If it's OK to have the arrows above the matrix, you could (ab)use the gmatrix
environment from the gauss
package to place them. Two possibilities for making the arrows are shown.
No \vspace
required.
\documentclass{article}
\usepackage{amsmath,gauss,tikz}
% modify some things in gmatrix environments
\renewcommand\rowmultlabel{}
\renewcommand\colmultlabel{}
\setlength\rowarrowsep{0pt}
\setlength\rowopminsize{0pt}
\begin{document}
Some text text text text and so on.
\begin{equation*}
\begin{gmatrix}[b]
1 & 2 & 3 \\
1 & 2 & 3
\colops
\mult{0}{\begin{array}{c}\text{text 1}\\\downarrow\end{array}}
\end{gmatrix}
\!*
\begin{gmatrix}[b]
1 & 2 & 3 \\
1 & 2 & 3
\rowops
\mult{0}{\leftarrow\text{text 2}}
\end{gmatrix}
\end{equation*}
More text text text text text and so on.
\begin{equation*}
\begin{gmatrix}[b]
1 & 2 & 3 \\
1 & 2 & 3
\colops
\mult{0}{\tikz\draw[<-](0,0)--(0,5mm)node[above]{text 1};}
\end{gmatrix}
\!*
\begin{gmatrix}[b]
1 & 2 & 3 \\
1 & 2 & 3
\rowops
\mult{0}{\tikz[baseline=(a.base)]\draw[<-](0,0)--(5mm,0)node[name=a,right]{text 2};}
\end{gmatrix}
\end{equation*}
\end{document}