<PAGE>


                      SECURITIES AND EXCHANGE COMMISSION
                                Washington, DC
                           -------------------------

                                   FORM 10-Q


  X   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
-----
      EXCHANGE ACT OF 1934


For the quarterly period ended November 30, 1998


OR


    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934


For the transition period from             to



                        Commission file number 0-17793


                  Wilder Richman Historic Properties II, L.P.
            (Exact name of Registrant as specified in its charter)


Delaware                                                            13-3481443
State or other jurisdiction of                                 (I.R.S. Employer
incorporation or organization                               Identification No.)



599 W. Putnam Avenue
Greenwich, Connecticut                                              06830
(Address of principal executive offices)                           Zip Code



Registrant's telephone number, including area code:  (203) 869-0900


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 reports),  and (2) has been subject to filing requirements
for the past 90 days.


Yes     X       No





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                 WILDER RICHMAN HISTORIC PROPERTIES II, L.P.

                        Part I - Financial Information


Table of Contents

Item 1.     Financial Statements                                        Page
       <S>                                                               <C>
       Balance Sheets as of November 30, 1998 (Unaudited)
            and February 28, 1998                                         3
       Statements of Operations for the three and nine month periods
         ended November 30, 1998 and 1997 (Unaudited)                     4

       Statements of Cash Flows for the nine months
         ended November 30, 1998 and 1997 (Unaudited)                     5

       Notes to Financial Statements as of November 30, 
         1998 (Unaudited)                                                 6

Item 2.  Management's Discussion and Analysis of Financial Condition
         and Results of Operations                                        9



</TABLE>



























<PAGE>
<TABLE>
<CAPTION>

                  WILDER RICHMAN HISTORIC PROPERTIES II, L.P.
                                BALANCE SHEETS





                                         November 30, 1998
                                              (Unaudited)   February 28, 1998
<S>                                               <C>                 <C>
ASSETS

Cash and cash equivalents                   $    657,976      $    649,233

Investment in operating partnerships           1,489,848         1,700,882

Note receivable                                  317,713           317,713

Accrued interest receivable                      134,921           119,260
                                          --------------     -------------

                                             $ 2,600,458       $ 2,787,088
                                             ===========       ===========


LIABILITIES AND PARTNERS' EQUITY (DEFICIT)

Liabilities

  Other liabilities                        $      10,000    $      10,000
  Due to related parties                         165,451          154,201
                                           -------------       -----------

                                                 175,451           164,201
                                           -------------       -----------


Partners' equity (deficit)

  Limited partners                             2,567,066         2,762,967
  General partner                               (142,059)         (140,080)
                                           -------------      ------------

                                               2,425,007         2,622,887

                                             $ 2,600,458       $ 2,787,088
                                             ===========       ===========


</TABLE>











                      See notes to financial statements.

                                       3


<PAGE>
<TABLE>
<CAPTION>

                 WILDER RICHMAN HISTORIC PROPERTIES II, L.P.
                           STATEMENTS OF OPERATIONS
                                  (Unaudited)


                     Three Months     Nine Months   Three Months   Nine Months
                        Ended            Ended         Ended         Ended
                     November 30,     November 30,   November 30,  November 30,
                        1998             1998          1997            1997
                     --------------  --------------  -----------   -----------
      
<S>                     <C>               <C>           <C>           <C>
REVENUES

  Interest            $   13,701       $  41,979      $  13,842      $ 41,397

EXPENSES

  Operating                5,237          28,825          4,905        21,831
                       ------------- ------------  --------------    --------
        

Income from operations     8,464          13,154          8,937       19,566

Equity in loss of 
operating partnerships  (35,705)        (211,034)      (49,154)     (198,508)
                  ----------------- -------------- -------------- ------------

NET LOSS           $    (27,241)   $    (197,880)$     (40,217)$    (178,942)
                   ================  ============= ============= =============


NET LOSS PER UNIT OF
  LIMITED PARTNERSHIP
  INTEREST         $     (33.71  $       (244.88)$     ( 49.77) $    (221.44)
                   ================= =============== ============= ==============

</TABLE>
























                      See notes to financial statements.

                                       4
<PAGE>
<TABLE>
<CAPTION>
                 WILDER RICHMAN HISTORIC PROPERTIES II, L.P.
                           STATEMENTS OF CASH FLOWS
                 NINE MONTHS ENDED NOVEMBER 30, 1998 AND 1997
                                 (Unaudited)




                                                  1998              1997
                                           ----------------   ----------
<S>                                               <C>                 <C>
CASH FLOWS FROM OPERATING ACTIVITIES

Net loss                                     $    (197,880)  $   (178,942)

Adjustments to reconcile net loss to
 net cash provided by operating activities
   Equity in loss of operating partnerships        211,034         198,508
   Increase in accrued interest receivable         (15,661)       (15,661)
   Decrease in other liabilities                                   (2,875)
   Increase in due to related parties               11,250          11,250
                                           ---------------  --------------

Net cash provided by operating activities            8,743          12,280
                                          ----------------  --------------

Net increase in cash and cash equivalents            8,743         12,280

Cash and cash equivalents at beginning 
       of period                                   649,233        629,975
                                                  --------------  --------------

Cash and cash equivalents at end of period   $     657,976  $     642,255
                                             =============  =============


</TABLE>
























                      See notes to financial statements.

                                       5

<PAGE>
<TABLE>
<CAPTION>
                 WILDER RICHMAN HISTORIC PROPERTIES II, L.P.
                        NOTES TO FINANCIAL STATEMENTS
                              NOVEMBER 30, 1998
                                 (Unaudited)





1.     The accompanying  unaudited financial  statements have been prepared in
      accordance  with generally  accepted  accounting  principles for interim
      financial   information.   They  do  not  include  all  information  and
      footnotes  required by  generally  accepted  accounting  principles  for
      complete  financial  statements.  The results of operations are impacted
      significantly   by  the   results  of   operations   of  the   Operating
      Partnerships,  which are provided on an unaudited  basis during  interim
      periods.   Accordingly,   the  accompanying   financial  statements  are
      dependent on such unaudited  information.  In the opinion of the General
      Partner, the financial  statements include all adjustments  necessary to
      reflect  fairly  the  results  of the  interim  periods  presented.  All
      adjustments  are of a normal  recurring  nature.  No significant  events
      have   occurred   subsequent  to  February  28,  1998  and  no  material
      contingencies  exist which would require  additional  disclosures in the
      report under Regulation S-X, Rule 10-01 paragraph A-5.

      The results of operations  for the nine months ended November 30, 1998 are
      not  necessarily  indicative  of the results to be expected for the entire
      year.

2.    The  investment  in  Operating  Partnerships  as of November  30, 1998 and
      February 28, 1998 is as follows:

       <S>                                                            <C>  
      Amount paid to investee through February 28, 1998         $  16,388,000

      Accumulated cash distributions received from
        Operating Partnerships through February 28, 1998           (3,180,441)

      Equity in accumulated loss of Operating Partnerships
         through February 28, 1998                                (11,506,677)

      Balance, February 28, 1998                                    1,700,882

      Equity in loss of Operating Partnerships for the nine months
         ended November 30, 1998                                    (211,034)

      Balance, November 30, 1998                              $    1,489,848
                                                              ==============

</TABLE>

                                       6

<PAGE>
<TABLE>
<CAPTION>

                 WILDER RICHMAN HISTORIC PROPERTIES II, L.P.
                  NOTES TO FINANCIAL STATEMENTS - continued
                              NOVEMBER 30, 1998
                                 (Unaudited)


2.    (Continued)

      The combined balance sheets of the Operating  Partnerships as of September
      30, 1998 and December 31, 1997 are as follows:

                                                September 30, 
                                                   1998         December 31,
                                                (Unaudited)        1997

      ASSETS
        <S>                                          <C>             <C>
      Land                                  $   1,150,473    $   1,150,473
      Buildings and equipment (net of
        accumulated depreciation
        of $12,159,043 and 11,164,490)         40,642,218       41,475,474
      Cash and cash equivalents                 1,553,658        1,159,863
      Tenant accounts receivable                   37,070
      Deferred costs                              504,454          537,180
      Mortgage escrow deposits                    919,928        1,067,734
      Tenant security deposits                    669,685          669,685
       Prepaid expenses and other assets          231,001           34,043
                                               ----------   --------------

                                             $ 45,708,487     $ 46,094,452
                                             ============     ============

      LIABILITIES AND PARTNERS' EQUITY

      Liabilities

        Mortgages payable                    $ 26,587,448     $ 26,776,894
        Notes payable                             317,713          317,713
        Accounts payable and accrued expenses      97,702          137,084
        Accrued interest                          265,396          249,734
        Tenant security deposits payable          669,685          669,685
        Due to general partner and affiliates   1,974,509        1,840,349

                                               29,912,453       29,991,459

      Partners' equity

        Wilder Richman Historic Properties 
              II, L.P.                          1,489,848       1,700,882
        General partner                        14,306,186     14,402,111
                                            --------------  --------------

                                               15,796,034       16,102,993

                                             $ 45,708,487     $ 46,094,452
</TABLE>

                                       7

<PAGE>
<TABLE>
<CAPTION>

                 WILDER RICHMAN HISTORIC PROPERTIES II, L.P.
                  NOTES TO FINANCIAL STATEMENTS - continued
                              NOVEMBER 30, 1998
                                 (Unaudited)


2.    (Continued)

      The unaudited  statements of operations of the Operating  Partnerships for
      the nine months ended September 30, 1998 and 1997 are as follows:


                                                    1998             1997
                                            -------------------  ------------
      <S>                                          <C>                <C>
      REVENUE

      Rent                                   $ 4,586,629          $ 4,370,722
                                             -----------          -----------

                                               4,586,629            4,370,722
                                             -------------       ------------

      EXPENSES

      Administrative                             520,572              463,496
      Operating                                1,820,851            1,636,732
      Management fees                            135,967              130,618
      Interest                                 1,421,745            1,401,335
      Depreciation and amortization              994,453            1,027,279
                                           -------------         ------------

                                               4,893,588            4,659,460
                                            ------------         ------------

      NET LOSS                                $ (306,959)         $  (288,738)
                                              ===========         ===========


      NET LOSS ALLOCATED TO

      Wilder Richman Historic 
        Properties II, L.P.                   $  (211,034)        $  (198,508)
      General Partner                             (95,925)            (90,230)
                                            -------------     ---------------

                                              $  (306,959)        $  (288,738)
                                              ===========         ===========

</TABLE>


3.    Additional information,  including the audited February 28, 1998 Financial
      Statements and the Summary of Significant Accounting Policies, is included
      in the Partnership's  Annual Report on Form 10-K for the fiscal year ended
      February 28, 1998 on file with the Securities
      and Exchange Commission.


                                       8





<PAGE>


                 WILDER RICHMAN HISTORIC PROPERTIES II, L.P.

Item 2.  Management's  Discussion  and Analysis of Financial  Conditions  and
Results of Operations

      As of November 30, 1998, Wilder Richman Historic  Properties II, L.P. (the
      "Partnership")  experienced  few  changes in its  financial  condition  as
      compared to February 28, 1998, with the exception of the investment in the
      Operating  Partnerships  resulting  from the  equity in loss of  Operating
      Partnerships  for the nine months ended  September 30, 1998. Cash and cash
      equivalents of the Partnership includes  approximately  $582,000 which was
      previously held in an operating  deficit escrow  established in connection
      with the  refinancing  of the  mortgages  of the  Operating  Partnerships.
      Pursuant to the Partnership Agreement,  such funds may be held or utilized
      for other  Partnership  purposes in the discretion of the General Partner.
      
      In addition, the  Partnership's  advance to the Operating
      Partnerships  in the amount of $317,713 in connection with the refinancing
      of the mortgages remains  outstanding.  For the nine months ended November
      30, 1998, the Partnership  accrued interest of $15,661 on such advance and
      has accrued aggregate  interest on such advance of $134,921 as of November
      30, 1998.  The General Partner is reviewing the prospect of having the
      Operating Partnerships repay the loan and making a distribution to the
      limited partners.

     Because of the outstanding advance, the Operating  Partnerships are subject
to restrictions concerning cash flow distributions. Cash flow, if any, generated
subsequent  to 1995 may be  retained  by the  Operating  Partnerships  or may be
distributed  at the  discretion of management.  If  distributed,  such cash flow
distributions  must follow the  priority of (i)  accrued  interest  owing to the
Partnership,  (ii)  principal  owing to the  Partnership  and (iii)  thereafter,
pursuant to the terms of the limited  partnership  agreements  of the  Operating
Partnerships.  Although  recent  rental  market  conditions  have  been  strong,
management has been  accumulating  reserves to protect against potential adverse
changes in market conditions and unanticipated expenses. In addition to its cash
balances,  the  Operating  Partnerships'  balance  in  the  replacement  reserve
account,  which is  controlled  by the lender to be used for certain  repairs or
capital  improvements,  was  approximately  $759,000 of September 30, 1998.  The
Operating  Partnerships  are  required  to  deposit  $5,400  per month  into the
replacement reserve.

      Despite  the  implementation  of  planned  improvements  of  approximately
      $300,000 (of which approximately $187,000 was capitalized),  the Operating
      Partnerships'  liquidity as of September 30, 1998 has improved compared to
      December  31,  1997,  as cash  and  cash  equivalents  have  increased  by
      approximately  $394,000  and the  replacement  reserve  has  increased  by
      approximately $65,000. In addition,  accounts payable and accrued expenses
      decreased  by  approximately  $57,000  while due to  general  partner  and
      affiliates  increased  by  approximately  $134,000  due to the  accrual of
      management fees and investor service fees.

      The  Partnership's  operating  results are  dependent  upon the  operating
      results of the Operating  Partnerships and are  significantly  impacted by
      the Operating  Partnerships'  policies.  The Partnership  accounts for its
      investment in the  Operating  Partnerships  in accordance  with the equity
      method of accounting, under which the investment is carried at cost and is
      adjusted  for  the  Partnership's  share  of the  Operating  Partnerships'
      results of operations and by any cash  distributions  received.  Equity in
      loss  of  each  investment  in  Operating  Partnerships  allocated  to the
      Partnership  is recognized to the extent of the  Partnership's  investment
      balance in each Operating Partnership. Any equity in loss in excess of the
      Partnership's  investment balance in an Operating Partnership is allocated
      to other partners' capital in any Operating Partnership.  As a result, the
      equity in loss of  investment  in  Operating  Partnerships  is expected to
      decrease  as the  Partnership's  investment  balances  in  the  respective
      Operating  Partnerships become zero.  However,  the combined statements of
      operations  of  the  Operating  Partnerships  reflected  in  Note 2 to the
      Partnership's  financial  statements  include the operating results of all
      Operating  Partnerships,   regardless  of  the  Partnership's   investment
      balances.

      For the nine months ended  November 30, 1998,  the statement of operations
      of the  Partnership  reflects a net loss of $197,880 which includes equity
      in loss of Operating Partnerships of $211,034. Nonrecognition of losses of
      the Partnership's investment in Dixon Mills Phase I during the nine months
      ended November 30, 1998 was  approximately  $94,000 in accordance with the
      equity method of  accounting.  The Operating  Partnerships  reported a net
      loss  during  the  nine  months  ended  September  30,  1998 of  $306,959,
      inclusive  of  depreciation   and   amortization   of  $994,453.   Despite
      expenditures   incurred  in  connection  with  the  planned   improvements
      discussed  above,  the  Operating  Partnerships  generated  cash  flow  of
      approximately  $379,000 after required debt service  payments and required
      replacement  reserve  deposits  during the nine months ended September 30,
      1998,

                                       9

<PAGE>


                 WILDER RICHMAN HISTORIC PROPERTIES II, L.P.

Item 2.  Management's  Discussion  and Analysis of Financial  Conditions  and
      Results of Operations

      which includes principal  amortization under the mortgages  (approximately
      $189,000)   and  deposits  to  required   escrows  and  interest   thereon
      (approximately  $65,000),  and excludes  accrued fees to affiliates of the
      Operating General Partner (approximately $117,000) and accrued interest to
      the Partnership  (approximately  $15,000).  The Operating Partnerships did
      not  utilize  any  replacement  reserves  during  the  nine  months  ended
      September 30, 1998.

      For the nine months ended  November 30, 1997,  the statement of operations
      of the Partnership reflects a net loss of $178,942,  which includes equity
      in loss of Operating Partnerships of $198,508. Nonrecognition of losses of
      the Partnership's investment in Dixon Mills Phase I during the nine months
      ended November 30, 1997 was  approximately  $88,000 in accordance with the
      equity method of  accounting.  The Operating  Partnerships  reported a net
      loss  during  the  nine  months  ended  September  30,  1997 of  $288,738,
      inclusive of depreciation  and  amortization of $1,027,279.  However,  the
      Operating  Partnerships  generated  cash flow after  required debt service
      payments  and  required  replacement  reserve  deposits  of  approximately
      $568,000 during the nine months ended  September 30, 1997,  which includes
      principal  amortization under the mortgages  (approximately  $177,000) and
      deposits  to  required  escrows  (approximately  $121,000),  and  excludes
      accrued  fees to  affiliates  of the  Operating  General  Partner  and the
      General  Partner  (approximately  $112,000)  and  accrued  interest to the
      Partnership  (approximately  $15,000).  The Operating Partnerships did not
      utilize any  replacement  reserves  during the nine months ended September
      30, 1997.

      Although  the  Operating   Partnerships  are  operating  above  breakeven,
      management  is continuing  to examine  methods to maintain high  occupancy
      rates while steadily  increasing rents and economize  operating  expenses.
      There has been ongoing new  construction  of luxury  multi-housing  in the
      vicinity of the Dixon Mill Complex (the "Complex").  Such housing includes
      asking rents that are comparable and higher than rents  currently  charged
      by the Complex. Although the Complex as not been adversely impacted by the
      new competition,  it cannot be readily determined whether such new housing
      will have a positive or negative impact on the Complex or its cash flow in
      the future.  The  ability to continue to perform at recent  levels will be
      dependent  on the ability to lease units as lease terms  expire on a month
      to month basis. The average  occupancy for the nine months ended September
      30,  1998 and 1997 was  approximately  98% for  each  period.  The  future
      operating   results  of  the  Complex  will  be  extremely   dependent  on
      competition  and  market  conditions  and  therefore  may  be  subject  to
      significant volatility.


                                       10



<PAGE>


                 WILDER RICHMAN HISTORIC PROPERTIES II, L.P.
                          Part II - Other Information



Item 1.  Legal Proceedings.

As of November 30, 1997, there were no material pending legal proceedings to 
which Registrant  or any of its  affiliates  was a party or to  which  any of
         their property was subject except for the following:

The      Operating  Partnerships have been named as a third-party defendant in a
         lawsuit  between The Dixon  Venture,  the party who sold the Complex to
         the Operating Partnerships, and the former owner, Joseph Dixon Crucible
         Company,  for indemnification for cost clean-up under the Comprehensive
         Environmental  Response  Compensation  and Liability  Act of 1980.  The
         Operating General Partner believes that the Operating Partnerships have
         no  liability  or no  liability  that is not  adequately  covered by an
         indemnification from The Dixon Venture.

A        former employee of the Operating Partnerships filed a complaint through
         the Equal Employment  Opportunity  Commission  ("EEOC") claiming sexual
         harassment. The Operating General Partner has reported that such
         claim was dismissed by the EEOC.

Item 2.  Changes in Securities

         None


Item 3.  Defaults Upon Senior Securities

         None


Item 4.  Submission of Matters to a Vote of Security Holders

         None


Item 5.  Other Information

         None


                                       11



<PAGE>


                                  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 thereunto duly authorized.

                              WILDER RICHMAN HISTORIC PROPERTIES II, L.P.

                               By:  Wilder Richman Historic Corporation
                                    General Partner


Dated:  January 15, 1999            /s/Richard PaulRichman
                                    ---------------------------------

                                    Richard Paul Richman
                                    President and Chief Executive Officer

                                       12

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