-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 As+GSCb6/1nSB+4qW3Y+G4Utzpm8nj0zch6DxDVG9xSEq/SDsI8poNvk3qlsmdnP
 RlJedJYzfylOeRLR2lCmdg==

<SEC-DOCUMENT>0000897069-09-000208.txt : 20090204
<SEC-HEADER>0000897069-09-000208.hdr.sgml : 20090204
<ACCEPTANCE-DATETIME>20090204165027
ACCESSION NUMBER:		0000897069-09-000208
CONFORMED SUBMISSION TYPE:	D/A
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 506
FILED AS OF DATE:		20090204
DATE AS OF CHANGE:		20090204
EFFECTIVENESS DATE:		20090204

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ARIZONA REAL ESTATE FUND LLC
		CENTRAL INDEX KEY:			0001372382
		IRS NUMBER:				205170730
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-93719
		FILM NUMBER:		09568857

	BUSINESS ADDRESS:	
		STREET 1:		C/O T.  WALL PROPERTIES ARIZONA LLC
		STREET 2:		8215 GREENWAY BOULEVARD, SUITE 500
		CITY:			MIDDLETON
		STATE:			WI
		ZIP:			53562
		BUSINESS PHONE:		(608) 830-6300

	MAIL ADDRESS:	
		STREET 1:		C/O T.  WALL PROPERTIES ARIZONA LLC
		STREET 2:		8215 GREENWAY BOULEVARD, SUITE 500
		CITY:			MIDDLETON
		STATE:			WI
		ZIP:			53562
</SEC-HEADER>
<DOCUMENT>
<TYPE>D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0201</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001372382</cik>
        <entityName>ARIZONA REAL ESTATE FUND LLC</entityName>
        <issuerAddress>
            <street1>C/O T. WALL PROPERTIES ARIZONA LLC</street1>
            <street2>8215 GREENWAY BOULEVARD, SUITE 500</street2>
            <city>MIDDLETON</city>
            <stateOrCountry>WI</stateOrCountry>
            <zipCode>53562</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>(608) 830-6300</issuerPhoneNumber>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <jurisdictionOfInc>DE</jurisdictionOfInc>
        <entityType>Limited Liability Company</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2005</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Manager</firstName>
                <middleName></middleName>
                <lastName>T. Wall Properties Arizona L.L.C.</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>8215 Greenway Boulevard</street1>
                <street2>Suite 500</street2>
                <city>Middleton</city>
                <stateOrCountry>WI</stateOrCountry>
                <zipCode>53562</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Manager</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Terrence</firstName>
                <middleName>R.</middleName>
                <lastName>Wall</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>8215 Greenway Boulevard</street1>
                <street2>Suite 500</street2>
                <city>Middleton</city>
                <stateOrCountry>WI</stateOrCountry>
                <zipCode>53562</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>of Manager</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Randall</firstName>
                <middleName>J.</middleName>
                <lastName>Guenther</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>8215 Greenway Boulevard</street1>
                <street2>Suite 500</street2>
                <city>Middleton</city>
                <stateOrCountry>WI</stateOrCountry>
                <zipCode>53562</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>of Manager</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Commercial</industryGroupType>
        </industryGroup>
        <issuerSize>
            <revenueRange>Decline to Disclose</revenueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>9999999997-06-034896</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2006-06-21</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>false</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>125000</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>20000000</totalOfferingAmount>
            <totalAmountSold>15947459</totalAmountSold>
            <totalRemaining>4052541</totalRemaining>
            <clarificationOfResponse>The offering was completed without reaching the total offering amount.</clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>62</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>ARIZONA REAL ESTATE FUND LLC</issuerName>
                <signatureName>Randall J. Guenther</signatureName>
                <nameOfSigner>Randall J. Guenther</nameOfSigner>
                <signatureTitle>Vice President of Manager, T. Wall Properties Arizona L.L.C.</signatureTitle>
                <signatureDate>2009-02-04</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----