-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
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 7XHMWPH5YEibNuYgex/LDQ==

<SEC-DOCUMENT>0001218609-10-000002.txt : 20100317
<SEC-HEADER>0001218609-10-000002.hdr.sgml : 20100317
<ACCEPTANCE-DATETIME>20100317155212
ACCESSION NUMBER:		0001218609-10-000002
CONFORMED SUBMISSION TYPE:	D/A
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 506
FILED AS OF DATE:		20100317
DATE AS OF CHANGE:		20100317
EFFECTIVENESS DATE:		20100317

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RREEF AMERICA REIT III INC
		CENTRAL INDEX KEY:			0001218609
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-52780
		FILM NUMBER:		10688841

	BUSINESS ADDRESS:	
		STREET 1:		875 N MICHIGAN AVENUE
		STREET 2:		41 ST FLOOR
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60611
		BUSINESS PHONE:		312-266-9300

	MAIL ADDRESS:	
		STREET 1:		875 NORTH MICHIGAN AVENUE
		STREET 2:		41ST FLOOR
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60611
</SEC-HEADER>
<DOCUMENT>
<TYPE>D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0603</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001218609</cik>
        <entityName>RREEF AMERICA REIT III INC</entityName>
        <issuerAddress>
            <street1>875 N MICHIGAN AVENUE</street1>
            <street2>41 ST FLOOR</street2>
            <city>CHICAGO</city>
            <stateOrCountry>IL</stateOrCountry>
            <zipCode>60611</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>312-266-9300</issuerPhoneNumber>
        <jurisdictionOfInc>MARYLAND</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Corporation</entityType>
        <yearOfInc>
            <overFiveYears>true</overFiveYears>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>INVESTMENT MANAGER</firstName>
                <lastName>RREEF AMERICA, L.L.C.</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>875 NORTH MICHIGAN AVENUE</street1>
                <street2>41ST FLOOR</street2>
                <city>CHICAGO</city>
                <stateOrCountry>IL</stateOrCountry>
                <zipCode>60611</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>INVESTMENT MANAGER OF ISSUER</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>TIMOTHY</firstName>
                <middleName>K</middleName>
                <lastName>GONZALEZ</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>875 NORTH MICHIGAN AVENUE</street1>
                <street2>41ST FLOOR</street2>
                <city>CHICAGO</city>
                <stateOrCountry>IL</stateOrCountry>
                <zipCode>60611</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>DEWITT</firstName>
                <middleName>F</middleName>
                <lastName>BOWMAN</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>875 NORTH MICHIGAN AVENUE</street1>
                <street2>41ST FLOOR</street2>
                <city>CHICAGO</city>
                <stateOrCountry>IL</stateOrCountry>
                <zipCode>60611</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>DUNCAN</firstName>
                <middleName>L</middleName>
                <lastName>MATTESON</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>875 NORTH MICHIGAN AVENUE</street1>
                <street2>41ST FLOOR</street2>
                <city>CHICAGO</city>
                <stateOrCountry>IL</stateOrCountry>
                <zipCode>60611</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>CLAUDE</firstName>
                <lastName>GRUEN</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>875 NORTH MICHIGAN AVENUE</street1>
                <street2>41ST FLOOR</street2>
                <city>CHICAGO</city>
                <stateOrCountry>IL</stateOrCountry>
                <zipCode>60611</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>WILLIS</firstName>
                <middleName>K</middleName>
                <lastName>POLITE</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>875 NORTH MICHIGAN AVENUE</street1>
                <street2>41ST FLOOR</street2>
                <city>CHICAGO</city>
                <stateOrCountry>IL</stateOrCountry>
                <zipCode>60611</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>JULIE</firstName>
                <middleName>M</middleName>
                <lastName>ACKERMAN</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>875 NORTH MICHIGAN AVENUE</street1>
                <street2>41ST FLOOR</street2>
                <city>CHICAGO</city>
                <stateOrCountry>IL</stateOrCountry>
                <zipCode>60611</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>MARLENA</firstName>
                <middleName>M</middleName>
                <lastName>CASELLINI</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>875 NORTH MICHIGAN AVENUE</street1>
                <street2>41ST FLOOR</street2>
                <city>CHICAGO</city>
                <stateOrCountry>IL</stateOrCountry>
                <zipCode>60611</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Pooled Investment Fund</industryGroupType>
            <investmentFundInfo>
                <investmentFundType>Other Investment Fund</investmentFundType>
                <is40Act>false</is40Act>
            </investmentFundInfo>
        </industryGroup>
        <issuerSize>
            <aggregateNetAssetValueRange>Decline to Disclose</aggregateNetAssetValueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>0001218609-10-000001</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2003-01-22</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>0</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>2141514129</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse>THE OFFERING IS AN ONGOING OFFERING, WITHOUT A CAP, AND THEREFORE IS AN INDEFINITE AMOUNT.  THE TOTAL AMOUNT SOLD IS BASED ON INITIAL INVESTMENTS IN THE ISSUER AND DOES NOT REFLECT REDEMPTIONS, APPRECIATION OR DEPRECIATION.</clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>258</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
                <isEstimate>true</isEstimate>
            </grossProceedsUsed>
            <clarificationOfResponse>THE ISSUER PAYS CERTAIN ASSET MANAGEMENT AND PERFORMANCE FEES TO THE INVESTMENT MANAGER.</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>RREEF AMERICA REIT III INC</issuerName>
                <signatureName>JULIE ACKERMAN</signatureName>
                <nameOfSigner>JULIE ACKERMAN</nameOfSigner>
                <signatureTitle>ASSISTANT VICE PRESIDENT</signatureTitle>
                <signatureDate>2010-03-17</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----