SECURITIES AND EXCHANGE COMMISSION

                      Washington, DC  20549

                            FORM 10-Q

           Quarterly Report Under Section 13 or 15(d)
             of the Securities Exchange Act of 1934

  For Quarter Ended September 30, 2005 Commission file number 0-11578

                 AMERICAN REPUBLIC REALTY FUND I

     (Exact name of registrant as specified in its charter)

                 WISCONSIN                   39-1421936
      (State or other jurisdiction of      (IRS Employer
       incorporation or organization       Identification
                                              Number)

                  2800 N. Dallas Pkwy Suite 100
                     Plano, Texas 75093-5994

            (Address of principal executive offices)


  Registrant's telephone number, including area code:  (972)836-8000.


     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:  Y        No:

     Indicate by check mark whether the registrant is an
     accelerated filer (as defined in Rule 12b-2 of the
     Exchange Act).
                    Yes:        No:         N

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


               REGISTRANT IS A LIMITED PARTNERSHIP








                        TABLE OF CONTENTS



Part I

Item 1.  Financial Statements


The following Unaudited financial statements are filed herewith:

    Consolidated Balance Sheet as of September 30, 2005 and
    December 31, 2004                                              Page 3

    Consolidated Statements of Operations for the Three and Nine
    Months Ended September 30, 2005 and 2004                       Page 4

    Consolidated Statements of Cash Flows for the Three and Nine
    Months Ended September 30, 2005 and 2004                       Page 5


Item 2. Results of Operations and Management Discussion and
        Analysis of Financial Condition                            Page 6

Item 3. Quantitative and Qualitative Disclosures about Market
        Risk Liquidity and Capital Resources                       Page 8

Item 4. Controls and Procedures Other Information                  Page 8/9


Part II  Other Information                                         Page 9

Signatures                                                         Page 10



The statements, insofar as they relate to the period subsequent
to December 31, 2004, are Unaudited.


PART 1.   FINANCIAL INFORMATION

     Item 1. Financial Statements


                 AMERICAN REPUBLIC REALTY FUND I
              Condensed Consolidated Balance Sheets


                                       September 30,      December 31,
                                           2005              2004
                                       (Unaudited)

     ASSETS

      Real Estate assets, at cost

      Land                              $1,822,718       $1,822,718
      Buildings and improvements        16,258,276       16,164,861

                                        18,080,994       17,987,579

      Less: Accumulated depreciation   (14,234,447)     (13,739,447)

           Real Estate, net              3,846,547        4,248,132

      Cash including cash investments      189,473          353,871
      Escrow deposits                      534,235          452,842
      Prepaid Expenses                      79,674           48,020
      Deferred Financing Fees               40,149           57,357

                 TOTAL ASSETS           $4,690,078       $5,160,222



     LIABILITIES AND PARTNERS' EQUITY:

     LIABILITIES

      Mortgage and notes payable        $9,796,544       $9,918,658
      Amounts due affiliates                 3,029            1,256
      Real estate taxes payable            209,727                0
      Security deposits                     68,879           66,196
      Accounts payable & accrued expenses  138,542          312,974

          Total liabilities             10,216,721       10,299,084

     PARTNERS CAPITAL  (DEFICIT)

      Limited Partners                  (5,555,664)      (5,171,762)
      General Partner                       29,021           32,900

     Total Partners Capital (Deficit)   (5,526,643)      (5,138,862)



     TOTAL LIABILITIES AND
     PARTNER DEFICIT                    $4,690,078       $5,160,222





                 AMERICAN REPUBLIC REALTY FUND I
         Condensed Consolidated Statement of Operations
                           (Unaudited)

                                   Three Months Ended     Nine Months Ended
                                      September 30,         September 30,
     REVENUES                       2005        2004       2005       2004

     Rental income                  631,776   593,423  1,849,549  1,806,424
     Other property                  23,989    24,092     60,599     56,135
     Total revenues                 655,765   617,515  1,910,148  1,862,559

     EXPENSES
     Salaries & wages                92,627    96,724    260,733    257,213
     Maintenance & repairs           67,191    72,463    190,503    167,450
     Utilities                       56,432    57,549    176,730    161,466
     Real estate taxes               69,016    72,549    203,314    223,047
     General administrative          31,929    34,813     86,370     83,722
     Contract services               29,747    26,412     88,023     82,483
     Insurance                       35,143    35,338    101,919    100,703
     Interest                       193,430   196,564    582,695    591,508
     Depreciation and amortization  170,735   170,735    512,207    512,207
     Property management fees (a)    32,758    30,876     95,435     93,128

     Total expenses                 779,008   794,023  2,297,929  2,272,927





     Net Income                   ($123,243)($176,508) ($387,781) ($410,368)


     NET INCOME PER UNIT            $(11.09)  $(15.89)   $(34.90)   $(36.93)



     See Notes to Condensed Consolidated Financial Statements




                 AMERICAN REPUBLIC REALTY FUND I
         Condensed Consolidated Statement of Cash Flows
    See Notes to Condensed Consolidated Financial Statements
                            Unaudited
                                                       Nine Months Ended
                                                         September 30,
                                                      2005           2004

CASH FLOWS FROM OPERATING ACTIVITY

Net income (loss)                                ($387,781)     ($410,368)
Adjustments to reconcile net income (loss) to
net cash provided by operating activities:

    Depreciation and amortization                  512,208        512,207

    Net Effect of changes in operating accounts

                      Escrow deposits              (81,393)        20,593
                      Prepaid expenses             (31,654)       (48,648)
                      Accrued real estate taxes    209,727        223,047
                      Security deposits              2,683         (4,543)
                      Accounts payable            (174,432)      (193,756)

Net cash provided by (used for) operating
activities                                          49,358         98,532


CASH FLOWS FROM INVESTING ACTIVITIES
Investment in Real Estate                          (93,415)             0
    Net cash used by investing activities          (93,415)             0

CASH FLOWS FROM FINANCING ACTIVITIES
      Repayment of mortgage notes payable         (122,114)      (112,895)
      Distributions to limited partners                  0              0
      Proceeds from amounts due affiliates           1,773         (2,375)

Net cash used for financing activities            (120,341)      (115,270)

NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS                                       (164,398)       (16,738)

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD     353,871        435,304

CASH AND CASH EQUIVALENTS, END OF PERIOD          $189,473       $418,566

Basis of Presentation:
            The  accompanying  unaudited  condensed  consolidated
     financial statements have been prepared by American Republic
     Realty  Fund  I  (the "Company") pursuant to the  rules  and
     regulations of the Securities and Exchange Commission.   The
     financial  statements reflect all adjustments that  are,  in
     the  opinion of management, necessary to fairly present such
     information.  All such adjustments are of a normal recurring
     nature.   Although the Company believes that the disclosures
     are   adequate   to  make  the  information  presented   not
     misleading,  certain  information and footnote  disclosures,
     including  a description of significant accounting  policies
     normally  included  in  financial  statements  prepared   in
     accordance with accounting principles generally accepted  in
     the United States of America, have been condensed or omitted
     pursuant to such rules and regulations.

     These  financial  statements should be read  in  conjunction
     with the financial statements and notes thereto included  in
     the Company's 2004 Annual Report on Form 10-K filed with the
     Securities   and  Exchange  Commission.   The   results   of
     operations   for   interim  periods  are   not   necessarily
     indicative of the results for any subsequent quarter or  the
     entire fiscal year ending December 31, 2005.

Item 2. RESULTS OF OPERATIONS AND MANAGEMENTS DISCUSSION AND
ANALYSIS OF FINANCIAL CONDITION

At  September 30, 2005 the Partnership owned two properties  with
approximately 416,623 net rentable square feet.  Both  properties
are   apartment  communities.   The  portfolio  had  an   average
occupancy of 89.9% for the third quarter of 2005, as compared  to
84.2% for the third quarter of 2004.

FIRST NINE MONTHS 2005 COMPARED TO FIRST NINE MONTHS 2004

Revenue from property operations increased $47,589, or 2.56%, for
the first nine months of 2005, as compared to the 2004-first nine
months.  The  increase in rental income of $43,125  or  2.39%  is
primarily due to a increase in occupancy.  The increase in  other
income of $4,464 or 7.95% is primarily due to an increase in Late
and  other  fee  collections from the properties.  The  following
table illustrates the components:

                                Increase    Percent
                               (Decrease)   Change


Rental income                    43,125      2.39%
Other property                    4,464      7.95%
Net Increase (Decrease)          47,589      2.56%

Property operating expenses increased $25,002 or 1.10%,  for  the
first  nine  months of 2005, as compared to the  same  period  in
2004.  Maintenance & repairs increased $23,053 or 13.77%  due  to
exterior painting.  Utilities increased $15,264 or 9.45%  due  to
higher gas prices.  Real estate taxes decreased $19,733 or  8.85%
due  to  successful property assessment appeals.    The following
table illustrates the components by category:

                                     Increase
                                    (Decrease)

Salaries & wages                  3,520      1.37%
Maintenance & repairs            23,053     13.77%
Utilities                        15,264      9.45%
Real estate taxes               (19,733)     8.85%
General administrative            2,648      3.16%
Contract services                 5,540      6.72%
Insurance                         1,216      1.21%
Interest                         (8,813)     1.49%
Depreciation and amortization         0      0.00%
Property management fees (a)      2,307      2.48%
Net Increase (Decrease)          25,002      1.10%

THIRD QUARTER 2005 COMPARED TO THIRD QUARTER 2004

Revenue from property operations increased $38,353, or 6.19%, for
the third quarter of 2005, as compared to the 2004-third quarter.
The  increase  in rental income of $38,353 or 6.46% is  primarily
due to a increase in occupancy.  The decrease in other income  of
$103  or 0.43% is primarily due to an decrease in Late and  other
fee   collections  from  the  properties.   The  following  table
illustrates the components:

                                  Increase    Percent
                                 (Decrease)   Change

Rental income                      38,353      6.46%
Other property                       (103)     0.43%
Net Increase (Decrease)            38,250      6.19%

Property operating expenses decreased $15,015 or 1.89%,  for  the
third  quarter of 2005, as compared to the same period  in  2004.
Contract service increased $3,335 or 12.63% due to increased pest
control and rubbish expense.  Real estate taxes decreased  $3,533
or  4.87% due to successful property assessment appeals.  General
and  administrative increased $2,884 or 8.28%  primarily  due  to
decreased legal expenses.    The following table illustrates  the
components by category:

                                  Increase    Percent
                                 (Decrease)   Change

Salaries & wages                  (4,097)      4.24%
Maintenance & repairs             (5,272)      7.28%
Utilities                         (1,117)      1.94%
Real estate taxes                 (3,533)      4.87%
General administrative            (2,884)      8.28%
Contract services                  3,335      12.63%
Insurance                           (195)      0.55%
Interest                          (3,134)      1.59%
Depreciation and amortization          0       0.00%
Property management fees (a)       1,882       6.10%

Net Increase (Decrease)          (15,015)      1.89%


 LIQUIDITY AND CAPITAL RESOURCES

      While  it  is  the  General Partners primary  intention  to
operate  and  manage  the existing real estate  investments,  the
General  Partner  also continually evaluates this  investment  in
light  of current economic conditions and trends to determine  if
this asset should be considered for disposal. At this time, there
is no plan to dispose of either property.

     As  of  September 30, 2005, the Partnership had $189,473  in
cash  and cash equivalents as compared to $353,871 as of December
31, 2004. The net decrease in cash of $164,398 is principally due
to cash used for operating activities.

     Each asset of the fund refinanced its debt during July 1997.
The  fund  retired  debt  with a face  value  of  $6,500,000  and
replaced  with  debt of $10,800,000.  The new  mortgages  in  the
amounts  of $4,000,000, $6,800,000 carry interest rates  of  7.8%
and  7.92%  respectively.  The notes come due  August  2007.  The
Partnerships  required principal payments due  under  the  stated
terms  of  the Partnerships mortgage notes payable are  $164,442,
$177,870, and $9,576,345 for each of the next three years.

     For the foreseeable future, the Partnership anticipates that
mortgage  principal  payments  (excluding  any  balloon  mortgage
payments), improvements and capital expenditures will  be  funded
by  net  cash from operations. The primary source of  capital  to
fund   future  Partnership  acquisitions  and  balloon   mortgage
payments    will  be  proceeds  from  the  sale,   financing   or
refinancing of the Properties.

Item 3 - Quantitative and Qualitative Disclosure about Market
Risk

     The   Partnership  is  exposed  to  interest  rate   changes
primarily  as  a  result  of  its  real  estate  mortgages.   The
Partnerships interest rate risk management objective is to  limit
the  impact  of interest rate changes on earnings and cash  flows
and  to  lower  it's  overall borrowing costs.   To  achieve  its
objectives,  the  Partnership borrows primarily at  fixed  rates.
The  Partnership does not enter into derivative or interest  rate
transactions for any purpose.

     The  Partnerships' activities do not contain  material  risk
due  to  changes  in general market conditions.  The  partnership
invests only in fully insured bank certificates of deposits,  and
mutual funds investing in United States treasury obligations.

Item 4 - Controls and Procedures

     Based  on  their most recent evaluation, which was completed
within  90  days  of  the filing of this Form  10-Q,  our  Acting
Principal Executive Officer and Chief Financial Officer,  believe
our  disclosure controls and procedures (as defined  in  Exchange
Act  Rules 13a-14 and 15d-14) are effective. There were  not  any
significant changes in internal controls or in other factors that
could significantly affect these controls subsequent to the  date
of their evaluation, and there has not been any corrective action
with regard to significant deficiencies and material weaknesses.



Part II.       Other Information

Item 1.             Legal Proceedings
                     None

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.             Exhibit and Reports on Form 8-K
               (A)The following documents are filed herewith or
               incorporated herein by reference as indicated as
               Exhibits:

Exhibit Designation                Document Description

     2                             Certificate of Limited
                                   partnership, as amended,
                                   incorporated by reference to
                                   Registration Statement
                                   No.2-81074 effective May 2, 1983.

                                   Limited Partnership Agreement,
                                   incorporated by reference to
                                   Registration Statement No.2-81074
                                   effective May 2,1983.


     11                            Not Applicable
     15                            Not Applicable
     18                            Not Applicable
     19                            Not Applicable
     20                            Not Applicable
     23                            Not Applicable
     24                            Not Applicable

     25                            Power of Attorney, incorporated by
                                   reference to Registration Statement
                                   No. 2-81074 effective May 2, 1983.

     28                            None
     31.1                          Certification Pursuant to
                                   Rules 13a-14 and 15d-14 Under
                                   the Securities Exchange Act of
                                   1934, as Adopted Pursuant to
                                   Section 302 of the Sarbanes-
                                   Oxley Act of 2002, filed
                                   herewith.

     32.1                          Certification Pursuant to 18
                                   U.S.C. Section 1350, as
                                   Adopted Pursuant to Section
                                   906 of the Sarbanes-Oxley Act
                                   of 2002, filed herewith.

     (B)  Reports on Form 8-K for the quarter ended June 30, 2005.
     None




                         SIGNATURES


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


                         AMERICAN REPUBLIC REALTY FUND I
                         a Wisconsin limited partnership



                         By:  /s/ Robert J. Werra
                              Robert J. Werra,
                              General Partner


     Date:     November 2, 2005




                                             Exhibit 31.1

     CERTIFICATION PURSUANT TO RULES 13a-14 AND 15d-14 UNDER
   THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO
          SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002


I  Robert J. Werra, Acting Principal Executive Officer and  Chief
Financial  Officer  of  American Republic  Realty  Fund  I  ("the
Company"), certify that:

1.     I  have reviewed this quarterly report on Form 10-Q of the
       Company;

2.     Based  on  my  knowledge, this quarterly report  does  not
       contain  any untrue statement of a material fact  or  omit
       to  state a material fact necessary to make the statements
       made,  in  light  of the circumstances  under  which  such
       statements were made, not misleading with respect  to  the
       period covered by this quarterly report;

3.     Based  on  my  knowledge,  the financial  statements,  and
       other  financial  information included in  this  quarterly
       report,  fairly  present  in  all  material  respects  the
       financial condition, results of operations and cash  flows
       of  the  registrant as of, and for, the periods  presented
       in this quarterly report;

4.     I   am   responsible  for  establishing  and   maintaining
       disclosure   controls  and  procedures  (as   defined   in
       Exchange  Act Rules 13a-15(e) and 15d-15(e)) and  internal
       control  over financial reporting (as defined in  Exchange
       Act  Rules  13a-15(f) and 15d-15(f)) for the  Company  and
       have:

  a.   designed  such  disclosure  controls  and  procedures,  or
       caused  such  disclosure controls  and  procedures  to  be
       designed  under  my supervision, to ensure  that  material
       information  relating to the company and its  consolidated
       subsidiaries  is made known to me by others  within  those
       entities, particularly for the periods presented  in  this
       quarterly report;

  b.   designed  such internal control over financial  reporting,
       or  caused  such internal control over financial reporting
       to   be   designed  under  my  supervision,   to   provide
       reasonable   assurance  regarding   the   reliability   of
       financial  reporting  and  the  preparation  of  financial
       statements  for  external  purposes  in  accordance   with
       generally accepted accounting principles.

  c.   evaluated  the  effectiveness of the  Companys  disclosure
       controls  and procedures and presented in this  report  my
       conclusions  about  the effectiveness  of  the  disclosure
       controls  and  procedures, as of the  end  of  the  period
       covered by this report based on such evaluation; and



    CERTIFICATION PURSUANT TO RULES 13a-14 AND 15d-14 UNDER
  THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO
   SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 - continued


  d.   disclosed  in  this report any change  in  the  Companys
       internal  control over financial reporting that occurred
       during the Companys most recent fiscal quarter that  has
       materially   affected,  or  is  reasonably   likely   to
       materially  affect, the Companys internal  control  over
       financial reporting; and


5.     I  have disclosed based on my most recent evaluation  of
       internal  control  over  financial  reporting,  to   the
       Companys  auditors and Audit Committee of the  Board  of
       Directors   (or   persons  fulfilling   the   equivalent
       function):

  a.   all significant deficiencies and material weaknesses  in
       the   design  or  operation  of  internal  control  over
       financial  reporting  which  are  reasonably  likely  to
       adversely   affect  the  Companys  ability  to   record,
       process, summarize, and report financial data; and

  b.   any  fraud,  whether  or  not  material,  that  involves
       management  or  other employees who have  a  significant
       role  in  the  Companys internal control over  financial
       reporting.




  /s/ Robert J. Werra


  Robert J. Werra
  Acting Principal Executive Officer and Chief Financial
                                   Officer
  November 2, 2005
























                                             Exhibit 32.1

                   CERTIFICATION PURSUANT TO
                    18 U.S.C. SECTION 1350,
                    AS ADOPTED PURSUANT TO
         SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

  In  connection with the Quarterly Report of American Republic
  Realty  Fund  I ("the Company") on Form 10-Q for  the  period
  ending  September 30, 2005 as filed with the  Securities  and
  Exchange  Commission on the date hereof  ("the  Report"),  I,
  Robert J. Werra, Acting Principal Executive Officer and Chief
  Financial  Officer of the Company, certify,  pursuant  to  18
  U.S.C. 1350, as adopted pursuant to 906 of the Sarbanes-Oxley
  Act of 2002, that:

          (1)  The report fully complies with the requirements of section
            13(a) or 15(d) of the Securities Exchange Act of 1934, as
            amended; and

          (2)  The information contained in the Report fairly presents,
            in all material respects, the financial condition and results
            of operations of the Company.



  /s/ Robert J. Werra


  Robert J. Werra
  Acting Principal Executive Officer and Chief Financial
                                   Officer
  November 2, 2005