The Purge clearly peaked, for me, with Anarchy. I did not like the first one and I don't like the last one.
I read that it was originally intended to be a prequel, telling the story of the very first Purge, but the idea was scrapped when Frank Grillo accepted the offer to reprise his character. An origin story would have been much more interesting.
Anyway, if you really, really like the first 2 then you will have fun with this one. I didn't