Privately held BH Properties LLC has purchased Biltmore on the Lake Apartments in Phoenix for $10 million, well below the $22.85 million the property traded for in 2007. It’s the Los Angeles-based company’s third acquisition of a multifamily property in Arizona in less than a year.

The 420-unit garden style apartment community is located at 11050 North Biltmore Drive in the Sunnyslope submarket. The seller in the cash deal was Phoenix Biltmore LLC.

The property was built in the early 1980s and has been renovated and upgraded over the years. The complex sits on a lake and includes 21 three-story buildings. Amenities include a combination office/clubhouse, two pools, two tennis courts and a children’s playground.

In addition, BH Properties plans to add a brand new outdoor community facility that will contain gazebos, barbeque grills, lounge areas and a putting green.

Studio apartments range in size from 335 sq. ft. to 435 sq. ft.; one- bedroom, one-bath units range from 540 to 580 sq. ft.; two-bedroom units range from 740 sq. ft. to 900 sq. ft.; three-bedroom, two-bath units feature 1,120 sq. ft.

“We are motivated to invest in this market again as it is an attractive relocation destination with superior demographic growth,” says Steve Jaffe, executive vice president and general counsel for BH Properties.

Less than a month ago, BH Properties purchased Sunpoint Apartments in Phoenix for $4.86 million. Late last year the firm purchased Fiesta Park for $5.5 million in Mesa, Ariz. BH Properties is on target to purchase a minimum of $50 million in multifamily units in Arizona before the end of 2011.

Founded in 1997, BH Properties focuses on acquiring value-added multifamily, retail, office and industrial properties in targeted areas such as the Inland Empire in California, Las Vegas, Nevada and Phoenix.

BH Properties’ portfolio includes more than 80 properties in 17 states. In addition to its headquarters in Los Angeles, BH Properties also has offices in Dallas and Salt Lake City.