-----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,
 C9BbqTB5NxEdWuxqHATV0ygEGF7evfwSUp5lR3MY6vmikaZvbnwg2erJjiretSHl
 khF1CrSlvUHI/rYGqTswFA==

<SEC-DOCUMENT>0000919574-09-006410.txt : 20090316
<SEC-HEADER>0000919574-09-006410.hdr.sgml : 20090316
<ACCEPTANCE-DATETIME>20090316142539
ACCESSION NUMBER:		0000919574-09-006410
CONFORMED SUBMISSION TYPE:	D
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 506
ITEM INFORMATION:		Investment Company Act Section 3(c)
ITEM INFORMATION:		Section 3(c)(7)
FILED AS OF DATE:		20090316
DATE AS OF CHANGE:		20090316
EFFECTIVENESS DATE:		20090316

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Zais Value-Added Real Estate Fund I, LP
		CENTRAL INDEX KEY:			0001458300
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		D
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-127960
		FILM NUMBER:		09683701

	BUSINESS ADDRESS:	
		STREET 1:		THE GALLERIA BUILDING THREE
		STREET 2:		2ND FLOOR 2 BRIDGE AVENUE
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732) 450-7426

	MAIL ADDRESS:	
		STREET 1:		THE GALLERIA BUILDING THREE
		STREET 2:		2ND FLOOR 2 BRIDGE AVENUE
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
</SEC-HEADER>
<DOCUMENT>
<TYPE>D
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0301</schemaVersion>

    <submissionType>D</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001458300</cik>
        <entityName>Zais Value-Added Real Estate Fund I, LP</entityName>
        <issuerAddress>
            <street1>Two Bridge Avenue, Suite 322</street1>
            <city>RED BANK</city>
            <stateOrCountry>NJ</stateOrCountry>
            <zipCode>07701</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>(732) 450-7431</issuerPhoneNumber>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <jurisdictionOfInc>DE</jurisdictionOfInc>
        <entityType>Limited Partnership</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2006</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Zugel</firstName>
                <middleName></middleName>
                <lastName>Christian</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Two Bridge Avenue, Suite 322</street1>
                <city>Red Bank</city>
                <stateOrCountry>NJ</stateOrCountry>
                <zipCode>07701</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>President of Zais Group, LLC, the General Partner of the Issuer.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Russell</firstName>
                <middleName>C.</middleName>
                <lastName>Prince</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Two Bridge Avenue, Suite 322</street1>
                <city>Red Bank</city>
                <stateOrCountry>NJ</stateOrCountry>
                <zipCode>07701</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>General Counsel of Zais Group, LLC, the General Partner of the Issuer.</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.7</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>false</isAmendment>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2009-01-01</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>5000000</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>21075000</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>31</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
                <isEstimate>true</isEstimate>
            </grossProceedsUsed>
            <clarificationOfResponse>The General Partner (or its affiliate) is entitled to receive an annual management fee in an amount equal to a specified percentage of assets under management.</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>Zais Value-Added Real Estate Fund I, LP</issuerName>
                <signatureName>/s/ Russell C. Prince</signatureName>
                <nameOfSigner>Russell C. Prince</nameOfSigner>
                <signatureTitle>General Counsel of the General Partner of the Issuer</signatureTitle>
                <signatureDate>2009-03-11</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----