<PAGE>

                      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 September 30,1999
                       Commission File Number 33-19736-A

                           CONDEV LAND FUND II, LTD.
                           -------------------------
            (Exact name of registrant as specified in its charter)

              Florida                            59-2862457
              -------                            ----------
   (State or other jurisdiction of            (I.R.S. Employer
   incorporation or organization)            Identification No.)



                               2479 Aloma Avenue
                          Winter Park, Florida  32792
                   (Address of principal executive offices)

Registrant's telephone number, including area code: (407) 679-1748


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 for such shorter period that the registrant
was required to file such report), and (2) has been subject to such filing
requirements for the past 90 days.  YES  X     NO
                                       ------    ------
<PAGE>

                           CONDEV LAND FUND II, LTD.

                                     INDEX

                                                                           PAGE
                                                                          NUMBER
PART I.  FINANCIAL INFORMATION:

         Statement of Assets, Liabilities and
         Partner's Capital - September 30, 1999
         and December 31, 1998                                                 1

         Statement of Income & Expense -
         Three Months Ended September 30, 1999
         and September 30, 1998                                                2

         Statement of Income & Expense -
         Nine Months Ended September 30, 1999
         and September 30, 1998                                                3

         Statement of Cash Flows -
         Nine months ended September 30, 1999
         and September 30, 1998                                                4

         Notes to Financial Statements                                     5 - 6

         Management's Discussion and Analysis
         of Financial Condition and Results of Operations                  6 - 8

PART II. OTHER INFORMATION:

         Item 1.  Legal Proceedings                                            8

         Item 6   Exhibits and Reports on Form 8-K                             8

Signatures                                                                     9

Third Quarter 1999 report to Limited Partners                                 10
<PAGE>

                         PART I. FINANCIAL INFORMATION

                           CONDEV LAND FUND II, LTD.
            STATEMENT OF ASSETS, LIABILITIES AND PARTNERS' CAPITAL
                   SEPTEMBER 30, 1999 AND DECEMBER 31, 1998


                                 ASSETS
                                 ------

                           September 30, 1999   December 31, 1998
                           ------------------   -----------------
                               (Unaudited)               *

Cash & Cash Equivalents        $  181,205          $   94,530
Accounts Receivable               335,771               3,347
Prepaid expense                         -                 867
Land, at cost (Note 2)          1,929,435           2,571,774
Loan costs                          3,094               3,094
Organization Costs                  7,982               7,982
                               ----------          ----------

Total Assets                   $2,457,487          $2,681,594
                               ==========          ==========

                       LIABILITIES AND PARTNERS' CAPITAL
                       ---------------------------------

Mortgage note payable          $  533,806          $   33,834
Deposits on contracts              80,188                   -
Accounts Payable                   47,767              14,874
                               ----------          ----------
                                  661,761              48,708

Partners' Capital -
  General Partner             (     2,325)        (    3,190)
  Limited Partner               1,798,051           2,636,076
                               ----------          ----------

  Total Partners' Capital       1,795,726           2,632,886
                               ----------          ----------

Total Liabilities and
        Partners' Capital      $2,457,487          $2,681,594
                               ==========          ==========

* Condensed from audited financial statements.



The accompanying notes are an integral part of these financial statements

                                       1
<PAGE>

                           CONDEV LAND FUND II, LTD.
                        STATEMENT OF INCOME AND EXPENSE
         THREE MONTHS ENDED SEPTEMBER 30, 1999 AND SEPTEMBER 30, 1998
                                  (UNAUDITED)


                                    September 30, 1999   September 30, 1998
                                    ------------------   ------------------

     INCOME
     ------

     Gain on sale of real estate          $116,971             $       -

     Interest and Other Income                 661             $   1,032
                                          --------             ---------

     Total Income                         $117,632             $   1,032
                                          --------             ---------


     OPERATING EXPENSES
     ------------------

     Professional Services               ($    500)            $       -

     Office Expense                          1,643                 1,201

     Management Fees                         3,021                 3,021

     Other                                   8,929                 4,109
                                          --------             ---------

     Total Operating Expenses             $ 13,093             $   8,331
                                          --------             ---------

     Net Income (Loss)                    $104,539            ($   7,299)
                                          ========             =========




The accompanying notes are an integral part of these financial statements

                                       2
<PAGE>

                           CONDEV LAND FUND II, LTD.
                        STATEMENT OF INCOME AND EXPENSE
          NINE MONTHS ENDED SEPTEMBER 30, 1999 AND SEPTEMBER 30, 1998
                                  (UNAUDITED)
<TABLE>
<CAPTION>
                                  September 30, 1999    September 30, 1998
                                  ------------------    ------------------
<S>                               <C>                   <C>
INCOME
------

Gain on sale of real estate             $ 115,987          $        -

Interest and Other Income                   2,012          $    6,183
                                         --------          ----------

Total Income                            $ 117,999          $    6,183
                                        ---------         -----------


OPERATING EXPENSES
------------------

Professional Services                   $   8,599          $    9,493

Office Expense                              4,289               3,883

Management Fees                             9,063               9,063

Other                                       9,469               4,649
                                        ---------          ----------

Total Operating Expenses                $  31,420          $   27,088
                                        ---------          ----------

Net Income (Loss)                       $  86,579          ($  20,905)
                                        =========          ==========
</TABLE>


The accompanying notes are an integral part of these financial statements

                                       3
<PAGE>

                           CONDEV LAND FUND II, LTD.
                            STATEMENT OF CASH FLOWS
          NINE MONTHS ENDED SEPTEMBER 30, 1999 AND SEPTEMBER 30, 1998

<TABLE>
<CAPTION>
                                          September 30, 1999  September 30, 1998
                                          ------------------  ------------------
<S>                                       <C>                 <C>
Cash Flows from Operating Activities:

      Net Income                                $   86,579        ($  20,905)
      Adjustments to reconcile net income
      (loss) to net cash provided by (used
      in) operating activities:
           Gain on land sale                   (   111,987        (        -)
           Cash provided by changes in:
              Accounts receivable              (   332,424)                -
              Deposits on contracts                 80,188                 -
              Accounts payable                      32,893        (    5,820)
                                                ----------       -----------

Net cash from Operating Activities             (   248,751)       (   26,725)
                                                ----------       -----------

Cash flows from Investing Activities:
      Land development costs                   (   189,996)       (   44,720)
      Proceeds of Land sale, net                   949,188                 -
                                                ----------       -----------

Net cash from Investing Activities                 759,192        (   44,720)
                                                ----------       -----------

Cash flows from Financing Activities:
      Increase in notes payable                    499,972             9,333
      Distributions to Partners                (   923,738                 -)
                                              ------------       -----------

Net cash provided by Financing Activities      (   423,766)            9,333
                                              ------------       -----------

Net increase (decrease) in cash                     86,675        (   62,112)

Cash and cash equivalents, beginning of year        94,530           168,989
                                                ----------       -----------

Cash and cash equivalents, end of period        $  181,205         $ 106,877
                                                ==========       ===========
 </TABLE>

The accompanying notes are an integral part of these financial statements

                                       4
<PAGE>

                           CONDEV LAND FUND II, LTD.
                         NOTES TO FINANCIAL STATEMENTS


Note 1.        BASIS OF PRESENTATION:
               ----------------------

               The accompanying financial statements, in the opinion of Condev
               Associates, the general partner of Condev Land Fund II, Ltd.,
               reflect all adjustments (which include only normal recurring
               adjustments) necessary to a fair statement of the financial
               position, the results of operations and the changes in cash
               position for the periods presented.

Note 2         INVESTMENT IN LAND:
               ------------------

               At September 30, 1999 land consisted of the following:

                    111.64 acre parcel (zoned PUD)
                       in Lake County, Florida                 1,929,435(a)
                      8.67 acres parcel (zoned commercial) in
                      southeast Seminole County, Florida               0(b)

               (a) This property consists of three separate parcels: multi-
               family, commercial, and single-family. The multi-family parcel
               has been under contract with a developer of affordable apartments
               since January 1998. Originally scheduled to close in December,
               1998 this contract was extended to allow the general partner time
               to complete the required sewer, water and other off-site
               improvements pursuant to the terms of the sales contract. These
               improvements are now substantially complete. In June, 1999, the
               Partnership was advised by the contract buyer that the Florida
               Housing Finance Authority was in disagreement with the Buyer over
               funding of this project, and the Buyer was attempting to resolve
               his differences with the FHFA. During the third quarter, all of
               the buyer's differences with the FHFA were resolved, and the
               contract was reinstated. The latest possible closing date has
               been set for December 31, 1999, but the buyer is attempting to
               close in early November. The 71-acre single family site is under
               contract with a closing date now rescheduled for November 30,
               1999. The 20-acre commercial tract is under contract with a
               developer who specializes in retail development. The inspection
               period under this contract is until November 15, 1999 followed by
               closing in mid-December, 1999.

               As a condition of the Glenbrook contracts for sale, the
               Partnership has agreed to extend sewer and water service to the
               properties, to design and construct a spine road from U.S.
               Highway 27 into the development, and to construct a lift station
               to serve the property after development. These improvements, now
               substantially complete, are being financed under a secured line
               of credit established by the Partnership with a commercial bank.
               The cost of these improvements has been added to the purchase
               price of the contracts for sale, and borrowings under the line of
               credit will be repaid from sales proceeds.

                                       5
<PAGE>

               (b) On July 30, 1999, the Partnership concluded the sale of the
               property located at Alafaya Trail and McCulloch Road in Seminole
               County, Florida. The buyer was Main Street Development Corp., and
               the purchase price was $1,060,000. In addition, Main Street
               Development acquired sewer capacity which the Partnership had
               previously reserved for the property. After expenses of the sale,
               which included legal fees, closing costs and a 10% real estate
               commission paid to two non-affiliated real estate brokers, the
               Partnership realized net proceeds of $949,188.28. The Partnership
               distributed a total of $923,738, or $31 per unit to limited
               partners in August, 1999.


Note 3         DISTRIBUTIONS TO PARTNERS:
               -------------------------

               Pursuant to the partnership agreement, cash flow generated each
               year by the Partnership is to be distributed 99% to the limited
               partners and 1% to the general partner.  There were no cash flow
               distributions during the first nine months of 1999.

               Pursuant to the partnership agreement, proceeds realized from
               the sale of properties, after the establishment of reserves for
               future operating costs, are to be distributed at least annually.
               Distributions to limited partners totaled $923,738 during the
               third quarter of 1999.

Note 4         RELATED PARTY TRANSACTIONS:
               ---------------------------

               The Partnership Agreement provides for the reimbursement to the
               general partner for direct administrative expenses incurred in
               the operation of the partnership.  For the nine months ended
               September 30, 1999, $11,029 was reimbursed to the general partner
               for direct expenses incurred.

               When properties are sold, under certain circumstances an
               affiliate of the general partner may be paid real estate
               commissions in amounts customarily charged by others rendering
               similar services with such commissions plus commissions paid to
               nonaffiliated brokers not to exceed 10% of the gross sales price.
               No real estate commissions were paid to any affiliate of the
               general partner during the nine months ended September 30, 1999.

               The general partner is obligated to loan up to $100,000 to the
               Partnership during its term to meet working capital requirements.
               No such loans were made to the Partnership during the six months
               ended September 30, 1999.

               MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
               --------------------------------------------------
               CONDITION AND RESULTS OF OPERATIONS:
               ------------------------------------

               Since all of the property owned by the Partnership were under
               contract for sale during the quarter ended September

                                       6
<PAGE>

               30, 1999, the General Partner's main focus was on bringing the
               pending transactions to a successful conclusion. As discussed
               under Note 2, Investment in Land some delays were encountered. It
                     --------------------------
               is believed that the current obstacles to closing have been
               overcome. Upon sale of the remaining Partnership properties, the
               Partnership will repay all of its financial obligations and a
               final distribution of Partnership cash resources will be made to
               limited partners, and the partnership will be dissolved.

               Year 2000
               ---------

               The Partnership is heavily dependent upon a computer system to
               accurately maintain limited partner records, including name and
               address information, number of units owned, and distribution
               historical records. The Partnership is utilizing a system which
               was specially designed for the Partnership in 1990, and it is
               possible that the system will be affected by the date change
               which will occur at the end of 1999. The Partnership engaged a
               computer consultant to evaluate the potential problems, and make
               system changes if necessary so the operation of the Partnership
               will not be affected by the date change. Work on modifying the
               computer system was completed in June, 1999. The cost of
               evaluating the current system and bringing it up to date to be
               year 2000 compliant was less than $1,000. The Partnership's
               computer records are backed up on a weekly basis, so all of the
               stored information is available from a secondary source. Even if
               the system were to be completely shut down by the date change at
               the end of 1999, the data necessary to continue operation of the
               Partnership is available and could readily be adapted to a new
               system which is year 2000 compliant, so no significant
               interruption in the operations of the Partnership is anticipated.

               Results of Operations
               ---------------------

               Total revenues for the nine months ended September 30, 1999 were
               $117,999, compared with total revenues of $6,183 for the nine
               months ended September 30, 1998. The 1999 results include a gain
               on sale of real estate in the amount of $115,987 (see note 2,
               Investment in Land). There were no sales of property during the
               ------------------
               comparable 1998 period. Income is generated from sale of real
               estate and short-term cash investments Income can be expected to
               fluctuate, depending on the level of cash reserves in the
               Partnership and prevailing interest rates. Operating expenses for
               the nine months ended September 30, 1999 were $31,420,
               essentially unchanged from $27,088 for the nine months ended
               September 30, 1998. The Partnership had committed to certain
               improvements to the site located in Lake County, and the cost of
               these improvements is being financed under a secured line of
               credit from a bank.  See Liquidity and Capital Resources below.
                                        -------------------------------
               In accordance with applicable accounting policies, interest is
               being capitalized.

                                       7
<PAGE>

               Liquidity and Capital Resources at September 30, 1999
               -----------------------------------------------------

               Total assets decreased  from $2,681,584 at December 31, 1998 to
               $2,457,487 at September 30, 1999.  This reflects the cost of
               capital improvements, specifically sewer and water service plus
               the construction of a spine road in to the Glenbrook Planned
               Development, offset by the net results of operations for the
               period and distribution to limited partners. Assets can be
               expected to decline in the future as properties are sold and
               distributions are made to limited partners.

               Liquidity remained at a satisfactory level. Cash and
               equivalents decreased  from $94,530 at 1998 year-end to $181,205
               at September 30, 1999. As provided in the Partnership Agreement,
               if necessary liquid reserves can be augmented from net sales
               proceeds from land sales.

               As discussed above, the Partnership has extended sewer and water
               utilities and constructed a spine road in to the Glenbrook
               Planned Development. The Partnership has arranged a $800,000
               secured line of credit with a commercial bank to pay for its pro
               rata share of expenses. Borrowings under the line of credit will
               be repaid from future land sales proceeds.



                                    PART II


Item 1.  LEGAL PROCEEDINGS
         -----------------

           As of September 30, 1999, there were no legal proceedings in process,
           nor to the knowledge of the general partner, threatened against the
           Partnership

Item 6.  EXHIBITS AND REPORTS ON FORM 8-K:
         ---------------------------------

         (A)  Exhibits

              Third Quarter 1999 Report to Limited Partners

         (B)  Reports on Form 8-K

              There were no reports of Form 8-K for the period ended September
              30, 1999

                                       8
<PAGE>

                           CONDEV LAND FUND II, LTD.
                                  SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned.


                      CONDEV LAND FUND II, LTD.
                      BY: Condev Associates, General Partner


October 26, 1999               /s/ Robert N. Gardner
----------------------         ----------------------------------
     DATE                      Robert N. Gardner, Partner


October 26, 1999              /s/ Joseph J. Gardner
---------------------         ----------------------------------
     DATE                     Joseph J. Gardner, Partner

                                       9