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Exhibit 21.1

Entity Name						State Code
APARTMENT INCOME REIT, L.P.						DE
1108 MERRION AVE., LLC						DE
12955 E MONTVIEW, LLC						DE
2150 N BAYSHORE, LLC						DE
4701 WILLARD AVE., LLC						DE
4710 ELM STREET REIT, LLC						DE
4710 ELM STREET, LLC						DE
555 NE 8TH ST, LLC						DE
AIC REIT PROPERTIES LLC						DE
AIR 159 FIRST STREET, LLC						DE
AIR 21 FITZSIMONS, LLC						DE
AIR 234 EAST 88TH ST, LLC						DE
AIR 270 THIRD STREET, LLC						DE
AIR 3131 WALNUT STREET MEMBER I, LLC						DE
AIR 3131 WALNUT STREET MEMBER II, LLC						DE
AIR 3131 WALNUT STREET, LLC						DE
AIR 50 ROGERS STREET, LLC						DE
AIR 777 SOUTH BROAD MEMBER, LLC						DE
AIR 777 SOUTH BROAD, LLC						DE
AIR AVERY ROW REIT, LLC						DE
AIR AVERY ROW, LLC						DE
AIR BALAYE APARTMENTS I, LLC						DE
AIR BEACH CLUB MEMBER LLC						DE
AIR BEACH CLUB, LLC						DE
AIR BEACH, LLC						DE
AIR BENT TREE, LLC						DE
AIR BOSTON LOFTS, L.P.						DE
AIR BRANDYWINE GP, LLC						DE
AIR BRIAR RIDGE GP, LLC						DE
AIR BRIAR RIDGE, LLC						DE
AIR BUENA VISTA APARTMENTS GP, LLC						DE
AIR BUENA VISTA APARTMENTS, LLC						DE
AIR BURKSHIRE COMMONS GP, LLC						DE
AIR CHANTILLY GP, LLC						DE
AIR CHESTNUT HALL GP, LLC						DE
AIR CHESTNUT HALL LIMITED PARTNERSHIP						DE
AIR CLEARING ACCOUNT, LLC						DE
AIR COMMUNITIES SERVICE COMPANY, LLC						DE
AIR EASTPOINTE, LLC						DE
AIR FITZSIMONS 3A LESSEE, LLC						DE
AIR FITZSIMONS 3A LESSOR, LLC						DE
AIR FITZSIMONS 3A, LLC						DE
AIR FLAMINGO HEALTH CLUB, LLC						DE
AIR FOX CAPITAL MANAGEMENT LLC						DE
AIR FOXCHASE GP, LLC						DE
AIR FOXCHASE, L.P.						DE
AIR GP LA, L.P.						DE

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Exhibit 21.1

Entity Name						State Code
AIR HOLDINGS I, LLC						DE
AIR HOLDINGS II, LLC						DE
AIR HOLDINGS QRS LLC						DE
AIR HOLDINGS QRS, L.P.						DE
AIR HUNTINGTON GATEWAY MEMBER, LLC						DE
AIR INDIGO GP, LLC						DE
AIR INDIGO, LLC						DE
AIR IPLP, L.P.						DE
AIR JV 2 MEMBER, LLC						DE
AIR LA QRS LLC						DE
AIR LEAHY SQUARE APARTMENTS, LLC						DE
AIR LOCUST ON THE PARK MEMBER I, LLC						DE
AIR LOCUST ON THE PARK MEMBER II, LLC						DE
AIR LOCUST ON THE PARK, LLC						DE
AIR LP LA, L.P.						DE
AIR MADERA VISTA, LLC						DE
AIR MALIBU CANYON, LLC						DE
AIR MEADOW CREEK GP, LLC						DE
AIR MEZZO, LLC						DE
AIR MONTEREY GROVE APARTMENTS TIC 2, LLC						DE
AIR MONTEREY GROVE APARTMENTS, LLC						DE
AIR NORTH ANDOVER, L.L.C.						DE
AIR ONE ARDMORE PLACE MEMBER I, LLC						DE
AIR ONE ARDMORE PLACE MEMBER II, LLC						DE
AIR ONE ARDMORE PLACE, LLC						DE
AIR ONE CANAL HOLDINGS, LLC						DE
AIR ONE CANAL, LLC						DE
AIR OPPORTUNITY FUND 3A, LP						DE
AIR OPPORTUNITY FUND 3A-2, LP						DE
AIR OPPORTUNITY ZONE 3A BUSINESS, LP						DE
AIR OXFORD HOLDING LLC						DE
AIR PACIFICA GP, LLC						DE
AIR PACIFICA PARK, LLC						DE
AIR PALAZZO ACQUISITION, LLC						DE
AIR PARK LA BREA HOLDINGS, LLC						DE
AIR PARK LA BREA LLC						DE
AIR PLEASANT STREET, LLC						DE
AIR PROPERTIES FINANCE GP, LLC						DE
AIR PROPERTIES FINANCE LLC						DE
AIR PROPERTIES FINANCE PARTNERSHIP, L.P.						DE
AIR PROPERTIES, LLC						DE
AIR PROPERTY MANAGEMENT COMPANY, LLC						DE
AIR PROPERTY MANAGEMENT TRS, LLC						DE
AIR PROSPECT 400 GP, LLC						DE
AIR PROSPECT 400, L.P.						DE
AIR REIT SUB 1, LLC						DE
AIR REIT SUB 2, LLC						DE

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Exhibit 21.1

Entity Name						State Code
AIR ROBIN DRIVE GP, LLC						DE
AIR ROBIN DRIVE, L.P.						DE
AIR SAN BRUNO APARTMENTS PARTNERS, LLC						DE
AIR SCOTCHOLLOW APARTMENTS GP, LLC						DE
AIR SCOTCHOLLOW APARTMENTS, L.P.						DE
AIR SELECT PROPERTIES, L.P.						DE
AIR SOUTHSTAR LOFTS MEMBER I, LLC						DE
AIR SOUTHSTAR LOFTS MEMBER II, LLC						DE
AIR SOUTHSTAR LOFTS, LLC						DE
AIR SUBSIDIARY REIT I, LLC						DE
AIR SUNSET ESCONDIDO, L.L.C.						DE
AIR TELLURIDE DC GP, LLC						DE
AIR TELLURIDE DC HOLDINGS, L.P.						DE
AIR TOWNSHIP AT HIGHLANDS APARTMENTS, LLC						DE
AIR TOWNSHIP AT HIGHLANDS REIT, LLC						DE
AIR TREMONT, LLC						DE
AIR VENEZIA, LLC						DE
AIR WATERWAYS VILLAGE, LLC						DE
AIR/BETHESDA EMPLOYEE, L.L.C.						DE
AIR/BETHESDA HOLDINGS, INC.						DE
AIR/BLUFFS, L.L.C.						DE
AIR/BRANDYWINE, L.P.						DE
AIR/IPT LLC						DE
AIR/NASHUA, L.L.C.						DE
AIR/NHP PROPERTIES LLC						DE
AIR/PARK TOWNE PLACE ASSOCIATES GP, LLC						DE
AIVCAP I GP LLC						DE
AIVCAP I LP						DE
ANGELES INVESTMENT PROPERTIES LLC						DE
ANGELES REALTY II LLC						DE
APMH 1 LLC						DE
APMSF COMMON LLC						DE
APMSF HOLDINGS LLC						DE
APMSF INVESTOR LLC						DE
APMSF PHASE 1 LLC						DE
APMSF PHASE 1B LLC						DE
APMSF PHASE 1C LLC						DE
APMSF PHASE 1D LLC						DE
APMSF TRS MEMBER LLC						DE
AUP JV HOLDINGS, LLC						DE
BAY PARC PLAZA APARTMENTS, L.P.						DE
BAY ROAD CONDO HOLDINGS, LLC						DE
BREEZE ABHLD MEMBER, LLC						DE
BREEZE AIROP MEMBER, LLC						DE
BREEZE HOLDINGS ONE, LLC						DE
BREEZE HOLDINGS TWO, LLC						DE
BREEZE NEW HOLDINGS ONE, LLC						DE

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Exhibit 21.1

Entity Name						State Code
BREEZE NEW TRS HOLDINGS LLC						DE
BREEZE TRS HOLDINGS, LLC						DE
BREEZE TWO HOLDINGS 1, LLC						DE
BREEZE TWO HOLDINGS 10, LLC						DE
BREEZE TWO HOLDINGS 11, LLC						DE
BREEZE TWO HOLDINGS 12, LLC						DE
BREEZE TWO HOLDINGS 13, LLC						DE
BREEZE TWO HOLDINGS 14, LLC						DE
BREEZE TWO HOLDINGS 15, LLC						DE
BREEZE TWO HOLDINGS 16, LLC						DE
BREEZE TWO HOLDINGS 17, LLC						DE
BREEZE TWO HOLDINGS 18, LLC						DE
BREEZE TWO HOLDINGS 19, LLC						DE
BREEZE TWO HOLDINGS 2, LLC						DE
BREEZE TWO HOLDINGS 20, LLC						DE
BREEZE TWO HOLDINGS 21, LLC						DE
BREEZE TWO HOLDINGS 22, LLC						DE
BREEZE TWO HOLDINGS 23, LLC						DE
BREEZE TWO HOLDINGS 24, LLC						DE
BREEZE TWO HOLDINGS 25, LLC						DE
BREEZE TWO HOLDINGS 26, LLC						DE
BREEZE TWO HOLDINGS 27, LLC						DE
BREEZE TWO HOLDINGS 28, LLC						DE
BREEZE TWO HOLDINGS 29, LLC						DE
BREEZE TWO HOLDINGS 3, LLC						DE
BREEZE TWO HOLDINGS 30, LLC						DE
BREEZE TWO HOLDINGS 31, LLC						DE
BREEZE TWO HOLDINGS 32, LLC						DE
BREEZE TWO HOLDINGS 33, LLC						DE
BREEZE TWO HOLDINGS 34, LLC						DE
BREEZE TWO HOLDINGS 35, LLC						DE
BREEZE TWO HOLDINGS 36, LLC						DE
BREEZE TWO HOLDINGS 37, LLC						DE
BREEZE TWO HOLDINGS 38, LLC						DE
BREEZE TWO HOLDINGS 39, LLC						DE
BREEZE TWO HOLDINGS 4, LLC						DE
BREEZE TWO HOLDINGS 40, LLC						DE
BREEZE TWO HOLDINGS 5, LLC						DE
BREEZE TWO HOLDINGS 6, LLC						DE
BREEZE TWO HOLDINGS 7, LLC						DE
BREEZE TWO HOLDINGS 8, LLC						DE
BREEZE TWO HOLDINGS 9, LLC						DE
BRIARCLIFF-OXFORD ASSOCIATES LLC						MI
BROAD RIVER PROPERTIES, L.L.C.						DE
BURKSHIRE COMMONS APARTMENTS PARTNERS, L.P.						DE
CAPITAL CRESCENT TRAIL, LLC						DE
CCIP STERLING, L.L.C.						DE

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Exhibit 21.1

Entity Name						State Code
CCIP STERLING, L.P.						PA
CENTURY PROPERTIES FUND XVII, LLC						DE
CHANTILLY PARTNERS LIMITED PARTNERSHIP						VA
CIP18 FLAGLER VILLAGE LLC						DE
CITY CENTER ON 7TH LESSEE, LLC						DE
CITY CENTER ON 7TH LESSOR, LLC						DE
CONCAP EQUITIES LLC						DE
CONGRESS REALTY COMPANIES LIMITED PARTNERSHIP						MA
CONGRESS REALTY LLC						DE
CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES, LP, Series A						DE
COOPER RIVER PROPERTIES, L.L.C.						DE
CPF CREEKSIDE, LLC						DE
CRC CONGRESS REALTY LLC						DE
DBL PROPERTIES LLC						DE
FLAGLER VILLAGE OWNER, LLC						DE
FLAMINGO SOUTH ACQUISITIONS, LLC						DE
FLAMINGO SOUTH INVESTORS, LLC						DE, FL
FLATS 8300 HOLDCO, LLC						DE
FLATS 8300, LLC						DE, FL
FOUR QUARTERS HABITAT APARTMENTS ASSOCIATES, LLC						DE
FOUR QUARTERS LESSEE, LLC						DE
FOX PARTNERS						CA
FOX REALTY INVESTORS						CA
GP-OP PROPERTY MANAGEMENT, LLC						DE
HERITAGE PARK II INC.						DE
HERITAGE PARK INVESTORS LLC						DE
HISTORIC PROPERTIES LLC						DE
HOUSING PROGRAMS II LLC						DE
HUNTINGTON GATEWAY HOLDCO, LLC						DE
HUNTINGTON GATEWAY, LLC						DE
IPLP ACQUISITION I LLC						DE
ISLAND CLUB LESSEE, LLC						DE
ISTC LLC						DE
LA BROADCAST CENTER GP LLC						DE
LA BROADCAST CENTER QRS LLC						DE
LA CRESCENT GARDENS QRS LLC						DE
LA HILLCRESTE APARTMENTS LLC						DE
LA INDIAN OAKS GP LLC						DE
LA INDIAN OAKS LLC						DE
LA LAKES GP LLC						DE
LA LAKES LP						DE
LA LAKES QRS LLC						DE
LA MALIBU CANYON GP LLC						DE
LA MALIBU CANYON LLC						DE
LA MALIBU CANYON QRS LLC						DE

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Exhibit 21.1

Entity Name						State Code
LA PARK LA BREA A LLC						DE
LA PARK LA BREA B LLC						DE
LA PARK LA BREA C HOLDINGS 1 LLC						DE
LA PARK LA BREA C HOLDINGS 2 LLC						DE
LA PARK LA BREA C LLC						DE
LA PARK LA BREA C MEMBER LLC						DE
LA PARK LA BREA LLC						DE
LAC PROPERTIES GP II LIMITED PARTNERSHIP						DE
LAC PROPERTIES OPERATING PARTNERSHIP, L.P.						DE
LAC PROPERTIES QRS II LLC						DE
LAKERIDGE-ISLAND CLUB APARTMENTS PARTNERS, LLC						DE
LINCOLN MARINERS ASSOCIATES LIMITED						CA
LINCOLN PROPERTY COMPANY NO. 409, LTD.						CA
LOCUST ON THE PARK REIT, LLC						DE
MADISON RIVER PROPERTIES, L.L.C.						DE
MAERIL LLC						DE
MAYER BEVERLY PARK LIMITED PARTNERSHIP						CA
MB CONDO INVESTMENTS, LLC						DE
MB FLORIDA INVESTORS, LLC						DE
MCZ/CENTRUM FLAMINGO II, L.L.C.						DE
MCZ/CENTRUM FLAMINGO III, L.L.C.						DE
MONROE-OXFORD ASSOCIATES LLC						DE
MORTON TOWERS APARTMENTS, L.P.						DE
MORTON TOWERS HEALTH CLUB, LLC						DE
NATIONAL BOSTON LOFTS ASSOCIATES, LLC						DE
NATIONAL BOSTON LOFTS REIT, LLC						DE
NHP A&R SERVICES, LLC						VA
NHP-HG FOUR LLC						DE
NHPMN MANAGEMENT, L.P.						DE
NHPMN MANAGEMENT, LLC						DE
NHPMN-GP LLC						DE
NORTH PARK AVENUE, LLC						DE
NPI EQUITY INVESTMENTS II LLC						DE
OAC INVESTMENT LLC						DE
OP PROPERTY MANAGEMENT, L.P.						DE
OP PROPERTY MANAGEMENT, LLC						DE
OXFORD EQUITIES III LLC						DE
OXFORD EQUITIES LLC						DE
OXFORD INVESTMENT II LLC						DE
OXFORD INVESTMENT LLC						DE
OXFORD MANAGERS I LIMITED PARTNERSHIP						MD
OXFORD PARTNERS X, L.L.C.						MD
OXFORD REALTY FINANCIAL GROUP LLC						DE

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Exhibit 21.1

Entity Name						State Code
PARK LA BREA ACQUISITION, LLC						DE
PARK TOWNE PLACE ASSOCIATES LIMITED PARTNERSHIP						DE
PARK TOWNE PLACE LESSEE, LLC						DE
REEDY RIVER PROPERTIES, L.L.C.						DE
RESERVE AT COCONUT POINT, LLC						DE
RI-15 GP, LLC						DE
RI-15 LIMITED PARTNERSHIP						DC
RIVER LOFT APARTMENTS GP, LLC						DE
RIVER LOFT APARTMENTS LIMITED PARTNERSHIP						PA
RIVER LOFT ASSOCIATES LIMITED PARTNERSHIP						MA
SB CONDO INVESTMENTS, LLC						DE, FL
SEAGULL CAPITAL, LLC						DE
SEAGULL HOLDINGS, LLC						DE
SOUTHGATE TOWERS, LLC						DE
VAUGHAN PLACE ACQUISITIONS, LLC						DE
VAUGHAN PLACE CONDOS LLC						DE
VAUGHAN PLACE HOLDINGS, LLC						DE
VAUGHAN PLACE INVESTMENTS, LLC						DE
VAUGHAN PLACE, LLC						DE
VILLAGES AT OLDE TOWNE, LLC						DE
VILLAGES AT SUNNYBROOK, LLC						DE
ZIMCO XI L.L.C.						MD
ZIMCO/MONROE XI LLC						DE