VININGS INVESTMENT PROPERTIES TRUST SCHEDULE OF SUBSIDIARIES OF December 31, 1999 ----------------- - --------------------------------------------------------- Jurisdiction of Subsidiary Organization - --------------------------------------------------------- Cottonwood, L.P. Delaware Delta Bluff, L.P. Delaware Foxgate, L.P. Delaware Hampton House, L.P. Delaware Heritage Place, L.P. Delaware Northwood Place, L.P. Delaware River Pointe L.P. Delaware Thicket Apartments, L.P. Delaware Thicket Holdings, Inc. Delaware Trace Ridge, L.P. Delaware Vinings/CMS Master Partnership, L.P. Delaware Vinings Communities, L.P. Delaware Vinings Holdings, Inc. Delaware Vinings Investment Properties, L.P. Delaware