** **

** **

**EXHIBIT 21.1**

** **

**LIST OF SUBSIDIARIES**

**OF**

**ASSOCIATED ESTATES REALTY CORPORATION**

** **

|                                                        |                                                                                      |               |
|--------------------------------------------------------|--------------------------------------------------------------------------------------|---------------|
|                                                        | **State of**                                                                         | **State of**  |
| **Subsidiary**                                         | **Incorporation**                                                                    | **Formation** |
|           |                                                                                      |               |
|                |                                                                                      |               |
| AERC  Arbor, Inc.                                      | Delaware                                                                             |               |
| AERC  Arrowhead Station, Inc.                          | Delaware                                                                             |               |
| AERC  Barrington, Inc.                                 | Delaware                                                                             |               |
| AERC  Bay Club, Inc.                                   | Delaware                                                                             |               |
| AERC  Bedford Commons, Inc.                            | Delaware                                                                             |               |
| AERC  Bennell, Inc.                                    | Delaware                                                                             |               |
| AERC  Bradford, Inc.                                   | Delaware                                                                             |               |
| AERC  Broker of Texas, Inc.                            |          Texas      |               |
| AERC  Brook, Inc.                                      | Delaware                                                                             |               |
| AERC  Central Park, Inc.                               | Delaware                                                                             |               |
| AERC  Christopher Wren, Inc.                           | Delaware                                                                             |               |
| AERC  Clinton, Inc.                                    | Delaware                                                                             |               |
| AERC  Colony Bay, Inc.                                 | Delaware                                                                             |               |
| AERC  Country Club, Inc.                               | Delaware                                                                             |               |
| AERC  Country I, Inc.                                  | Delaware                                                                             |               |
| AERC  Cranberry Trust                                  | Maryland                                                                             |               |
| AERC  Cypress Shores, Inc.                             | Delaware                                                                             |               |
| AERC  Falls Atlanta, Inc.                              | Delaware                                                                             |               |
| AERC  Fleet Corporation, Inc.                          | Delaware                                                                             |               |
| AERC  of Florida, Inc.                                 | Ohio                                                                                 |               |
| AERC  Florida Management Company, Inc.                 | Ohio                                                                                 |               |
| AERC  Georgetown, Inc.                                 | Delaware                                                                             |               |
| AERC  of Georgia, Inc.                                 | Ohio                                                                                 |               |
| AERC  Hampton Funding, Inc.                            | Delaware                                                                             |               |
| AERC  Hampton Point, Inc.                              | Delaware                                                                             |               |
| AERC  Hawthorne Hills, Inc.                            | Delaware                                                                             |               |
| AERC  Heathermoor, Inc.                                | Delaware                                                                             |               |
| AERC  KTC Properties, Inc.                             | Delaware                                                                             |               |
| AERC  Kensington Grove, Inc.                           | Delaware                                                                             |               |
| AERC  Lake Forest, Inc.                                | Delaware                                                                             |               |
| AERC  Landings, Inc.                                   | Delaware                                                                             |               |
| AERC  of Maryland, Inc.                                | Delaware                                                                             |               |
| AERC  Maryland Funding, Inc.                           | Delaware                                                                             |               |
| AERC  Morgan Place, Inc.                               | Delaware                                                                             |               |
| AERC  Oak Bend, Inc.                                   | Delaware                                                                             |               |
| AERC  Oaks, Inc.                                       | Delaware                                                                             |               |

----

|                                                              | **State of**      | **State of**  |
|--------------------------------------------------------------|-------------------|---------------|
| **Subsidiary**                                               | **Incorporation** | **Formation** |
|                 |                   |               |
|                      |                   |               |
| AERC  Pennsylvania Manager Trust, Inc.                       | Maryland          |               |
| AERC  Perimeter Lakes, Inc.                                  | Delaware          |               |
| AERC  Reflections, Inc.                                      | Delaware          |               |
| AERC  Reflections Funding, Inc.                              | Delaware          |               |
| AERC  Remington Place, Inc.                                  | Delaware          |               |
| AERC  Saw Mill Village, Inc.                                 | Delaware          |               |
| AERC  Shiloh Member, Inc.                                    | Delaware          |               |
| AERC  Spring, Inc.                                           | Delaware          |               |
| AERC  Sterling Park, Inc.                                    | Delaware          |               |
| AERC  Summer, Inc.                                           | Delaware          |               |
| AERC  of Texas, Inc.                                         | Ohio              |               |
| AERC  Turnberry, Inc.                                        | Delaware          |               |
| AERC  Vantage Villa, Inc.                                    | Delaware          |               |
| AERC  of Virginia, Inc.                                      | Ohio              |               |
| AERC  Washington Plaza, Inc.                                 | Ohio              |               |
| AERC-Watergate,  Inc.                                        | Ohio              |               |
| AERC  Waterstone, Inc.                                       | Delaware          |               |
| AERC  Westchester, Inc.                                      | Delaware          |               |
| AERC  Western Reserve, Inc.                                  | Delaware          |               |
| AERC  White River, Inc.                                      | Delaware          |               |
| AERC  Williamsburg, Inc.                                     | Delaware          |               |
| AERC  Windsor Pines, Inc.                                    | Delaware          |               |
| AFMC,  Inc.                                                  | FL                |               |
| Aspen Lakes - -  AERC, Inc.                                  | Michigan          |               |
| Associated  Estates Management Company                       | Ohio              |               |
| Associated  Estates Realty Corporation of Pennsylvania, Inc. | Ohio              |               |
| Construction  Distributors, Inc.                             | Ohio              |               |
| Ellet  Apartments, Inc.                                      | Ohio              |               |
| Estates  Mortgage Company                                    | Ohio              |               |
| Gables  Indiana, Inc.                                        | Ohio              |               |
| Gates  Mills Club Housing, Inc.                              | Ohio              |               |
| Hillwood  I Apartments, Inc.                                 | Ohio              |               |
| Merit  Enterprises, Inc.                                     | Ohio              |               |
| MIG  II Realty Advisors, Inc.                                | Ohio              |               |
| The  Oaks at the Woods Company, Inc.                         | Ohio              |               |
| PatCon,  Inc.                                                | Ohio              |               |
| Puritas  Place Apartments, Inc.                              | Ohio              |               |
| Riverview  Towers Apartments, Inc.                           | Ohio              |               |
| Shaker  Park Gardens II, Inc.                                | Ohio              |               |
| State  Road Apartments, Inc.                                 | Ohio              |               |
| Statesman  II Apartments, Inc.                               | Ohio              |               |
| Sutliff  Apartments, Inc.                                    | Ohio              |               |
| Tallmadge  Acres Apartments, Inc.                            | Ohio              |               |
| Twinsburg  Apartments, Inc.                                  | Ohio              |               |
| Village  Tower Apartments, Inc.                              | Ohio              |               |
| West  High Apartments, Inc.                                  | Ohio              |               |

----

| **SUBSIDIARY LIMITED LIABILITY COMPANIES**           |
|------------------------------------------------------|
| **        ** |
|                                                      | **State of** | **State of** |
| **Subsidiary**                                       | **Incorporation** | **Formation** |
|                   |  |  |
| AERC  Arbor Landings, LLC                            |  | Delaware |
| AERC  Avon LLC                                       |  | Delaware |
| AERC  Belvedere, LLC                                 |  | Delaware |
| AERC    Central Park Place, LLC                      |  | Delaware |
| AERC    Clinton Place, LLC                           |  | Delaware |
| AERC  of Colorado, LLC                               |  | Colorado |
| AERC    Country Place, LLC                           |  | Delaware |
| AERC  Courtney Chase, LLC                            |  | Delaware |
| AERC  DPF Georgia Ventures, LLC                      |  | Delaware |
| AERC  DPF Phase I, LLC                               |  | Delaware |
| AERC  PDF Phase II, LLC                              |  | Delaware |
| AERC Georgetown Park,  LLC                           |  | Delaware |
| AERC  of Indiana, LLC                                |  | Indiana |
| AERC  Landings at Preserve, LLC                      |  | Delaware |
| AERC  of Michigan, LLC                               |  | Ohio |
| AERC  of NC, LLC                                     |  | Delaware |
| AERC  Oaks Hampton, LLC                              |  | Delaware |
| AERC River Forest,  LLC                              |  | Delaware |
| AERC  Spring Brook, LLC                              |  | Delaware |
| AERC  Spring Valley, LLC                             |  | Delaware |
| AERC  Steeplechase, LLC                              |  | Delaware |
| AERC  Summer Ridge, LLC                              |  | Delaware |
| AERC  Waterstone, LLC                                |  | Delaware |
| AERC  White River, LLC                               |  | Delaware |
| Bristol at Ghent, LLC                                |  | Delaware |
| Buckhead  AERC, LLC                                  |  | Delaware |
| Sandler  at Alta Lago, LLC                           |  | Virginia |
| Spring   Valley Apartments, LLC                      |  | Michigan |

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