American Communities, a Dallas-based real estate investor, has purchased the Chaparral Creek apartments in Irving. The rental community contains more than 500 apartments and is located at 3701 N. O’Connor Rd. in Las Colinas. Built in the 1980s, Chaparral Creek is on 30 acres adjacent to the Four Seasons Hotel & Resort and across from the Las Colinas Country Club. The Irving purchase is American Communities’ fourth investment since the company was founded last May. “We’ve been able to leverage our experience to identify and acquire properties that fall into the aggressive growth strategy we’ve set for our firm,” CEO Ronny Guerrero said. “American Communities has a proven track record for turning non-performing, multi-family properties into rewarding investments.” The company plans to continue to buy, develop and manage apartments in several markets. Terms of the Irving purchase were not disclosed.