-----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,
 HIlEYMbijMeF3PQHXJKkw5guVjkLSHMSYRXt6ylpX1e2nKcOXPctf2v1KBjU7UoA
 FafJeUKOnmFI/taesklTDA==

<SEC-DOCUMENT>0001482060-11-000001.txt : 20110202
<SEC-HEADER>0001482060-11-000001.hdr.sgml : 20110202
<ACCEPTANCE-DATETIME>20110201173151
ACCESSION NUMBER:		0001482060-11-000001
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:		20110202
DATE AS OF CHANGE:		20110201
EFFECTIVENESS DATE:		20110202

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FLAG Real Estate Partners II, L.P.
		CENTRAL INDEX KEY:			0001482060
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-138405
		FILM NUMBER:		11564138

	BUSINESS ADDRESS:	
		STREET 1:		C/O FLAG CAPITAL MANAGEMENT, LLC
		STREET 2:		1266 EAST MAIN STREET, 5TH FLOOR
		CITY:			STAMFORD
		STATE:			CT
		ZIP:			06902
		BUSINESS PHONE:		617-423-4700

	MAIL ADDRESS:	
		STREET 1:		C/O FLAG CAPITAL MANAGEMENT, LLC
		STREET 2:		1266 EAST MAIN STREET, 5TH FLOOR
		CITY:			STAMFORD
		STATE:			CT
		ZIP:			06902
</SEC-HEADER>
<DOCUMENT>
<TYPE>D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0704</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001482060</cik>
        <entityName>FLAG Real Estate Partners II, L.P.</entityName>
        <issuerAddress>
            <street1>C/O FLAG CAPITAL MANAGEMENT, LLC</street1>
            <street2>1266 EAST MAIN STREET, 5TH FLOOR</street2>
            <city>STAMFORD</city>
            <stateOrCountry>CT</stateOrCountry>
            <stateOrCountryDescription>CONNECTICUT</stateOrCountryDescription>
            <zipCode>06902</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>203-352-0440</issuerPhoneNumber>
        <jurisdictionOfInc>DELAWARE</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Limited Partnership</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2010</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>General Partner</firstName>
                <lastName>FLAG Real Estate Company II, LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1266 East Main Street</street1>
                <street2>5th Floor</street2>
                <city>Stamford</city>
                <stateOrCountry>CT</stateOrCountry>
                <stateOrCountryDescription>CONNECTICUT</stateOrCountryDescription>
                <zipCode>06902</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>General Partner of the Issuer (the &quot;General Partner&quot;)</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Management Company</firstName>
                <lastName>FLAG Capital Management, LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1266 East Main Street</street1>
                <street2>5th Floor</street2>
                <city>Stamford</city>
                <stateOrCountry>CT</stateOrCountry>
                <stateOrCountryDescription>CONNECTICUT</stateOrCountryDescription>
                <zipCode>06902</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Management Company</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Pooled Investment Fund</industryGroupType>
            <investmentFundInfo>
                <investmentFundType>Private Equity Fund</investmentFundType>
                <is40Act>false</is40Act>
            </investmentFundInfo>
        </industryGroup>
        <issuerSize>
            <revenueRange>Decline to Disclose</revenueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
            <item>3C</item>
            <item>3C.7</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>0001482061-10-000005</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2010-01-22</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>0</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>Choice Investments, Inc.</recipientName>
                <recipientCRDNumber>17665</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>4800 Bee Cave Road</street1>
                    <city>Austin</city>
                    <stateOrCountry>TX</stateOrCountry>
                    <stateOrCountryDescription>TEXAS</stateOrCountryDescription>
                    <zipCode>78746</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>150000000</totalOfferingAmount>
            <totalAmountSold>63825000</totalAmountSold>
            <totalRemaining>86175000</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>27</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse>THE ISSUER'S GENERAL PARTNER OR AN AFFILIATE OF THE GENERAL PARTNER MAY BE ENTITLED TO RECEIVE A MANAGEMENT FEE IN ACCORDANCE WITH THE ISSUER'S GOVERNING DOCUMENTATION AS MAY BE AMENDED FROM TIME TO TIME.</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>FLAG Real Estate Partners II, L.P.</issuerName>
                <signatureName>Louis Sciarretta</signatureName>
                <nameOfSigner>/s/Louis Sciarretta</nameOfSigner>
                <signatureTitle>Member of the General Partner</signatureTitle>
                <signatureDate>2011-02-01</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----