<PAGE>
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 10-K

 X         ANNUAL REPORT PURSUANT TO SECTION 15 (d) OF THE SECURITIES EXCHANGE
---        ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2002.

---        TRANSITION REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES
           EXCHANGE ACT OF 1934.

               COMMISSION FILE NUMBER: 0-17680 (FORMERLY 33-20255)

--------------------------------------------------------------------------------

                         SOUTHEAST ACQUISITIONS II, L.P.

--------------------------------------------------------------------------------

                         (Name of issuer in its charter)

       Delaware                                                       23-2498841
(State of incorporation)       (IRS Employer Identification Organization Number)


                          3011 Armory Drive, Suite 310
                           Nashville, Tennessee 37204
--------------------------------------------------------------------------------
                    (Address of principal executive offices)

           Issuer's telephone no., including area code: (615) 833-8716
--------------------------------------------------------------------------------

          Securities registered pursuant to Section 12 (b) of the Act.

                           Name of each exchange: None
             Title of each class on which registered: Not Applicable

          Securities registered pursuant to Section 12 (g) of the Act:
                    Limited Partnership Units $1,000 Per Unit

 -------------------------------------------------------------------------------

Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15 (d) of the Exchange Act during the past 12 months (or for 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
                                                                ---      ---

Check if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K
is not contained in this form, and no disclosure will be contained, to the best
of registrant's knowledge in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. Yes  X    No
               ---      ---


<PAGE>


                                TABLE OF CONTENTS

<TABLE>
<S>           <C>                                                                         <C>
PART I

ITEM I.       BUSINESS.....................................................................1
              Background ..................................................................1
              Material Recent Developments.................................................2
              Employees....................................................................2
              Competition..................................................................2
              Trademarks and Patents.......................................................2

ITEM 2.       PROPERTIES...................................................................2

ITEM 3.       LEGAL PROCEEDINGS............................................................4

ITEM 4.       SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS..........................4


PART II.

ITEM 5.       MARKET FOR THE PARTNERSHIP'S UNITS OF LIMITED PARTNERSHIP
              INTEREST AND RELATED SECURITY HOLDER MATTERS.................................4

ITEM 6.       SELECTED FINANCIAL DATA......................................................4
              SELECTED QUARTERLY FINANCIAL DATA............................................5

ITEM 7.       MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
              AND RESULTS OF OPERATIONS....................................................6
              Background...................................................................6
              Results of Operations........................................................6
              2002 Compared to 2001........................................................6
              2001 Compared to 2000........................................................6
              Liquidity and Capital Resources..............................................7
              Controls and Procedures......................................................7

ITEM 8.       FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA..................................7

ITEM 9.       CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING
              AND FINANCIAL DISCLOSURE.....................................................7


PART III

ITEM 10.     DIRECTORS AND EXECUTIVE OFFICERS OF THE PARTNERSHIP...........................7

ITEM 11.     EXECUTIVE COMPENSATION........................................................9

ITEM 12.     SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
             MANAGEMENT....................................................................9
             Security Ownership of Management..............................................9
             Changes in Control............................................................9
</TABLE>


                                      -i-

<PAGE>
<TABLE>
<S>          <C>                                                                          <C>
ITEM 13.     CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS................................9


PART IV

ITEM 14.     EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON
             FORM 8-K.....................................................................10
                 (a) Index to Financial Statements........................................10
                 (b) Reports on Form 8-K..................................................10
                 (c) Exhibits (numbered in accordance with Item 601 of Regulation S-K)....10

SIGNATURES
</TABLE>

                                      -ii-


<PAGE>


                                     PART I

ITEM 1. BUSINESS

        Background

        Southeast Acquisitions II, L.P. (the "Partnership") was formed on
December 14, 1987, as a Delaware limited partnership. The Partnership's public
offering of 9,650 units of limited partnership interest ("Units") commenced on
June 8, 1988 and terminated on July 18, 1988 when all 9,650 Units were sold. The
Partnership was scheduled to terminate on December 31, 2000. There are currently
no plans to extend the Partnership agreement. Since there is land remaining at
December 31, 2002, the current General Partner will continue to operate in the
liquidation mode until all of the Partnership's Property is sold.

        The Partnership purchased the following three parcels of unimproved land
in 1988; 353 acres in Henry County, Georgia; 91 acres in Greenville, South
Carolina; and 135 acres in Rutherford County, Tennessee. The Partnership's
primary business objective is to realize appreciation in the value of the three
parcels of unimproved land (each a "Property", collectively the "Properties"),
by holding the Properties for investment and eventual sale, although there is no
assurance that this will be attained.

        Since acquisition, the Partnership has sold all of its Georgia Property,
all of its South Carolina Property, and approximately 67% of its Tennessee
Property. All remaining land is currently being marketed.

        The timing and manner of sale will be determined by Southern Management
Group, LLC, the General Partner of the Partnership. The General Partner
generally has the right to sell Property, or portions thereof, without the
consent of the Limited Partners. The Partnership Agreement provides, however,
that a majority in interest of the Limited Partners must consent to the sale or
disposition at one time of 60% or more of the real estate acreage held by the
Partnership as of September 22, 1997 unless the sale or disposition is being
made in connection with the liquidation of the Partnership pursuant to the
Partnership Agreement or in the event that the net proceeds of the sale, when
distributed in accordance with the Partnership Agreement, will be sufficient to
provide the Limited Partners with distributions equal to the acquisition cost of
the assets sold.

        The General Partner believes that the Partnership's cash reserves will
be sufficient to last for at least one more year assuming no significant
increases in expenses. However, if the reserves are exhausted and the
Partnership is unable to borrow funds, the Partnership may have to sell the
Property on unfavorable terms.

        The General Partner has no plans to develop the Properties, except for
activities including rezoning, land planning, market surveys and other
activities necessary to prepare the Properties for sale. There can be no
assurance that necessary funds would be available should it be desirable for the
Partnership to improve the Properties to facilitate their sale.

        At a special meeting of Limited Partners held on November 5, 1997, the
Partnership Agreement was amended to (i) extend the term of the Partnership from
its original expiration date of December 31, 1998 to December 31, 2000; (ii)
substitute Southern Management Group, LLC for Southeast Acquisitions, Inc. as
the general partner of the Partnership; (iii) authorize new commissions and new
management fees for the new General Partner; (iv) give the new General Partner
the exclusive right to sell Partnership Property; and (v) modify the Partnership
Agreement to require that a majority in interest of the limited Partners must
consent to the sale or disposition at one time of 60% or more of the real estate
acreage held by the Partnership as of September 22, 1997 unless the sale or
disposition is being made in connection with the liquidation of the Partnership
pursuant to the Partnership Agreement or the net proceeds of the sale, when
distributed in accordance with the Partnership Agreement, will be sufficient to
provide the Limited Partners with distributions equal to the acquisition cost of
the assets sold.


                                       1
<PAGE>

        Material Recent Developments

        During 2002 the Partnership sold approximately one half acre of its
Rutherford, County Tennessee Property for $112,385 and recognized a gain of
$97,794. The Partnership also entered into a sales contract for all of the
remaining land in Rutherford County for a total sales price of $5,320,244. This
contract could close on or before May 20, 2003, but the contract allows the
buyer to extend the closing date by 60 days by paying a nonrefundable deposit of
$20,000. The buyer is allowed to make up to two extensions, but the purchase
price would change to $5,510,253 and $5,700,262, respectively. There are
contract contingencies that could allow the purchaser to terminate the
agreement. There can be no assurance that this transaction will close.

        Employees

        The Partnership presently has no employees. The General Partner manages
and controls the affairs of the Partnership. (See Part III, Item 10, Directors
and Executive Officers of the Partnership).

        Competition

        The General Partner believes that there is significant direct
competition within a five-mile radius of the Properties. The Property is located
in middle Tennessee.

        Trademarks and Patents

        The Partnership has no trademarks or patents.

ITEM 2. PROPERTIES

        The Partnership owns approximately 45 acres of undeveloped land in
Rutherford County, Tennessee.

        Henry County, Georgia Property:

        All of the Henry County, Georgia Property has been sold.

        The Partnership sold approximately 13 acres during 1988 and 1989, 15
acres in 1992, 47 acres in 1993, 73 acres in 1994 and 25 acres in 1995.

        During 1998, the Partnership sold approximately 44 acres for a gross
sales price of approximately $209,500 less commissions and expenses.

        During 1999, the Partnership closed the sale of 69.122 acres of Henry
County Property for $138,244 less commissions and expenses.

        On March 3, 2000, the Partnership closed the sale of the remaining land
for $298,100 less commissions and expenses.

        Greenville, South Carolina Property:

        All of the Greenville, South Carolina Property has been sold.

        During 1997, the Partnership sold approximately 1 acre of the Greenville
Property for $160,000 per acre.

        On April 7, 1998, the Partnership closed the sale of 1.9 acres of the
Greenville Property for approximately $317,000 less commissions and expenses.



                                       2
<PAGE>

        On May 11, 1998, the Partnership closed the sale of .277 acres of the
Greenville Property for approximately $27,700 less commissions and expenses.

        On July 30, 1998, the Partnership closed the sale of 2.049 acres of the
Greenville Property for approximately $342,000 less commissions and expenses.

        On August 5, 1998, the Partnership closed the sale of 17.316 acres of
the Greenville Property for approximately $1,645,000 less commissions and
expenses.

        On August 17, 1999, the Partnership closed the sale of the remaining
land for approximately $699,500 less commissions and expenses.

        Rutherford County, Tennessee Property:

        The Rutherford County, Tennessee Property is located approximately 18
miles southeast of the Nashville Central business district and 10 miles
southeast of the Nashville Metropolitan Airport. Following a sale of four acres
in 1995, 32.514 acres in 1997, and 52.281 acres in January 2001 and .41 acres in
October 2002 the Property consists of approximately 45 acres in the northeast
quadrant of the I-24/Sam Ridley interchange, with frontage on the access road.
The four acres sold in 1995 were part of the Property located at the northwest
corner of the I-24 interchange. This land was located along Sam Ridley and was
the portion of the Property located furthest from the interchange itself and was
sold for a price of $50,000 per acre. The 32.514-acre sale in 1997 and the
52.281 acre sale in January 2001, were also at $50,000 per acre. During 1998 and
1999 there were no sales of Rutherford County, Tennessee Property but the
Partnership sold an easement for $101,500 less commissions in 1998 and another
utility easement in 1999 for $17,658. In 2000, the Partnership recognized an
additional $7,509 in relation to the 1999 utility easement sale.

        In an effort to make future development of the Property easier, all of
the Property has now been zoned for commercial use and is located entirely
within the Smyrna City Limits rather than part in the City of Smyrna and part in
the City of LaVergne. There is a small cemetery located in the northwest
quadrant of I-24, which the former general partner was aware of at the time of
purchase, and which the General Partner does not believe will have an adverse
effect on the Partnership's ability to sell the land. The I-24/Sam Ridley
Parkway interchange is one exit south of Interchange City Industrial Park, the
largest industrial park in the Nashville area, and is currently the last I-24
interchange south of the city to which sewer lines are available. At December
31, 1997, I-24 was being widened to three lanes in each direction from Bell Road
in Nashville to the Sam Ridley interchange. This widening was completed in 1998.
In 1999 I-24 was being widened to three lanes from Sam Ridley interchange to the
I-440 interchange approximately 9 miles south of the property. This was
completed in 2000. In 2001, Hospital Corporation of America announced plans to
build a major medical facility on the southeast quadrant of the I-24
interchange. The facility will be located immediately across the street from the
remaining Rutherford County, Tennessee Property. It is estimated to cost
seventy-six million dollars and it is expected to be completed in 2003.

        The former general partner had the Rutherford County Property appraised
in 1996 by Martin Appraisal Services. The appraiser had no affiliation with the
former general partner, although the president of Martin Appraisal Services
served as a vice president of an affiliate of the current General Partner from
April 1984 to August 1987. The Property was appraised in two tracts; one
consisting of 84.5 acres for $2,250,000, or approximately $26,627 per acre, and
the second consisting of 45.05 acres for $2,000,000, or approximately $44,395
per acre. The appraiser used the sales comparison (market) approach to value the
Property in bulk. The appraiser also estimated the value of the Property if
developed and sold as lots to end-users. The appraiser was able to use several
sales of land that occurred in the past few years along Sam Ridley Parkway in
the sales comparison approach. In the development analysis, the appraiser
evaluated the sale of tracts of land over a three-year period and estimated the
costs of necessary utility improvements. Due to the short period of time
estimated as an absorption period, the appraiser did not discount the cash flow
for the absorption period.

        The appraised value does not reflect costs, expenses and commissions,
which would be incurred in connection with a sale of the property. Moreover,
appraisals are only an approximation of current market value, which can only be
established by an actual sale.





                                       3

<PAGE>

ITEM 3. LEGAL PROCEEDINGS

        The Partnership is not directly a party to, nor is the Partnership's
Property directly the subject of, any material legal proceedings.


ITEM 4. SUBMISSION OF ITEMS TO A VOTE OF SECURITY HOLDERS

        There were no matters submitted to a vote of security holders in 2002.


                                     PART II

ITEM 5. MARKET FOR THE PARTNERSHIP'S UNITS OF LIMITED PARTNERSHIP INTEREST AND
        RELATED SECURITY HOLDER MATTERS

        There is no established public trading market for the Units and it is
not anticipated that any will develop in the future. The Partnership commenced
an offering to the public on June 8, 1988 of 9,650 units of limited partnership
interests. The offering of $9,650,000 was fully subscribed and terminated on
June 24, 1988. As of December 31, 2002, there were 474 limited partners in the
Partnership.

ITEM 6. SELECTED FINANCIAL DATA

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------
                   For the Year    For the Year    For the Year    For the Year   For the Year
                       Ended         Ended            Ended           Ended           Ended
                   December 31,    December 31,    December 31,    December 31,   December 31,
                       2002           2001            2000            1999            1998
----------------------------------------------------------------------------------------------
<S>                <C>             <C>             <C>             <C>            <C>
Operating
Revenues             $100,315      $2,008,594      $  244,963      $   73,299      $1,719,053
----------------------------------------------------------------------------------------------
Net Income           $ 66,579      $1,938,972      $  198,000      $   10,865      $1,620,142
----------------------------------------------------------------------------------------------
Net Income per
Unit of Limited
Partnership
Interest             $   6.90      $   200.93      $    20.52      $     1.13      $   167.89
----------------------------------------------------------------------------------------------
Total Assets         $546,923      $  510,350      $1,082,329      $1,144,861      $2,349,250
----------------------------------------------------------------------------------------------
Long Term
Obligations              NONE            NONE            NONE            NONE            NONE
----------------------------------------------------------------------------------------------
Cash
Distributions
Declared per
Unit of Limited
Partnership
Interest                 NONE      $      260      $       30      $      123      $      186
----------------------------------------------------------------------------------------------
</TABLE>




                                       4

<PAGE>


                  SELECTED QUARTERLY FINANCIAL DATA

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
                                                    For the                                   For the      For the
                         For the        For the     Quarter       For the        For the      Quarter      Quarter        For the
                      Quarter Ended  Quarter Ended   Ended     Quarter Ended  Quarter Ended    Ended        Ended      Quarter Ended
                       December 31,  September 30,   June 30,     March 31,   December 31,  September 30,  June 30,       March 31,
                          2002          2002          2002          2002          2001          2001         2001          2001
------------------------------------------------------------------------------------------------------------------------------------
<S>                   <C>            <C>            <C>        <C>            <C>           <C>            <C>         <C>
Operating Revenue        $98,531      $   614       $   581       $   589       $   708       $ 1,280       $63,144      $1,943,462
------------------------------------------------------------------------------------------------------------------------------------

Gross Profit*                N/A          N/A           N/A           N/A           N/A          N /A           N/A            N /A
------------------------------------------------------------------------------------------------------------------------------------

Net Income (Loss)
before Extra-
ordinary Items and
Cumulative Effect
of a Change in
Accounting               $87,117      $(5,680)      $(7,933)      $(6,925)      $(6,461)      $(3,603)      $55,480      $1,893,556
------------------------------------------------------------------------------------------------------------------------------------

Net Income (Loss)
per Unit of Limited
Partnership
Interest                 $  9.03      $ (0.59)      $ (0.82)      $ (0.72)      $ (0.67)      $ (0.37)      $  5.75      $   196.22
------------------------------------------------------------------------------------------------------------------------------------

Net Income
(Loss)                   $87,117      $(5,680)      $(7,933)      $(6,925)      $(6,461)      $(3,603)      $55,480      $1,893,556
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
  * In the real estate industry, costs of sales are netted in the gain on sale
    of land and are included in operating revenues; therefore, there is no
    breakdown for gross profit.









                                       5
<PAGE>

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
        OF OPERATIONS

        Background

        The Partnership was formed to acquire and realize appreciation in the
Property by holding it for investment and eventual sale. However, there can be
no assurance that the Partnership's objectives will be realized.

        Results of Operations

        The Partnership had no operations from the date of its formation on
December 14, 1987 until June 24, 1988 when it acquired the first Property and
sold 3,165 units of limited partnership interest. During 1988 the Partnership
acquired three additional Properties and sold 6,485 additional Units of limited
partnership interests.

        In 1988 the Partnership purchased 579 acres of unimproved land at three
locations. The status of these Properties at December 31, 2002 is as follows:

<TABLE>
<CAPTION>

----------------------------------------------------------------------------------------------------------
                                                     Property Sold Prior to        Remaining Property Held
Place                      Property Purchased           December 31, 2002                 for Sale
----------------------------------------------------------------------------------------------------------
<S>                        <C>                       <C>                           <C>
Henry County,                  353 Acres                    353 Acres                     -0- Acres
Georgia
----------------------------------------------------------------------------------------------------------
Greenville,                     91 Acres                     91 Acres                     -0- Acres
South Carolina
----------------------------------------------------------------------------------------------------------
Rutherford County,             135 Acres                     90 Acres                      45 Acres
Tennessee
----------------------------------------------------------------------------------------------------------
</TABLE>

        2002 Compared to 2001

        During 2002, the Partnership sold approximately one half acre in
Rutherford County, Tennessee for a gain of $97,794 compared to 2001, when the
Partnership sold approximately 52 acres in Rutherford County for a gain of
$1,918,254. In 2001 the Partnership also recognized non-refundable extension
fees and interest of $72,546 related to another Rutherford County sales contract
that was subsequently cancelled by the prospective purchaser. The Partnership
had no such revenue in 2002. Other revenues in 2002 included interest of $2,521
compared to $17,694 in 2001. The interest was lower due to a lower cash reserve.
Other revenue in 2001 included $100 for "independent consideration" for the
Partnership's willingness to execute a sales contract that was subsequently
terminated. There was no such income in 2002. There were no distributions to the
Limited Partners in 2002. In 2001 there was a distribution of $260 per Unit.

        Expenses during 2002 were $33,736 consisting of general and
administrative expenses of $28,017, franchise and excise tax of $4,236, real
estate taxes of $1,253 and insurance of $230. The general and administrative
expenses included $22,542 in accounting and legal fees, which represents an
increase of $2,283 from 2001. This increase was primarily due to additional
legal assistance related to a quitclaim deed for right-of-way. The general and
administrative expenses for 2002 also included professional fees of $3,684,
which represents an increase of $1,629 from 2001. This increase was due to civil
engineering services required for roadway modifications on the remaining
Property. The franchise and excise taxes were $41,141 lower that in 2001, when
the Partnership paid $45, 277 related to gains on the sale of land. The real
estate taxes in 2002 included $1,167 in greenbelt rollback taxes that were paid
in relation to the Rutherford County land sale. There were no such taxes in
2001.

        2001 Compared to 2000

        During 2001, the Partnership sold approximately 52 acres in Rutherford
County, Tennessee and recognized non-refundable extension fees and interest
related to another Rutherford County sales contract that was subsequently
cancelled by the prospective purchaser. These transactions provided gains and
non-refundable extension fees and interest of $1,990,800 compared with gains on
sales of property and non-refundable extension fees and interest during



                                       6
<PAGE>

2000 of $239,024. Other revenues in 2001 consisted of $17,794 in interest and
other income compared to $5,939 in 2000. During 2001, a distribution of $260 per
Unit was made to the Limited Partners compared to a distribution per Unit of $30
in 2000.

        Expense during 2001 were $69,622 consisting of general and
administrative expenses of $24,088, franchise and excise taxes of $45,377, real
estate taxes of $86 and insurance of $71. The general and administrative
expenses included $20,258 in accounting and legal fees, which represents a
decrease of $2,319 from 2000. The decrease was primarily due to decreased legal
charges. The franchise and excise taxes included $45,277 related to gains on the
sale of land. The Partnership paid no such taxes in 2000. Since the Partnership
is currently operating in the liquidation mode, it had no management fees in
2001 as compared to $19,000 that were paid in 2000. In 2001 there was a decrease
in real estate taxes of $800 and insurance of $133, both due to the sale of
land.

        Inflation did not have a material impact on operations during 2002, 2001
and 2000.

        Liquidity and Capital Resources

        Cash generated by operating activities varies from year to year based on
the level of land sale activity. The Partnership had cash reserves of $176,824
at December 31, 2002. The General Partner believes that the Partnership has
sufficient cash reserves to cover normal partnership expenses through the
liquidation mode. However, if additional expenses are incurred or should the
Partnership decide to construct infrastructure improvements to enhance the
marketability of the Property, the reserves may be inadequate to cover the
Partnership's operating expenses. If the reserves are exhausted, the Partnership
may have to dispose of some of the Property or incur indebtedness on unfavorable
terms.

                Controls and Procedures

                (a) Within the ninety day period prior to the date of this
report, we carried out an evaluation, under the supervision and with the
participation of our management, including our principal executive officer and
our principal financial officer, of the effectiveness of the design and
operation of our disclosure controls and procedures (as defined in Rules
13a-14(c) and 15d-14(c) under the Securities Exchange Act of 1934). Based upon
that evaluation, our management, including our principal executive officer and
our principal financial officer, concluded that the design and operation of
these disclosure controls and procedures were effective to timely alert them to
any material information relating to the Partnership that must be included in
our periodic SEC filings.

                (b) There have been no significant changes in our internal
controls or in other factors that could significantly affect internal controls
subsequent to the date we carried out this evaluation.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

        The Partnership's financial statements for the years ended December 31,
2002, 2001 and 2000 together with the report of the Partnership's independent
auditors, Williams Benator & Libby, LLP, are included in this Form 10-K.

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
        FINANCIAL DISCLOSURE

        Not Applicable.


                                    PART III

ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE PARTNERSHIP

        The Partnership does not have any directors or officers. The General
Partner manages and controls the affairs of the Partnership and has
responsibility for all aspects of the Partnership's operations. The current
members and executive officers and directors of the General Partner are
identified and described below.


                                       7
<PAGE>

        The General Partner is a Tennessee limited liability company whose
members are Richard W. Sorenson, who owns a 50% interest in the General Partner
and has a 51% voting right and Southeast Venture LLC, a Tennessee limited
liability company, which owns 50% and has a 49% voting right.

        Mr. Sorenson, age 77, has over 40 years experience in several real
estate disciplines, including land acquisition and development, development of
office buildings, shopping centers, warehouses and medical facilities. All of
these activities occurred in the southeastern United States.

        Mr. Sorenson was President of Phoenix Investment Company ("Phoenix"), a
publicly owned, Atlanta based real estate development and investment firm from
1965 to 1970. Concurrent with his employment at Phoenix, he was President of
First Atlanta Realty Fund, a publicly owned real estate investment trust. During
his tenure with the trust, he served as a Trustee of the National Association of
Real Estate Investment Trusts.

        Following his departure from Phoenix in 1970, Mr. Sorenson became Vice
President of Cousins Properties in Atlanta, where he was responsible for
development of office buildings, shopping centers and apartments until 1971.
Until forming Southeast Venture Companies ("SV") in 1979, Mr. Sorenson was an
independent real estate developer.

        Mr. Sorenson was co-founder of SV in 1979. In 1992, substantially all of
the assets of SV were sold to Southeast Venture Corporation.

        Mr. Sorenson is a graduate of the Northwestern University Business
School with a major in real estate.

        The other member of the General Partner is Southeast Venture LLC
("SVLLC"). The officers and key employees of SVLLC include the following:

        Paul J. Plummer, age 53. Mr. Plummer is a registered architect and
serves as director of architectural services for SVLLC. Mr. Plummer is
responsible for facility programming, planning, master planning, facility
assessment and design. Before joining SVLLC in 1986, Mr. Plummer served as a
partner and director of design for the Nashville-based architecture and
engineering firm of Gresham, Smith and Partners. In that capacity he was
responsible for the design and planning of over 15 major projects throughout the
United States and Saudi Arabia. Mr. Plummer earned his bachelor of architecture
degree from the University of Kentucky and is a member of the American Institute
of Architects.

        Wood S. Caldwell, age 49. Mr. Caldwell is responsible for all site
development activities on behalf of commercial and health care clients of SVLLC,
including managing all design consultants, permitting, scheduling, budgeting and
construction management. He contributes to SVLLC's development team in the areas
of land planning, zoning, permitting, engineering and construction. Before
joining SVC in 1985, Mr. Caldwell served as a professional engineer for Gresham,
Smith and Partners. As the prime site design engineer for Gresham, Smith and
Partners, Mr. Caldwell produced and coordinated site development plans for over
50 separate medical facilities in over 40 different communities throughout the
southeast. Mr. Caldwell earned his bachelor of engineering degree from the
Vanderbilt University School of Engineering.

        Axson E. West, age 48. Mr. West serves as vice president of brokerage
services for SVLLC, specializing in office and industrial leasing, improved
property sales and land disposition for several commercial and residential
projects. Mr. West has sold real estate and real estate securities since 1980
and, since joining SVC in 1988, he has been responsible for the disposition of
land encompassing industrial, office and retail developments. He received his
Bachelor of Arts degree from Vanderbilt University and is a Certified Commercial
Investment Member, a designation of the Commercial Investment Real Estate
Institute.

        Cameron W. Sorenson, age 41. Mr. Sorenson serves as director of vertical
development for SVLLC. He is primarily responsible for providing development and
project management for the clients of SVLLC. Prior to assuming these
responsibilities, Mr. Sorenson was project director for two large-scale land
development ventures for SVLLC. Prior to joining SVC in 1987, Mr. Sorenson was
with Trust Company Bank in Atlanta, as an officer in the National Division,
managing a credit portfolio in excess of $150 million. He received his Bachelor
of Science degree in finance from the MacIntyre School of Business at the
University of Virginia. Cameron Sorenson is the son of Richard W. Sorenson, the
individual majority member of the General Partner.



                                       8
<PAGE>

        Randy W. Parham, age 47. Mr. Parham is the President of SVLLC. He is
primarily responsible for property management, park and association management
and also specializes in real estate development and brokerage. Mr. Parham is a
licensed real estate broker and architect. Prior to joining SVLLC in 1998, Mr.
Parham was a project manager with Gresham, Smith and Partners from 1978 to 1983
and was responsible for overall project management of project team and project
financial management. Following his departure from Gresham, Smith and Partners,
Mr. Parham joined MetroCenter Properties, Inc., an 850 acre mixed-use
development in Nashville, Tennessee. He was Vice-President and was responsible
for initiation and development of new projects, land sales and lease
negotiations. In 1991 he purchased the assets of Metro Center Properties and
formed Metro Center Management, Inc. where he served as President through 1997.

ITEM 11. EXECUTIVE COMPENSATION

        During the fiscal years ended December 31, 2002, 2001 and 2000, the
Partnership did not pay compensation to any officers of the General Partner. The
Partnership paid to the General Partner management fees of $19,000 in the year
ended December 31, 2000. No management fees were paid during 2002 or 2001 since
the Partnership is operating in liquidation mode. See Item 13 of this report,
"Certain Relationships and Related Transactions".

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

        As of December 31, 2002 no person or "group" (as that term is used in
Section 13(d) (3) of the Securities Exchange Act of 1934) was known to the
Partnership to beneficially own more than 5% of the Units of the Partnership.

        Security Ownership of Management

        No individual member, or director or officer of a member, of the General
Partner nor such directors or officers as a group, owns any of the Partnership's
outstanding securities. The General Partner owns a general partnership interest
which entitles it to receive 30% of cash distributions after the Limited
Partners have received cumulative distributions equal to a 10% non-compounded
Cumulative Annual Return on their Adjusted Capital Contribution plus a return of
their Capital Contributions as those terms are defined in the Partnership
Agreement. The General Partner will share in taxable income to reflect cash
distributions or, to the extent there are losses, 1% of such losses.

        Changes in Control

        There are no arrangements known to the Partnership that would at any
subsequent date result in a change in control of the Partnership.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

        From 1988 through 1996, the Partnership paid $18,753 annually as an
administration fee to the former general partner. This fee was computed as one
quarter of one percent of the base cost of the land. The cumulative amount of
such fee could not exceed $150,021 and, as of December 31, 1996, fees charged
since inception amounted to $150,021. As of November 5, 1997, the Limited
Partners voted and agreed to pay the new General Partner, Southern Management
Group, LLC, a fee of $2,915 for the period November 5, 1997 through December 31,
1997 and annual fees of $19,000 from January 1, 1998 through December 31, 2000.
Any fee payments would cease at a date when the Partnership was liquidated.

        The General Partner will also receive 30% of cash distributions after
the Limited Partners have received (i) cumulative distributions equal to a 10%
Cumulative Annual Return on their Adjusted Capital Contributions plus (ii) a
return of their Capital Contributions (as those terms are defined in the
Partnership Agreement). During 2002, 2001 and 2000, the General Partner received
no cash distributions.

        At the special meeting of Limited Partners held on November 5, 1997, the
Partnership Agreement was amended to provide that total compensation paid to all
persons, including the General Partner, for the sale of the Partnership's
property is limited to a competitive real estate commission or disposition fee
not to exceed 10% of the contract price of the sale of the property. Any such
real estate commission or disposition fee paid to the General Partner will
reduce



                                       9
<PAGE>

any distribution to which it would otherwise be entitled under the amended
Partnership Agreement. In addition, the Partnership Agreement was amended to
provide that the General Partner may act as the exclusive agent for the sale of
the Property. During 2002, 2001 and 2000, the Partnership paid real estate sales
commissions of $7,867, $261,405, and $7,453 respectively, to the General
Partner.

                                     PART IV

ITEM 14.    EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K

<TABLE>
<CAPTION>
                                                                                          Page
<S>                  <C>                                                                  <C>
            (a)      Index to Financial Statements

                     Report of Independent Auditors                                        F-1
                     Balance Sheets                                                        F-2
                     Statements of Income                                                  F-3
                     Statements of Partners' Equity                                        F-4
                     Statements of Cash Flow                                               F-5
                     Notes to Financial Statements                                         F-6

                     Schedules have been omitted because they are
                     inappropriate, not required, or the information is
                     included elsewhere in the financial statements or
                     notes thereto.

            (b)      Reports on Form 8-K

                     No reports on Form 8-K were filed by the Partnership
                     during the fourth quarter of 2002.

            (c)      Exhibits (numbered in accordance with Item 601 of Regulation S-K)
</TABLE>










                                       10

<PAGE>


<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------
Exhibit Numbers                 Description                            Page Numbers
-------------------------------------------------------------------------------------
<S>                     <C>                                            <C>
3.1 (a)                 Certificate of Limited Partnership                  *
-------------------------------------------------------------------------------------
3.1 (b) & (4)           Restated Limited Partnership Agreement              **
-------------------------------------------------------------------------------------
3.1(c)                  First Amendment to Restated Limited                 E-1
                        Partnership Agreement
-------------------------------------------------------------------------------------
9                       Not Applicable
-------------------------------------------------------------------------------------
11                      Not Applicable
-------------------------------------------------------------------------------------
12                      Not Applicable
-------------------------------------------------------------------------------------
13                      Not Applicable
-------------------------------------------------------------------------------------
16                      Not Applicable
-------------------------------------------------------------------------------------
18                      Not Applicable
-------------------------------------------------------------------------------------
19                      Not Applicable
-------------------------------------------------------------------------------------
22                      Not Applicable
-------------------------------------------------------------------------------------
24                      Not Applicable
-------------------------------------------------------------------------------------
25                      Not Applicable
-------------------------------------------------------------------------------------
27                      Financial Data Schedule (for SEC use only)
-------------------------------------------------------------------------------------
29                      Not Applicable
-------------------------------------------------------------------------------------
99.1                    Certification Pursuant to 18 U.S.C. Section 1350 as adopted
                        pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
-------------------------------------------------------------------------------------
</TABLE>

*    Incorporated by reference to Exhibit 3.1 filed as part of the Exhibits to
     the Partnership's Registration Statement on Form S-18, Registration
     No. 33-20255.
**   Incorporated by reference to Exhibit 3.2 filed as part of the Partnership's
     Registration Statement on Form S-18, Registration No. 33-20255.



                                       11

<PAGE>
                         SOUTHEAST ACQUISITIONS II, L.P.
              (A Limited Partnership Operating in Liquidation Mode)

                          AUDITED FINANCIAL STATEMENTS

                                DECEMBER 31, 2002

                                      with

                          INDEPENDENT AUDITORS' REPORT



<PAGE>


Audited Financial Statements

SOUTHEAST ACQUISITIONS II, L.P.
(A Limited Partnership Operating in Liquidation Mode)

December 31, 2002



<TABLE>
<S>                                                                          <C>
Independent Auditors' Report.................................................F-1
Balance Sheets...............................................................F-2
Statements of Income.........................................................F-3
Statements of Partners' Equity...............................................F-4
Statements of Cash Flows.....................................................F-5
Notes to Financial Statements................................................F-6
</TABLE>



<PAGE>



                          INDEPENDENT AUDITORS' REPORT


Partners
Southeast Acquisitions II, L.P.
Nashville, Tennessee


We have audited the accompanying balance sheets of Southeast Acquisitions II,
L.P. (a limited partnership operating in liquidation mode) as of December 31,
2002 and 2001, and the related statements of income, partners' equity, and cash
flows for the years ended December 31, 2002, 2001, and 2000. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.

We conducted our audits in accordance with auditing standards generally accepted
in the United States of America. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Southeast Acquisitions II, L.P.
(a limited partnership operating in liquidation mode) as of December 31, 2002
and 2001, and the results of its operations and its cash flows for the years
ended December 31, 2002, 2001, and 2000 in conformity with accounting principles
generally accepted in the United States of America.

As more fully described in Note A, according to the terms of the partnership
agreement, the Partnership was scheduled to terminate on December 31, 2000 and
is continuing to operate in liquidation mode.



Atlanta, Georgia
January 14, 2003



                                      F-1

<PAGE>


BALANCE SHEETS

SOUTHEAST ACQUISITIONS II, L.P.
(A Limited Partnership Operating in Liquidation Mode)





<TABLE>
<CAPTION>
                                                       December 31
                                                   ---------------------
                                                     2002         2001
                                                   --------     --------
<S>                                                <C>          <C>
ASSETS

Land held for sale--Note D                         $369,365     $372,717
Cash and cash equivalents                           176,824      137,633
Property tax reimbursement receivable                   734          -0-
                                                   --------     --------

                                                   $546,923     $510,350
                                                   ========     ========


LIABILITIES AND PARTNERS' EQUITY

Accounts payable and accrued expenses              $ 19,630     $ 49,636

Partners' equity--Note C:
    General partner                                  48,267       47,601
    Limited partners (9,650 units outstanding)      479,026      413,113
                                                   --------     --------
                                                    527,293      460,714
                                                   --------     --------

                                                   $546,923     $510,350
                                                   ========     ========
</TABLE>



See notes to financial statements.




                                      F-2

<PAGE>


STATEMENTS OF INCOME

SOUTHEAST ACQUISITIONS II, L.P.
(A Limited Partnership Operating in Liquidation Mode)


<TABLE>
<CAPTION>
                                                    Year Ended December 31
                                             ------------------------------------
                                                2002          2001         2000
                                             ----------    ----------    --------
<S>                                          <C>           <C>           <C>
Revenues:
    Gain on sale of land                     $   97,794    $1,918,254    $105,587
    Gain on sale of utility easements               -0-           -0-       7,509
    Extension fees and interest income on
       land sales contracts--Note E                 -0-        72,546     125,928
    Interest and other income                     2,521        17,794       5,939
                                             ----------    ----------    --------
                                                100,315     2,008,594     244,963
Expenses:
    General and administrative                   28,017        24,088      26,873
    Franchise and excise taxes                    4,236        45,377         -0-
    Management fees--Note B                         -0-           -0-      19,000
    Real estate taxes                             1,253            86         886
    Insurance                                       230            71         204
                                             ----------    ----------    --------
                                                 33,736        69,622      46,963
                                             ----------    ----------    --------

Net income:
    General partner                                 666        19,390       1,980
    Limited partners                             65,913     1,919,582     196,020
                                             ----------    ----------    --------

                                             $   66,579    $1,938,972    $198,000
                                             ==========    ==========    ========

Net income per limited partnership unit      $     6.90    $   200.93    $  20.52
                                             ==========    ==========    ========
</TABLE>



See notes to financial statements.



                                      F-3

<PAGE>


STATEMENTS OF PARTNERS' EQUITY

SOUTHEAST ACQUISITIONS II, L.P.
(A Limited Partnership Operating in Liquidation Mode)




<TABLE>
<CAPTION>
                                   General     Limited
                                   Partner     Partners          Total
                                   -------    -----------     -----------
<S>                                <C>        <C>             <C>
Balance at January 1, 2000         $26,231    $ 1,097,048     $ 1,123,279

Distributions ($30 per unit)           -0-       (290,537)       (290,537)

Net income for the year ended
    December 31, 2000                1,980        196,020         198,000
                                   -------    -----------     -----------

Balance at December 31, 2000        28,211      1,002,531       1,030,742

Distributions ($260 per unit)          -0-     (2,509,000)     (2,509,000)

Net income for the year ended
    December 31, 2001               19,390      1,919,582       1,938,972
                                   -------    -----------     -----------

Balance at December 31, 2001        47,601        413,113         460,714

Net income for the year ended
    December 31, 2002                  666         65,913          66,579
                                   -------    -----------     -----------

Balance at December 31, 2002       $48,267    $   479,026     $   527,293
                                   =======    ===========     ===========
</TABLE>



See notes to financial statements.



                                      F-4

<PAGE>


STATEMENTS OF CASH FLOWS

SOUTHEAST ACQUISITIONS II, L.P.
(A Limited Partnership Operating in Liquidation Mode)


<TABLE>
<CAPTION>
                                                                        Year Ended December 31
                                                                  ----------------------------------
                                                                    2002         2001         2000
                                                                  --------    ----------    --------
<S>                                                               <C>         <C>           <C>
CASH FLOWS FROM OPERATING ACTIVITIES
    Net income                                                    $ 66,579    $1,938,972    $198,000
    Adjustments to reconcile net income to net
       cash provided by operating activities:
         Gain on sale of land                                      (97,794)   (1,918,254)   (105,587)
         Proceeds from sale of land, net of earnest money
           of $40,000 in 2001                                      101,146     2,305,720     267,978
         Increase in property tax reimbursement receivable            (734)          -0-         -0-
         Decrease (increase) in interest and other receivables         -0-        62,922     (62,922)
         Decrease in receivable from sale of utility easement          -0-           -0-      17,658
         (Decrease) increase in accounts payable
           and accrued expenses                                    (30,006)       38,049      (9,995)
         Increase in earnest money on deposit                          -0-           -0-      40,000
                                                                  --------    ----------    --------
                                           NET CASH PROVIDED BY
                                            OPERATING ACTIVITIES    39,191     2,427,409     345,132

CASH FLOWS FROM FINANCING ACTIVITIES
    Distributions to limited partners                                  -0-    (2,509,000)   (290,537)
                                                                  --------    ----------    --------
                                          INCREASE (DECREASE) IN
                                       CASH AND CASH EQUIVALENTS    39,191       (81,591)     54,595

Cash and cash equivalents at beginning of year                     137,633       219,224     164,629
                                                                  --------    ----------    --------

                                      CASH AND CASH EQUIVALENTS
                                                  AT END OF YEAR  $176,824    $  137,633    $219,224
                                                                  ========    ==========    ========
</TABLE>



See notes to financial statements.


                                       F-5


<PAGE>


NOTES TO FINANCIAL STATEMENTS

SOUTHEAST ACQUISITIONS II, L.P.
(A Limited Partnership Operating in Liquidation Mode)

December 31, 2002


NOTE A--DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES

Southeast Acquisitions II, L.P. (a limited partnership operating in liquidation
mode) ("the Partnership") is a Delaware limited partnership that was formed to
acquire and sell undeveloped land. The Partnership was formed during December
1987 and received equity contributions totaling $9,650,000 through the sale of
9,650 limited partnership units during 1988. The Partnership was originally
scheduled to terminate on December 31, 1998. However, during November 1997,
concurrent with the replacement of the previous general partner, the term of the
Partnership was extended to December 31, 2000. The partnership is currently
operating in liquidation mode until all of the Partnership's land is sold. No
adjustments are necessary to present the financial statements on the liquidation
basis.

During 1988, the Partnership purchased undeveloped land to be marketed for sale
as follows: approximately 135 acres near Nashville, Tennessee, approximately 91
acres in Greenville, South Carolina, and approximately 353 acres near Atlanta,
Georgia. This land was purchased from an affiliate of the previous general
partner. At December 31, 2002, the remaining land consisted of approximately 45
acres of the Tennessee land.

The following accounting policies are presented to assist the reader in
understanding the Partnership's financial statements:

Basis of Accounting: The Partnership maintains its accounting records on the
accrual basis of accounting. Sales of land are recognized upon the closing of an
enforceable sales contract and the Partnership's execution of its obligations
under the contract.

Land Held for Sale: Land is carried at the lower of cost or fair value, less
estimated cost to sell. The value of the land is reviewed for impairment
annually by considering recent sales, contract negotiations in progress, and
sale activity in the land's geographic area. The Partnership's land is carried
net of the remaining portion of an original write-down of $3,467,829 that was
recognized during 1991.

Income Taxes: Federal and state income taxes have not been provided for in the
financial statements. Under existing law, the Partnership is not treated as a
taxable entity. Rather, each partner must include his allocated share of
Partnership income, loss, gain, deduction, and credit in his individual income
tax return. The write-down of the land's carrying value that has been recorded
for financial statement purposes will not be recognized for income tax purposes
until the land is sold. At December 31, 2002 and 2001, the remaining portion of
the 1991 write-down that had not been recognized for income tax purposes totaled
$1,163,714 and $1,174,276, respectively.


                                      F-6

<PAGE>


NOTES TO FINANCIAL STATEMENTS--Continued

SOUTHEAST ACQUISITIONS II, L.P.
(A Limited Partnership Operating in Liquidation Mode)


NOTE A--DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES--Continued

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 disclosures 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 from those
estimates.

Cash Equivalents: For purposes of reporting cash flows, the Partnership
considers all demand deposits and highly liquid investments purchased with an
original maturity of three months or less which can be readily converted to cash
on demand, without penalty, to be cash equivalents. At December 31, 2002, cash
on deposit included approximately $187,000 in excess of federally insured
limits.

NOTE B--RELATED PARTY TRANSACTIONS

No management fees were paid during 2002 and 2001 since the Partnership was
operating in liquidation mode. During 2000, the Partnership paid management fees
to the general partner of $19,000, as provided for in the amendment to the
partnership agreement that was adopted during November 1997.

During the years ended December 31, 2002, 2001 and 2000, sales commissions
totaling $7,867, $261,405 and $7,453, respectively, were paid to the general
partner related to sales of land.

The Partnership agreement provides for reimbursement of expenses incurred by the
general partner related to the administration and operation of the Partnership.
During the years ended December 31, 2002, 2001 and 2000, reimbursements to the
general partner's members and related companies totaled $1,788, $934 and $1,634,
respectively.



                                      F-7

<PAGE>


NOTES TO FINANCIAL STATEMENTS--Continued

SOUTHEAST ACQUISITIONS II, L.P.
(A Limited Partnership Operating in Liquidation Mode)


NOTE C--PARTNERS' EQUITY

In accordance with the partnership agreement (as amended in November 1997), cash
distributions and Partnership profits and losses are to be allocated as follows:

(a)     Except for distributions in connection with the liquidation of the
        Partnership, cash distributions are to be made 100% to the limited
        partners until the limited partners have received (i) cumulative
        distributions equal to their 10% noncompounded cumulative annual return
        on their adjusted capital contribution, as defined ($1,136,019 at
        December 31, 2002) plus (ii) a return of their capital contributions
        ($9,650,000 at December 31, 2002); thereafter, distributions will be
        made 70% to the limited partners and 30% to the general partner.
        Distributions in connection with the Partnership's liquidation will be
        made in accordance with the partners' capital accounts as maintained for
        federal income tax purposes.

(b)     Profits and losses are to be allocated as provided in the partnership
        agreement. Generally, profits will be allocated to the partners to
        reflect cash distributions or to offset negative balances in the
        partners' capital accounts, but at least 1% of profits will be allocated
        to the general partner. Losses will generally be allocated 99% to the
        limited partners, in proportion to their units, and 1% to the general
        partner, or to reduce any positive account balances in the partners'
        capital accounts.

Upon Partnership dissolution and termination, the general partner is required to
contribute to the capital of the Partnership the lesser of any negative amount
of its capital account, as defined, or 1.01% of the capital contributions made
by the limited partners. Any amount so contributed shall be distributed to the
limited partners in proportion to their positive capital account balances.

During the years ended December 31, 2002, 2001 and 2000, the Partnership paid
distributions against the limited partners' cumulative annual return in
accordance with the partnership agreement of $-0-, $2,509,000, and $290,537,
respectively, or per unit amounts of $-0-, $260, and $30, respectively.

Cumulative distributions applied against the limited partners' cumulative annual
return through December 31, 2002 totaled $12,857,281, or $1,332 per unit.

Total compensation paid to all persons, including the general partner, upon the
sale of the Partnership's property is limited to a competitive real estate
commission or disposition fee not to exceed 10% of the contract price. Any such
commission or disposition fee paid to the general partner would reduce any
distribution which it would otherwise be entitled to pursuant to the partnership
agreement. The general partner or an affiliate may be given an exclusive right
to sell property for the Partnership.


                                      F-8

<PAGE>


NOTES TO FINANCIAL STATEMENTS--Continued

SOUTHEAST ACQUISITIONS II, L.P.
(A Limited Partnership Operating in Liquidation Mode)


NOTE D--SUMMARY OF PROPERTY AND ACTIVITY

At December 31, 2002, land consisted of the following:

<TABLE>
<CAPTION>
            Description                     Initial Cost      Carrying Amount      Date Acquired
-----------------------------------         ------------      ---------------      -------------
<S>                                         <C>               <C>                  <C>
45 acres of unimproved land
    in Rutherford County, Tennessee         $ 1,533,079         $   369,365          June 1988
</TABLE>

There were no liens on the land as of December 31, 2002. At December 31, 2002,
the aggregate carrying value of the land for income tax purposes was $1,533,079.
The difference between the carrying value for financial statement purposes and
income tax purposes resulted from a write-down of the Tennessee property's
carrying value that was recorded for financial statement purposes during 1991 as
more fully described in Note A.

Land activity during the years ended December 31, 2000, 2001 and 2002 consisted
of the following:

<TABLE>
<S>                                                              <C>
         Balance at January 1, 2000                              $     962,574
         Cost of land sold                                            (162,391)
                                                                 -------------

         Balance at December 31, 2000                                  800,183
         Cost of land sold                                            (427,466)
                                                                 -------------

         Balance at December 31, 2001                                  372,717
         Cost of land sold                                              (3,352)
                                                                 -------------

         Balance at December 31, 2002                            $     369,365
                                                                 =============
</TABLE>




                                      F-9



<PAGE>


NOTES TO FINANCIAL STATEMENTS--Continued

SOUTHEAST ACQUISITIONS II, L.P.
(A Limited Partnership Operating in Liquidation Mode)


NOTE E--EXTENSION FEES AND INTEREST INCOME ON LAND SALES CONTRACTS

During the year ended December 31, 2000, the Partnership received non-refundable
extension fees of $50,000 and recognized interest income of $75,928 related to
the sale of the Tennessee land that closed during January 2001. Upon closing,
the Partnership received interest totaling $72,777, consisting of $62,622 due as
of December 31, 2000 and additional interest of $10,155 for the period from
January 1, 2001 through the closing date.

During April 2001, the Partnership received non-refundable extension fees of
$60,300 and interest of $2,091 related to a sales contract that was subsequently
cancelled by the prospective purchaser. The Partnership recognized these fees
and interest as income during the year ended December 31, 2001 since they were
non-refundable.




                                      F-10
<PAGE>

                            CERTIFICATION PURSUANT TO
                            18 U.S.C. SECTION 1350,
                             AS ADOPTED PURSUANT TO
                  SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002


In connection with the Annual Report of Southeast Acquisitions II, L.P. (the
"Partnership") on Form 10-K (the "Report") for the period ending December 31,
2002 as filed with the Securities and Exchange Commissions on the date hereof I,
Richard W. Sorenson, the principal executive officer of the Partnership,
certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906
of the Sarbanes-Oxley act of 2002, to my knowledge, that:

        (1)     The report fully complies with the requirements of section 13(a)
                of 15(d) of the Securities Exchange Act of 1934; and

        (2)     The information contained in the Report fairly presents, in all
                material respects, the financial condition and result of
                operation of the Partnership.



/s/ Richard W. Sorenson
----------------------------
Richard W. Sorenson

Richard W. Sorenson
Principal Executive Officer & Member
Southern Management Group, LLC
March 24, 2003




<PAGE>

                            CERTIFICATION PURSUANT TO
                            18 U.S.C. SECTION 1350,
                             AS ADOPTED PURSUANT TO
                  SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002


In connection with the Annual Report of Southeast Acquisitions II, L.P. (the
"Partnership") on Form 10-K (the "Report") for the period ending December 31,
2002 as filed with the Securities and Exchange Commissions on the date hereof I,
Laura E. Ristvedt, the principal financial officer of the Partnership, certify,
pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the
Sarbanes-Oxley act of 2002, to my knowledge, that:

        (1)     The report fully complies with the requirements of section 13(a)
                of 15(d) of the Securities Exchange Act of 1934; and

        (2)     The information contained in the Report fairly presents, in all
                material respects, the financial condition and result of
                operation of the Partnership.



/s/ Laura E. Ristvedt
-----------------------------
Laura E. Ristvedt

Laura E. Ristvedt
Principal Financial Officer
Southern Management Group, LLC
March 24, 2003



<PAGE>


                    Certification of Chief Executive Officer
                       Of Southeast Acquisitions II, L.P.


         This certification is provided pursuant to Section 302 of the
Sarbanes-Oxely Act of 2002, and accompanies the annual report on form 10-K (the
"Form 10-K") for the year ended December 31, 2002 of Southeast Acquisitions II,
L.P.

        I, Richard W. Sorenson, certify that:

        1. I have reviewed this annual report on Form 10-K of Southeast
        Acquisitions II, L.P.

        2. Based on my knowledge, this annual report does not contain any untrue
        statement of a material fact or omit to state a material fact necessary
        to make the statements made, in light of the circumstances under which
        such statements were made, not misleading with respect to the period
        covered by this annual report;

        3. Based on my knowledge, the financial statements, and other financial
        information included in this annual report, fairly present in all
        material respects the financial condition, results of operations and
        cash flows of the registrants as of, and for, the periods presented in
        this annual report;

        4. The registrant's other certifying officers and I are responsible for
        establishing and maintaining disclosure controls and procedures (as
        defined in Exchange Act Rules 13a-14) for the registrant and we have:

                a) designed such disclosure controls and procedures to ensure
                that material information relating to the registrant, is made
                known to us by others within those entities, particularly during
                the period in which this annual report is being prepared;

                b) evaluated the effectiveness of the registrant's disclosure
                controls and procedures as of a date within 90 days prior to the
                filing date of this annual report (the "Evaluation Date"); and

                c) presented in this annual report our conclusions about the
                effectiveness of the disclosure controls and procedures based on
                our evaluation as of the Evaluation Date:

        5. The registrant's other certifying officers and I have disclosed,
        based on our most recent evaluation, to the registrant's auditors and
        the audit committee of registrant's board of directors (or persons
        performing the equivalent function);

                a) all significant deficiencies in the design or operation of
                internal controls which could adversely affect the registrant's
                ability to record, process, summarize and report financial data
                and have identified for the registrant's auditors any material
                weaknesses in internal controls; and

                b) any fraud, whether or not material, that involves management
                or other employees who have a significant role in the
                registrant's internal controls; and

        6. The registrant's other certifying officers and I have indicated in
        this annual report whether or not there were significant changes in
        internal controls or in other factors that could significantly affect
        internal controls subsequent to the date of our most recent evaluation,
        including any corrective actions with regard to significant deficiencies
        and material weaknesses.



3/26/03                                     /s/ Richard W. Sorenson
----------------                            -----------------------------
Date                                        Richard W. Sorenson

                                            Richard W. Sorenson
                                            Principal Executive Officer & Member
                                            Southern Management Group, LLC






<PAGE>

                    Certification of Chief Financial Officer
                       Of Southeast Acquisitions II, L.P.


        This certification is provided pursuant to Section 302 of the
Sarbanes-Oxely Act of 2002, and accompanies the quarterly report on form 10-K
(the "Form 10-K") for the year ended December 31, 2002 of Southeast Acquisitions
II, L.P.

        I, Laura E. Ristvedt, certify that:

        1. I have reviewed this annual report on Form 10-K of Southeast
        Acquisitions II, L.P.

        2. Based on my knowledge, this annual report does not contain any untrue
        statement of a material fact or omit to state a material fact necessary
        to make the statements made, in light of the circumstances under which
        such statements were made, not misleading with respect to the period
        covered by this annual report;

        3. Based on my knowledge, the financial statements, and other financial
        information included in this annual report, fairly present in all
        material respects the financial condition, results of operations and
        cash flows of the registrants as of, and for, the periods presented in
        this annual report;

        4. The registrant's other certifying officers and I are responsible for
        establishing and maintaining disclosure controls and procedures (as
        defined in Exchange Act Rules 13a-14) for the registrant and we have:

                a) designed such disclosure controls and procedures to ensure
                that material information relating to the registrant, is made
                known to us by others within those entities, particularly during
                the period in which this annual report is being prepared;

                b) evaluated the effectiveness of the registrant's disclosure
                controls and procedures as of a date within 90 days prior to the
                filing date of this annual report (the "Evaluation Date"); and

                c) presented in this annual report our conclusions about the
                effectiveness of the disclosure controls and procedures based on
                our evaluation as of the Evaluation Date:

        5. The registrant's other certifying officers and I have disclosed,
        based on our most recent evaluation, to the registrant's auditors and
        the audit committee of registrant's board of directors (or persons
        performing the equivalent function);

                a) all significant deficiencies in the design or operation of
                internal controls which could adversely affect the registrant's
                ability to record, process, summarize and report financial data
                and have identified for the registrant's auditors any material
                weaknesses in internal controls; and

                b) any fraud, whether or not material, that involves management
                or other employees who have a significant role in the
                registrant's internal controls; and

        6. The registrant's other certifying officers and I have indicated in
        this annual report whether or not there were significant changes in
        internal controls or in other factors that could significantly affect
        internal controls subsequent to the date of our most recent evaluation,
        including any corrective actions with regard to significant deficiencies
        and material weaknesses.



3/26/03                                            /s/ Laura E. Ristvedt
-----------------                                  -----------------------------
Date                                               Laura E. Ristvedt

                                                   Laura E. Ristvedt
                                                   Principal Financial Officer

<PAGE>
                                   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.

                                      SOUTHEAST ACQUISITIONS II, L.P.
                                      a Delaware limited partnership

                                      By:  SOUTHERN MANAGEMENT GROUP, LLC
                                           General Partner

                                      By:  /s/ Richard W. Sorenson
                                           -------------------------------------
                                           RICHARD W. SORENSON
                                           President and Chief Executive Officer


        Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following person on behalf of the
Registrant and in the capacities and on the date indicated.

<TABLE>
<CAPTION>
Signature                        Title                                       Date
---------                        -----                                       ----
<S>                              <C>                                         <C>
/s/ Richard W. Sorenson          President, Chief Executive
-----------------------          Officer and Chief Financial Officer
                                 of Southern Management Group, LLC.
</TABLE>