Exhibit 21

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<CAPTION>
                         Subsidiaries of the Registrant
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                                                        Percentage of Limited
                                                          Partnership Units
                                                       Owned By Baron Capital
Name of Limited Partnership                               Properties, L.P.             State of Formation
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<S>                                                            <C>                         <C>
Baron Strategic Investment Fund, Ltd.                           93.75%                     Florida
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Baron Strategic Investment Fund II, Ltd.                       100.00%                     Florida
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Baron Strategic Investment Fund IV, Ltd.                       100.00%                     Florida
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Baron Strategic Investment Fund V, Ltd.                         97.50%                     Florida
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Baron Strategic Investment Fund VI, Ltd.                        96.65%                     Florida
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Baron Strategic Investment Fund VIII, Ltd.                     100.00%                     Florida
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Baron Strategic Investment Fund IX, Ltd.                        98.50%                     Florida
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Baron Strategic Investment Fund X, Ltd.                         97.62%                     Florida
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Baron Strategic Vulture Fund I, Ltd.                           100.00%                     Florida
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Brevard Mortgage Program, Ltd.                                 100.00%                     Florida
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Central Florida Income Appreciation Fund, Ltd.                  98.57%                     Florida
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Florida Capital Income Fund, Ltd.                               95.04%                     Florida
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Florida Capital Income Fund II, Ltd.                            94.50%                     Florida
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Florida Capital Income Fund III, Ltd.                           92.75%                     Florida
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Florida Capital Income Fund IV, Ltd.                            96.70%                     Florida
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Florida Income Advantage Fund I, Ltd.                           98.40%                     Florida
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Florida Income Appreciation Fund I, Ltd.                       100.00%                     Florida
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Florida Income Growth Fund V, Ltd.                              96.09%                     Florida
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Florida Opportunity Income Partners, Ltd.                      100.00%                     Florida
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GSU Stadium Student Apartments, Ltd.                           100.00%                     Florida
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Lamplight Court of Bellefontaine Apartments, Ltd.              100.00%                     Florida
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Midwest Income Growth Fund VI, Ltd.                             93.33%                     Michigan
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Realty Opportunity Income Fund VIII, Ltd.                       95.76%                     Florida
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Crystal Court Apartments II, Ltd.                              100.00%                     Florida
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Heatherwood Kissimmee, Ltd.                                    100.00%                     Florida
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Riverwalk Enterprises, Ltd.                                    100.00%                     Florida
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</TABLE>


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