VININGS INVESTMENT PROPERTIES TRUST SCHEDULE OF SUBSIDIARIES OF December 31, 1998 ----------------- - --------------------------------------------------------- Jurisdiction of Subsidiary Organization - --------------------------------------------------------- Bradford Place I, L.P. Delaware Bradford Place II, L.P. Delaware Cambridge Apartments, L.P. Delaware Cottonwood, L.P. Delaware Delta Bluff, L.P. Delaware Foxgate, L.P. Delaware Hampton House, L.P. Delaware Heritage Place, L.P. Delaware The Landings I, L.P. Delaware Laurelwood, L.P. Delaware Northwood Place, L.P. Delaware River Pointe L.P. Delaware Riverchase I, L.P. Delaware Riverchase II, L.P. Delaware Riverchase III, L.P. Delaware Southwind I, L.P. Delaware Southwind II Apartments, L.P. Delaware Thicket Apartments, L.P. Delaware Thicket Holdings, Inc. Delaware Trace Ridge, L.P. Delaware Vinings Communities, L.P. Delaware Vinings Holdings, Inc. Delaware Vinings Investment Properties, L.P. Delaware