A 13% preferred equity position in Panama City Beach

The metro ranked second nationally for population growth, and military employment anchors the local economy.

This email was sent

May 28, 2026 1:07pm EDT

Is this your brand on Milled? Claim it.

Matte tone:

A stabilized multifamily investment with an established operating history

a preferred equity position in a 232-unit multifamily community in Panama City Beach, Florida

The Fundrise Income Real Estate Fund holds a preferred equity position in a 232-unit stabilized multifamily community in Panama City Beach, Florida, carrying a 13.00%¹ annual gross interest rate.

Unlike many preferred equity investments that finance ground-up development, this property is already built, leased, and generating rental income. Freddie Mac agency financing on the senior debt provides an additional layer of due diligence on the asset's quality and cash flow stability.

The Panama City Beach metro ranked second nationally for population growth, and the local economy is anchored by military installations that account for an estimated 37% of the regional economy.

The 13.00%¹ gross return contributes to the Income Fund's current 7.86%² annualized distribution rate.

Invest now

View investment

Website | Blog | FAQ | Login

¹ This solely represents a fixed rate of preferred return due to the Fundrise Income Real Estate Fund and Opportunistic Credit Fund II under the terms of their investment agreement(s), and does not reflect either a gross or net return that an investor may expect to receive as a result of this fixed rate return. Due to the uncertainty of other factors that will ultimately determine the return to any investor (such as leverage, cash drag, and other potential financings), the performance of this asset to the investor is currently unknowable and undeterminable, and may ultimately be lower or higher than the stated fixed rate of preferred return. However, please note that all investors in the Opportunistic Credit Fund II will be subject to a 1.75% fund management fee, and, if the Opportunistic Credit Fund II is able to achieve a greater than 10% overall return on its portfolio, which is also uncertain and undeterminable at this time, then the asset will also be subject to an additional 20% performance-based fee for those Opportunistic Credit Fund II investors.

² As of May 28, 2026. The current month's distribution is annualized and divided by the prior month's net asset value per share.

Disclosure: An investor in the Fundrise Income Real Estate Fund should consider the investment objectives, risks, charges, and expenses carefully before investing. The Fund's prospectus contains this and other information and may be obtained here. Investors should read the prospectus carefully before investing.

The Fundrise Income Real Estate Fund seeks to provide investors with liquidity through quarterly offers to repurchase a limited amount of The Fundrise Income Real Estate Fund’s Shares (at least 5%), pursuant to Rule 23c-3 under the Investment Company Act of 1940. For the latest available repurchase notice, please click here or see the “Literature” section of fundriseincomerealestatefund.com. Pursuant to Rule 30e-1 under the Investment Company Act of 1940, please click here or see the “Literature” section of fundriseincomerealestatefund.com for the Income Fund’s Semi-Annual Report.

Fundrise, LLC (“Fundrise”) operates a website at fundrise.com and certain mobile apps (the “Platform”). By using the Platform, you accept our Terms of Service and Privacy Policy. All images and return and projection figures shown are for illustrative purposes only, may assume additional client capital contributions over time, and are not actual Fundrise customer or model returns or projections. Past performance is no guarantee of future results. Any historical returns, expected returns, or probability projections may not reflect actual future performance. All securities involve risk and may result in partial or total loss. While the data we use from third parties is believed to be reliable, we cannot ensure the accuracy or completeness of data provided by investors or other third parties. Neither Fundrise nor any of its affiliates provide tax advice and do not represent in any manner that the outcomes described herein will result in any particular tax consequence. Prospective investors should confer with their personal tax advisors regarding the tax consequences based on their particular circumstances. Neither Fundrise nor any of its affiliates assume responsibility for the tax consequences for any investor of any investment. Full Disclosure

The publicly filed offering circulars of the issuers sponsored by Rise Companies Corp., not all of which may be currently qualified by the Securities and Exchange Commission, may be found at fundrise.com/oc.

Fundrise takes any potential security issues seriously, and encourages the responsible and timely reporting of unknown security issues. Please send any discovered security concerns to [email protected].

11 Dupont Circle NW, 9th Floor, Washington, DC 20036

© 2026 Fundrise, LLC. All Rights Reserved. eREIT, eFund and eDirect are trademarks of Rise Companies Corp. Google Play and the Google Play logo are trademarks of Google LLC. Apple, the Apple logo and iPhone are registered trademarks of Apple Inc. Proudly designed and coded in Washington, DC.

Unsubscribe | Edit Notification Preferences

A 13% preferred equity position in Panama City Beach

The metro ranked second nationally for population growth, and military employment anchors the local economy.

Recent emails from Fundrise