-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 JG66L/kwwKkMyEHBOJ2uDpwL9WzvKXlfx+XGJBznCfcaeFqL11/qHnzJJHp0L9aX
 pL7lAUGEfFixCof3B/mU/g==

<SEC-DOCUMENT>0000841776-10-000004.txt : 20100714
<SEC-HEADER>0000841776-10-000004.hdr.sgml : 20100714
<ACCEPTANCE-DATETIME>20100714121305
ACCESSION NUMBER:		0000841776-10-000004
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)(5)
FILED AS OF DATE:		20100714
DATE AS OF CHANGE:		20100714
EFFECTIVENESS DATE:		20100714

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DIVERSIFIED REAL ESTATE FUND LIMITED PARTNERSHIP
		CENTRAL INDEX KEY:			0000841776
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-84177-6C
		FILM NUMBER:		10951615

	BUSINESS ADDRESS:	
		STREET 1:		1660 WEST SECOND STREET
		STREET 2:		SUITE 450
		CITY:			CLEVELAND
		STATE:			OH
		ZIP:			44113
		BUSINESS PHONE:		216-781-9090

	MAIL ADDRESS:	
		STREET 1:		1660 WEST SECOND STREET
		STREET 2:		SUITE 450
		CITY:			CLEVELAND
		STATE:			OH
		ZIP:			44113

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DIVERSIFIED REAL ESTATE FUND L P
		DATE OF NAME CHANGE:	19881026
</SEC-HEADER>
<DOCUMENT>
<TYPE>D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0704</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0000841776</cik>
        <entityName>DIVERSIFIED REAL ESTATE FUND LIMITED PARTNERSHIP</entityName>
        <issuerAddress>
            <street1>1660 WEST SECOND STREET</street1>
            <street2>SUITE 450</street2>
            <city>CLEVELAND</city>
            <stateOrCountry>OH</stateOrCountry>
            <stateOrCountryDescription>OHIO</stateOrCountryDescription>
            <zipCode>44113</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>216-781-9090</issuerPhoneNumber>
        <jurisdictionOfInc>DELAWARE</jurisdictionOfInc>
        <edgarPreviousNameList>
            <previousName>DIVERSIFIED REAL ESTATE FUND L P</previousName>
        </edgarPreviousNameList>
        <entityType>Limited Partnership</entityType>
        <yearOfInc>
            <overFiveYears>true</overFiveYears>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>[related person is an entity]</firstName>
                <lastName>The Key West Saxon Group, Inc.</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1660 West Second Street</street1>
                <street2>Suite 450</street2>
                <city>Cleveland</city>
                <stateOrCountry>OH</stateOrCountry>
                <stateOrCountryDescription>OHIO</stateOrCountryDescription>
                <zipCode>44113</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>General Partner of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Terrance</firstName>
                <middleName>R.</middleName>
                <lastName>Ahern</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1660 West Second Street</street1>
                <street2>Suite 450</street2>
                <city>Cleveland</city>
                <stateOrCountry>OH</stateOrCountry>
                <stateOrCountryDescription>OHIO</stateOrCountryDescription>
                <zipCode>44113</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Executive Officer of The Key West Saxon Group, Inc.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Kevin</firstName>
                <middleName>W.</middleName>
                <lastName>Lynch</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1660 West Second Street</street1>
                <street2>Suite 450</street2>
                <city>Cleveland</city>
                <stateOrCountry>OH</stateOrCountry>
                <stateOrCountryDescription>OHIO</stateOrCountryDescription>
                <zipCode>44113</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Executive Officer of The Key West Saxon Group, Inc.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Joseph</firstName>
                <middleName>P.</middleName>
                <lastName>Olszak</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1660 West Second Street</street1>
                <street2>Suite 450</street2>
                <city>Cleveland</city>
                <stateOrCountry>OH</stateOrCountry>
                <stateOrCountryDescription>OHIO</stateOrCountryDescription>
                <zipCode>44113</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Executive Officer of The Key West Saxon Group, Inc.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Terri</firstName>
                <middleName>A.</middleName>
                <lastName>Herubin</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1660 West Second Street</street1>
                <street2>Suite 450</street2>
                <city>Cleveland</city>
                <stateOrCountry>OH</stateOrCountry>
                <stateOrCountryDescription>OHIO</stateOrCountryDescription>
                <zipCode>44113</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Executive Officer of The Key West Saxon Group, Inc.</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.5</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>9999999997-08-016822</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2002-12-23</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>10000</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>139818042</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>451</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>150000</dollarAmount>
                <isEstimate>true</isEstimate>
            </grossProceedsUsed>
            <clarificationOfResponse>Payments made to the General Partner are subject to future contingencies.</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>DIVERSIFIED REAL ESTATE FUND LIMITED PARTNERSHIP</issuerName>
                <signatureName>/s/ Joseph P. Olszak</signatureName>
                <nameOfSigner>Joseph P. Olszak</nameOfSigner>
                <signatureTitle>Vice President and Secretary</signatureTitle>
                <signatureDate>2010-07-14</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----