BELAIR CAPITAL FUND LLC
10-Q, EX-99.21, 2000-11-14
REAL ESTATE INVESTMENT TRUSTS
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                                                                      EXHIBIT 21



                             BELAIR CAPITAL FUND LLC
                                  SUBSIDIARIES


         Name                                      Jurisdiction of Incorporation
         ----                                      -----------------------------
Belair Real Estate Corporation                                Delaware

Belport Realty Corporation                                    Delaware

Argosy Realty Corporation                                     Delaware

Bel Residential Properties Trust                              Maryland

Bel Alliance Communities, LLC                                 Delaware



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