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

                                  SCHEDULE 13G

                    Under the Securities Exchange Act of 1934
                               (Amendment No. 0)*

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

                          Common Stock, Par Value $.01
 -------------------------------------------------------------------------------
                         (Title of Class of Securities)

                                   05564T103
 -------------------------------------------------------------------------------
                                 (CUSIP Number)


                                May 31, 2006
 -------------------------------------------------------------------------------
            (Date of Event which Requires Filing of this Settlement)


             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
disclosures provided in a prior cover page.

The information required on 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).











                                  SCHEDULE 13G


CUSIP No. 05564T103                                  Page  2  of  4  Pages
          -------------                                   ---    ---

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     1       NAME OF REPORTING PERSON
             S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

             Kensington Investment Group, Inc., IRS ID# 68-0309666
--------------------------------------------------------------------------------
     2       CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*     (a)  [ ]
                                                                   (b)  [x]
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     3       SEC USE ONLY

--------------------------------------------------------------------------------
     4       CITIZENSHIP OR PLACE OF ORGANIZATION

             Delaware, USA
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                                   5      SOLE VOTING POWER
           Number of
            Shares                             616,200
         Beneficially              ---------------------------------------------
           Owned by                6      SHARED VOTING POWER
             Each
          Reporting                            -0-
            Person                 ---------------------------------------------
             With                  7      SOLE DISPOSITIVE POWER

                                               616,200
                                   ---------------------------------------------
                                   8      SHARED DISPOSITIVE POWER

                                               -0-
-------------------------------------------------------------------------------
     9       AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON


             616,200
--------------------------------------------------------------------------------
    10       CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
             SHARES*                                               [ ]

--------------------------------------------------------------------------------
    11       PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)


             5.92%
--------------------------------------------------------------------------------
    12       TYPE OF REPORTING PERSON*


             IA
--------------------------------------------------------------------------------










                                  SCHEDULE 13G



CUSIP No. 05564T103                                  Page  3  of  4  Pages
          ---------------                                 ---    ---

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

         (b) Address of Issuer's Principal Executive Offices:

                                                   301 South College Street
						   Suite 3850
                                                   Charlotte, NC 28202-6024
Item 2.

         (a) Name of Person Filing: Kensington Investment Group, Inc.

         (b) Business Address: 4 Orinda Way, Suite 200C, Orinda, CA 94563

         (c) Citizenship: USA

         (d) Title of Class of Securities: Common Stock

         (e) CUSIP Number: 05564T103

Item 3.  Not applicable

Item 4.  Ownership

	 (a) Amount beneficially owned:  616,200 shares of common stock.

	 (b) Percent of class:  5.92%

	 (c) Number of shares as to which the person has:

	     (i) Sole power to vote or to direct the vote:  616,200 shares

	    (ii) Shared power to vote or to direct the vote: 0

	   (iii) Sole power to dispose or to direct the disposition of: 616,200 shares

	    (iv) Shared power to dispose or to direct the disposition of: 0

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.









				SCHEDULE 13G



CUSIP No. 05564T103                                  Page  4  of  4  Pages
          ---------------                                 ---    ---

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

         Not applicable.

Item 9.  Notice of Dissolution of Group

         Not applicable.

Item 10. Certification

         (a) Not applicable

         (b) By signing  below I certify  that, to the best of my knowledge
             and belief, the securities referred to above were not acquired
             and are not held for the  purpose  of or with  the  effect  of
             changing 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.



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



June 5, 2006                Kensington Investment Group, Inc.


                            By: /s/ John P. Kramer
                                John P. Kramer, President