$2 million sale puts fourplex in German investor's hands

mjohnson@bradenton.comMay 8, 2014 

HOLMES BEACH -- A Gulf of Mexico fourplex with a beach view has sold for $2 million to a Holmes Beach company.

On April 25, Franks Beach Bungalow, Inc., a Miami company headed by Joachim Frank of Illerkirchberg, Germany, purchased the 2,730-square-foot fourplex at 2908 Ave. E., from Tampa-based Dawg Daze LLC, according to Manatee County records.

Mel Neely, the Anna Maria Island Realtor who sold the property, said the fourplex has a history as a rental property and will remain for rent under the new owner. Built in 1968, it features four one-bedroom, one-bath units, two of which face the beach.

The units are about 700 square feet each. Neely said the property has "old Florida European appeal."

The selling price was well above what Dawg Daze paid when it purchased the fourplex in 2004. The company bought it from George Rand for about $1.62 million, according to county records.

Neely, who works as an agent for Island Vacation Properties in Holmes Beach, said the price appreciation shows island properties are in demand.

"I think what it tells you is the market is returning to its previous values," he said.

Neely said Frank, a property investor who has other properties on the island, had watched the fourplex for some time. Neely represented Frank in the transaction. He said the property was listed for only a couple of days prior to the sale.

According to county prop

erty records, Frank's other Manatee County properties are 3009 and 3010 Avenue F and 3212 Gulf Drive on Anna Maria Island. He purchased the Avenue F properties in a $2.2 million deal in 2011. He bought the Gulf Drive property for $1.3 million in 2010, according to county records.

All four of Frank's properties are clustered south of State Road 64 on the Gulf side of the island.

Neely said Frank is part of an influx of German and Canadian buyers picking up properties on Anna Maria.

Matt M. Johnson, Herald business reporter, can be reached at 941-745-7027, or on Twitter @MattAtBradenton.

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