Exhibit 21.1

Subsidiaries of the Registrant

770 South Post Oak, LLC

AMG Chelsea, LLC

Apts at Merano, LLC

Apts at Mountain Creek, LLC

Apts at Mountain Creek, LLC

Bell Tower II Apts, LLC

Browning Place, LLC

Blue Lake Properties, Ltd.

Blue Lake Properties II, Ltd.

EQK Bridgeview Plaza, LLC

EQK Portage, LLC

FBH of Vista Ridge, LLC

FL Lake Wales Apts, LLC

Forest Pines Bryan 84, LLC

Holland Lake Partners, Ltd.

Income Opportunity Realty Investors, Inc.

Land LD Athens Lindsay Ln, LLC

LD Denton Cnty, LLC

LPG Apartments, LP

Northside on Travis, Ltd.

Ocean Estates, LLC

Parc at Denham Springs, L.P.

Parc at Denham Springs II, LP

Southern Properties Capital, Ltd.

Stanford GL, 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

Travis Ranch, LLC

Victory Abode Apartments, LLC

Villas at Bon Secour Apts, LLC

Villas at Park West I, LP

Villas at Park West II, LP

VR Apartments, LP