<PAGE 1>                                                           
===================================================================
                                                                   
                          UNITED STATES                            
                                                                   
               SECURITIES AND EXCHANGE COMMISSION                   
                                                                       
                     Washington, D.C. 20549                             
                                                                     
                            FORM 10-Q                                  
                                                                      
(Mark One)                                                          
                                                                     
  X        QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF         
 ---          THE SECURITIES EXCHANGE ACT OF 1934                    
                                                                   
               For the quarterly period ended June 30, 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 11 through 16 included in ORP's Quarterly  Report
(Unaudited).                                                     
                                                                 
Item 2.    Management's  Discussion   and  Analysis  of Financial 
           Condition and Results of Operations.                  
                                                                  
    A  discussion  of  ORP's financial condition  and  results of
operations  for  the six-month period ended  June  30,  1998,  is
incorporated herein by reference to sequentially numbered pages 6
through  10  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 11 through 16).     
                                                                  
(20) Report furnished to security holders.                        
                                                                 
     Oxford  Residential   Properties  I  Limited   Partnership's
     Quarterly Report (Unaudited) dated June 30, 1998, follows on
     sequentially numbered pages 5 through 17 of this report.    
                                                                 
(27) Financial Data Schedule.                                    
                                                                    
                                                                 































<PAGE 4>                                                          
                                                                 
       OXFORD RESIDENTIAL PROPERTIES I LIMITED PARTNERSHIP         
                                                                  
                            FORM 10-Q                             
                                                                   
                           SIGNATURES                               
                                                                  
    Pursuant  to the requirements of Section 13 or 15(d)  of  the
Securities  Exchange Act of 1934, the registrant has duly  caused
this  report  to  be  signed on its behalf  by  the  undersigned,
thereunto duly authorized.                                       
                                                                  
              Oxford Residential Properties I Limited Partnership
                                                                  
                 By:  Oxford Residential Properties I Corporation
                      Managing General Partner of the registrant 
                                                                 
Date: 08/13/98   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: 08/13/98   By:  /S/ Leo E. Zickler                         
      --------       --------------------------------------------
                      Leo E. Zickler                             
                      Chairman of the Board of Directors and      
                        Chief Executive Officer                   
                                                                 
                                                                 
Date: 08/13/98   By: /S/ Francis P. Lavin                          
      --------       --------------------------------------------
                      Francis P. Lavin
                      President                                   
                                                                   
















                                                                   
<PAGE 5>                                                         
                                                                   
                                                                 
                                                                 
                                                                 
                                                                   
                                                                   
                                                                     
                                                                     
                                                                     
                                                                       
       OXFORD RESIDENTIAL PROPERTIES I LIMITED PARTNERSHIP
                                                                        
                        Quarterly Report                                  
                          (Unaudited)                                
                                                                         
                         June 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 June 30,
1998,  and its consolidated results of operations for the  three-
and six-month periods ended June 30, 1998, and its cash flows for
the  six-month  period  ended June 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 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
that  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, ORP has purchased, in the
aggregate,   1,389  Assignee  Units.   No  Assignee  Units   were
purchased  by  ORP  during the six-months ended  June  30,  1998,
however, ORP purchased 13 Assignee Units on August 11, 1998.     
                                                                 
   On  August 11, 1998, the Managing General Partner declared  an
increase  in the amount of the semi-annual distribution from  $10
per  Assignee  Unit to $15 per Assignee Unit.  This  distribution
will  be  made  on August 28, 1998, to its Partners and  Assignee
Unit Holders of record as of June 30, 1998.                       
                                                                 
Liquidity and Capital Resources                                  
                                                                   
   Current  Position.  At June 30, 1998, ORP held  $1,706,000  in
cash  and  cash  equivalents  and the  working  capital  reserve,
compared  to  $1,503,000 at December 31, 1997.  The  increase  of
$203,000  is primarily attributable to increases in property  net
operating  incomes offset by distributions made on  February  28,
1998  to  Partners  of record as of December  31,  1997  totaling
approximately  $243,000, and the payment of ORP's  administrative
expenses  during  the  six-months ended June  30,  1998  totaling
$98,000.                                                         
                                                                 
   Other  Assets  shown on the accompanying consolidated  Balance
Sheet  increased by $83,000 to $1,111,000 at June 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 $947,000 at June  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  $35,000  and
$129,000  at  June 30, 1998, respectively, are also  included  in
Other Assets.                                                    
                                                                 
    Unamortized  deferred  costs  relating  to  organization  and
refinancing costs (discussed in prior reports) at June  30,  1998
were  $375,000, 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 $434,000 were made for the six-month period ended  June
30,  1998, compared to $470,000 for the same period in 1997.   Of
the  $434,000 of property improvements, $256,000 was  capitalized
for  financial statement purposes for the six-month period  ended
June  30,  1998, compared to $356,000 of the $470,000 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  June  30,  1998  and  December 31,  1997,  deferred  property
management  fees  to  NHP  amounted  to  $635,000  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 quarter ended June 30,  1998, 
as compared to the quarter ended June 30, 1997, is as follows:   
                                                                  
                                                                 
                                                                  
                                                                  
                                                                 
                                                                  
                                                                 
                                                                 
                                                                 
                                                                  
                                                                 
                                                                 
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Report of Management                                             
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<TABLE>                                                          
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<CAPTION>                                                         
                          (in thousands)        (in thousands)   
                        Three months ended     Six months ended  
                             June 30,              June 30,          
                        ------------------    -------------------
Property                 1998       1997        1998      1997    
-----------------------------------------------------------------
<S>                        <C>       <C>         <C>        <C>      
Fairlane East,                                                   
  Dearborn, MI             $ 421     $ 413       $ 833      $ 824        
The Landings,                                                     
  Indianapolis, IN           119       124         289        249    
Raven Hill,                                                      
  Burnsville, MN             344       282         662        542      
Shadow Oaks,                                                      
  Tampa, FL                  140       145         273        264    
-----------------------------------------------------------------  
Total Net Operating Income $1,024    $ 964       $2,057    $1,879
=================================================================
</TABLE>                                                         
                                                                 
          Three months ended June 30, 1998 versus three months    
                         ended June 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  June  30,
1998,  increased by 6.2% compared to the quarter ended  June  30,
1997.   Set  forth below is a discussion of the properties  which
compares their respective operations for the three-month  periods
ended June 30, 1998 and 1997.                                    
                                                                 
Fairlane East                                                    
                                                                 
    Fairlane  East's net operating income for the  quarter  ended
June 30, 1998 increased by 1.9% from the same period in 1997  due
to  a less than 1% decrease in revenues offset by a 5.4% decrease
in  apartment  expenses.  The decrease in apartment  expenses  is
primarily  attributable  to decreases in operating  expenses  and
property  taxes.  During the three-month period  ended  June  30,
1998,  the Partnership expended $95,000 on property improvements,
including $51,000 capitalized for accounting purposes.           
                                                                 
The Landings                                                     
                                                                 
    The  Landings'  net operating income for  the  quarter  ended
June 30, 1998 decreased by 4.0% from the same period in 1997  due
to  a 15.4% increase in apartment expenses partially offset by  a
6%  increase  in revenues.  Occupancy for the three-month  period
ended June 30, 1998 increased to 96% compared to 91% for the same
period  in 1997.  The increase in apartment expenses is primarily
attributable to an increase in maintenance expenses and  property
taxes.   During the three-month period ended June 30,  1998,  the
Partnership expended $43,000 on property improvements,  including
$10,000 capitalized for accounting purposes.                     
                                                                 
Raven Hill                                                       
                                                                 
    Raven  Hill's  net  operating income for  the  quarter  ended
June 30, 1998 increased by 22.0% from the same period in 1997 due
to  a 3.3% increase in revenues and a 11.4% decrease in apartment
expenses.   The  decrease  in  apartment  expenses  is  primarily
attributable  to decreases in maintenance and operating  expenses
and property taxes.  During the three-month period ended June 30,
1998,    the   Partnership   expended   $103,000   for   property
improvements,   including  $71,000  capitalized  for   accounting
purposes.                                                        
                                                                 
<PAGE 8>                                                         
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Report of Management                                             
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Shadow Oaks                                                      
                                                                  
    Shadow  Oaks'  net  operating income for  the  quarter  ended
June 30, 1998 decreased by 3.4% from the same period in 1997  due
to  a  4.9%  decrease  in revenues partially  offset  by  a  6.7% 
decrease  in  apartment expenses.  The decrease  in  revenues  is
primarily  attributable to a decrease in laundry  service  income
based  from a new vendor service contract signed last year.   The
decrease  in  apartment  expenses is  primarily  attributable  to
decreases in maintenance and administrative expenses.  During the
three-month period ended June 30, 1998, the Partnership  expended
$25,000  on  property improvements, including $5,200  capitalized
for accounting purposes.                                         
                                                                  
          Six months ended June 30, 1998 versus six months       
                         ended June 30, 1997                     
                                                                 
    In  the  aggregate,  the net operating  income,  before  debt
service,   refurbishment  expenses,  and   capitalized   property
improvements, reported by ORP for the six-month period ended June
30,  1998, increased by $178,000, or 9.5%, compared to  the  same
period  in  1997.   Set  forth  below  is  a  discussion  of  the
properties which compares their respective operations for the six-
month periods ended June 30, 1998 and 1997.                       
                                                                  
Fairlane East                                                    
                                                                  
    Fairlane East's net operating income for the six-month period
ended  June  30, 1998 increased by 1.1% from the same  period  in
1997  due  to a 1.5% decrease in revenues partially offset  by  a
5.4%  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  six-month  period  ended June 30,  1998  decreased  to  92%,
compared  to 97% for the same period in 1997.  Fairlane East  has
not completely recovered from the late 1997 decrease in occupancy
resulting  from lease cancellations and non-renewals  by  foreign
students.   However, for the month ended June 30, 1997,  Fairlane
East's occupancy rate rebounded to 97%, thus showing signs  of  a
gradual   occupancy  improvement.   The  weighted  average   rent
collected for the month ended June 30, 1998 increased  by  3%  to
$979,  compared to $950 for the same period in 1997.  During  the
six-month  period  ended June 30, 1998, the Partnership  expended
$147,000  on property improvements, including $78,000 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 six-month  period
ended  June 30, 1998 increased by 16.1% from the same  period  in
1997  due  to a 4.3% increase in revenues and a 6.6% 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 six-month period ended June 30,  1998.   Average
occupancy  for the six-month period ended June 30, 1998 increased
to  95%,  compared  to  89% 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.  The weighted  average  rent
collected for the month ended June 30, 1998 increased  by  2%  to
$601,  compared to $590 for the same period in 1997.  During  the
six-month  period  ended June 30, 1998, the Partnership  expended
$60,000  on  property improvements, including $18,000 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.                                                            
                                                                  
Raven Hill                                                       
                                                                  
    Raven  Hill's  net operating income for the six-month  period
ended  June 30, 1998 increased by 22.1% from the same  period  in
1997  due  to a 4.8% increase in revenues and a 8.6% decrease  in
apartment expenses.  The increase in revenues is attributable  to
a 6% increase in rental income partially offset by a 12% decrease
in other income.  The decrease in apartment expenses is primarily
attributable to decreases in operating and marketing expenses, as
well  as  a decrease in property taxes due to lower 1998 property
tax  assessments.   Average occupancy for  the  six-month  period
ended  June  30, 1998 increased to 98%, compared to 96%  for  the
same period in 1997.  The weighted average rent collected for the
month  ended  June 30, 1998 increased by 5% to $714, compared  to
$682  for  the same period in 1997.  During the six-month  period
ended  June  30,  1998,  the Partnership  expended  $129,000  for
                                                                 
<PAGE 9>                                                         
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Report of Management                                             
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property   improvements,   including  $87,000   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 six-month  period
ended  June  30, 1998 increased by 3.4% from the same  period  in
1997  due  to  an 1.4% 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 six-month period ended June 30, 1998 increased
to  96%,  compared  to  93% for the same  period  in  1997.   The
weighted average rent collected for the month ended June 30, 1998
increased by 5% to $460, compared to $439 for the same period  in
1997.   During  the  six-month period ended June  30,  1998,  the
Partnership expended $98,000 on property improvements,  including
$73,000  capitalized  for accounting purposes.   Of  the  $73,000
capitalized   costs,  $55,000  was  paid  for  a  major   roofing
replacement  project.  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 $128,000 and $197,000, respectively, for  the
six-month periods ended June 30, 1998 and 1997.  The decrease was
primarily due to decreases in service 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  $868,000 and $883,000, respectively, and  principal
paid  was  $189,000 and $174,000, respectively, for the six-month
periods ended June 30, 1998 and 1997.                            
                                                                 
   Depreciation expense for the six-month periods ended June  30,
1998   and   1997   was  $613,000  and  $586,000,   respectively.
Amortization  expense for the six-month periods  ended  June  30,
1998 and 1997 was $49,000.                                       
                                                                 
   For the six-month periods ended June 30, 1998 and 1997, of the
total  property improvements in the aggregate amounts of $434,000
and  $470,000, respectively, $178,000 and $114,000, respectively,
were classified as refurbishment expenses for financial statement
purposes.   The  remaining  balances of  $256,000  and  $356,000,
respectively, were capitalized for financial statement purposes. 
                                                                 
   Interest income for the six-month periods ended June 30,  1998
and 1997 was $39,000 and 40,000, respectively.  ORP's partnership
administrative expenses for the six-month periods ended June  30,
1998 and 1997 were $98,000 and $112,000, respectively.           
                                                                 
                                                                 
                                                                 
<PAGE 10>                                                                    
<TABLE>                                                                       
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<CAPTION>                                                                                                                         
Average Occupancy                                                                                                                 
----------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                  
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                 
----------------------------------------------------------------------------------------------------------------------------------
<S>                        <C>             <C>          <C>          <C>         <C>          <C>         <C>                     
Fairlane East              12/23/85        96%          97%          98%         94%          91%         94%                     
Dearborn, Michigan                                                                                                                
The Landings               10/31/84        86%          91%          94%         93%          94%         96%                     
Indianapolis, Indiana                                                                                                             
Raven Hill                 12/24/86        94%          97%          97%         98%          98%         97%                     
Burnsville, Minnesota                                                                                                             
Shadow Oaks                 2/07/85        94%          92%          95%         98%          97%         96%                     
Tampa, Florida                                                                                                                    
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</TABLE>                                                                  
                                                                       
<TABLE>                                                                                                                           
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<CAPTION>                                                                                                                         
Summary of Project Data (in thousands)                                                                                            
                                                                                                                                  
----------------------------------------------------------------------------------------------------------------------------------
                                                     1998 Operating Results through 6/30/98 (in thousands)                        
                                                  --------------------------------------------------------------------------------
                                                                                                           
                                Average Rent                                                                                      
                                Collected<F1>                                NOI                                                  
                               _________________                        Before Property                                NOI        
Property/              No. of   June     June     Apartment  Apartment    Improvements          Property             Before       
Location                Units   1998     1997     Revenues   Expenses    & Debt Service      Improvements<F2>     Debt Service    
----------------------------------------------------------------------------------------------------------------------------------
<S>                      <C>     <C>      <C>     <C>         <C>          <C>                    <C>                <C>          
Fairlane East            244     $979     $950    $1,343      $  510        $  833                $147               $   68       
Dearborn, Michigan                                                                                                                
The Landings             150     $601     $590       537         248           289                  60                  229       
Indianapolis, Indiana                                                                                                             
Raven Hill               304     $714     $682     1,310         648           662                 129                  533       
Burnsville, Minnesota                                                                                                             
Shadow Oaks              200     $460     $439       580         307           273                  98                  175       
Tampa, Florida                                                                                                                    
----------------------------------------------------------------------------------------------------------------------------------
        Total            898                      $3,770      $1,713        $2,057                $434               $1,623       
----------------------------------------------------------------------------------------------------------------------------------
<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 $256,000 incurred during the six-    
     month period ended June 30, 1998.                                                                                            
</FN>                                                                                                                             
</TABLE>                                                            
                                                                     
                                                                    
                                                                    
                                                                    
<PAGE 11>                                                           
Oxford Residential Properties I Limited Partnership and Subsidiaries      
--------------------------------------------------------------------
Consolidated Balance Sheets (in thousands)                          
--------------------------------------------------------------------
<TABLE>                                                             
<CAPTION>                                                           
                                  June 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 $15,440 and $14,827,                                             
   respectively                         20,385         20,742         
--------------------------------------------------------------------
     Total Investment Properties        24,066         24,423       
--------------------------------------------------------------------
Cash and cash equivalents                1,067          1,068       
Working capital reserve                    639            435       
Tenant security deposits                   172            163       
Deferred costs, net of amortization                                  
of $2,542 and $2,493, respectively         375            424       
Other assets                             1,111          1,028       
--------------------------------------------------------------------
                                         3,364          3,118       
--------------------------------------------------------------------
     Total Assets                      $27,430        $27,541       
====================================================================
                                                                    
Liabilities and Partners' Capital                                    
  Liabilities                                                       
    Mortgage notes payable             $20,956        $21,145       
    Accounts payable and accrued                                    
      expenses                             418            471       
    Distributions payable                  365            243        
    Other liabilities                      635            560       
    Tenant security deposits               172            163       
--------------------------------------------------------------------
     Total Liabilities                  22,546         22,582       
--------------------------------------------------------------------
Partners' Capital                                                   
  General Partners                      (1,026)        (1,032)      
  Assignor Limited Partner                   1              1       
  Assignee Unit Holders (25,714                                     
    Assignee Units issued and                                       
    24,325 outstanding at                                            
    June 30, 1998 and December 31, 1997) 5,909          5,990       
--------------------------------------------------------------------
     Total Partners' Capital             4,884          4,959       
--------------------------------------------------------------------
     Total Liabilities and                                          
       Partners' Capital               $27,430        $27,541       
====================================================================
   The accompanying notes are an integral part of these             
            consolidated financial statements.                      
</TABLE>                                                            
<PAGE 12>                                                           
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         Six months      
                                  ended               ended         
                                 June 30,            June 30,       
                             ---------------      --------------    
                             1998       1997      1998      1997    
-------------------------------------------------------------------- 
<S>                          <C>       <C>        <C>       <C>        
Apartment Revenues                                                  
  Rental income              $1,834    $1,777     $3,642    $3,504    
  Other income                   70       114        128       197    
--------------------------------------------------------------------
  Total Apartment                                                   
     Revenues                 1,905     1,891      3,770     3,701    
--------------------------------------------------------------------
Apartment Expenses                                                  
  Maintenance                   307       317        556       569    
  Operating                     128       145        308       342    
  Administrative                118       112        232       210    
  Property management fees       95        94        189       184    
  Property taxes                200       230        369       460    
  Marketing                      33        29         59        57    
--------------------------------------------------------------------
  Total Apartment Expenses      881       927      1,713     1,822    
--------------------------------------------------------------------
Net Operating Income          1,024       964      2,057     1,879    
--------------------------------------------------------------------
Other Deductions                                                    
  Interest expense              433       441        868       883    
  Depreciation and                                                    
    amortization                334       318        662       635    
  Refurbishment expenses        129        78        178       114    
  Interest income               (22)      (22)       (39)      (40)   
  Partnership                                                            
  administrative expenses        54        62         98       112     
--------------------------------------------------------------------
  Total Other Deductions        928       877      1,767     1,704  
--------------------------------------------------------------------
Net Income                   $   96    $   87     $  290    $  175  
====================================================================
Net Income Allocated to                                             
  Assignee Unit Holders      $   94    $   85     $  284    $  171  
====================================================================
Net Income per Assignee Unit $ 3.86    $ 3.44     $11.68    $ 6.93  
====================================================================
Weighted average number of                                          
  Assignee Units Outstanding 24,325    24,657     24,325    24,657  
====================================================================
      The accompanying notes are an integral part of these          
               consolidated financial statements.                   
</TABLE>                                                            
                                                                    
<PAGE 13>                                                            
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 June 30, 1998
             -------------------------------------------------------
                              Limited Partners'Interests                   
                            ----------------------------                   
                            Assignee   Assignor   General           
                              Unit      Limited   Partners    Total 
                             Holders    Partner                     
--------------------------------------------------------------------
<S>                          <C>        <C>      <C>          <C>    
Balance, December 31, 1997   $5,990     $1       $(1,032)     $4,959 
--------------------------------------------------------------------
Net income, June 30, 1998       284      0             6         290 
                                                                     
Distribution to Assignee                                              
   Unit Holders                (365)     0             0        (365)
--------------------------------------------------------------------
Balance, June 30, 1998       $5,909     $1       $(1,026)     $4,884 
====================================================================
                                                                    
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 Cash Flows (in thousands)                
(Unaudited)                                                         
--------------------------------------------------------------------
<TABLE>                                                             
<CAPTION>                                                           
                                         Six Months Ended June 30,   
                                      ------------------------------
                                           1998           1997      
--------------------------------------------------------------------
<S>                                         <C>          <C>        
Operating activities                                                
 Net income                                 $  290       $  175     
 Adjustments to reconcile net income                                
   to net cash provided by operating                                 
   activities:                                                      
     Depreciation and amortization             662          635     
 Changes in assets and liabilities:                                 
   Tenant security deposits liability            9           23      
   Tenant security deposits                     (9)         (23)    
   Other assets                                (83)           5      
   Accounts payable and accrued expenses       (53)          53     
   Other liabilities                            75           73      
--------------------------------------------------------------------
Net cash provided by operating activities      891          941     
--------------------------------------------------------------------
                                                                    
Investing activities                                                
  Working capital reserve                     (204)        (357)    
  Additions to investment properties          (256)        (356)    
--------------------------------------------------------------------
Net cash provided by (used in)                                      
   investing activities                       (460)        (713)    
--------------------------------------------------------------------
                                                                    
Financing activities                                                
  Distributions paid                          (243)        (185)    
  Mortgage principal paid                     (189)        (174)    
--------------------------------------------------------------------
Net cash used in financing activities         (432)        (359)    
--------------------------------------------------------------------
Net increase (decrease) in cash and                                  
   cash equivalents                             (1)        (131)    
Cash and cash equivalents, beginning                                
   of period                                 1,068        1,106     
--------------------------------------------------------------------
Cash and cash equivalents, end of                                   
   period                                   $1,067       $  975     
====================================================================
                                                                     
     The accompanying notes are an integral part of these            
              consolidated financial statements.                    
</TABLE>                                                             
                                                                    
                                                                    
                                                                    
<PAGE 15>                                                             
-----------------------------------------------------------------
Notes to Consolidated Financial Statements                          
-----------------------------------------------------------------
                                                                    
Note 1.  Financial Statements.                                      
                                                                     
   The  consolidated financial statements reflect all adjustments   
which,  in  the  opinion  of  Oxford  Residential  Properties   I   
Corporation, the managing general partner (the "Managing  General   
Partner")  of Oxford Residential Properties I Limited Partnership    
("ORP" or the "Partnership"), are necessary to present fairly the   
Partnership's Consolidated Balance Sheets as of June 30, 1998 and   
December 31, 1997, the Consolidated Statements of Operations  for   
the  three- and six-month periods ended June 30, 1998  and  1997,   
the  Consolidated Statement of Partners' Capital as of  June  30,   
1998, and the Consolidated Statements of Cash Flows for the  six-   
month  periods  ended  June  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  six-
month period ended June 30, 1998, were approximately $58,000  for
administrative and accounting-related costs, compared to  $41,000
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 20.5% 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 $75,000 and $73,000 for the six-month  periods
ended  June 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  June  30,  1998, the total outstanding balance  of  the  four
mortgage  notes payable was $20,956,000.  The properties  are  in
compliance  with their respective debt service agreements  as  of
June 30, 1998.                                                   
                                                                 
<PAGE 16>                                                        
-----------------------------------------------------------------
Notes to Consolidated Financial Statements                       
-----------------------------------------------------------------
                                                                 
The  individual outstanding mortgage notes payable as of June 30, 
1998, and monthly debt service are as follows:                   
                                                                 
<TABLE>                                                           
<CAPTION>                                                        
-----------------------------------------------------------------
Property Collateralizing Debt      Outstanding      Monthly         
(in thousands)                       Mortgage    Debt Service<F1>   
-----------------------------------------------------------------
                                                                  
<S>                                      <C>             <C>       
Fairlane East, Dearborn, Michigan        $ 9,629         $ 81      
The Landings, Indianapolis, Indiana        3,174           26     
Raven Hill, Burnsville, Minnesota          4,850           41     
Shadow Oaks, Tampa, Florida                3,303           28    
----------------------------------------------------------------- 
                                         $20,956         $176    
=================================================================
<FN>                                                              
<F1> Includes principal and interest.                             
</FN>                                                             
</TABLE>                                                          
                                                                 
                                                                  
<PAGE 17>                                                        
-----------------------------------------------------------------
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.                  
                                                                 
                                                                 
                                                                 
                                                                 
                                                                 
                                                                  
-----------------------------------------------------------------
Instructions for Investors who wish to reregister or transfer ORP
Assignee Units                                                   
-----------------------------------------------------------------
                                                                  
  The  Quarterly Report on Form 10-Q for the quarter  ended  June
  30,  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