-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 DLzF6ySkf9Awinlgugpe16Uxoa+ybV0t04I+7KRHu2HfX7z9qY/yKYzW0TEaYd44
 RItJts8RQCcasDqa9m6F0A==

<SEC-DOCUMENT>0001429962-09-000003.txt : 20090508
<SEC-HEADER>0001429962-09-000003.hdr.sgml : 20090508
<ACCEPTANCE-DATETIME>20090507184024
ACCESSION NUMBER:		0001429962-09-000003
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)(7)
FILED AS OF DATE:		20090508
DATE AS OF CHANGE:		20090507
EFFECTIVENESS DATE:		20090508

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DUNE REAL ESTATE PARALLEL FUND II LP
		CENTRAL INDEX KEY:			0001429961
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-115958
		FILM NUMBER:		09807174

	BUSINESS ADDRESS:	
		STREET 1:		C/O DUNE REAL ESATE PARTNERS FUND II LP
		STREET 2:		623 FIFTH AVENUE, 30TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		212-301-8400

	MAIL ADDRESS:	
		STREET 1:		C/O DUNE REAL ESATE PARTNERS FUND II LP
		STREET 2:		623 FIFTH AVENUE, 30TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DUNE REAL ESTATE FUND II LP
		CENTRAL INDEX KEY:			0001429962
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-115957
		FILM NUMBER:		09807173

	BUSINESS ADDRESS:	
		STREET 1:		C/O DUNE REAL ESATE PARTNERS II LLC
		STREET 2:		623 FIFTH AVENUE, 30TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		212-301-8400

	MAIL ADDRESS:	
		STREET 1:		C/O DUNE REAL ESATE PARTNERS II LLC
		STREET 2:		623 FIFTH AVENUE, 30TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
</SEC-HEADER>
<DOCUMENT>
<TYPE>D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0301</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001429962</cik>
        <entityName>DUNE REAL ESTATE FUND II LP</entityName>
        <issuerAddress>
            <street1>623 FIFTH AVENUE, 30TH FLOOR</street1>
            <street2></street2>
            <city>NEW YORK</city>
            <stateOrCountry>NY</stateOrCountry>
            <zipCode>10022</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>212-301-8401</issuerPhoneNumber>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <jurisdictionOfInc>DE</jurisdictionOfInc>
        <entityType>Limited Partnership</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2007</value>
        </yearOfInc>
    </primaryIssuer>

    <issuerList>
        <issuer>
            <cik>0001429961</cik>
            <entityName>DUNE REAL ESTATE PARALLEL FUND II LP</entityName>
            <issuerAddress>
                <street1>623 FIFTH AVENUE, 30TH FLOOR</street1>
                <street2></street2>
                <city>NEW YORK</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10022</zipCode>
            </issuerAddress>
            <issuerPhoneNumber>212-301-8401</issuerPhoneNumber>
            <issuerPreviousNameList>
                <value>None</value>
            </issuerPreviousNameList>
            <jurisdictionOfInc>DE</jurisdictionOfInc>
            <entityType>Limited Partnership</entityType>
            <yearOfInc>
                <withinFiveYears>true</withinFiveYears>
                <value>2007</value>
            </yearOfInc>
        </issuer>
    </issuerList>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>N/A</firstName>
                <middleName></middleName>
                <lastName>DUNE REAL ESTATE PARTNERS II LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>623 FIFTH AVENUE, 30TH FLOOR</street1>
                <street2></street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10022</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>General Partner</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>N/A</firstName>
                <middleName></middleName>
                <lastName>DUNE REAL ESTATE MANAGER LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>623 FIFTH AVENUE, 30TH FLOOR</street1>
                <street2></street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10022</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Manager of the General Partner</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Daniel</firstName>
                <middleName>M.</middleName>
                <lastName>Neidich</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>623 FIFTH AVENUE, 30TH FLOOR</street1>
                <street2></street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10022</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Pooled Investment Fund</industryGroupType>
            <investmentFundInfo>
                <investmentFundType>Other Investment Fund</investmentFundType>
                <is40Act>false</is40Act>
            </investmentFundInfo>
        </industryGroup>
        <issuerSize>
            <aggregateNetAssetValueRange>Over $100,000,000</aggregateNetAssetValueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
            <item>3C</item>
            <item>3C.7</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>9999999997-08-011620</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2008-03-07</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>0</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>Monument Group, Inc.</recipientName>
                <recipientCRDNumber>36399</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>500 Boylston Street, Suite 1650</street1>
                    <street2></street2>
                    <city>Boston</city>
                    <stateOrCountry>MA</stateOrCountry>
                    <zipCode>02116</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>1250000000</totalOfferingAmount>
            <totalAmountSold>793900000</totalAmountSold>
            <totalRemaining>456100000</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>56</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>2900000</dollarAmount>
                <isEstimate>true</isEstimate>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse>* A Monument Group, Inc. entity shall have a right to participate in a percentage of the carried interest of the General Partner.</clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>true</authorizedRepresentative>
            <signature>
                <issuerName>DUNE REAL ESTATE FUND II LP</issuerName>
                <signatureName>Joshua P. Eaton</signatureName>
                <nameOfSigner>Joshua P. Eaton</nameOfSigner>
                <signatureTitle>General Counsel of the General Partner</signatureTitle>
                <signatureDate>2009-05-07</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----