We’re pleased to announce the latest addition to the Fundrise Income Real Estate Fund: a preferred equity investment in Anna Development, a 290-unit horizontal multifamily community located in the Allen/McKinney submarket of the Dallas-Fort Worth metro area. This investment delivers a compelling 14.00%¹ gross annual return, continuing to reinforce the Income Real Estate Fund's track record of delivering stable, attractive income-oriented returns that’s built to weather market ups and downs.

Investment highlights

  • Investment type: Preferred equity
  • Projected return: 14.00%¹ gross annual return
  • Location: Anna, TX (DFW MSA)
  • Investment horizon: 3.5-year initial term, with one 12-month extension subject to conditions

Investment overview

Anna Development will be a 290-unit cottage-style rental community that blends the privacy and design of single-family homes with the services and amenities of professionally managed multifamily.

The property will offer seven floor plans that are a mix of studio, 1-bedroom, 2-bedroom, and 3-bedroom layout with majority of the units featuring private, fenced backyards. Amenities include landscaped walking trails with pond access, fitness center, swimming pool and various sport courts.

Anna Development is part of a larger masterplan community, which will include 70+ single-family rental homes and roughly 600 for-sale homes. This master-planned integration enhances the long-term leasing and community value proposition.

Strategic rationale

Explosive population growth in a top-tier submarket

Located in Collin County—the second fastest-growing county in the U.S.—Anna Development is zoned within McKinney ISD, one of Texas’ highest-performing school districts. Since 2010, the population in the area has surged by nearly 45%, with an additional 9.3% annual growth projected through 2027.

Infrastructure-driven value creation

The property sits less than one mile north of the upcoming $22 billion Collin County Outer Loop, a major infrastructure initiative encircling the entire Dallas-Fort Worth metro. Construction began in early 2024 and is expected to complete in the second half of 2026—coinciding with the start of leasing at Anna Development. The project’s timing creates a rare opportunity to capture both tenant demand and market appreciation in step with improved access and mobility.

A differentiated rental experience

Horizontal multifamily offers a unique alternative to traditional apartment living. These communities provide private entryways, backyards, and detached layouts in a professionally managed environment—ideal for renters who want the feel of a home without the responsibility of ownership. This structure has seen rising demand across the Sunbelt as affordability challenges push more households to rent.

Why this matters now

In an environment marked by increased uncertainty and heightened market volatility, investors are increasingly searching for reliable sources of income. That’s where fixed-return investments like Anna Development stand out. With a 14.00%¹ gross annual return and a preferred equity structure, this opportunity combines yield with downside protection.

Unlike traditional income products that fluctuate with interest rates or market sentiment, preferred equity investments in growing multifamily markets are backed by real assets. As part of our broader strategy, Anna Development helps support the Fund’s 7.5%² annualized distribution rate—providing stability in an otherwise uncertain landscape.

We continue to focus on building a resilient, well-diversified portfolio designed to generate consistent income—even as public markets remain unpredictable.

If you have any questions, feel free to reach out to our Investor Relations team at investments@fundrise.com.