Exhibit 21.1

Subsidiaries of the Registrant

770 South Post Oak, LLC

AMG Chelsea, LLC

ART Florentina, Inc.

EQK Bridgeview Plaza, LLC

EQK Portage, LLC

FBH of Vista Ridge, LLC

Forest Pines Bryan 84, LLC

Income Opportunity Realty Investors, Inc.

Land LD Athens Lindsay Ln, LLC

LD Denton Cnty, LLC

LPG Apartments, LP

McKinney Apts at Heritage, LLC

Ocean Estates, LLC

Parc at Denham Springs II Apartments, LLC

Parc at Denham Springs II, LP

Southern Properties Capital Ltd

Stanford GL, LLC

Steeple Crest PCAL Apts, LLC

T Palm Desert, Inc.

T Sorrento, Inc.

TCI McKinney 34, Inc.

TCI Park West I, LLC

TCI Stanford, LLC

TCI Valley Ranch 20, LLC

The Landing Apartments Houma, LLC

The Landing Apartments MM, LLC

Tower Bay, LLC

Transcontinental Realty Investors, Inc.

Travis Ranch, LLC

Victory Abode Apartments, LLC

Villas at Bon Secour Apts, LLC

Villas at Bon Secour MM, LLC

VR Apartments, LP