UNITED STATES

                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C.  20549

                             _______________________

                                    FORM 10-Q

                QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d)

                     OF THE SECURITIES EXCHANGE ACT OF 1934


For the quarterly period ended June 30, 2000  Commission file number 2-89185


                       GULLEDGE REALTY INVESTORS II, L.P.


State of Organization: VIRGINIA    I.R.S. Employer Identification No. 54-1191237


                           ONE NORTH JEFFERSON AVENUE
                           ST. LOUIS, MISSOURI  63103



Registrant's telephone number, including area code:  (314) 955-4188




Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or of such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.  Yes   X    No







                       GULLEDGE REALTY INVESTORS II, L.P.
                             (A LIMITED PARTNERSHIP)


                                      INDEX


                                                            PAGE

PART I.   FINANCIAL INFORMATION:
          Balance Sheets
          Statements of Operations
          Statements of Changes in Partners' Capital
          Statements of Cash Flows
          Notes to Financial Statements
          Management's Financial Discussion

PART II.  OTHER INFORMATION

          SIGNATURES


                                 BALANCE SHEETS
                                   (UNAUDITED)


                                      June 30,      December 31,
       ASSETS                           2000              1999


Cash and cash equivalents           $   24,535       $   14,777

Advances to Project Partnerships        11,567            9,595

Investment in Project
 Partnership (Note B)                  163,150          487,199


       Total Assets                 $  199,252       $  511,571




LIABILITIES AND PARTNERS' DEFICIT

Accounts payable                    $    4,667       $    8,500

Payable to affiliates                  636,300          589,720

Note payable and accrued
interest payable (Note B)            3,565,900        3,746,010

Capital contributions payable           50,000           50,000

       Total Liabilities             4,256,867        4,394,230

Partners' Deficit                   (4,057,615)      (3,882,659)

       Total Liabilities and
         Partners' Deficit          $  199,252       $  511,571






See Notes to Financial Statements.
                            STATEMENTS OF OPERATIONS
                                   (UNAUDITED)



                             Three Months Ended          Six Months Ended
                                 March 31,                    June 30,
                              2000        1999           2000         1999

Revenue:

  Interest income         $     175     $  4,119     $   1,065     $   8,885

  Distributions                                                       33,012

  Equity in income of
    Project Partnerships     51,188       45,116        82,441        90,232

                             51,363       49,235        83,506       132,129

Expenses:

  Asset management fee       28,645       28,645        57,290        57,290

  Professional fees           2,000        2,000         4,667         4,000

  Consulting fees            11,000       11,000        22,000        22,000

  Operating expenses          5,900                     17,724           868

  Interest expense
   (Note B)                  78,390       77,529       156,781       155,920

                            125,935      119,174       258,462       240,078

Net loss                  $(74,572)     $(69,939)    $(174,956) $   (107,949)









See Notes to Financial Statements.


                   STATEMENTS OF CHANGES IN PARTNERS' DEFICIT
                                   (UNAUDITED)

                     SIX MONTHS ENDED JUNE 30, 2000 AND 1999

<TABLE>
<CAPTION>

                                                                     Special
                                  Total              General         Limited           Limited

<S>                           <C>                  <C>              <C>              <C>
Balances at January 1, 1999   $(3,967,099)         $ (52,259)       $(91,544)        $(3,823,296)

   Net loss for six months
     ended June 30, 1999         (107,949)            (1,187)         (2,051)           (104,711)


Balances at June 30, 1999     $(4,075,048)         $ (53,446)       $(93,595)        $(3,928,007)




Balances at January 1, 2000   $(3,882,659)         $ (51,330)       $(89,940)        $(3,741,389)

   Net loss for six months
     ended June 30, 2000         (174,956)            (1,925)         (3,324)           (169,707)

Balances at June 30, 2000     $(4,057,615)         $ (53,255)       $(93,264)        $(3,911,096)


Number of ownership units         11,814                 131             225             11,458

</TABLE>





See Notes to Financial Statements.

                            STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)


                                                     Six Months Ended
                                                        June 30,

                                                     2000             1999

Cash Flows From Operating Activities:
  Net loss                                      $(174,956)        $(107,949)
  Adjustments to reconcile net loss
    to net cash used in operating activities:
     Equity in (income) of Project Partnership    (82,441)          (90,232)
     Distributions from zero basis
       Project Partnerships                                         (33,012)
  Change in assets and liabilities:
     (Increase)/decrease in advances
      to Project Partnerships                      (1,972)           13,162
     Decrease in accrued interest note payable   (180,110)         (137,817)
     Decrease in accounts payable                  (3,833)           (3,500)
     Increase/(decrease) in payable
      to affiliates                                46,580          (199,801)

Net Cash From Operating Activities               (396,732)         (559,149)

Cash Flows From Investing Activities:
  Distributions from all Project Partnerships     406,490           387,595

Net Cash from Investing Activities                406,490           387,595

Increase/(decrease) In Cash                         9,758          (171,554)

Cash and Cash Equivalents Beginning of Period      14,777           450,473

Cash and Cash Equivalents End of Period        $   24,535         $ 278,919


Supplemental disclosure of noncash financing and
  investing activities:
  Interest payments                            $  336,891         $ 293,736




See Notes to Financial Statements.

                          NOTES TO FINANCIAL STATEMENTS
                     SIX MONTHS ENDED JUNE 30, 2000 AND 1999
                                   (UNAUDITED)


Note A    Summary of Significant Accounting Policies

Partnership Organization

Gulledge Realty Investors II, L.P. (the Registrant) is a limited partnership
organized in December 1983 under the laws of the Commonwealth of Virginia for
the purpose of acquiring limited partner interests in real estate limited
partnerships (Project Partnerships).  These Project Partnerships are known as
Colony Place Associates, Ltd., Country Oaks Apartments Limited Partnership,
Florence Housing Limited Partnership, Hawthorn Housing Limited Partnership,
Olympic Housing Limited Partnership, Pine West Ltd., and Rancho Vista
Associates.  Each of the Project Partnerships owns an operating real estate
project which receives mortgage interest subsidies and/or rental assistance from
the United States Department of Housing and Urban Development (HUD) or Farmer's
Home Administration.  The Registrant commenced operations in March 1984.

The financial statements include only those assets, liabilities, and results of
operations which relate to the business of the Registrant and do not include any
assets, liabilities, or operating results attributable to the partners'
individual activities.  These financial statements should be read in conjunction
with the Registrant's annual report on Form 10-K for the year ended December 31,
1999.  All adjustments which, in the opinion of management, are necessary for a
fair presentation of the results of operations for the interim period have been
reflected.  All such adjustments consist of normal recurring accruals, unless
otherwise disclosed in these interim financial statements.  The results of
operations, for the six months ended June 30, 2000, are not necessarily
indicative of the results for the year ending December 31, 2000.  Where
appropriate, prior year's financial information has been reclassified to conform
with the current year presentation.

Comprehensive losses for the six month periods ended June 30, 2000 and 1999 were
equal to the Registrant's net losses.

Cash and Cash Equivalents

Cash equivalents consist of interest bearing money market account balances.

Investments in Project Partnerships

The investment in Project Partnerships is accounted for using the equity method
of accounting.  Under the equity method, investments are reflected at cost,
adjusted for the Registrant's share of the Project Partnerships' income or loss.
The Registrant is under no obligation to contribute
additional capital, or to lend monies necessary to fund cash flow deficiencies
of the Project Partnerships, because the Registrant is a limited partner in such
partnerships.  The investment account will not be reduced below zero because the
Partnership is not liable for Project Partnership losses in excess of such
investment.  Losses in subsequent years will be maintained separately for tax
purposes.  These losses are available to be applied toward any possible future
income from these partnerships.  Any distributions received from the Project
Partnerships, subsequent to reducing the investment account to zero, will be
recognized as income in the year received.

Use of Estimates

The preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of revenues and expenses
during the reporting period.  Actual results could differ significantly from
those estimated.

Income Taxes

No provision has been made for current or deferred income taxes since they are
the responsibility of each partner.  Profits (or gains) and losses of the
Registrant are allocated to the partners in accordance with the partnership
agreement.

Segment Reporting

In fiscal year 1998, the company adopted Statement of Financial Accounting
Standards (SFAS) No. 131, "Disclosures About Segments of an Enterprise and
Related Information."  SFAS No. 131 requires that a public business enterprise
report financial and descriptive information about its reportable operating
segments.  The Partnership's principal line of business is investing in Project
Partnerships that own and operate Projects that are financed and/or operated
under federal or state housing assistance programs.  Management has considered
the requirements of SFAS 131 and believes that the partnership operates in one
business segment.

Note B  Investment in Project Partnership and Note Payable

The Hawthorn project partnership refinanced its mortgage during 1997.  Proceeds
from the refinancing were used to make a partial payment on the promissory note
which had come due December 31, 1996.  The remaining balance of the promissory
note was renegotiated.  The mortgage was refinanced under HUD regulations which
limit the amount of debt that can be collateralized by the project.
Accordingly, HUD would not approve the mortgage refinance unless the promissory
note was no longer a liability of the project.  Therefore, the general partner
of the Registrant and the noteholder agreed to have the promissory note assumed
by the Registrant.  The promissory note is now collateralized by the partners'
interests in the Hawthorn project partnership.  Principal and interest due on
the promissory note are only payable from surplus cash received by the
Registrant from the Hawthorn project partnership.  The Registrant is not
required to make any payments from surplus cash it receives from any other
project.  The promissory note plus accrued interest totaled $3,565,900 at
June 30, 2000, and bears simple interest at a rate of 9%.  Any principal and
interest remaining unpaid on June 30, 2002, will be due in full.

In conjunction with assuming the liability for the promissory note, the
Registrant also recorded a corresponding investment in Hawthorn.  The investment
account was then reduced by previously unrecorded losses of Hawthorn in
accordance with the equity method of accounting.  The investment account will be
adjusted in future years by the Registrant's share of any additional income or
loss from Hawthorn as reported on Hawthorn's annual audited financial
statements.  This investment account will also be reduced whenever the
Registrant receives a distribution from Hawthorn.  Therefore, until the
investment account is reduced to zero, the Registrant will not recognize
distribution income in future years from the Hawthorn project partnership.

None of the Project Partnerships are experiencing significant cash flow
deficiencies after adding back non-cash items such as depreciation, amortization
and accrued interest on promissory notes not currently payable to the operating
losses of the Project Partnerships.

                        MANAGEMENT'S FINANCIAL DISCUSSION
                 FOR THE SIX MONTHS ENDED JUNE 30, 2000 AND 1999


The Registrant is a limited partnership formed to acquire limited partner
interests in real estate limited partnerships (Project Partnerships).  The
Registrant's investments in the Project Partnerships are recorded using the
equity method of accounting (see Note A).

The primary reasons for the increase in net loss for the six months ended
June 30, 2000 compared to the six months ended June 30, 1999 were due to the
increase in operating expenses, a reduction of interest income due to the lower
cash equivalent balance and a decrease in distribution income due to the fact
that no project partnership had paid a distribution by June 30, 2000.

The Registrant is liable for a promissory note that bears simple interest at a
rate of 9%.  Principal and interest payable totaled $3,565,900 at June 30, 2000.
Principal and interest can only be paid from distributions received from
Hawthorn.  The Registrant is not required to use distributions from any other
Project Partnership to make payments on this promissory note.

The Registrant's ownership interest in three other Project Partnerships (Colony
Place, Florence Housing, and Olympic Housing) is pledged as collateral in
connection with promissory notes issued by the respective Project Partnerships.
The Colony Place promissory note was due June 30, 1997 and had been extended to
November 30, 1999, while the general partner attempted to locate a buyer for the
project.  A buyer was not located before November 30, 1999.  This note is
currently in default.  Therefore, the noteholder may demand payment and the
project may revert to the noteholder.

The Florence Housing promissory note matured December 31, 1999.  Currently, the
Noteholder is in the initial stages of negotiating a sale.  Because the
promissory note is in default, the general partner may be obligated to accept an
offer to sell solely to avoid foreclosure.  A successful foreclosure action
would cause dissolution of the Project Partnership which could cause adverse tax
consequences without any monetary compensation to the investors.  The Olympic
Housing promissory note expires December 31, 2000.  Although the general partner
has successfully extended the maturity date of this note in the past, there can
be no guarantee that it will be successful in future negotiations.  If the
general partner is unsuccessful in renegotiating this promissory note when due,
the Registrant could lose its ownership interest in the Project Partnership.
There could be significant adverse tax consequences to investors if the general
partner is unsuccessful in extending the maturity date of the promissory note.




                 FOR THE SIX MONTHS ENDED JUNE 30, 2000 AND 1999


                            PART II OTHER INFORMATION



Item 6:  Exhibits and Reports on Form 8-K

         (b)  Reports on Form 8-K - There were no reports filed on Form 8-K for
              the quarter ended June 30, 2000.




                                   SIGNATURES


Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.


                               GULLEDGE REALTY INVESTORS II, L.P.

                                      By:GULL-AGE Properties, Inc.
                                         Managing General Partner




Date:  August 15, 2000                   By:/s/Robert L. Proost
                                         Robert L. Proost
                                         President and Treasurer