##### 



Exhibit 21.1


SUBSIDIARIES OF POST PROPERTIES, INC.


(as of December 31, 2005)


|   |  |                                                  |  |                    |          | 
|-- |  | ------------------------------------------------ |  | ------------------ | -------- | 
|   |  | Name                                             |  | State of Formation |         
|   |  |                                                  |  |                    |         
|1  |  | 1499 Massachusetts Avenue, Inc.                  |  |                    | Delaware | 
|2  |  | 1499 Massachusetts Holding, LLC                  |  |                    | Delaware | 
|3  |  | 3630 Condo Holdings, LLC                         |  |                    | Georgia  | 
|4  |  | 3630 North Tower Residential, LLC                |  |                    | Georgia  | 
|5  |  | 3630 Peachtree Road Holdings Limited Partnership |  |                    | Georgia  | 
|6  |  | 3630 Residential GP, LLC                         |  |                    | Georgia  | 
|7  |  | 3630 South Tower Residential, LLC                |  |                    | Georgia  | 
|8  |  | Addison Circle Access, Inc.                      |  |                    | Delaware | 
|9  |  | Addison Townhomes One, Ltd.                      |  |                    | Texas    | 
|10 |  | Akard-McKinney Investment Company, LLC           |  |                    | Texas    | 
|11 |  | Alexander Condominium Development I, LLC         |  |                    | Georgia  | 
|12 |  | Alexander Condominium Development II, LLC        |  |                    | Georgia  | 
|13 |  | Allen Plaza Mixed Use, LLC                       |  |                    | Georgia  | 
|14 |  | Armada Homes, Inc.                               |  |                    | Delaware | 
|15 |  | Armada Phoenix Townhomes, LLC                    |  |                    | Texas    | 
|16 |  | Armada Residences, L.P.                          |  |                    | Georgia  | 
|17 |  | Block 588 Condominium Development, L.P.          |  |                    | Georgia  | 
|18 |  | Block 588 GP, LLC                                |  |                    | Georgia  | 
|19 |  | Block 588 LP, LLC                                |  |                    | Georgia  | 
|20 |  | Briarcliff Commercial Property, LLC              |  |                    | Georgia  | 
|21 |  | Carlyle Condominium Development, LLC             |  |                    | Georgia  | 
|22 |  | Citrus Park Condominium Development, LLC         |  |                    | Georgia  | 
|23 |  | Cumberland Lake, Inc.                            |  |                    | Georgia  | 
|24 |  | Greenwood Residential, LLC                       |  |                    | Texas    | 
|25 |  | Harbour I Condominium Development, LLC           |  |                    | Georgia  | 
|26 |  | Hyde Park Walk Condominium Development, LLC      |  |                    | Georgia  | 
|27 |  | P/ C First Avenue LLC                            |  |                    | Delaware | 
|28 |  | Peachtree Condominium Development, LLC           |  |                    | Georgia  | 
|29 |  | PMBC Austin Limited Partnership                  |  |                    | Georgia  | 
|30 |  | Post 1499 Massachusetts, LLC                     |  |                    | Georgia  | 
|31 |  | Post Apartment Homes, L.P.                       |  |                    | Georgia  | 
|32 |  | Post Asset Management, Inc.                      |  |                    | Georgia  | 
|33 |  | Post Austin Triangle, L.P.                       |  |                    | Georgia  | 
|34 |  | Post Biltmore, LLC                               |  |                    | Delaware | 
|35 |  | Post Carlyle I, LLC                              |  |                    | Georgia  | 
|36 |  | Post Carlyle II, LLC                             |  |                    | Delaware | 
|37 |  | Post Carlyle Services, LLC                       |  |                    | Georgia  | 
|38 |  | Post Construction Services, Inc                  |  |                    | Georgia  | 
|39 |  | Post Development Services Limited Partnership    |  |                    | Georgia  | 
|40 |  | Post GP Holdings, Inc.                           |  |                    | Georgia  | 
|41 |  | Post Landscape Group, Inc.                       |  |                    | Georgia  | 
|42 |  | Post LP Holdings, Inc.                           |  |                    | Georgia  | 
|43 |  | Post Midtown Square GP, LLC                      |  |                    | Georgia  | 
|44 |  | Post Midtown Square, L.P.                        |  |                    | Georgia  | 
|45 |  | Post Paseo Colorado, LLC                         |  |                    | Delaware | 
|46 |  | Post Peachtree, LLC                              |  |                    | Delaware | 
|47 |  | Post Rice Lofts, LLC                             |  |                    | Texas    | 
|48 |  | Post Services, Inc.                              |  |                    | Georgia  | 
|49 |  | Post Triangle, LLC                               |  |                    | Georgia  | 
|50 |  | Post TRS Condo I, LLC                            |  |                    | Georgia  | 
|51 |  | Post TRS, Inc                                    |  |                    | Georgia  | 












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##### 



|   |  |                                           |  |                    |          | 
|-- |  | ----------------------------------------- |  | ------------------ | -------- | 
|   |  | Name                                      |  | State of Formation |         
|   |  |                                           |  |                    |         
|52 |  | Post West Avenue Lofts, L.P.              |  |                    | Georgia  | 
|53 |  | Post West Avenue, LLC                     |  |                    | Georgia  | 
|54 |  | Post Wilson Buildings, LLC                |  |                    | Georgia  | 
|55 |  | Post-AmerUs American Beauty Mill, L.P.    |  |                    | Georgia  | 
|56 |  | Post-AmerUs Bennie Dillon, L.P.           |  |                    | Georgia  | 
|57 |  | Post-AmerUs Rice Lofts, L.P.              |  |                    | Georgia  | 
|58 |  | Post-AmerUs Wilson Building II, L.P.      |  |                    | Georgia  | 
|59 |  | Post-AmerUs Wilson Building, L.P.         |  |                    | Georgia  | 
|60 |  | PSI 3630 Peachtree, LLC                   |  |                    | Georgia  | 
|61 |  | Residential Ventures, Inc.                |  |                    | Georgia  | 
|62 |  | Rice Lofts, LP                            |  |                    | Texas    | 
|63 |  | Rise Condominium Development GP, LLC      |  |                    | Georgia  | 
|64 |  | Rise Condominium Development Holding, LLC |  |                    | Georgia  | 
|65 |  | Rise Condominium Development, L.P.        |  |                    | Georgia  | 
|66 |  | Riverside Villas, LLC                     |  |                    | Georgia  | 
|67 |  | Rocky Point Management, Inc.              |  |                    | Georgia  | 
|68 |  | Rose Hill Associates, LLC                 |  |                    | Delaware | 
|69 |  | Soho Condominium Development, LLC         |  |                    | Georgia  | 
|70 |  | STS Loan & Management, Inc.               |  |                    | Georgia  | 
|71 |  | STS Loan, L.P.                            |  |                    | Georgia  | 
|72 |  | Uptown Denver, LLC                        |  |                    | Colorado | 
|73 |  | Villas at Parkway Village, LP             |  |                    | Georgia  | 
|74 |  | Villas GP, LLC                            |  |                    | Georgia  |