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                              LETTER OF TRANSMITTAL



                         THE OFFER, WITHDRAWAL RIGHTS AND PRORATION PERIOD  WILL

                         EXPIRE AT 12:00  MIDNIGHT,  PACIFIC  STANDARD  TIME, ON

                         October  25,  2000  (THE   "EXPIRATION   DATE")  UNLESS

                         EXTENDED.



                         Deliver to:      MacKenzie Patterson, Inc.

                                          1640 School Street

                                          Moraga, California  94556

                         For Assistance:  (800) 854-8357

                         Via Facsimile:   (925) 631-9119

                         E-Mail Address:  offers@mackpatt.com



                         (PLEASE INDICATE CHANGES  OR CORRECTIONS TO THE ADDRESS

                         PRINTED TO THE LEFT)



         To  participate  in the Offer,  a duly  executed copy of this Letter of

Transmittal and any other documents  required by this Letter of Transmittal must

be received by the Depositary on or prior to the Expiration Date.

         Delivery of this Letter of Transmittal or any other required  documents

to an address other than as set forth above does not constitute  valid delivery.

The method of  delivery  of all  documents  is at the  election  and risk of the

tendering  Unit  holder.  Please use the  pre-addressed,  postage-paid  envelope

provided.



     This Letter of  Transmittal is to be completed by holders of assignee units

of limited  partnership  interest  in OXFORD  RESIDENTIAL  PROPERTIES  I LIMITED

PARTNERSHIP, a Maryland limited partnership (the "Partnership"), pursuant to the

procedures  set forth in the Offer to Purchase (as defined  below).  Capitalized

terms used herein and not  defined  herein  have the  meanings  ascribed to such

terms in the Offer to Purchase.



               PLEASE CAREFULLY READ THE ACCOMPANYING INSTRUCTIONS



     Gentlemen:  The  undersigned  hereby tenders to MP FALCON GROWTH FUND, LLC;

MACKENZIE SPECIFIED INCOME FUND, L.P.; MACKENZIE FUND VI, L.P.; ACCELERATED HIGH

YIELD INSTITUTIONAL INVESTORS,  L.P.; ACCELERATED HIGH YIELD INSTITUTIONAL FUND,

L.P.; MP VALUE FUND 7, LLC; MP VALUE FUND 5, LLC; MP SPECIAL FUND 5, LLC; and MP

DEWAAY FUND, LLC  (collectively  the  "Purchasers") all of the assignee Units of

limited   partnership   interest  ("Units")  in  the  Partnership  held  by  the

undersigned as set forth above (or, if less than all such Units,  the number set

forth below in the signature  box), at a purchase  price equal to $650 per Unit,

less the amount of any distributions  made or declared with respect to the Units

between September 13, 2000 and the Expiration Date, and upon the other terms and

subject to the  conditions set forth in the Offer to Purchase,  dated  September

13, 2000 (the "Offer to Purchase")  and in this Letter of  Transmittal,  as each

may be supplemented or amended from time to time (which together  constitute the

"Offer").  Receipt  of  the  Offer  to  Purchase  is  hereby  acknowledged.  The

undersigned  recognizes  that,  if more than the maximum  number of Units sought

(the  lesser of 8,000  Units or the  number of Units  which,  when  added to the

number of all other Units transferred within the 12 months preceding the closing

of the  offer,  would not  equal or exceed  50% of the  outstanding  Units)  are

validly tendered prior to or on the Expiration Date and not properly  withdrawn,

the Purchasers will, upon the terms of the Offer,  accept for payment from among

those Units tendered  prior to or on the  Expiration  Date the maximum number of

Units up to 8,000 Units on a pro rata basis, with adjustments to avoid purchases

of certain  fractional  Units,  based upon the number of Units validly  tendered

prior to the Expiration  Date and not  withdrawn.  Subject to and effective upon

acceptance  for payment of any of the Units  tendered  hereby,  the  undersigned

hereby sells,  assigns and transfers  to, or upon the order of,  Purchasers  all

right,  title and interest in and to such Units which are purchased  pursuant to

the Offer.  The  undersigned  hereby  irrevocably  constitutes  and appoints the

Purchasers  as the true and lawful agent and  attorney-in-fact  and proxy of the

undersigned  with respect to such Units,  with full power of substitution  (such

power of attorney  and proxy being deemed to be an  irrevocable  power and proxy

coupled with an interest),  to deliver such Units and transfer ownership of such

Units, on the books of the Partnership, together with all accompanying evidences

of transfer and  authenticity,  to or upon the order of the Purchasers and, upon

payment of the  purchase  price in respect of such Units by the  Purchasers,  to

exercise all voting  rights and to receive all benefits and  otherwise  exercise

all rights of  beneficial  ownership  of such Units all in  accordance  with the

terms of the Offer.  Subject to and  effective  upon the  purchase  of any Units

tendered hereby,  the undersigned hereby requests that each of the Purchasers be

admitted to the Partnership as a "substitute Limited Partner" under the terms of

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