-----BEGIN PRIVACY-ENHANCED MESSAGE-----
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>0001468899-09-000001.txt : 20090728
<SEC-HEADER>0001468899-09-000001.hdr.sgml : 20090728
<ACCEPTANCE-DATETIME>20090728135458
ACCESSION NUMBER:		0001468899-09-000001
CONFORMED SUBMISSION TYPE:	D
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 506
FILED AS OF DATE:		20090728
DATE AS OF CHANGE:		20090728
EFFECTIVENESS DATE:		20090728

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Phase 15 Investments, LP
		CENTRAL INDEX KEY:			0001468899
		IRS NUMBER:				264351768
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-133142
		FILM NUMBER:		09966774

	BUSINESS ADDRESS:	
		STREET 1:		3254 N. HASKELL
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75204
		BUSINESS PHONE:		(940)455-2691

	MAIL ADDRESS:	
		STREET 1:		3254 N. HASKELL
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75204
</SEC-HEADER>
<DOCUMENT>
<TYPE>D
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0502</schemaVersion>

    <submissionType>D</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001468899</cik>
        <entityName>Phase 15 Investments, LP</entityName>
        <issuerAddress>
            <street1>3254 N. HASKELL</street1>
            <street2></street2>
            <city>DALLAS</city>
            <stateOrCountry>TX</stateOrCountry>
            <zipCode>75204</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>(940)455-2691</issuerPhoneNumber>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <jurisdictionOfInc>TEXAS</jurisdictionOfInc>
        <entityType>Limited Partnership</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2009</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Kim</firstName>
                <middleName></middleName>
                <lastName>Schwimmer</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>6101 Long Prairie Road</street1>
                <street2>Suite 744-173</street2>
                <city>Flower Mound</city>
                <stateOrCountry>TX</stateOrCountry>
                <zipCode>75028</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Randall</firstName>
                <middleName></middleName>
                <lastName>Schwimmer</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>6101 Long Prairie Road</street1>
                <street2>Suite 744-173</street2>
                <city>Flower Mound</city>
                <stateOrCountry>TX</stateOrCountry>
                <zipCode>75028</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Howard</firstName>
                <middleName></middleName>
                <lastName>Schwimmer</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>13910 58th Avenue North</street1>
                <street2></street2>
                <city>Plymouth</city>
                <stateOrCountry>MN</stateOrCountry>
                <zipCode>55446</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Andrew</firstName>
                <middleName></middleName>
                <lastName>Kay</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>3254 N. Haskell Avenue</street1>
                <street2></street2>
                <city>Dallas</city>
                <stateOrCountry>TX</stateOrCountry>
                <zipCode>75204</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Commercial</industryGroupType>
        </industryGroup>
        <issuerSize>
            <revenueRange>No Revenues</revenueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>false</isAmendment>
            </newOrAmendment>
            <dateOfFirstSale>
                <yetToOccur>true</yetToOccur>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>false</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isOtherType>true</isOtherType>
            <descriptionOfOtherType>Limited Partnership Interests</descriptionOfOtherType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>15000</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>2000000</totalOfferingAmount>
            <totalAmountSold>0</totalAmountSold>
            <totalRemaining>2000000</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>true</hasNonAccreditedInvestors>
            <numberNonAccreditedInvestors>0</numberNonAccreditedInvestors>
            <totalNumberAlreadyInvested>0</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>40000</dollarAmount>
                <isEstimate>true</isEstimate>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>Phase 15 Investments, LP</issuerName>
                <signatureName>Kim Schwimmer</signatureName>
                <nameOfSigner>Kim Schwimmer</nameOfSigner>
                <signatureTitle>Chief Mngr of TMLLC 14, LLC</signatureTitle>
                <signatureDate>2009-07-28</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----