Exhibit 21.1

Subsidiaries of the Company as of July 12, 2022

1600 Barberry Lane Owner, LLC	CR Digital, LLC
1600 Barberry Lane, LLC	CROP PM – St. Pete, LLC
3300 Cottonwood, LLC	CROP Property Management, LLC
3800 Main Investors, LLC	CW Alpha Mill Apartments, LP
3800 Main, LLC	CW Alpha Mill GP, LLC
5001 Enclave Member, LLC	CW Alpha Mills JV, LLC
5001 Enclave O, LLC	CW Block C, LLC
Albion Insurance Company, Inc.	CW Cason, LLC
Block C SPE, LLC	CW Clearview, LLC
Brook Highland Place DST, LLC	CW Cottonwood Apartments, LLC
CC 801 Riverfront, LLC	CW Heights at Meridian Apartments, LP
CC Astoria West, LLC	CW Heights at Meridian GP, LLC
CC Clermont, LLC	CW Heights at Meridian H, LLC
CC Lector85, LLC	CW Heights at Meridian JV, LLC
CC One Upland, LLC	CW Highland Park Apartments, LLC
CC Pompano Beach, LLC	CW Highland Park JV, LLC
CC Pompano Beach S, LLC	CW Investor on Highland, LLC
CC Pompano Beach TIC 1, LLC	CW Jasper, LLC
CC Pompano Beach TIC 2, LLC	CW Multifamily REIT I GP, LLC
CC Pompano Beach TIC 3, LLC	CW Multifamily REIT II GP, LLC
CC Pompano Beach TIC 4, LLC	CW Reserve Apartments II, LP
CC Reno Lender, LLC	CW Reserve Apartments, LP
CC West Palm Holding, LLC	CW Reserve GP, LLC
CC West Palm, LLC	CW St. Pete 1031, LLC
CCA Promissory Note Distribution LLC	CW St. Pete, LLC
CCPM II – Clearview, LLC	CW Stonebriar, LLC
CCPM II – Retreat at Peachtree City, LLC	CW Sugar House JV GP, LLC
Certis Construction, LLC	CW Sugar House JV, LLC
Clearview TRS, LLC	CW Sugar House, LLC
Cottonwood Alpha Mills H, LLC	CW Timber Ridge Investor, LLC
Cottonwood Arsenal H, LLC	CW Westborough 1031, LLC
Cottonwood at Forum H, LLC	CW Westborough Apartments, LLC
Cottonwood at Trolley Square, LLC	CW Westborough H, LLC
Cottonwood Block C QOF, LLC	CW Westborough JV, LLC
Cottonwood Capital Holdings, LLC	CW Westside Apartments, LLC
Cottonwood Capital Management, Inc.	CW Westside H, LLC
Cottonwood Capital Property Management II, LLC	CW Westside JV, LLC
Cottonwood Capital Property Management, LLC	CWC Cottonwood H, LLC
Cottonwood Capital, LLC	CWR-Pavilions, LLC
Cottonwood Communities Advisors Promote, LLC	Ditaro, LLC
Cottonwood Communities GP Subsidiary, LLC	Forum at Grand Prairie, LLC
Cottonwood Communities Management, LLC	Haywood Storage, LLC
Cottonwood Communities TRS, LLC	KRE JAG One Upland Owner LLC
Cottonwood Courtney Manor H, LLC	Melrose Apartments, LLC
Cottonwood Courtney Oaks H, LLC	Melrose II S, LLC
Cottonwood Fox Point H, LLC	Melrose II TIC, LLC
Cottonwood Highland Park H, LLC	Pavilions, LLC
Cottonwood Jasper, LLC	Plantations at Haywood M, LLC

Cottonwood-Kirkwood, LLC	Plantations at Haywood O, LLC
Cottonwood Legacy Heights H, LLC	Regatta TRS, LLC
Cottonwood Melrose II, LLC	Resident Indemnity Management, LLC
Cottonwood Melrose, LLC	Retreat at Peachtree City Apartments CW, LLC
Cottonwood On Highland, LLC	Retreat at Peachtree City Apartments, LLC
Cottonwood Raveneaux Apartments, LLC	Scott Mountain Apartments, LLC
Cottonwood Raveneaux R, LLC	Sequoia Stonebriar Owner, LLC
Cottonwood Regatta H, LLC	Sugarmont, LLC
Cottonwood Residential O.P., LP	Summer Park H, LLC
Cottonwood Residential Real Estate Services, LLC	Summer Park Whitman LLC
Cottonwood Scott Mountain H, LLC	TR Apartments, LLC
Cottonwood Stonebriar H, LLC
Cottonwood Sugar House, LLC
Cottonwood Sugarmont, LLC
Cottonwood Summer Park Cash, LLC
Cottonwood Timber Ridge, LLC
Cottonwood Toscana H, LLC
Cottonwood TriPost, LLC
CC Advisors Promote – Employee Investor, LLC
CC Advisors Promote – Incentive Grant Investor, LLC