CONTACT: The Altman Group, Inc.
         (800) 217-9608 (toll free)

FOR IMMEDIATE RELEASE

         DENVER, COLORADO, March 19, 2004. As previously announced,
AIMCO/Bethesda Holdings Acquisitions, Inc. is tendering for units of limited
partnership interest in Oxford Residential Properties I Limited Partnership,
subject to the terms of their Amended and Restated Offer to Purchase, as
amended. AIMCO/Bethesda Holdings Acquisitions, Inc. has extended the expiration
time of its offer. The expiration time for the offer has been extended to
midnight, New York time, on Wednesday, March 31, 2004. The offer was previously
scheduled to expire at midnight, New York time, on March 19, 2004.

         AIMCO/Bethesda Holdings Acquisitions, Inc. reported, based on
information provided by the Information Agent for the offer, that as of the
close of business on March 18, 2004, approximately 155 units (or approximately
0.66% of the units outstanding) had been tendered pursuant to the offer.

         For further information, please contact The Altman Group, Inc. at (800)
217-9608 (toll free), which is acting as the Information Agent for the offer.