<SEC-DOCUMENT>0002060323-25-000001.txt : 20250312
<SEC-HEADER>0002060323-25-000001.hdr.sgml : 20250312
<ACCEPTANCE-DATETIME>20250312152540
ACCESSION NUMBER:		0002060323-25-000001
CONFORMED SUBMISSION TYPE:	D
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		<ITEMS>06c
FILED AS OF DATE:		20250312
DATE AS OF CHANGE:		20250312
EFFECTIVENESS DATE:		20250312

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			IPS Multifamily Fund 1 LLC
		CENTRAL INDEX KEY:			0002060323
		ORGANIZATION NAME:           	
		IRS NUMBER:				333822587
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-540674
		FILM NUMBER:		25731445

	BUSINESS ADDRESS:	
		STREET 1:		20410 TOWN CENTER LANE #100
		CITY:			CUPERTINO
		STATE:			CA
		ZIP:			95014
		BUSINESS PHONE:		408-446-0848

	MAIL ADDRESS:	
		STREET 1:		20410 TOWN CENTER LANE #100
		CITY:			CUPERTINO
		STATE:			CA
		ZIP:			95014
</SEC-HEADER>
<DOCUMENT>
<TYPE>D
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0708</schemaVersion>

    <submissionType>D</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0002060323</cik>
        <entityName>IPS Multifamily Fund 1 LLC</entityName>
        <issuerAddress>
            <street1>20410 TOWN CENTER LANE #100</street1>
            <city>CUPERTINO</city>
            <stateOrCountry>CA</stateOrCountry>
            <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
            <zipCode>95014</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>408-446-0848</issuerPhoneNumber>
        <jurisdictionOfInc>CALIFORNIA</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Limited Liability Company</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2024</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Robert</firstName>
                <lastName>Salwasser</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>20410 Town Center Lane #100</street1>
                <city>Cupertino</city>
                <stateOrCountry>CA</stateOrCountry>
                <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                <zipCode>95014</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Clay</firstName>
                <lastName>Llewellyn</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>20410 Town Center Lane #100</street1>
                <city>Cupertino</city>
                <stateOrCountry>CA</stateOrCountry>
                <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                <zipCode>95014</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Commercial</industryGroupType>
        </industryGroup>
        <issuerSize>
            <revenueRange>Decline to Disclose</revenueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06c</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>false</isAmendment>
            </newOrAmendment>
            <dateOfFirstSale>
                <yetToOccur>true</yetToOccur>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>false</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>100000</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>30000000</totalOfferingAmount>
            <totalAmountSold>0</totalAmountSold>
            <totalRemaining>30000000</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>0</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>3% percent of the total acquisition cost of each Property</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>IPS Multifamily Fund 1 LLC</issuerName>
                <signatureName>David Utley</signatureName>
                <nameOfSigner>David Utley</nameOfSigner>
                <signatureTitle>Attorney In Fact</signatureTitle>
                <signatureDate>2025-03-12</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>