Form: 10-K405

Annual report [Sections 13 and 15(d), S-K Item 405]

March 31, 1998

SUBSIDIARIES OF THE COMPANY

Published on March 31, 1998


Exhibit 21.1


BAY APARTMENT COMMUNITIES, INC.
Subsidiaries of the registrant:

Bay Asset Group, Inc., a Maryland corporation
Bay Waterford, Inc., a Maryland corporation
Bay Development Partners, Inc., a Maryland corporation
Bay GP, Inc. (formerly known as Bay Shelter Cove, Inc.), a Maryland corporation