Exhibit 21.1

American Land Lease, Inc.

Subsidiaries of the Registrant



|                                            |  |                                   
|------------------------------------------- |  | ----------------------------------
|Asset Investors Operating Partnership, L.P. |  | Delaware limited partnership      
|ALL TRS Holding Company, Inc.               |  | Delaware corporation              
|ALL Homes Corp.                             |  | Delaware corporation              
|ALL Homes Insurance Corporation             |  | Delaware corporation              
|ALL Homes Real Estate Corporation           |  | Delaware corporation              
|Lakeshore Utilities Inc.                    |  | Delaware corporation              
|Lakeshore Utilities, L.L.C.                 |  | Delaware limited liability company
|Asset Investors Secured Financing Corp.     |  | Delaware corporation              
|Asset Investors Finance Corp.               |  | Maryland corporation              
|CAX DTR Securitization Corp.                |  | Delaware corporation              
|Riverside Golf Course Community, L.L.C.     |  | Delaware limited liability company
|Riverside Utilities, L.L.C.                 |  | Delaware limited liability company
|Riverside Golf Course and Marina, L.L.C.    |  | Delaware limited liability company
|Savanna Eagles Retreat, L.L.C.              |  | Delaware limited liability company
|Savanna Links, L.L.C.                       |  | Delaware limited liability company
|Savanna Preserve, L.L.C.                    |  | Delaware limited liability company
|Crystal Bay, L.L.C.                         |  | Delaware limited liability company
|Crystal Bay Community Maintenance, L.L.C.   |  | Delaware limited liability company
|ALL Management, L.L.C.                      |  | Delaware limited liability company
|ALL Services, L.L.C.                        |  | Delaware limited liability company
|AIOP Brentwood West, L.L.C.                 |  | Delaware limited liability company
|AIOP Gulfstream Harbor, L.L.C.              |  | Delaware limited liability company
|AIOP Gulfstream Outlots, L.L.C.             |  | Delaware limited liability company
|AIOP Lost Dutchman Notes, L.L.C.            |  | Delaware limited liability company
|AIOP Serendipity, L.L.C.                    |  | Delaware limited liability company
|AIOP Florida Properties I, L.L.C.           |  | Delaware limited liability company
|AIOP Florida Properties II, L.L.C.          |  | Delaware limited liability company
|Prime-Forest Partners                       |  | Florida general partnership       
|Community Brentwood Joint Venture           |  | Delaware general partnership      
|Community Savanna Club Joint Venture        |  | Delaware general partnership      
|Community Sunlake Joint Venture             |  | Delaware general partnership      
|Community Blue Heron Pines Joint Venture    |  | Delaware general partnership      
|CR Golf Course Management, L.L.C.           |  | Delaware limited liability company
|CAX Cypress Greens, L.L.C.                  |  | Delaware limited liability company
|CAX Lakeshore, L.L.C.                       |  | Delaware limited liability company
|CAX La Casa Blanca, L.L.C.                  |  | Delaware limited liability company
|CAX La Casa Blanca East, L.L.C.             |  | Delaware limited liability company
|CAX Rancho Mirage, L.L.C.                   |  | Delaware limited liability company
|CAX Saddlebrook, L.L.C.                     |  | Delaware limited liability company
|Casa Encanta Commercial, L.L.C.             |  | Arizona limited liability company 
|Fiesta MHP Investors, L.L.C.                |  | Arizona limited liability company 
|Fiesta SPE, L.L.C.                          |  | Arizona limited liability company 
|Fiesta Manager SPE, L.L.C.                  |  | Arizona limited liability company 
|Foley Grove Community, L.L.C.               |  | Delaware limited liability company
|Fox Creek Reserve, L.L.C.                   |  | Delaware limited liability company
|Park Place Community, L.L.C.                |  | Delaware limited liability company
|Park Royale MHP, L.L.C.                     |  | Delaware limited liability company
|Pleasant Living MHP, L.L.C.                 |  | Delaware limited liability company
|Royal Palm Village, L.L.C.                  |  | Georgia limited liability company 
|Sun Valley Arizona L.L.C.                   |  | Delaware limited liability company
|Woodlands Church Lake, L.L.C.               |  | Delaware limited liability company