Edgar Filing: BNP RESIDENTIAL PROPERTIES INC

UNITED STATES
SECURITIES EXCHANGE COMMISSION
Washington, D.C. 20549

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SCHEDULE 13G

Under the Securities Exchange Act of 1934

BNP Residential Properties, Inc.
--------------------------------
(Name of Issuer)

Common Stock, par value $.01 per share
--------------------------------------
(Title of Class of Securities)

05564T103
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(CUSIP Number)

October 4, 2005
---------------
(Date of Event which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:

[X]____Rule 13d-1(b)

[_]___Rule 13d-1(c)

[_]___Rule 13d-1(d)

* The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which
would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).

CUSIP No. 05564T103

.....................................................................................................................

1. Names of Reporting Persons.

Cliffwood Partners LLC

I.R.S. Identification Nos. of above persons (entities only): 95-4648555
.....................................................................................................................
2 Check the Appropriate Box if a Member of a Group

(a) [X]

(b) [ ]
.....................................................................................................................
3. SEC Use Only
.....................................................................................................................
4 Citizenship or Place of Organization Delaware, United States
.....................................................................................................................
Number of Shares 5 Sole Voting Power None
Beneficially Owned ...............................................................................................
by Each Reporting 6. Shared Voting Power 552,900
Person With ...............................................................................................
7. Sole Dispositive Power None
...............................................................................................
8. Shared Dispositive Power 552,900
.....................................................................................................................
9. Aggregate Amount Beneficially Owned by Each Reporting Person 552,900
.....................................................................................................................
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares [ ]
.....................................................................................................................
11 Percent of Class Represented by Amount in Row (9)

6.0%
.....................................................................................................................
12. Type of Reporting Person IA
.....................................................................................................................

.....................................................................................................................
1 Names of Reporting Persons.

Cliffwood Value Equity Fund, L.P.

I.R.S. Identification Nos. of above persons (entities only): 95-4817104
.....................................................................................................................
2 Check the Appropriate Box if a Member of a Group

(a) [X]

(b) [ ]
.....................................................................................................................
3. SEC Use Only
.....................................................................................................................
4 Citizenship or Place of Organization Delaware, United States
.....................................................................................................................
5 Sole Voting Power None
Number of Shares ...............................................................................................
Beneficially Owned 6. Shared Voting Power 552,900
by Each Reporting ...............................................................................................
Person With 7. Sole Dispositive Power None
...............................................................................................
8. Shared Dispositive Power 552,900
.....................................................................................................................
9. Aggregate Amount Beneficially Owned by Each Reporting Person 552,900
.....................................................................................................................
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares [ ]
.....................................................................................................................
11 Percent of Class Represented by Amount in Row (9)

6.0%
.....................................................................................................................
12. Type of Reporting Person PN

.....................................................................................................................
1 Names of Reporting Persons.

Cliffwood Value Equity Fund II, L.P.

I.R.S. Identification Nos. of above persons (entities only): 57-1186067
.....................................................................................................................
2 Check the Appropriate Box if a Member of a Group

(a) [X]

(b) [ ]
.....................................................................................................................
3. SEC Use Only
.....................................................................................................................
4 Citizenship or Place of Organization Delaware, United States
.....................................................................................................................
5 Sole Voting Power None
Number of Shares ...............................................................................................
Beneficially Owned 6. Shared Voting Power 552,900
by Each Reporting ...............................................................................................
Person With 7. Sole Dispositive Power None
...............................................................................................
8. Shared Dispositive Power 552,900
.....................................................................................................................
9. Aggregate Amount Beneficially Owned by Each Reporting Person 552,900
.....................................................................................................................
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares [ ]
.....................................................................................................................
11 Percent of Class Represented by Amount in Row (9)

6.0%
.....................................................................................................................
12. Type of Reporting Person PN

.....................................................................................................................
1 Names of Reporting Persons.

Cliffwood Absolute Return Strategy Ltd.

I.R.S. Identification Nos. of above persons (entities only): N/A
.....................................................................................................................
2 Check the Appropriate Box if a Member of a Group

(a) [X]

(b) [ ]
.....................................................................................................................
3. SEC Use Only
.....................................................................................................................
4 Citizenship or Place of Organization Cayman Islands, British West Indies
.....................................................................................................................
5 Sole Voting Power None
Number of Shares ...............................................................................................
Beneficially Owned 6. Shared Voting Power 552,900
by Each Reporting ...............................................................................................
Person With 7. Sole Dispositive Power None
...............................................................................................
8. Shared Dispositive Power 552,900
.....................................................................................................................
9. Aggregate Amount Beneficially Owned by Each Reporting Person 552,900
.....................................................................................................................
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares [ ]
.....................................................................................................................
11 Percent of Class Represented by Amount in Row (9)

6.0%
.....................................................................................................................
12. Type of Reporting Person OO

.....................................................................................................................
1 Names of Reporting Persons.

Cliffwood Absolute Return Strategy, L.P.

I.R.S. Identification Nos. of above persons (entities only): 95-4789951
.....................................................................................................................
2 Check the Appropriate Box if a Member of a Group

(a) [X]

(b) [ ]
.....................................................................................................................
3. SEC Use Only
.....................................................................................................................
4 Citizenship or Place of Organization Delaware, United States
.....................................................................................................................
5 Sole Voting Power None
Number of Shares ...............................................................................................
Beneficially Owned 6. Shared Voting Power 552,900
by Each Reporting ...............................................................................................
Person With 7. Sole Dispositive Power None
...............................................................................................
8. Shared Dispositive Power 552,900
.....................................................................................................................
9. Aggregate Amount Beneficially Owned by Each Reporting Person 552,900
.....................................................................................................................
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares [ ]
.....................................................................................................................
11 Percent of Class Represented by Amount in Row (9)

6.0%
.....................................................................................................................
12. Type of Reporting Person PN

.....................................................................................................................
13 Names of Reporting Persons.

Cliffwood Value Equity / WB Fund, L.P.

I.R.S. Identification Nos. of above persons (entities only): 20-3036834
.....................................................................................................................
14 Check the Appropriate Box if a Member of a Group

(a) [X]

(b) [ ]
.....................................................................................................................
15. SEC Use Only
.....................................................................................................................
16 Citizenship or Place of Organization Delaware, United States
.....................................................................................................................
17 Sole Voting Power None
Number of Shares ...............................................................................................
Beneficially Owned 18. Shared Voting Power 552,900
by Each Reporting ...............................................................................................
Person With 19. Sole Dispositive Power None
...............................................................................................
20. Shared Dispositive Power 552,900
.....................................................................................................................
21. Aggregate Amount Beneficially Owned by Each Reporting Person 552,900
.....................................................................................................................
22. Check if the Aggregate Amount in Row (9) Excludes Certain Shares [ ]
.....................................................................................................................
23 Percent of Class Represented by Amount in Row (9)

6.0%
.....................................................................................................................
24. Type of Reporting Person PN

Item 1(a). Name of Issuer:
BNP Residential Properties, Inc.

Item 1(b). Address of Issuer's Principal Executive Offices:
301 S. College Street
Suite 3850
Charlotte, NC 28202-6024

Item 2(a) Name of Person Filing
Item 2(b) Address of Principal Business Office or, if None, Residence
Item 2(c) Citizenship

Cliffwood Partners LLC
11726 San Vicente Blvd. #600
Los Angeles, CA 90049
Delaware limited liability company

Cliffwood Value Equity Fund, L.P.
c/o Cliffwood Partners LLC
11726 San Vicente Blvd. #600
Los Angeles, CA 90049
Delaware limited partnership

Cliffwood Value Equity Fund II, L.P.
c/o Cliffwood Partners LLC
11726 San Vicente Blvd. #600
Los Angeles, CA 90049
Delaware limited partnership

Cliffwood Absolute Return Strategy Ltd.
c/o CITCO Fund Services (Cayman Islands) Limited
P.O. Box 31106 SMB
Regatta Office Park
West Bay Road
Grand Cayman, Cayman Islands
Cayman Islands exempted company

Cliffwood Absolute Return Strategy, L.P.
c/o Cliffwood Partners LLC
11726 San Vicente Blvd. #600
Los Angeles, CA 90049
Delaware limited partnership

Cliffwood Value Equity / WB Fund, L.P.
c/o Cliffwood Partners LLC
11726 San Vicente Blvd. #600
Los Angeles, CA 90049
Delaware limited partnership

Item 2(d). Title of Class of Securities:

Common Stock, par value $.01 per share

Item 2(e). CUSIP Number:

05564T103

Item 3. If This Statement is Filed Pursuant to Rule 13d-1(b), or 13d-2(b) or (c),
Check Whether the Person Filing is a:

(a) |_| Broker or dealer registered under Section 15 of the Exchange Act.
(b) |_| Bank as defined in Section 3(a)(6) of the Exchange Act.
(c) |_| Insurance company as defined in Section 3(a)(19) of the Exchange Act.
(d) |_| Investment company registered under Section 8 of the Investment Company Act.
(e) |X| An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E);
(f) |_| An employee benefit plan or endowment fund in accordance with Rule
13d-1(b)(1)(ii)(F);
(g) |_| A parent holding company or control person in accordance with Rule 13d-1(b)(1)(ii)(G);
(h) |_| A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act;
(i) |_| A church plan that is excluded from the definition of an investment company under Section 3(c)(14)
of the Investment Company Act;
(j) |_| Group, in accordance with Rule 13d-1(b)(1)(ii)(J).

Item 4. Ownership:
Cliffwood Partners LLC
Cliffwood Value Equity Fund, L.P.
Cliffwood Value Equity Fund II, L.P.
Cliffwood Absolute Return Strategy Ltd.
Cliffwood Absolute Return Strategy, L.P.
Cliffwood Value Equity / WB Fund, L.P.
Oregon Public Employees' Retirement Fund
Swarthmore College
1199 Health Care Employees' Pension Fund

a. Amount beneficially owned: Cliffwood Value Equity Fund, L.P. beneficially owns 278,300 shares of common
stock; Cliffwood Value Equity Fund II, L.P. beneficially owns 1,900 shares of common stock; Cliffwood Absolute
Return Strategy Ltd. beneficially owns 12,600 shares of common stock; Cliffwood Absolute Return Strategy, L.P.
beneficially owns 107,600 shares of common stock, Cliffwood Value Equity / WB Fund, L.P. beneficially owns
52,700 shares of common stock; Oregon Public Employees Retirement Fund beneficially owns 49,300 shares of common
stock (through an account managed by Cliffwood Partners LLC); Swarthmore College beneficially owns 25,100 shares
of common stock (through an account managed by Cliffwood Partners LLC); and 1199 Health Care Employees'
Retirement Fund beneficially owns 25,400 shares of

common stock (through an account managed by Cliffwood Partners LLC) for an aggregate total of 552,900 shares of
common stock.

b. Percent of Class: 6.0% of the aggregate outstanding shares of that class as of July 29, 2005.

The sole power to vote or direct the vote of the entire shareholding
and the sole power to dispose of or direct the disposal of the entire
shareholding has been delegated to Cliffwood Partners LLC for each of
Cliffwood Value Equity Fund, L.P., Cliffwood Value Equity Fund II, L.P.,
Cliffwood Absolute Return Strategy Ltd., Cliffwood Absolute Return Strategy,
L.P., Cliffwood Value Equity / WB Fund L.P., Oregon Public Employees'
Retirement Fund's managed account, Swarthmore College's managed account and
1199 Health Care Employees' Retirement Fund's managed account.

Item 5. Ownership of Five Percent or Less of a Class:

Not applicable

Item 6. Ownership of More than Five Percent on Behalf of Another
Person:

Not applicable

Item 7. Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on By the Parent
Holding Company:

Not applicable

Item 8. Identification and Classification of Members of the Group:

Not applicable

Item 9. Notice of Dissolution of Group:

Not applicable.

Item 10. Certification:

By signing below I certify that, to the best of my knowledge
and belief, the securities referred to above were acquired
and are held in the ordinary course of business and were not
acquired and are not held for the purpose of or with the
effect of changing or influencing the control of the issuer
of the securities and were not acquired and are not held in
connection with or as a participant in any transaction
having that purpose or effect.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and
correct.

October 12, 2005
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Date

/s/ Carl B. Tash
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Carl B. Tash, CEO

CLIFFWOOD PARTNERS LLC