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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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<SEC-DOCUMENT>0001293213-10-000003.txt : 20100310
<SEC-HEADER>0001293213-10-000003.hdr.sgml : 20100310
<ACCEPTANCE-DATETIME>20100310140907
ACCESSION NUMBER:		0001293213-10-000003
CONFORMED SUBMISSION TYPE:	D/A
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 506
ITEM INFORMATION:		Investment Company Act Section 3(c)
ITEM INFORMATION:		Section 3(c)(1)
ITEM INFORMATION:		Section 3(c)(5)
FILED AS OF DATE:		20100310
DATE AS OF CHANGE:		20100310
EFFECTIVENESS DATE:		20100310

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Principal Enhanced Property Fund, L.P.
		CENTRAL INDEX KEY:			0001293213
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-66188
		FILM NUMBER:		10669970

	BUSINESS ADDRESS:	
		STREET 1:		801 GRAND AVE
		CITY:			DES MOINES
		STATE:			IA
		ZIP:			50392
		BUSINESS PHONE:		800-533-1390

	MAIL ADDRESS:	
		STREET 1:		801 GRAND AVE
		CITY:			DES MOINES
		STATE:			IA
		ZIP:			50392

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Principal Enhanced Property Fund L P
		DATE OF NAME CHANGE:	20040608
</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>0001293213</cik>
        <entityName>Principal Enhanced Property Fund, L.P.</entityName>
        <issuerAddress>
            <street1>801 GRAND AVE</street1>
            <city>DES MOINES</city>
            <stateOrCountry>IA</stateOrCountry>
            <zipCode>50392</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>800-533-1390</issuerPhoneNumber>
        <jurisdictionOfInc>DELAWARE</jurisdictionOfInc>
        <edgarPreviousNameList>
            <previousName>Principal Enhanced Property Fund L P</previousName>
        </edgarPreviousNameList>
        <entityType>Limited Partnership</entityType>
        <yearOfInc>
            <overFiveYears>true</overFiveYears>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>N/A</firstName>
                <middleName>N/A</middleName>
                <lastName>PRINCIPAL ENHANCED PROPERTY FUND GP, LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>801 GRAND AVENUE</street1>
                <city>DES MOINES</city>
                <stateOrCountry>IA</stateOrCountry>
                <zipCode>50392</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>N/A</firstName>
                <middleName>N/A</middleName>
                <lastName>PRINCIPAL REAL ESTATE INVESTORS, LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>801 GRAND AVENUE</street1>
                <city>DES MOINES</city>
                <stateOrCountry>IA</stateOrCountry>
                <zipCode>50392</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Promoter</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>
            <item>3C</item>
            <item>3C.1</item>
            <item>3C.5</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>9999999997-09-009801</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2004-05-18</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>0</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>PRINCOR FINANCIAL SERVICES CORPORATION</recipientName>
                <recipientCRDNumber>1137</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>711 HIGH STREET</street1>
                    <city>DES MOINES</city>
                    <stateOrCountry>IA</stateOrCountry>
                    <zipCode>50392</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>1012004757</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>39</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>89435</dollarAmount>
                <isEstimate>true</isEstimate>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
                <isEstimate>true</isEstimate>
            </findersFees>
            <clarificationOfResponse>Sales commission amount reflects amount paid during 2009.  Commissions vary from year to year.</clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
                <isEstimate>true</isEstimate>
            </grossProceedsUsed>
            <clarificationOfResponse>Principal Enhanced Property Fund GP, LLC, the Issuer's general partner, will receive an incentive fee and Principal Real Estate Investors, LLC, the Issuer's investment manager, will receive management fees as detailed in the Issuer's offering materials.</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>Principal Enhanced Property Fund, L.P.</issuerName>
                <signatureName>/s/ TOM POSPISIL</signatureName>
                <nameOfSigner>TOM POSPISIL</nameOfSigner>
                <signatureTitle>ASST. GENERAL COUNSEL OF THE MEMBER OF THE GP OF THE ISSUER</signatureTitle>
                <signatureDate>2010-03-10</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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