** **

**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  Bedford Commons, Inc.                            | Delaware          |          |
| AERC  Bennell, Inc.                                    | Delaware          |          |
| AERC  Bradford, Inc.                                   | Delaware          |          |
| AERC  Brook, Inc.                                      | Delaware          |          |
| AERC  Central Park, Inc.                               | Delaware          |          |
| AERC  Christopher Wren, Inc.                           | Delaware          |          |
| AERC  Clinton, Inc.                                    | Delaware          |          |
| AERC  Country I, Inc.                                  | Delaware          |          |
| AERC  Cypress Shores, Inc.                             | Delaware          |          |
| AERC  Falls Atlanta, Inc.                              | Delaware          |          |
| AERC  of Florida, 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  Oaks, Inc.                                       | Delaware          |          |

 

 

 

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|                                                         | **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  Turnberry, Inc.                                        | Delaware          |          |
| AERC  Vantage Villa, Inc.                                    | Delaware          |          |
| AERC  of Virginia, Inc.                                      | Ohio              |          |
| AERC  Washington Plaza, 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              |          |
| Gables  Indiana, Inc.                                        | Ohio              |          |
| Merit  Enterprises, Inc.                                     | Ohio              |          |
| MIG  II Realty Advisors, Inc.                                | Ohio              |          |
| PatCon,  Inc.                                                | Ohio              |          |
| Shaker  Park Gardens II, Inc.                                | Ohio              |          |

 

 

 

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| **SUBSIDIARY LIMITED LIABILITY COMPANIES**           |
|------------------------------------------------------|
| **        ** |
|                                                 | **State of** | **State of** |
| **Subsidiary**                                       | **Incorporation** | **Formation** |
|                   |   |   |
| AERC  Arbor Landings, LLC                            |   | Delaware |
| AERC  Ashborough, LLC                                |   | Delaware |
| AERC  Avon LLC                                       |   | Delaware |
| AERC  Belvedere, LLC                                 |   | Delaware |
| AERC  Bristol Germantown JV, 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  Oaks Hampton, LLC                              |   | Delaware |
| AERC River Forest,  LLC                              |   | Delaware |
| AERC  Riverside Station, LLC                         |   | Delaware |
| AERC  San Raphael, LLC                               |   | Delaware |
| AERC  Spring Brook, LLC                              |   | Delaware |
| AERC  Spring Valley, LLC                             |   | Delaware |
| AERC  Steeplechase, LLC                              |   | Delaware |
| AERC  Summer Ridge, LLC                              |   | Delaware |
| AERC  of Texas, LLC                                  |   | Delaware |
| AERC  Virginia Development Company, LLC              |   | Delaware |
| AERC  Waterstone, LLC                                |   | Delaware |
| AERC  White River, LLC                               |   | Delaware |
| Bristol at Ghent, LLC                                |   | Delaware |
| Buckhead  AERC, LLC                                  |   | Delaware |
| GC  Acquisition I LLC                                |   | Ohio |
| Sandler  at Alta Lago, LLC                           |   | Virginia |
| Spring  Valley Apartments, LLC                       |   | Michigan |

 

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