-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 Omv5sjML9tpDAoZfS+0Tkiq0hVt5L+/9fRZriVbQ0BLwzpgwB7s/t+1laST+uz/e
 O8Qlq3fUQanoC5jVCjz+cQ==

<SEC-DOCUMENT>0001450311-09-000002.txt : 20091109
<SEC-HEADER>0001450311-09-000002.hdr.sgml : 20091109
<ACCEPTANCE-DATETIME>20091109110631
ACCESSION NUMBER:		0001450311-09-000002
CONFORMED SUBMISSION TYPE:	D/A
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 506
ITEM INFORMATION:		Investment Company Act Section 3(c)
ITEM INFORMATION:		Section 3(c)(1)
FILED AS OF DATE:		20091109
DATE AS OF CHANGE:		20091109
EFFECTIVENESS DATE:		20091109

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ALCION REAL ESTATE PARTNERS TAX-EXEMPT PARALLEL FUND II LP
		CENTRAL INDEX KEY:			0001450311
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-124460
		FILM NUMBER:		091166993

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		STREET 2:		SUITE 3520
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		617-603-1000

	MAIL ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		STREET 2:		SUITE 3520
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
</SEC-HEADER>
<DOCUMENT>
<TYPE>D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0603</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001450311</cik>
        <entityName>ALCION REAL ESTATE PARTNERS TAX-EXEMPT PARALLEL FUND II LP</entityName>
        <issuerAddress>
            <street1>ONE POST OFFICE SQUARE</street1>
            <street2>SUITE 3520</street2>
            <city>BOSTON</city>
            <stateOrCountry>MA</stateOrCountry>
            <zipCode>02109</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>617-603-1000</issuerPhoneNumber>
        <jurisdictionOfInc>DELAWARE</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Limited Partnership</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2008</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>MARTIN</firstName>
                <lastName>ZIEFF</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1 POST OFFICE SQUARE</street1>
                <street2>STE 3520</street2>
                <city>BOSTON</city>
                <stateOrCountry>MA</stateOrCountry>
                <zipCode>02190</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>MARK</firstName>
                <lastName>POTTER</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1 POST OFFICE SQ</street1>
                <street2>STE 3520</street2>
                <city>BOSTON</city>
                <stateOrCountry>MA</stateOrCountry>
                <zipCode>02190</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>EUGENE</firstName>
                <lastName>DELFAVERO</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1 POST OFFICE SQUARE</street1>
                <street2>STE 3520</street2>
                <city>BOSTON</city>
                <stateOrCountry>MA</stateOrCountry>
                <zipCode>02190</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>DAVID</firstName>
                <lastName>FERRERO</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1 POST OFFICE SQUARE</street1>
                <street2>STE 3520</street2>
                <city>BOSTON</city>
                <stateOrCountry>MA</stateOrCountry>
                <zipCode>02190</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Pooled Investment Fund</industryGroupType>
            <investmentFundInfo>
                <investmentFundType>Other Investment Fund</investmentFundType>
                <is40Act>false</is40Act>
            </investmentFundInfo>
        </industryGroup>
        <issuerSize>
            <aggregateNetAssetValueRange>Decline to Disclose</aggregateNetAssetValueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
            <item>3C</item>
            <item>3C.1</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>9999999997-08-045909</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2008-10-30</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>5000000</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>HFF SECURITIES</recipientName>
                <recipientCRDNumber>131585</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>10100 SANTA MONICA BLVD</street1>
                    <street2>STE 1400</street2>
                    <city>LOS ANGELES</city>
                    <stateOrCountry>CA</stateOrCountry>
                    <zipCode>90067</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>400000000</totalOfferingAmount>
            <totalAmountSold>195500000</totalAmountSold>
            <totalRemaining>204500000</totalRemaining>
            <clarificationOfResponse>The offering is conducted in conjunction with Alcion Real Estate Partners II, L.P. and Alcion Real Estate Partners Taxable Parallel Fund II, L.P., for which separate Forms D are filed.</clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>3</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>622500</dollarAmount>
                <isEstimate>true</isEstimate>
            </grossProceedsUsed>
            <clarificationOfResponse>Represents the maximum annual management fee on the securities sold through the date hereof.</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>ALCION REAL ESTATE PARTNERS TAX-EXEMPT PARALLEL FUND II LP</issuerName>
                <signatureName>/s/ Martin Zieff</signatureName>
                <nameOfSigner>Martin Zieff</nameOfSigner>
                <signatureTitle>Mgr of Alcion Capital GP II, LLC, the GP of Issuer's GP</signatureTitle>
                <signatureDate>2009-11-09</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----