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<B><FONT SIZE=3><P ALIGN="CENTER">SECURITIES AND EXCHANGE COMMISSION</P>


<P ALIGN="CENTER">WASHINGTON, DC 20549</P>


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<P ALIGN="CENTER">FORM 8-K</P>


<P ALIGN="CENTER"></P>


<P ALIGN="CENTER">CURRENT REPORT</P>


<P ALIGN="CENTER">PURSUANT TO SECTION 13 OR 15(d) OF THE </P>


<P ALIGN="CENTER">SECURITIES EXCHANGE ACT OF 1934</P>


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<P ALIGN="CENTER">&nbsp;</P></B></FONT>


<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=590>


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<FONT SIZE=3><P>Date of Report (Date of earliest event reported)</FONT></TD>


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<U><FONT SIZE=3><P ALIGN="CENTER">June 14, 2006</U></FONT></TD>


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<B><FONT SIZE=3><P ALIGN="CENTER"></P>


</B><U><P ALIGN="CENTER">Wells Real Estate Fund II-OW</P>


</U><P ALIGN="CENTER">(Exact Name of Registrant as Specified in Charter)</P>


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<P ALIGN="CENTER">&nbsp;</P></B></FONT>


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<U><FONT SIZE=3><P ALIGN="CENTER">Georgia</U></FONT></TD>


<TD WIDTH="27%" VALIGN="TOP">


<U><FONT SIZE=3><P ALIGN="CENTER">0-17876</U></FONT></TD>


<TD WIDTH="33%" VALIGN="TOP">


<U><FONT SIZE=3><P ALIGN="CENTER">58-1754703</U></FONT></TD>


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<FONT SIZE=3><P ALIGN="CENTER">(State or Other Jurisdiction of Incorporation)</FONT></TD>


<TD WIDTH="27%" VALIGN="TOP" HEIGHT=5>


<FONT SIZE=3><P ALIGN="CENTER">(Commission File Number)</FONT></TD>


<TD WIDTH="33%" VALIGN="TOP" HEIGHT=5>


<FONT SIZE=3><P ALIGN="CENTER">(IRS Employer Identification No.)</FONT></TD>


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<P ALIGN="CENTER">&nbsp;</P></B></FONT>


<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=590>


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<U><FONT SIZE=3><P ALIGN="CENTER">6200 The Corners Parkway, Norcross, Georgia</U></FONT></TD>


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<U><FONT SIZE=3><P ALIGN="CENTER">30092-3365</U></FONT></TD>


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<FONT SIZE=3><P ALIGN="CENTER">(Address of Principal Executive Offices)&#9;</FONT></TD>


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<FONT SIZE=3><P ALIGN="CENTER">(Zip Code)</FONT></TD>


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<P ALIGN="CENTER">Registrant's telephone number, including area code: <U>(770) 449-7800</P>


</U>


<P>&nbsp;</P>


<U><P ALIGN="CENTER">N/A</P>


</U><P ALIGN="CENTER">(Former Name or Former Address, if Changed Since Last Report)</P>


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<P>Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):</P>


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<P ALIGN="JUSTIFY">[]  &#9;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>


<P ALIGN="JUSTIFY">[]  &#9;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>


<P ALIGN="JUSTIFY">[]  &#9;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR   240.14d-2(b))</P>


<P>[]  &#9;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>





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<B><P>INFORMATION TO BE INCLUDED IN THE REPORT</P>


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</B><P>&nbsp;</P>


<B><FONT SIZE=3><P ALIGN="JUSTIFY">Item 7.01.&#9;Regulation FD Disclosure</P>


</B><P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">On June 14, 2006, Wells Real Estate Fund II-OW (the &quot;Registrant&quot;) sent a letter to the financial representatives of the limited partners of the Registrant announcing the anticipated distribution of net proceeds in the fourth quarter of 2006 from the sale of certain properties owned by the Wells funds in which their clients have invested.  A copy of the letter, which also includes a copy of the investor letter dated June 16, 2006, is attached as Exhibit 99.1 and Exhibit 99.2, respectively, to this Current Report on Form 8-K.  Pursuant to the rules and regulations of the Securities and Exchange Commission, such exhibit and the information set forth therein are deemed to have been furnished and shall not be deemed to be &quot;filed&quot; under the Securities Exchange Act of 1934. </P>





<B><P>Item 9.01.&#9;Financial Statements and Exhibits</P>


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<B><FONT SIZE=3><P>Exhibit </P>


<U><P>Number</B></U></FONT></TD>


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<B><U><FONT SIZE=3>


<P>Exhibit Title</B></U></FONT></TD>


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<FONT SIZE=3><P>99.1</FONT></TD>


<TD WIDTH="79%" VALIGN="TOP">


<FONT SIZE=3><P>Letter to Financial Representatives dated June 14, 2006</FONT></TD>


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<FONT SIZE=3><P>99.2</FONT></TD>


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<FONT SIZE=3><P>Letter to Investors dated June 16, 2006</FONT></TD>


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</FONT><B><FONT SIZE=3><P ALIGN="CENTER">SIGNATURES</P>


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<P ALIGN="JUSTIFY">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.</P>


<P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">&nbsp;</P>


<P>WELLS REAL ESTATE FUND II-OW</P>


<P>(Registrant)</P>





<P>By:&#9;Wells CAPITAL, INC.</P>


<P>General Partner</P>


<P>By:&#9;<U>/s/ Leo F. Wells, III</U>&#9;&#9;</P><DIR>


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<P>Leo F. Wells, III</P></DIR>


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<P>&#9;President</P>


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<P ALIGN="JUSTIFY">Date:  June 14, 2006</P>


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</FONT><B><U><FONT SIZE=3><P>Exhibit Index</P>





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<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=547>


<TR><TD WIDTH="21%" VALIGN="TOP">


<B><FONT SIZE=3><P>Exhibit </P>


<U><P>Number</B></U></FONT></TD>


<TD WIDTH="79%" VALIGN="TOP">


<B><U><FONT SIZE=3>


<P>Exhibit Title</B></U></FONT></TD>


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<TR><TD WIDTH="21%" VALIGN="TOP">


<FONT SIZE=3><P>99.1</FONT></TD>


<TD WIDTH="79%" VALIGN="TOP">


<FONT SIZE=3><P>Letter to Financial Representatives dated June 14, 2006</FONT></TD>


</TR>


<TR><TD WIDTH="21%" VALIGN="TOP">


<FONT SIZE=3><P>99.2</FONT></TD>


<TD WIDTH="79%" VALIGN="TOP">


<FONT SIZE=3><P>Letter to Investors dated June 16, 2006</FONT></TD>


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</HTML>
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SECURITIES AND EXCHANGE COMMISSION
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported)
June 14, 2006
Wells Real Estate Fund II-OW
(Exact Name of Registrant as Specified in Charter)
Georgia
0-17876
58-1754703
(State or Other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
6200 The Corners Parkway, Norcross, Georgia
30092-3365
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number, including area code:
(770) 449-7800
N/A
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
[]  	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[]  	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[]  	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR   240.14d-2(b))
[]  	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
INFORMATION TO BE INCLUDED IN THE REPORT
Item 7.01.	Regulation FD Disclosure
On June 14, 2006, Wells Real Estate Fund II-OW (the "Registrant") sent a letter to the financial representatives of the limited partners of the Registrant announcing the anticipated distribution of net proceeds in the fourth quarter of 2006 from the sale of certain properties owned by the Wells funds in which their clients have invested.  A copy of the letter, which also includes a copy of the investor letter dated June 16, 2006, is attached as Exhibit 99.1 and Exhibit 99.2, respectively, to this Current Report on Form 8-K.  Pursuant to the rules and regulations of the Securities and Exchange Commission, such exhibit and the information set forth therein are deemed to have been furnished and shall not be deemed to be "filed" under the Securities Exchange Act of 1934.
Item 9.01.	Financial Statements and Exhibits
Exhibit
Number
Exhibit Title
99.1
Letter to Financial Representatives dated June 14, 2006
99.2
Letter to Investors dated June 16, 2006
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.
WELLS REAL ESTATE FUND II-OW
(Registrant)
By:	Wells CAPITAL, INC.
General Partner
By:
/s/ Leo F. Wells, III
Leo F. Wells, III
President
Date:  June 14, 2006
Exhibit Index
Exhibit
Number
Exhibit Title
99.1
Letter to Financial Representatives dated June 14, 2006
99.2
Letter to Investors dated June 16, 2006