Exhibit 21.1

Subsidiaries of the Registrant

770 South Post Oak, LLC

Abode Mercer Crossing, LLC

AMG Chelsea, LLC

EQK Bridgeview, LLC

EQK Portage, LLC

FBH of Vista Ridge, LLC

Forest Pines Bryan 84, LLC

Income Opportunity Realty Investors, Inc.

KLP Toulon Apartments, LP

Land LD Athens Lindsay Ln, LLC

LD Denton Cnty, LLC

LPG Apartments, LP

McKinney Apts at Heritage MM, LLC

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

Spyglass of Ennis Apartments, LP

Stanford GL, LLC

Steeple Crest PCAL Apts, LLC

Sugar Mill III Apts, LLC

Sugar Mill III MM, LLC

T Palm Desert, Inc.

T Toulon, LLC

TCI McKinney 34, Inc.

TCI Mercer Crossing, 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

Travis Ranch, LLC

VA Mezz Note, LLC

Victory Abode Apartments, LLC

Villas at Bon Secour Apts, LLC

Villas at Bon Secour MM, LLC

VR Apartments, LP