Filed Pursuant to Rule 253(g)(2)
File No. 024-11873
FUNDRISE DEVELOPMENT EREIT, LLC
SUPPLEMENT NO. 31 DATED JULY 24, 2024
TO THE OFFERING CIRCULAR DATED DECEMBER 12, 2022
This document supplements, and should be read in conjunction with, the offering circular of Fundrise Development eREIT, LLC (“we”, “our” or “us”), dated December 12, 2022 and filed by us with the Securities and Exchange Commission (the “Commission”) on December 13, 2022 (the “Offering Circular”). Unless otherwise defined in this supplement, capitalized terms used in this supplement shall have the same meanings as set forth in the Offering Circular.
The purpose of this supplement is to disclose:
| · | Asset update. |
Asset Update
Fundrise Development eREIT, LLC (the “Company”) was recently paid back in full from its preferred equity investment in Kingsland Heights, a 96-unit single family rental community located in Brookshire, TX, delivering the Company an approximately 9% annualized gross return.
Asset Summary
| Location | Brookshire, TX |
| Asset Type | Build-for-rent |
| Strategy | Fixed Income |
| Fund Ownership | Fundrise Development eREIT, LLC; Fundrise Real Estate Interval Fund, LLC |
Following the asset disposition disclosed above, our approximate portfolio breakdown by asset type and strategy is as follows:
Fund Breakdown by Asset Type
| Category | Approximate Percent |
| Build-for-rent | 15% |
| Creative office | 20% |
| Industrial | 5% |
| Multifamily | 15% |
| Other | 45% |
Fund Breakdown by Strategy
| Category | Approximate Percent |
| Value Add | 56% |
| Opportunistic | 44% |
