, Florida                3,288           28    
-----------------------------------------------------------------
                                         $20,859         $176    
=================================================================
<FN>                                                             
<F1> Includes principal and interest.                            
</FN>                                                            
</TABLE>                                                         





<PAGE 18>                                                        
-----------------------------------------------------------------
Instructions for Investors who wish to reregister or transfer ORP
Assignee Units                                                   
-----------------------------------------------------------------
                                                                 
Please follow the instructions below if you wish to reregister  or
transfer  ownership  of  your  Oxford  Residential  Properties  I
Limited Partnership ("ORP" or the "Partnership") Assignee  Units.
No  transfers or sales can be effected without the consent of the
Managing  General  Partner  and  the  completion  of  the  proper
documents.                                                       


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

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

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

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

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

  The  Quarterly  Report  on  Form 10-Q  for  the  quarter  ended
  September  30,  1998,  filed with the Securities  and  Exchange
  Commission, is available to Assignee Unit Holders  and  may  be
  obtained by writing:
                                
                                
                        Investor Services
       Oxford Residential Properties I Limited Partnership
                          P.O. Box 7090
                    Troy, Michigan 48007-9921
                                
                         (248) 614-4550