<DOCUMENT>
<TYPE>EX-99.(21)
<SEQUENCE>3
<FILENAME>belair10qex21.txt
<DESCRIPTION>BELAIR CAPITAL FUND LLC LIST OF SUBSIDIARIES
<TEXT>
                                                                      EXHIBIT 21


                             BELAIR CAPITAL FUND LLC
                                  SUBSIDIARIES


         Name                                      Jurisdiction of Incorporation
         ----                                      -----------------------------

Belair Real Estate Corporation                                Delaware

Argosy Realty Corporation                                     Delaware

Bel Residential Properties Trust                              Maryland

Katahdin Property Trust, LLC                                  Delaware

</TEXT>
</DOCUMENT>