EXHIBIT 21

BRE PROPERTIES, INC.

SUBSIDIARIES OF THE REGISTRANT



|                                                              |  |                      
|------------------------------------------------------------- |  | ---------------------
|Name                                                          |  | State of Jurisdiction
|Corporate Subsidiaries of the Company:                        |  |                      
|BRE/Alliance Services, Inc.                                   |  | Maryland             
|BRE Builders, Inc.                                            |  | Delaware             
|BRE Investments Inc.                                          |  | Maryland             
|Home Plan Inc.                                                |  | Delaware             
|                                                              | 
|Limited Liability Company Subsidiaries of the Company:        |  |                      
|                                                              | 
|BRE Property Investors LLC                                    |  | Delaware             
|Cambridge Park LLC                                            |  | California           
|Home Plan LLC                                                 |  | Delaware             
|Emerald Pointe Apartments, LLC                                |  | Delaware             
|Meridian Apartments, LLC                                      |  | Delaware             
|SMV / BRE Partners LLC                                        |  | Delaware             
|BRE  FMCF LLC                                                |  | Delaware             
|Walnut Creek Transit Lifestyle Associates, LLC                |  | Delaware             
|BRE Villa Azure LLC                                           |  | Delaware             
|Pinnacle at Mountain Gate Management LLC                      |  | Delaware             
|Landing at Bear Creek Management LLC                          |  | Delaware             
|Pinnacle DTC Management LLC                                   |  | Delaware             
|Pinnacle at the Creek Management LLC                          |  | Delaware             
|Pinnacle at Hunters Glen Management LLC                      |  | Delaware             
|Pinnacle at Union Hills Management LLC                        |  | Delaware             
|Pinnacle Terrace Management LLC                               |  | Delaware             
|                                                              | 
|Non-Subsidiary Entities in which the Company owns an interest |  |                      
|                                                              | 
|ITCR Villa Verde Limited Partnership                          |  | Texas                
|Palm Shadows LLC                                              |  | California           
|Pinnacle at Queen Creek LLC                                   |  | Delaware             
|Pinnacle Galleria LLC                                         |  | Delaware             
|Riverview LLC                                                 |  | California           
|Vallejo Highlands Associates L.P.                             |  | California           
|Vallejo Somerset L.P.                                         |  | Texas