Exhibit 21.1
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| | | JURISDICTION |
| NAME OF SUBSIDIARY | | OF FORMATION |
* | Sterling Properties, LLLP | | North Dakota |
| Bayview Apartments, LLC | | North Dakota |
| Bridgeport Apartments, LLC | | North Dakota |
| Candlelight Apartments, LLC | | Delaware |
| Columbia West Apartments, LLC | | North Dakota |
| Courtyard Apartments LLC | | Minnesota |
| Dellwood Estates LLC | | Minnesota |
| Flickertail Apartments, LLC | | North Dakota |
| Garden Grove Apartments LLC | | North Dakota |
** | Grand Forks INREIT, LLC | | North Dakota |
| INREIT Alexandria, LLC | | Delaware |
| INREIT Batesville, LLC | | North Dakota |
| INREIT BL Marquette, LLC | | North Dakota |
| INREIT Fayetteville, LLC | | North Dakota |
| INREIT Fed-3 LLC | | North Dakota |
| INREIT Laurel, LLC | | Delaware |
| INREIT Maple Ridge, LLC | | North Dakota |
| INREIT Somerset, LLC | | Delaware |
| INREIT Stonybrook, LLC | | Delaware |
| Maplewood Bend Apartments LLC | | North Dakota |
| Montreal Courts Apartments LLC | | Minnesota |
| Pebble Creek Apartments LLC | | North Dakota |
| Prairiewood Meadows Apartments, LLC | | North Dakota |
| Richfield Harrison Apartments, LLC | | North Dakota |
*** | SE Brooklyn Park | | Minnesota |
*** | SE Maple Grove, LLC | | Minnesota |
*** | SE Rogers, LLC | | Minnesota |
*** | SE Savage, LLC | | Minnesota |
**** | SE St Oak Cliff | | Texas |
| Sterling Quail Creek, LLC | | Missouri |
| Sterling Georgetown, LLC | | Minnesota |
| Sterling Highland, LLC | | North Dakota |
**** | Sterling Northland, LLC | | Minnesota |
| Sterling Parkwest, LLC | | North Dakota |
| Sterling Stonefield I, LLC | | North Dakota |
| Sunwood Estates, LLC | | North Dakota |
| Twin Oaks Apartments, LLC | | Minnesota |
| Twin Parks, LLC | | North Dakota |
| Willow Park Apartments, LLC | | North Dakota |
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* | 36.22% ownership as of December 31, 2021 | | |
** | 50% ownership as of December 31, 2021 | | |
*** | 60% ownership as of December 31, 2021 | | |
**** | 70% ownership as of December 31, 2021 | | |