CDS Investments Inc., a privately held real estate equity investment and management corporation, purchased for an undisclosed price the Canyon Creek Apartments, a 242-unit apartment complex in east Tucson. The property is about three miles north of David Monthan Air Force Base and about six miles east of the University of Arizona campus.

Based on the average sales price paid in 2000, CDS Investments paid at least $8.6 million for the complex. The company plans to make no major improvements or repairs to the complex, say company officials.

With the purchase, CDS now owns three apartment properties in Tucson, with a total of 982 units. The company also owns the Sandstone Apartments and the Tierra Bonita Apartments.

The Tucson office of Hendricks & Partners, with brokers Art Wadlund, negotiated the transaction.

CDS, which began operations in 1997, now owns 5,500 apartment units in eight states with a book value of more than $300 million.