Edgar Filing: AMERICAN LAND LEASE INC

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

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SCHEDULE 13G

Under the Securities Exchange Act of 1934

American Land Lease, Inc.
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(Name of Issuer)

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

027118108
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(CUSIP Number)

October 13, 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 404,000
Person With ............................................................................................
7. Sole Dispositive Power None
............................................................................................
8. Shared Dispositive Power 404,000
..................................................................................................................
9. Aggregate Amount Beneficially Owned by Each Reporting Person 404,000
..................................................................................................................
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares [ ]
..................................................................................................................
11. Percent of Class Represented by Amount in Row (9)

5.3%
..................................................................................................................
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]

5.3%
..................................................................................................................
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]

5.3%
..................................................................................................................
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
..................................................................................................................
Number of Shares 5. Sole Voting Power None
Beneficially Owned ............................................................................................
by Each Reporting 6. Shared Voting Power 404,000
Person With ............................................................................................
7. Sole Dispositive Power None
............................................................................................
8. Shared Dispositive Power 404,000
..................................................................................................................
9. Aggregate Amount Beneficially Owned by Each Reporting Person 404,000
..................................................................................................................
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares [ ]
..................................................................................................................
11. Percent of Class Represented by Amount in Row (9)

5.3%
..................................................................................................................

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]

5.3%
..................................................................................................................
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
..................................................................................................................
Number of Shares 17. Sole Voting Power None
Beneficially Owned ............................................................................................
by Each Reporting 18. Shared Voting Power 404,000
Person With ............................................................................................
19. Sole Dispositive Power None
............................................................................................
20. Shared Dispositive Power 404,000
..................................................................................................................
21. Aggregate Amount Beneficially Owned by Each Reporting Person 404,000
..................................................................................................................
22. Check if the Aggregate Amount in Row (9) Excludes Certain Shares [ ]
..................................................................................................................
23. Percent of Class Represented by Amount in Row (9)

5.3%
..................................................................................................................
24. Type of Reporting Person PN

Item 1(a). Name of Issuer:
American Land Lease, Inc.

Item 1(b). Address of Issuer's Principal Executive Offices:
29399 U.S. Hwy 19 North
Suite 320
Clearwater, FL 33761

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, $.01 par value per share

Item 2(e). CUSIP Number:

027118108

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.

(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 166,500 shares of common stock; Cliffwood
Value Equity Fund II, L.P. beneficially owns 1,600 shares of
common stock; Cliffwood Absolute Return Strategy Ltd.
beneficially owns 11,300 shares of common stock; Cliffwood
Absolute Return Strategy, L.P. beneficially owns 95,600 shares
of common stock; Cliffwood Value Equity / WB Fund, L.P.
beneficially owns 32,000 shares of common stock; Oregon Public
Employees Retirement Fund beneficially owns 51,900 shares of
common stock (through an account managed by Cliffwood Partners
LLC); Swarthmore College beneficially owns 22,600 shares of
common stock (through an account managed by Cliffwood Partners
LLC); and 1199 Health Care Employees' Retirement Fund
beneficially owns 22,500 shares of common stock (through an
account managed by Cliffwood Partners LLC) for an aggregate
total of 404,000 shares of common stock.

b. Percent of Class: 5.3% of the aggregate outstanding shares
based upon information provided by American Land Lease, Inc. in
its most recently filed quarterly report on Form 10-Q which
states that there were approximately 7,607,000 shares of common
stock outstanding as of July 18, 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 20, 2005
---------------------------
Date

/s/ Michael H. Casey
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Michael H. Casey, President

CLIFFWOOD PARTNERS LLC