Exhibit 21
Subsidiaries of the Registrant
------------------------------------------------------------------------------------------------------------------
Percentage of Limited
Partnership Units
Owned By Baron Capital
Name of Limited Partnership Properties, L.P. State of Formation
------------------------------------------------------------------------------------------------------------------
Baron Strategic Investment Fund, Ltd. 93.75% Florida
------------------------------------------------------------------------------------------------------------------
Baron Strategic Investment Fund II, Ltd. 100.00% Florida
------------------------------------------------------------------------------------------------------------------
Baron Strategic Investment Fund IV, Ltd. 100.00% Florida
------------------------------------------------------------------------------------------------------------------
Baron Strategic Investment Fund V, Ltd. 97.50% Florida
------------------------------------------------------------------------------------------------------------------
Baron Strategic Investment Fund VI, Ltd. 96.65% Florida
------------------------------------------------------------------------------------------------------------------
Baron Strategic Investment Fund VIII, Ltd. 100.00% Florida
------------------------------------------------------------------------------------------------------------------
Baron Strategic Investment Fund IX, Ltd. 98.50% Florida
------------------------------------------------------------------------------------------------------------------
Baron Strategic Investment Fund X, Ltd. 97.62% Florida
------------------------------------------------------------------------------------------------------------------
Baron Strategic Vulture Fund I, Ltd. 100.00% Florida
------------------------------------------------------------------------------------------------------------------
Brevard Mortgage Program, Ltd. 100.00% Florida
------------------------------------------------------------------------------------------------------------------
Central Florida Income Appreciation Fund, Ltd. 98.57% Florida
------------------------------------------------------------------------------------------------------------------
Florida Capital Income Fund, Ltd. 95.04% Florida
------------------------------------------------------------------------------------------------------------------
Florida Capital Income Fund II, Ltd. 94.50% Florida
------------------------------------------------------------------------------------------------------------------
Florida Capital Income Fund III, Ltd. 92.75% Florida
------------------------------------------------------------------------------------------------------------------
Florida Capital Income Fund IV, Ltd. 96.70% Florida
------------------------------------------------------------------------------------------------------------------
Florida Income Advantage Fund I, Ltd. 98.40% Florida
------------------------------------------------------------------------------------------------------------------
Florida Income Appreciation Fund I, Ltd. 100.00% Florida
------------------------------------------------------------------------------------------------------------------
Florida Income Growth Fund V, Ltd. 96.09% Florida
------------------------------------------------------------------------------------------------------------------
Florida Opportunity Income Partners, Ltd. 100.00% Florida
------------------------------------------------------------------------------------------------------------------
GSU Stadium Student Apartments, Ltd. 100.00% Florida
------------------------------------------------------------------------------------------------------------------
Lamplight Court of Bellefontaine Apartments, Ltd. 100.00% Florida
------------------------------------------------------------------------------------------------------------------
Midwest Income Growth Fund VI, Ltd. 93.33% Michigan
------------------------------------------------------------------------------------------------------------------
Realty Opportunity Income Fund VIII, Ltd. 95.76% Florida
------------------------------------------------------------------------------------------------------------------
Crystal Court Apartments II, Ltd. 100.00% Florida
------------------------------------------------------------------------------------------------------------------
Xxxxxxxxxxx Xxxxxxxxx, Ltd. 100.00% Florida
------------------------------------------------------------------------------------------------------------------
Riverwalk Enterprises, Ltd. 100.00% Florida
------------------------------------------------------------------------------------------------------------------
