PRESS RELEASE / ANNOUNCEMENTS Sunday, February 26, 2012

Program Benefits Tenants and Retailers

Apartment Residents Receive Exclusive Discounts From Nearby Merchants

The Towbes Group is launching a first-of-its-kind program in the Santa Barbara area that provides residents of the company's apartment communities exclusive discounts from retailers in shopping centers also owned by Towbes.

This program is evidently a first in Santa Barbara, and perhaps nationally, at least at this level of targeting and sophistication,” said Kate Villar, Commercial Property Manager of Santa Barbara-based The Towbes Group, a real estate investment, development and property management company. “Because of our unusually large and diverse but geographically concentrated portfolio, we are able to offer this extra perk to our valued tenants.”

In addition to a two million square-foot commercial office portfolio, The Towbes Group owns and manages approximately 2,000 apartment units and 200,000 square feet of retail properties throughout California’s Central Coast. The Towbes VIP program will be launched in Goleta with plans to roll it out throughout its entire portfolio.

Current and future residents at Encino Meadows, Pacific Oaks, Mariana Village, Patterson Place, Sumida Gardens and Willow Springs will be able to sign up online to the Towbes VIP program. After logging in, residents will be able to print out coupons for exclusive discounts at participating stores at the nearby Calle Real Shopping Center. The retailers participating so far include Backyard Bowls, Bob’ Vacuums, Front Page, KFC, Monarch Cleaners, Petrini’s Restaurant, El Pollo Loco, The Frame-Up, UPS and Verizon, with more signing up every day, according to Villar.

The initial response from both the apartment and retail tenants has been very strong,” said Villar. “It is a great way to knit our community together.”

Retailers are encouraged by early responses, and the promise of a flexible, very targeted, and continuing method to drive business to the stores.

The Towbes VIP discount program is a great and logical idea, a win-win for the apartment tenants and retailers and a tribute to how much Towbes cares about the people at its properties,” said Pete Heth, co-founder of Backyard Bowls, which recently opened its second restaurant at Calle Real Shopping Center. “Residents benefit from discounts that are not available to the rest of the general public, and the businesses benefit from Towbes driving customers to our doors. I’ve never heard of anyone ever doing a program like this.”

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