Form 253G2 Fundrise Development

Filed Pursuant to Rule 253(g)(2)

File No. 024-11873

Fundrise Development eREIT, LLC

SUPPLEMENT NO. 5 DATED March 31, 2023

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:

• Declaration of dividend.

Declaration of Dividend

On March 29, 2023, the Manager of the Company declared a daily distribution of $0.0001369863 per share (the “April 2023 Daily Distribution Amount”) (which equates to approximately 0.47% on an annualized basis calculated at the current rate, assuming a $10.60 per share purchase price) for shareholders of record as of the close of business on each day of the period commencing on April 1, 2023 and ending on April 30, 2023 (the “April 2023 Distribution Period”). The distributions will be payable to shareholders of record as of the close of business on each day of the April 2023 Distribution Period and the distributions are scheduled to be paid prior to July 21, 2023. While the Company's Manager is under no obligation to do so, the annualized basis return assumes that the Manager will declare distributions in the future similar to the distributions disclosed herein.

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