David E. Knight, president of Knight Properties Inc., and Clifford A. Hudsick of Cottonwood 264 Limited, a Utah partnership, have announced the purchase of Cottonwood Apartments, 4705 S. 900 East, by the partnership.

As part of the acquisition, $9.5 million of multi-family housing revenue bonds were refunded by the Salt Lake County Housing Authority.Knight said this is the first of an estimated 1,500 units the partnership intends to acquire in the Salt Lake area. He said Cottonwood was chosen as the first because of its long-term stability and excellent location with respect to employment and recreation activities.

Bounded on the south by Cottonwood Creek, the 5-year-old apartment complex has a full range of amenities, including washers and dryers, fireplaces, a swimming pool, tennis court, Jacuzzi and recreation center and clubhouse.

The 264-unit complex was purchased from Crossland Savings for an undisclosed price and financed by General Electric Capital Corp.