| | | |
| | | JURISDICTION |
| NAME OF SUBSIDIARY | | OF FORMATION |
* | Sterling Properties, LLLP | | North Dakota |
| Bayview Apartments, LLC | | North Dakota |
| Bismarck Interstate INREIT, LLC | | North Dakota |
| Candlelight Apartments, LLC | | Delaware |
| Columbia West Apartments, LLC | | North Dakota |
| Courtyard Apartments, LLC | | Minnesota |
| Dellwood Estates Apartments, LLC | | Minnesota |
| Flickertail Apartments, LLC | | North Dakota |
| Garden Grove Apartments, LLC | | North Dakota |
| Grand Forks INREIT, LLC | | North Dakota |
| INREIT 32nd Street, LLC | | Delaware |
| INREIT Alexandria, LLC | | Delaware |
| INREIT Batesville, LLC | | North Dakota |
| INREIT BL Bismarck, LLC | | North Dakota |
| INREIT BL Grand Forks, LLC | | North Dakota |
| INREIT BL Janesville, LLC | | North Dakota |
| INREIT BL Mankato, LLC | | North Dakota |
| INREIT BL Marquette, LLC | | North Dakota |
| INREIT BL Onalaska, LLC | | North Dakota |
| INREIT BL Oshkosh, LLC | | North Dakota |
| INREIT BL Sheboygan, LLC | | North Dakota |
| INREIT BL Stevens Point, LLC | | North Dakota |
| INREIT Fayetteville, LLC | | North Dakota |
| INREIT Fed-3 LLC | | North Dakota |
| INREIT Highland, LLC | | North Dakota |
| INREIT Laurel, LLC | | Delaware |
| INREIT Maple Ridge, LLC | | North Dakota |
| INREIT Somerset, LLC | | Delaware |
| INREIT Stonybrook, LLC | | Delaware |
| INREIT Sunset Ridge, LLC | | North Dakota |
| Maplewood Bend Apartments, LLC | | North Dakota |
| Michigan Street Ramp, 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 |
| Sierra Ridge, LLC | | North Dakota |
| Sterling Georgetown, LLC | | Minnesota |
** | Sterling Northland, LLC | | Minnesota |
| Sterling Parkwest, LLC | | North Dakota |
| Sterling Quail Creek, LLC | | Missouri |
| Sterling Stonefield I, LLC | | North Dakota |
| Sunwood Estates, LLC | | North Dakota |
| Terrace on the Green Apartments, LLC | | Minnesota |
| Twin Oaks Apartments, LLC | | Minnesota |
| Twin Parks, LLC | | North Dakota |
| Willow Park Apartments, LLC | | North Dakota |
| | | |
* | 32.4% ownership as of December 31, 2016 | | |
** | 70% ownership as of December 31, 2016 | | |