AIMCO

                             AIMCO PROPERTIES, L.P.
                           c/o The Altman Group, Inc.
                            1275 Valley Brook Avenue
                           Lyndhurst, New Jersey 07071
                                 (800) 217-9608

                                 March 31, 2004

Dear Limited Partner:

      You should have already received the tender offer documents, including the
Offer to Purchase dated March 4, 2004, we recently mailed you offering to
acquire your units of limited partnership interest in DREXEL BURNHAM LAMBERT
REAL ESTATE ASSOCIATES II. The offer was scheduled to expire on March 31, 2004.
BY THIS LETTER, WE ARE NOTIFYING YOU THAT WE HAVE EXTENDED THE TENDER OFFER
UNTIL MIDNIGHT, NEW YORK TIME, ON APRIL 9, 2004. As of March 29, 2004, 283
units, or approximately 0.76%, had been tendered to us in response to this
offer.

      Our offer provides you with an opportunity to gain liquidity for your
investment and to eliminate the cost and record keeping associated with limited
partnership tax reporting. If we purchase your tendered units, you will receive
cash, but you may recognize a gain or loss for federal income tax purposes.
However, you will not receive a K-1 in respect of your partnership income or
loss after the tax year in which your units are purchased. If you retain your
units, you will continue to be a limited partner. However, you may not be able
to liquidate your investment until the partnership terminates.

      If you have not already done so, please remember, that to accept our offer
the enclosed Acknowledgement and Agreement must be received before April 9,
2004.

      If you have any questions or need assistance in completing the enclosed
Amended and Restated Acknowledgement and Agreement, please contact our
information agent, The Altman Group, Inc., toll free, at (800) 217-9608.

      IF YOU HAVE ALREADY RESPONDED TO OUR OFFER, PLEASE DISREGARD THIS LETTER.

                                          AIMCO PROPERTIES, L.P..



                     THE INFORMATION AGENT FOR THE OFFER IS:

                             THE ALTMAN GROUP, INC.

                                                     
         By Mail:                    By Overnight Courier:                By Hand:

 1275 Valley Brook Avenue        1275 Valley Brook Avenue         1275 Valley Brook Avenue
Lyndhurst, New Jersey 07071     Lyndhurst, New Jersey 07071      Lyndhurst, New Jersey 07071

                      By Facsimile:                    By Telephone:
                     (201) 460-0050               TOLL FREE (800) 217-9608