UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) ~~July~~October 1527, 2009

DREXEL BURNHAM LAMBERT REAL ESTATE ASSOCIATES II

(Exact name of Registrant as specified in its charter)

New York	2-85829	13-3202289
(State or other jurisdiction	(Commission	(I.R.S. Employer
Of incorporation or	File Number	Identification Number)
of incorporation or	File Number)	Identification Number)
Organization)
organization)

55 Beattie Place

Post Office Box 1089

Greenville, South Carolina 29602

(Address of principal executive offices)

(864) 239-1000

(Issuer's telephone number)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 15.0102 ~~Entry~~Departure ~~into~~of aDirectors ~~Material~~or ~~Definitive~~Certain ~~Agreement~~Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

~~Drexel~~On ~~Burnham~~October ~~Lambert Real Estate Associates II~~27, ~~a New York limited partnership (the “Registrant”)~~2009, ~~owned~~Apartment ~~Presidential~~Investment ~~House~~and Management ~~Apartments~~Company (~~“Presidential House”~~"Aimco"), aannounced ~~203-unit~~the ~~apartment~~appointment ~~complex~~of ~~located~~Ernest ~~in North Miami Beach, Florida~~M. On ~~July~~Freedman ~~15,~~as Executive ~~2009~~Vice ~~the~~President ~~Registrant~~and ~~sold~~Chief ~~Presidential~~Financial ~~House,~~Officer. ~~which~~Mr. ~~was~~Freedman ~~its~~will ~~sole~~also serve ~~investment~~as ~~property,~~Executive toVice aPresident ~~third~~and ~~party,~~Chief ~~Advenir~~Financial @Officer ~~Presidential,~~of ~~LLC, a Florida limited liability company (~~the ~~“Purchaser”),~~General Partner. ~~for~~Mr. ~~a total sales price of $12,585,000 offset by a credit of $150,000 associated with the Purchaser~~Freedman’s ~~assumption~~promotion ofis ~~the~~effective ~~mortgages~~November ~~encumbering~~1, ~~Presidential House~~2009.

InAimco ~~accordance~~also ~~with~~announced ~~the~~that ~~terms~~David ofRobertson, President, ~~the~~Chief ~~Registrant’s~~Investment ~~partnership~~Officer ~~agreement,~~and ~~the~~Chief ~~Registrant’s~~Financial ~~general~~Officer ~~partner~~of ~~has~~Aimco ~~evaluated~~and President ~~the~~and ~~cash~~Chief ~~requirements~~Financial Officer of the ~~Registrant~~General ~~and~~Partner ~~determined~~is ~~that~~resigning ~~the~~from his ~~net~~position ~~sales~~as ~~proceeds~~Chief ~~will~~Financial beOfficer ~~used~~of toAimco ~~repay~~and ~~outstanding~~the ~~loans~~General Partner effective November 1, 2009, and ~~payables~~is toresigning anfrom ~~affiliate~~his ofother ~~the~~positions ~~Registrant’s~~effective December ~~general~~31, ~~partner~~2009. NoIn ~~distribution~~order to ~~the~~provide ~~Registrant’s~~for ~~partners~~an isorderly ~~anticipated~~transition, Mr. Robertson will continue in an advisory capacity through early 2010, working on a variety of transactions.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

DREXEL BURNHAM LAMBERT REAL ESTATE ASSOCIATES II

By: DBL Properties Corporation

~~Its~~ General Partner

By: /s/~~Steven~~Stephen DB. ~~Cordes~~ Waters

~~Steven~~Stephen DB. ~~Cordes~~Waters

Senior ~~Vice President~~ Director

Date: ~~July 21~~ November 2, 2009

Filing Compare · DREXEL BURNHAM LAMBERT REAL ESTATE ASSOCIATES II