Filed Pursuant to Rule 253(g)(2)
File No. 024-11873
FUNDRISE DEVELOPMENT EREIT, LLC
SUPPLEMENT NO. 3 DATED JANUARY 31, 2025
TO THE OFFERING CIRCULAR DATED NOVEMBER 18, 2024
This document supplements, and should be read in conjunction with, the offering circular of Fundrise Development eREIT, LLC (“we”, “our” or “us”), dated November 18, 2024 and filed by us with the Securities and Exchange Commission (the “Commission”) on November 18, 2024 (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 updates. |
Asset Updates
Fundrise Development eREIT, LLC (the “Company”) recently acquired a tenancy-in-common interest in 5957 S Western Ave (the “W59 Controlled Subsidiary”), a 75,000 square foot mixed-use property located in Los Angeles, CA.
Asset Summary
| Location | Los Angeles, CA |
| Asset Type | Other |
| Strategy | Opportunistic |
| Fund Ownership | Fundrise Equity REIT, LLC; Fundrise Growth eREIT II, LLC; Fundrise West Coast Opportunistic REIT, LLC; Fundrise Development eREIT, LLC |
The Company recently acquired a tenancy-in-common interest in 4801 W Jefferson Blvd (the “W480 Controlled Subsidiary”), a 23,000 square foot creative office property located in Los Angeles, CA.
Asset Summary
| Location | Los Angeles, CA |
| Asset Type | Creative Office |
| Strategy | Opportunistic |
| Fund Ownership | Fundrise Development eREIT, LLC; Fundrise West Coast Opportunistic REIT, LLC |
The Company recently disposed of a portion of its interest in 4202 W Jefferson Blvd (the “W420 Controlled Subsidiary”), a 15,000 square foot creative office property located in Los Angeles, CA.
Asset Summary
| Location | Los Angeles, CA |
| Asset Type | Creative Office |
| Strategy | Opportunistic |
| Fund Ownership | Fundrise Development eREIT, LLC; Fundrise West Coast Opportunistic REIT, LLC |
The Company recently disposed of a portion of its interest in 4216 W Jefferson Blvd (the “W421 Controlled Subsidiary”), a 11,300 square foot creative office property located in Los Angeles, CA.
Asset Summary
| Location | Los Angeles, CA |
| Asset Type | Creative Office |
| Strategy | Opportunistic |
| Fund Ownership | Fundrise Development eREIT, LLC; Fundrise West Coast Opportunistic REIT, LLC |
Following the transactions disclosed above, our approximate portfolio breakdown by asset type and strategy is as follows:
Fund Breakdown by Asset Type
| Category | Approximate Percent |
| Other | 49% |
| Multifamily | 16% |
| Build For Rent | 15% |
| Creative Office | 15% |
| Industrial | 5% |
Fund Breakdown by Strategy
| Category | Approximate Percent |
| Value Add | 52% |
| Opportunistic | 48% |
