EXHIBIT 21.1



AMERICAN REALTY INVESTORS, INC.

SUBSIDIARIES OF THE REGISTRANT



The following is a list of all subsidiaries of and partnership interests of American Realty Investors, Inc. and the state or other jurisdiction of organization or incorporation (indention indicates immediate parent entity):



|                                         |  |                                             
|---------------------------------------- |  | --------------------------------------------
|Name of Entity                           |  | Jurisdiction ofOrganization or Incorporation
|Subsidiaries                             |  |                                             
|American Mart Hotel Corporation          |  | Nevada                                      
|American Realty Trust, Inc.              |  | Nevada                                      
|ARI Bachman Plaza, Inc.                  |  | Nevada                                      
|ART Blessin, Inc.                        |  | Nevada                                      
|ART Capstone Corporation                 |  | Nevada                                      
|ART Chateau Corporation                  |  | Nevada                                      
|ART Collection, Inc.                     |  | Nevada                                      
|ART Edina, Inc.                          |  | Nevada                                      
|ART Elm Fork Ranch, Inc.                 |  | Nevada                                      
|ART Encino, Inc.                         |  | Nevada                                      
|ART Florentina, Inc.                     |  | Nevada                                      
|ART Florida Partners, Inc.               |  | Nevada                                      
|ART Florida Partners I, Inc.             |  | Nevada                                      
|ART Florida Partners II, Inc.            |  | Nevada                                      
|ART Florida Partners III, Inc.           |  | Nevada                                      
|ART Georgetown, Inc.                     |  | Nevada                                      
|ART Grapevine, Inc.                      |  | Nevada                                      
|ART Hawthorne, Inc.                      |  | Nevada                                      
|ART Holdings, Inc.                       |  | Nevada                                      
|ART Hotel Equities, Inc.                 |  | Nevada                                      
|ART Keller Property Corporation          |  | Nevada                                      
|ART Lake Chateau, Inc.                   |  | Nevada                                      
|ART Limestone Vista Ridge, Inc.          |  | Nevada                                      
|ART Mediterranean Corporation            |  | Nevada                                      
|ART Morgan, Inc.                         |  | Nevada                                      
|ART Oaks of Vista Ridge, Inc.            |  | Nevada                                      
|ART Oceanview Corporation                |  | Nevada                                      
|ART Palm, Inc.                           |  | Nevada                                      
|ART Piccadilly Airport Beverage, Inc.    |  | Nevada                                      
|ART Piccadilly Airport Corporation       |  | Nevada                                      
|ART Piccadilly Chateau Corporation       |  | Nevada                                      
|ART Piccadilly Shaw Beverage, Inc.       |  | Nevada                                      
|ART Shaw Corporation                     |  | Nevada                                      
|ART Piccadilly University Beverage, Inc. |  | Nevada                                      
|ART Piccadilly University Corporation    |  | Nevada                                      
|ART Pioneer, Inc.                        |  | Nevada                                      
|ART Pioneer Nineteen, Inc.               |  | Nevada                                      
|ART Pioneer Thirty-Three, Inc.           |  | Nevada                                      
|ART Sunset Corporation                   |  | Nevada                                      
|ART Valley Corporation                   |  | Nevada                                      
|ART Walker Cummings, Inc.                |  | Delaware                                    
|Bordeaux Investments Two, L.L.C.         |  | Texas                                       



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|                                                            |  |                                             
|----------------------------------------------------------- |  | --------------------------------------------
|Name of Entity                                              |  | Jurisdiction ofOrganization or Incorporation
|Davister Tiberon Corporation                                |  | Nevada                                      
|Denton Road Investment Corporation                          |  | Nevada                                      
|Denver Mart, Inc.                                           |  | Nevada                                      
|Denver Merchandise Mart, Inc.                               |  | Nevada                                      
|Valley Corporation                                          |  | Colorado                                    
|Downtown Development, Inc. (f/k/a ART Westside Corporation) |  | Nevada                                      
|EQK Holdings, Inc.*                                         |  | Nevada                                      
|Garden Capital Merchandise Mart, Inc.                       |  | Nevada                                      
|Garden National Realty, Inc.                                |  | Nevada                                      
|Income Opportunity Acquisition Corporation                  |  | Nevada                                      
|Kansas City Hotel Associates Beverage Company, Inc.         |  | Nevada                                      
|Longwood Apartments, LLC                                    |  | Mississippi                                 
|Ocean Parkway Real Estate Corporation                       |  | Nevada                                      
|Transcontinental Realty Acquisition Corporation*            |  | Nevada                                      
|TPM Financial Investors, Inc.                               |  | Nevada                                      
|Waters Edge III Corporation                                |  | Nevada                                      
|Partnerships                                                |  |                                             
|ART Oak Hill Associates, Ltd.                               |  | Nevada                                      
|ART Palm Limited Partnership Class B                        |  | Nevada                                      
|ART PDJ, Ltd. d/b/a TX: ART 57 Properties, Inc.             |  | Nevada                                      
|ART Westside Associates, L.P.                               |  | Nevada                                      
|ART White Pines Associates, Ltd.                            |  | Nevada                                      
|Campbell Center Associates, Ltd.                            |  | Nevada                                      
|Chalet North Limited Partnership                            |  | Nevada                                      
|Conradi House Associates, Ltd.                              |  | Nevada                                      
|Edina Park Plaza Associates Limited Partnership             |  | Nevada                                      
|Elm Fork Ranch Partners, Ltd.                               |  | Nevada                                      
|Encino Executive Plaza, Ltd.                                |  | Nevada                                      
|Falcon House Associates, Ltd.                               |  | Nevada                                      
|Grapevine American, Ltd.                                    |  | Nevada                                      
|Hawthorne Lakes Associates, Ltd.                            |  | Nevada                                      
|Hickory Centre IV, L.P. 75% Class B                         |  | Nevada                                      
|HPI Southern Properties, L.P.                               |  | Nevada                                      
|IG Capital Partners, Ltd.                                   |  | Nevada                                      
|IGCH Village Associates, Ltd.                               |  | Nevada                                      
|IS II Georgetown Associates, Ltd.                           |  | Nevada                                      
|IS IV Pinescrest Associates, Ltd.                           |  | Nevada                                      
|Landings & Marina Associates, Ltd.                          |  | Nevada                                      
|Lee Hills Associates, Ltd.                                  |  | Nevada                                      
|Ocean Beach Partners, L.P.                                  |  | Nevada                                      
|Somerset Point Limited Partnership                          |  | Nevada                                      
|Sunninghill Fort Worth Associates                           |  | Nevada                                      
|Syntek Asset Management, L.P.                               |  | Nevada                                      
|Valley Ranch Limited Partnership                            |  | Nevada                                      

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|* |  | Transcontinental Realty Investors, Inc., a Nevada corporation (TCI), is also an indirect subsidiary of the Registrant through the ownership of approximately 80% of the
outstanding common stock of TCI by EQK Holdings, Inc. (65.1%), and Transcontinental Realty Acquisition Corporation. A list of all subsidiaries and partnership interests of TCI is filed as Exhibit 21.0 to TCIs Annual Report on Form 10-K for the
fiscal year ended December 31, 2003 (the TCI Form 10-K) which was filed with the Commission on March 30, 2004, which Exhibit 21.0 is incorporated by reference herein.
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