EXHIBIT 21.1

VERDE REALTY

SUBSIDIARIES OF REGISTRANT

Name of Subsidiary	Jurisdiction of Organization
Builder Finance Holdings, L.L.C.	Delaware
Cento, LLC	Delaware
Contrato de Fideicomiso de Administracion Irrevocable; Number F/619 (Alamar)	Mexico
Contrato de Fideicomiso Irrevocable F/899 (Avante Corning)	Mexico
Contrato de Fideicomiso Irrevocable F/904	Mexico
DCP Phase III LLC	Delaware
Heritage Preserve LLC	Delaware
Mexican Business trust F/00086	Mexico
Mid Cities 35 Building Partners 1, LP	Delaware
Mid Cities 35 G.P., L.L.C.	Delaware
Mid Cities 35 Partners, Ltd.	Texas
Montaraz Phase I LLC	Delaware
Montaraz Phases 4 & 5 LLC	Delaware
Montaraz Phases 5 & 6 LLC	Delaware
Montaraz Phases 6 & 7 LLC	Delaware
MRDA LP	Delaware
Santa Teresa Educational Annex LLC	Delaware
Santa Teresa Single Family Residential, LLC	Delaware
Sunland Park Land Development LLC	Delaware
Verde 100 Lindbergh LLC	Delaware
Verde 201 Anaya LP	Texas
Verde 360 Americas LP	Texas
Verde 401 Avenida Ascension LLC	Delaware
Verde 417 Union LP	Texas
Verde 418 Union LP	Texas
Verde 420 Pan American LP	Texas
Verde 425 Pan American LP	Texas
Verde 455 Pan American LP	Texas
Verde 465 Pan American LP	Texas
Verde 505 Union Pacific LP	Texas
Verde 543 Americas Avenue LP	Texas
Verde 602 Union LP	Texas
Verde 1190 Country Club LLC	Delaware
Verde 1268 Country Club LLC	Delaware

Name of Subsidiary	Jurisdiction of Organization
Verde 1270 Country Club LLC	Delaware
Verde 1290 Country Club LLC	Delaware
Verde 2800 Airport Road LLC	Delaware
Verde 5000 George McVay LP	Texas
Verde 5001 Tanya LP	Texas
Verde 5001 W. Military Highway LP	Texas
Verde 5001-5201 George McVay LP	Texas
Verde 5109 Tanya LP	Texas
Verde 5200 George McVay LP	Texas
Verde 5250 McNutt LLC	Delaware
Verde 5290 McNutt LLC	Delaware
Verde 5340 McNutt Holdings II LLC	Delaware
Verde 5340 McNutt Holdings LLC	Delaware
Verde 5340 McNutt LLC	Delaware
Verde 5700 International Parkway LP	Texas
Verde 5801 George McVay LP	Texas
Verde 6100 International Parkway LP	Texas
Verde 6900 S International Parkway LP	Texas
Verde 9560 Joe Rodriguez Dr LP	Texas
Verde 9580 Joe Rodriguez Dr LP	Texas
Verde 9600-9660 Joe Rodriguez Drive LP	Texas
Verde 9900 Railroad Drive LP	Delaware
Verde 11302 East Point LP	Texas
Verde 12273 Gateway East LP	Texas
Verde 14666 Pacifico Industrial, LLC	Delaware
Verde Aeroparque II Industrial, LLC	Delaware
Verde Alamar S. de R.L. de C.V.	Mexico
Verde Americas Industrial Park LP	Texas
Verde Apartment Communities Construction LP	Texas
Verde Apartment Communities Development LP	Texas
Verde Apartment Communities Property Management LP	Texas
Verde Apartment Services GP LLC	Texas
Verde Apodaca Industrial, LLC	Delaware
Verde Avenida Industrial en Nueva Tijuana Funding LLC	Delaware
Verde Bellas Artes y Norte, LLC	Delaware
Verde Bermudez 731 Industrial LLC	Delaware
Verde Bermudez y Maxwell, LLC	Delaware
Verde Bermudez y Ohm Industrial, LLC	Delaware

Name of Subsidiary	Jurisdiction of Organization
Verde Border Industrial Park LLC	Delaware
Verde Border One and Two LLC	Delaware
Verde Braun Station Apartments LP	Texas
Verde Bravo Industrial, LLC	Delaware
Verde Brushy Creek Apartments LP	Delaware
Verde Chateaux Dijon Apartments LP	Delaware
Verde Chihuahua Industrial, LLC	Delaware
Verde Corporate Realty Services LLC	Delaware
Verde Crownridge LP	Delaware
Verde Culebra Apartments LP	Delaware
Verde Cypress Creek Ranch Apartments LP	Delaware
Verde Fairfield Apartments LP	Delaware
Verde Florida Industrial, LLC	Delaware
Verde Fomento Industrial y del Norte, LLC	Delaware
Verde Grand Medical Center LP	Delaware
Verde Greenbriar Apartments LP	Delaware
Verde Group Employee Partnership	Texas
Verde Hayter Road II LP	Texas
Verde Hayter Road LP	Texas
Verde Heritage Ranch LLC	Delaware
Verde Independencia Industrial S de RL de CV	Mexico
Verde Industrial Tijuana I, LLC	Delaware
Verde International Parkway Land LP	Texas
Verde Joe Battle LP	Delaware
Verde Katy Grand Harbor Apartments Financing LP	Delaware
Verde Katy Grand Harbor Apartments LP	Delaware
Verde Katy Grand Harbor GP LLC	Delaware
Verde KM 78 Industrial, S. de R.L. de C.V.	Mexico
Verde Ladera Apartments LP	Texas
Verde Lakemont Apartments LP	Delaware
Verde Libramiento Aeropuerto, LLC	Delaware
Verde Logistics Railroad LLC	Delaware
Verde McAllen Land LP	Texas
Verde McNutt and Domenici Land LLC	Delaware
Verde Meister Lane LP	Delaware
Verde Mexico Corporate Facilities S de RL CV	Mexico
Verde Mexico S de RL de CV	Mexico
Verde Mission LP	Delaware

Name of Subsidiary	Jurisdiction of Organization
Verde Nasa Apartments LP	Delaware
Verde Northpointe Apartments LP	Delaware
Verde Pan American Center LP	Texas
Verde Panamericana, LLC	Delaware
Verde Panther Creek Apartments LP	Delaware
Verde Pinos y Parque Industrial, LLC	Delaware
Verde Precha E-99 Industrial, LLC	Delaware
Verde Railroad Land LLC	Delaware
Verde Real Estate Investment GP LLC	Delaware
Verde Real Estate Services, L.L.C.	Delaware
Verde Realty Operating Partnership, L.P.	Delaware
Verde Realty TRS, LLC	Delaware
Verde Reynosa Parque Industrial El Puente, LLC	Delaware
Verde Riverwalk Apartments II LP	Delaware
Verde Riverwalk Apartments LP	Texas
Verde SA Interchange LP	Texas
Verde Santa Teresa LLC	Delaware
Verde Shadow Brook Apartments LP	Delaware
Verde Studemont Apartments LP	Delaware
Verde Taguchi #250 Industrial, LLC	Delaware
Verde Tijuana Industrial, LLC	Delaware
Verde Tri County Ltd	Texas
Verde Wells Branch Apartments LP	Delaware
Verde Westover Hills Apartments LP	Delaware
Verde Woodland Hills Apartments LP	Delaware
Verde Woodson Park Apartments Financing LP	Delaware
Verde Woodson Park Apartments LP	Delaware
Verde Woodson Park GP LLC	Delaware
Verde Woodson Park II Apartments LP	Delaware
Verde-Cambridge I, LLC	Delaware
Verde-Cambridge Member I, LLC	Delaware
VM Investments I LLC	Delaware
VM Investments II LLC	Delaware