AMERICAN COMMUNITIES BUYS THREE PROPERTIES IN DALLAS/FORT WORTH AREA

PLANO AND IRVING, TEXAS — Dallas-based real estate firm American Communities has purchased three Dallas/Fort Worth metro area apartment properties totaling 462 units. Cornerstone Ranch and Laurel Ridge in Plano and Islands West in Irving will be relaunched under the new owner’s Bel Air brand. Mosaic Residential of Houston sold Cornerstone Ranch and Laurel Ridge, while a private investor in Santa Barbara, Calif. sold Islands West. American Communities has acquired seven multifamily properties in the past 18 months.