Tanglewood, Arlington’s only luxury apartment complex, has been sold for $3.5 million to the owner of the historic Colonial Hotel in Virginia.
The sale is the latest in a string of luxury condo sales in Arlington over the past two years.
Tanglewoods condo building is one of the largest in the US.
In 2018, the Arlington apartment market was the second-most expensive in the country behind New York City, according to Realtor.com.
“This historic building, which has served as a hub for the local community for generations, is a testament to the community and to the history of Arlington,” said Peter Cottrell, president and CEO of Arlington Properties, in a statement.
The owner, Cottrill, said in a release that the property is in good condition.
The building was built in the mid-19th century, according the release.
It was built as part of the Colonial Hotel.
Cottrell said that the building’s current condition includes a single bedroom that has been renovated with a new kitchen, living room, bathroom, and dining room.
Tanglewood apartment complex is located in Arlington’s Central District.
A recent property review by real estate firm Realtors.com revealed that Arlington had the second most expensive rental properties in the nation.
Arlington also had the highest vacancy rate of any city in the United States, at 3.4 percent, according Realters.com data.
Arlington’s apartment market has been trending upward since the middle of the decade, according data from Realtress.com, which shows the median sales price for new listings in Arlington jumped to $2.9 million in February 2018.
According to data from real estate site Zillow, Arlington was home to the third most expensive apartment market in the U.S. in 2016.
Arlington ranked fourth in 2015 and fifth in 2014.