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S2 Capital ("S2"), a national vertically integrated multifamily investment manager, today announced the acquisition of a distressed multifamily portfolio consisting of five properties facing foreclosure in Dallas, TX, and Nashville and Knoxville, TN. S2 invested $60 million of rescue capital in a new joint venture with the existing Limited Partner through a structured preferred equity investment and secured a new 5-year $170 million senior loan through ACORE Capital. S2 will take over as the general partner with full operational control across property, asset, and construction management plus major decision rights to protect the preferred equity investment. The transaction was sourced off-market.