LOS ANGELES-Five Arrows V, an investment fund managed by Rothschild Realty Managers, has committed to fund JH Real Estate Operating Partners up to $100 million for the acquisition of multifamily properties in California.

NorthMarq Capital senior director Ory Schwartz was the broker and advisor in the transaction. He tells GlobeSt.com that the fund has already made its first purchase, buying Waterstone Apartments in Riverside for $32.5 million.

“JH Real Estate Operating Partners are clients of mine,” Schwartz says. “They were looking for a way of tapping into the equity market because they think now is a great time to buy.”

The terms of the transaction will allow JHREOP to access the funds provided to pursue the acquisition of multifamily properties and development sites. Schwartz confirms that all investment will take place in California.

“The principals of JHREOP have a long and successful track record as owners/operators of multifamily properties in California,” Rothschild Realty Managers director Justin Hakimian said in a prepared statement. “We believe the team has a great opportunity to grow its portfolio and are excited to be able to participate in its future growth.”