Form: 10-K405

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

March 29, 2001

EX 21.1

Published on March 29, 2001





EXHIBIT 21.1


SUBSIDIARY LIST WITH INCORPORATION/ORGANIZATION DATE (BY JURISDICTION)







CALIFORNIA

230 Bay Place, L.P. 07/18/2000
San Francisco Bay Partners II, Ltd. 07/02/1984

CONNECTICUT

Avalon Transactions, Inc. 12/27/1994
Town Close Associates Limited Partnership 04/10/1992
Town Grove, LLC 12/27/1994

DELAWARE

Avalon Ballston II, L.P. 01/03/1997
Avalon DownREIT V, Inc. 07/06/1998
Avalon DownREIT V, L.P. 11/07/1997
Avalon Park Tower, LLC 11/21/2000
Avalon Riverview III, LLC 03/22/2000
Avalon Terrace LLC 05/02/2000
AvalonBay Redevelopment LLC 06/15/1999
Bay Countrybrook L.P. 06/12/1996
Bay Pacific Northwest, L.P. 08/29/1997

MARYLAND

Avalon 4100 Massachusetts Avenue, Inc. 06/13/1994
Avalon Ballston II, Inc. 11/01/1996
Avalon Chase Glen, Inc. 10/27/1993
Avalon Chase Grove, Inc. 03/18/1994
Avalon Chase Hampton, II, Inc. 10/27/1993
Avalon Chase Heritage, Inc. 10/27/1993
Avalon Decoverly, Inc. 03/08/1995
Avalon Lake Arbor, Inc. 07/14/1995
Avalon Oaks West, Inc. 02/05/2001
Avalon Oaks, Inc. 09/04/1997
Avalon Town Green II, Inc. 08/24/1993
Avalon Town Meadows, Inc. 05/27/1994
Avalon Town View, Inc. 10/27/1993
Avalon Upper Falls Limited Dividend Corporation 01/05/2001
AvalonBay Fairlane, Inc. 07/22/1998
AvalonBay Ledges, Inc. 07/22/1998
AvalonBay Parking, Inc. 01/19/2001
AvalonBay Redevelopment, Inc. 02/12/1999
Falkland Partners, LLC 07/01/1985
Lexington Ridge-Avalon, Inc. 10/27/1993

MASSACHUSETTS

AvalonBay BFG Limited Partnership 05/21/1998

MINNESOTA

AvalonBay Devonshire L.L.C. 05/20/1998
AvalonBay Edinburgh L.L.C. 05/20/1998



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NEW JERSEY

Town Cove II Jersey City Urban Renewal, Inc. 04/16/1996
Town Cove Jersey City Urban Renewal, Inc. 02/02/1994
Town Run Associates 11/03/1994

VIRGINIA

Arna Valley View Limited Partnership 02/24/1999
Avalon Decoverly Associates Limited Partnership 10/16/1990












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