Exhibit 21.1  List of Subsidiaries (as
of December 31, 2007)  Entity
  
  State of Formation/Incorporation12th Street
  Associates Intermediate, LLC
  
  Delaware12th Street
  Associates, LLC
  
  Delaware353 Associates
  
  Pennsylvania353 Associates GP, LLC
  
  Delaware3175 JFK Associates, LP
  
  DelawareAbbott Road Associates
  Intermediate, LLC
  
  DelawareAbbott Road Associates,
  LLC
  
  DelawareAETC Housing LP
  
  DelawareAMC West Housing LP
  
  DelawareAlexander Road
  Associates Intermediate, LLC
  
  DelawareAlexander Road
  Associates, LLC
  
  DelawareBelle Chase Associates
  Intermediate II, LLC
  
  DelawareBelle Chase Associates
  Intermediate, LLC
  
  DelawareBelle Chase Associates,
  LLC
  
  DelawareBethel Avenue
  Associates Intermediate, LLC
  
  DelawareBethel Avenue
  Associates, LLC
  
  DelawareBinford Street
  Associates Intermediate, LLC
  
  DelawareBinford Street
  Associates, LLC
  
  DelawareBowling Green
  Associates Intermediate, LLC
  
  DelawareBowling Green
  Associates, LLC
  
  DelawareBrookstone Drive
  Associates Intermediate, LLC
  
  DelawareBrookstone Drive
  Associates, LLC
  
  DelawareBrown Road Associates
  Intermediate, LLC
  
  DelawareBrown Road Associates,
  LLC
  
  DelawareBurbank Drive
  Associates II, LLC
  
  DelawareBurbank Drive
  Associates Intermediate II, LLC
  
  DelawareBurbank Drive
  Associates Intermediate III, LLC
  
  DelawareBurbank Drive
  Associates Intermediate, LLC
  
  DelawareBurbank Drive
  Associates, LLC
  
  DelawareCampus Club Associates
  Intermediate, LLC
  
  DelawareCampus Club Associates,
  LLC
  
  DelawareCampus View Drive
  Associates Intermediate, LLC
  
  DelawareCampus View Drive
  Associates, LLC
  
  DelawareCarlisle/Picatinny
  Family Housing LP
  
  DelawareClarizz Boulevard
  Associates Intermediate, LLC
  
  DelawareClarizz Boulevard
  Associates, LLC
  
  DelawareCollege Park
  Investments LLC
  
  DelawareCollege Park Management
  LLC
  
  FloridaCollege Park Management
  TRS, Inc.
  
  DelawareThe Commons II, LLC
  
  DelawareCroyden Avenue
  Associates Intermediate, LLC
  
  DelawareCroyden Avenue
  Associates, LLC
  
  DelawareFDWR Parent LLC
  
  DelawareFort Bliss/White Sands
  Missile Range Housing LP
  
  DelawareFort Carson Family
  Housing, LLC
  
  DelawareFort Detrick/Walter
  Reed Army Medical Center Housing LLC
  
  DelawareFort Eustis/Fort Story
  Housing LLC
  
  DelawareFort Gordon Housing LLC
  
  Delaware


Fort Hamilton Housing
  LLC
  
  DelawareFort Jackson Housing
  LLC
  
  DelawareGainesville Associates
  Intermediate, LLC
  
  DelawareGainesville Associates,
  LLC
  
  DelawareGH 3175 JFK Associates
  GP, LLC
  
  DelawareGH University Crossings
  Associates GP, LLC
  
  DelawareGMH Communities, LP
  
  DelawareGMH Communities GP
  Trust
  
  DelawareGMH Communities
  Services, Inc.
  
  DelawareGMH Communities
  TRS, Inc.
  
  DelawareGMH Independent Member
  I, Inc.
  
  DelawareGMH Independent Member
  II, Inc.
  
  DelawareGMH Military Housing,
  LLC
  
  DelawareGMH Military Housing-
  AETC General Partner LLC
  
  DelawareGMH Military Housing-
  AETC Limited Partner LLC
  
  DelawareGMH Military Housing 
  AMC General Partner LLC
  
  DelawareGMH Military Housing 
  AMC Limited Partner LLC
  
  DelawareGMH Military Housing 
  Bliss/WSMR General Partner, LLC
  
  DelawareGMH Military Housing 
  Bliss/WSMR Limited Partner, LLC
  
  DelawareGMH Military Housing-
  Carlisle/ Picatinny General Partner LLC
  
  DelawareGMH Military Housing-
  Carlisle/Picatinny Limited Partner LLC
  
  DelawareGMH Military Housing
  Construction LLC
  
  DelawareGMH Military Housing
  Development LLC
  
  DelawareGMH Military Housing -
  FDWR LLC
  
  DelawareGMH Military Housing -
  Fort Carson LLC
  
  DelawareGMH Military Housing 
  Fort Gordon LLC
  
  DelawareGMH Military Housing -
  Fort Hamilton LLC
  
  DelawareGMH Military Housing 
  Fort Jackson LLC
  
  DelawareGMH Military Housing -
  Hampton Roads, LLC
  
  DelawareGMH Military Housing
  Investments LLC
  
  DelawareGMH Military Housing 
  Leonard Wood LLC
  
  DelawareGMH Military Housing
  Management LLC
  
  DelawareGMH Military Housing
  Navy Northeast LLC
  
  DelawareGMH Military Housing
  Navy Southeast LLC
  
  DelawareGMH Military Housing -
  Stewart Hunter LLC
  
  DelawareGMH Military Housing 
  Vandenberg General Partner LLC
  
  DelawareGMH Military Housing 
  Vandenberg Limited Partner LLC
  
  DelawareGMH Military Housing 
  West Point LLC
  
  DelawareGMH Northeast Housing
  Design/Build LLC
  
  DelawareGMH/AEW Associates, LLC
  
  DelawareGMH/AF Housing
  Construction LLC
  
  DelawareGMH/AF Management/Development
  LLC
  
  DelawareGMH/ARMY Integrated LLC
  
  DelawareGMH/ Balfour Beatty
  Military Communities, LLC
  
  DelawareGMH/ Benham Military
  Communities LLC
  
  DelawareGMH/GF Campus Edge
  Associates Intermediate, LLC
  
  DelawareGMH/GF Campus Edge
  Associates, LLC
  
  DelawareGMH/GF Denton
  Associates Intermediate, LLC
  
  DelawareGMH/GF Denton
  Associates, LLC
  
  DelawareGMH/GF II Student
  Housing Associates II, LLC
  
  DelawareGMH/GF Knotty Pine
  Associates Intermediate, LLC
  
  DelawareGMH/GF Knotty Pine
  Associates, LLC
  
  DelawareGMH/GF Morgantown
  Associates Intermediate, LLC
  
  DelawareGMH/GF Morgantown
  Associates, LLC
  
  DelawareGMH/GF University Walk
  Associates Intermediate, LLC
  
  Delaware


GMH/GF University Walk
  Associates, LLC
  
  DelawareGMH/GF Varsity Lane
  Associates Intermediate, LLC
  
  DelawareGMH/GF Varsity Lane
  Associates, LLC
  
  DelawareGMH/PHELPS Military
  Communities LLC
  
  DelawareGrandMarc UCR
  Intermediate, LLC
  
  DelawareGrandMarc UCR, LP
  
  DelawareGreenville Associates
  Intermediate, LLC
  
  DelawareGreenville Associates,
  LLC
  
  DelawareHeron Drive Associates
  Intermediate, LLC
  
  DelawareHeron Drive Associates,
  LLC
  
  DelawareKeller Boulevard
  Associates Intermediate, LLC
  
  DelawareKeller Boulevard
  Associates, LLC
  
  DelawareKlotz Road Associates
  Intermediate, LLC
  
  DelawareKlotz Road Associates,
  LLC
  
  DelawareLa Riviera Drive
  Associates, LP
  
  DelawareLa Riviera Drive
  Associates, LLC
  
  DelawareLA-31, LP
  
  PennsylvaniaLakeside Associates
  Intermediate, LLC
  
  DelawareLakeside Associates,
  LLC
  
  DelawareLanier Drive Associates
  Intermediate, LLC
  
  DelawareLanier Drive
  Associates, LLC
  
  DelawareLankford Drive
  Associates II, LLC
  
  DelawareLankford Drive
  Associates Intermediate II, LLC
  
  DelawareLankford Drive
  Associates Intermediate, LLC
  
  DelawareLankford Drive
  Associates, LLC
  
  DelawareLincoln Boulevard
  Associates Intermediate, LLC
  
  DelawareLincoln Boulevard
  Associates, LLC
  
  DelawareLubbock Main Street
  Associates Intermediate, LLC
  
  DelawareLubbock Main Street
  Associates, LLC
  
  DelawareLubbock Two Associates,
  LLC
  
  DelawareLubbock Two
  Intermediate, LLC
  
  DelawareLynchburg Associates
  Intermediate, LLC
  
  DelawareLynchburg Associates
  LLC
  
  DelawareMonks Road Associates
  Intermediate, LLC
  
  DelawareMonks Road Associates,
  LLC
  
  DelawareMontezuma Road
  Associates Intermediate, LLC
  
  DelawareMontezuma Road
  Associates, LP
  
  DelawareMorgantown Associates
  Intermediate, LLC
  
  DelawareMorgantown Associates,
  LLC
  
  DelawareNebraska Charleston
  Associates Intermediate, LLC
  
  DelawareNebraska Charleston
  Associates, LLC
  
  DelawareNebraska Outfield
  Associates, LLC
  
  DelawareNeff Avenue Associates
  Intermediate, LLC
  
  DelawareNeff Avenue Associates,
  LLC
  
  DelawareNew Center Drive
  Associates Intermediate, LLC
  
  DelawareNew Center Drive
  Associates, LLC
  
  DelawareNittany Crossing
  Intermediate, LLC
  
  DelawareNortheast Housing LLC
  
  DelawareOak Tree Associates
  Intermediate, LLC
  
  DelawareOak Tree Associates,
  LLC
  
  DelawareOrchard Trails Housing,
  LLC
  
  DelawarePalisades Drive
  Associates Intermediate, LLC
  
  DelawarePalisades Drive
  Associates, LLC
  
  DelawarePeach Grove Associates
  Intermediate, LLC
  
  DelawarePeach Grove Associates,
  LLC
  
  DelawarePegasus Connection
  Associates Intermediate, LLC
  
  Delaware


Pegasus Connection
  Associates, LLC
  
  DelawarePort Republic
  Associates Intermediate, LLC
  
  DelawareRacine Drive Associates
  Intermediate, LLC
  
  DelawareRacine Drive
  Associates, LLC
  
  DelawareRed Mile Road
  Associates Intermediate, LLC
  
  DelawareRed Mile Road
  Associates, LLC
  
  DelawareReno Associates
  Intermediate, LLC
  
  DelawareReno Associates, LLC
  
  DelawareRiverbend Associates
  Intermediate, LLC
  
  DelawareRiverbend Associates,
  LLC
  
  DelawareRutherford Boulevard
  Associates Intermediate II, LLC
  
  DelawareRutherford Boulevard
  Associates Intermediate, LLC
  
  DelawareRutherford Boulevard
  Associates, LLC
  
  DelawareSacramento Fourth
  Avenue Associates Intermediate, LLC
  
  DelawareSacramento Fourth
  Avenue Associates, LLC
  
  DelawareSavoy Village
  Associates Intermediate, LLC
  
  DelawareSavoy Village
  Associates, LLC
  
  DelawareSeminole Ridge
  Associates Intermediate, LLC
  
  DelawareSeminole Ridge
  Associates, LLC
  
  DelawareSeminole Suites
  Associates Intermediate, LLC
  
  DelawareSeminole Suites
  Associates, LLC
  
  DelawareSilo Court Associates
  Intermediate, LLC
  
  DelawareSilo Court Associates,
  LLC
  
  DelawareSouth Carolina
  Associates Intermediate, LLC
  
  DelawareSouth Carolina
  Associates, LLC
  
  DelawareSoutheast Housing LLC
  
  DelawareSoutheast Region I
  Intermediate, LLC
  
  DelawareSoutheast Region I, LLC
  
  DelawareSoutheast Region II,
  LLC
  
  DelawareSoutheast Region IV
  Intermediate, LLC
  
  DelawareSoutheast Region IV,
  LLC
  
  DelawareSouthern Eagle
  Associates Intermediate, LLC
  
  DelawareSouthern Eagle
  Associates, LLC
  
  DelawareState College Intermediate,
  LLC
  
  DelawareSterling Way Associates
  Intermediate, LLC
  
  DelawareSterling Way
  Associates, LLC
  
  DelawareStewart Hunter Housing
  LLC
  
  DelawareSycamore Avenue
  Associates Intermediate, LLC
  
  DelawareSycamore Avenue
  Associates, LLC
  
  DelawareThird Street Associates
  Intermediate, LLC
  
  DelawareThird Street
  Associates, LLC
  
  DelawareTwenty Seventh Street
  Associates Intermediate, LLC
  
  DelawareTwenty Seventh Street
  Associates, LLC
  
  DelawareUrbana Associates
  Intermediate, LLC
  
  DelawareUrbana Associates, LLC
  
  DelawareVairo Boulevard
  Associates Intermediate, LLC
  
  DelawareVairo Boulevard
  Associates, LP
  
  PennsylvaniaVandenberg Housing LP
  
  DelawareW9/JP-M Real Estate
  Limited Partnership
  
  DelawareWashington Avenue
  Associates Intermediate, LLC
  
  DelawareWashington Avenue
  Associates, LLC
  
  DelawareWHGMH Realty, L.P.
  
  DelawareWest Point Housing LP
  
  DelawareWillowtree Associates I
  Intermediate Non-Managing, LLC
  
  DelawareWillowtree Associates I
  Intermediate, LLC
  
  DelawareWillowtree Associates
  I, LLC
  
  Delaware


Willowtree Associates
  II Intermediate Non-Managing
  
  DelawareWillowtree Associates
  II Intermediate, LLC
  
  DelawareWillowtree Associates
  II, LLC
  
  DelawareWoodhaven Circle
  Associates II, LLC
  
  DelawareWoodhaven Circle
  Associates Intermediate II, LLC
  
  DelawareWoodhaven Circle
  Associates Intermediate, LLC
  
  DelawareWoodhaven Circle
  Associates, LLC
  
  Delaware