BuddyPress so far is considered as the best social community creating plugin due to its huge number of downloads and more than hundreds of plugins and extensions that can add more functionality to a website. BuddyPress is the most suited and popular plugin to build a social networking like a website on WordPress.
This version was under testing mode for a long time and now it has finally released. The new BuddyPress 3.0.0 "Apollo" is available for free download from the WordPress repo. You can also update the plugin from your WordPress Dashboard.