Exhibit 21.1

Subsidiaries of the Registrant

Entity                                Jurisdiction of Incorporation

OAKTREE REAL ESTATE INCOME TRUST HOLDINGS LP                     DELAWARE

TRU MF GRAND AVENUE PARTNERS II LLC                             DELAWARE

TRU MF VENTURE II LLC                                    DELAWARE

SWEETWATER FEE OWNER LLC                                DELAWARE

TWO LIBERTY GRAND AVENUE PARTNERS LLC                        DELAWARE

TWO LIBERTY CENTER LLC                                    DELAWARE

TWO LIBERTY CENTER OWNER LLC                                DELAWARE

DOVER STREET GRAND AVENUE PARTNERS LLC                        DELAWARE

DOVER STREET GRAND AVENUE PARTNERS TRS LLC                        DELAWARE

GAP HOLLAND DOVER STREET INVESTORS LLC                        DELAWARE

DOVER STREET OWNER LLC                                    DELAWARE