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




*    Subsequent  to December  31,  2000,  the Fund  disposed of its  interest in
     Belport Realty Corporation.