Exhibit 21



Subsidiaries of



Cornerstone Realty Income Trust, Inc.



At December 31, 2004



(The state
of incorporation or organization of each subsidiary



is
Virginia, except as noted)



| | A. |  | Direct Subsidiaries
| | -- |  | -------------------



CRIT-Dunwoody Springs, LLC

CRIT-Enclave at Poplar Place, LLC

CRIT-Poplar Place, LLC

CRIT-SC, Inc.

CRIT-SC, LLC

CRIT-SPE I, Inc.

CRIT Special, Inc.

CRIT Special II, Inc.

CRIT Special III, Inc.

CRIT Special IV, Inc.

CRIT-VA, Inc.

CRIT-VA II, Inc.

CRIT-VA III, Inc.

CRIT-VA IV, Inc.

CRIT-VA V, Inc.

CRIT-VA VI, Inc.

Cornerstone Acquisition Company

Cornerstone NC Operating Limited Partnership

CRIT General, Inc.

CRIT Holdings, L.P.

Cornerstone Merger Sub, Inc. ***

Deposit Waiver Corporation

Master SC Apartments L.P. *

The Reserve at Mayfaire, LLC **



| | B. |  | Indirect Subsidiaries (held through direct subsidiaries or other indirect subsidiaries)
| | -- |  | ---------------------------------------------------------------------------------------



Apple General, Inc.

Apple Limited, Inc.

Apple REIT Limited Partnership

Apple REIT II Limited Partnership

Apple REIT III Limited Partnership

Apple REIT IV Limited Partnership



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Apple REIT V Limited Partnership

Apple REIT VI Limited Partnership

Apple REIT VII Limited Partnership



CRIT-Cornerstone Limited Partnership

CRIT Cape Landing, Inc. *

CRIT-Glen Eagles, LLC

CRIT-Landings, LLC

CRIT-Legacy, Inc.

CRIT-Meadows, LLC

CRIT-Mill Creek, LLC

CRIT-NC, LLC

CRIT-NC II, LLC *

CRIT-NC III, LLC *

CRIT-NC IV, LLC *

CRIT-NC V, LLC *



CAC Special General, Inc.

CAC Special Limited, Inc.

CAC Limited Partnership

CAC II Special General, Inc.

CAC II Special Limited, Inc.

CAC II Limited Partnership

CAC III Special General, Inc.

CAC III Special Limited, Inc.

CAC III Limited Partnership

CAC IV Special General, Inc.

CAC IV Special Limited, Inc.

CAC IV Limited Partnership

CAC V Special General, Inc.

CAC V Special Limited, Inc.

CAC V Limited Partnership

CAC VI Special General, Inc.

CAC VI Special Limited, Inc.

CAC VI Limited Partnership

CAC VII Special General, Inc.

CAC VII Special Limited, Inc.

CAC VII Limited Partnership



St. Andrews Place Apartments, LLC **

Trinity Commons Apartments, LLC **

Timber Crest Apartments, LLC **

St. Andrews Place II, LLC **

Trinity Commons II, LLC **

Autumn Park Apartments, LLC **

Legacy Park Apartments, LLC **



Greentree LLC ***



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ML James Island Apartments, L.P. ***

ML Apartments I, Inc. ***

ML Apartments II, Inc. ***

ML Apartments III, Inc. ***

ML Apartments IV, Inc. ***

ML Hammocks at Long Point, L.L.C. ***

ML Huntington, L.L.C. ***

ML Magnolia Villa, L.L.C. ***

ML Summit Place, L.L.C. ***

ML Whitemarsh LLC ***

ML Windsor Place, L.L.C. ***

ML Woodcrest (Augusta), L.L.C. ***

Marsh Cove Apartments LLC ***

Merritt at Godley Station, LLC ***

Merry Land Property Management, Inc. ***

Merry Land Capital Trust *

Quarterdeck Apartments LLC ***

SG Cypress Cove Venture, LLC ***

Waters Edge Apartments LLC ***

West Wind Landing LLC ***

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|* |  | State of organization is Delaware.
|- |  | ----------------------------------

|** |  | State of organization is North Carolina.
|-- |  | ----------------------------------------

|*** |  | State of organization is Georgia.
|--- |  | ---------------------------------