<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0708</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0002016213</cik>
        <entityName>CEP MULTIFAMILY FUND II LLC</entityName>
        <issuerAddress>
            <street1>2829 RUCKER AVENUE</street1>
            <city>EVERETT</city>
            <stateOrCountry>WA</stateOrCountry>
            <stateOrCountryDescription>WASHINGTON</stateOrCountryDescription>
            <zipCode>98201</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>425-339-3638</issuerPhoneNumber>
        <jurisdictionOfInc>WASHINGTON</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Limited Liability Company</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2024</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>THOMAS</firstName>
                <middleName>P</middleName>
                <lastName>HOBAN, JR.</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>2829 RUCKER AVENUE</street1>
                <city>EVERETT</city>
                <stateOrCountry>WA</stateOrCountry>
                <stateOrCountryDescription>WASHINGTON</stateOrCountryDescription>
                <zipCode>98201</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>SHAWN</firstName>
                <middleName>A</middleName>
                <lastName>HOBAN</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>2829 RUCKER AVENUE</street1>
                <city>EVERETT</city>
                <stateOrCountry>WA</stateOrCountry>
                <stateOrCountryDescription>WASHINGTON</stateOrCountryDescription>
                <zipCode>98201</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>JOSHUA</firstName>
                <lastName>JANSEN</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>2829 RUCKER AVENUE</street1>
                <city>EVERETT</city>
                <stateOrCountry>WA</stateOrCountry>
                <stateOrCountryDescription>WASHINGTON</stateOrCountryDescription>
                <zipCode>98201</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>MICHAEL</firstName>
                <lastName>HARMON</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>2829 RUCKER AVENUE</street1>
                <city>EVERETT</city>
                <stateOrCountry>WA</stateOrCountry>
                <stateOrCountryDescription>WASHINGTON</stateOrCountryDescription>
                <zipCode>98201</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>REITS and Finance</industryGroupType>
        </industryGroup>
        <issuerSize>
            <revenueRange>Decline to Disclose</revenueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06c</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>0002016213-24-000001</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2024-03-22</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
            <isOtherType>true</isOtherType>
            <descriptionOfOtherType>Class A Units</descriptionOfOtherType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>100000</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>100000000</totalOfferingAmount>
            <totalAmountSold>11250000</totalAmountSold>
            <totalRemaining>88750000</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>53</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>700000</dollarAmount>
                <isEstimate>true</isEstimate>
            </grossProceedsUsed>
            <clarificationOfResponse>Acquisition fees (2.00% per property), and organization fees (0.75% per property),  refinance/new loan fee (1.00%) paid to Manager.</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>CEP MULTIFAMILY FUND II LLC</issuerName>
                <signatureName>Joshua Jansen</signatureName>
                <nameOfSigner>Joshua Jansen CEO Coast Equity Partners III, LLC, Mgr</nameOfSigner>
                <signatureTitle>of CEP Fund Manager II, LLC, its Manager</signatureTitle>
                <signatureDate>2025-04-10</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
