When Keystone Lofts partnered with RISE many years ago, the community was ready to transition to the modern era. They needed a reliable financial partner, a trusted advisor, and the right tools and team to help clean up about 18 months without financials, and had significant delinquent assessments. Through proactive management and obsession with details, RISE reconstructed 18 months of financials and partnered with the Board to create a customized approach to eliminate delinquencies while creating a long-range funding plan.
Achieving Financial Stability and Community Engagement
By using RISE’s proprietary insurance program Keystone saved 54% on building insurance which was able to be redirected to reserves. RISE worked with this incredible Board to help create financial clarity, while using the hands-on expertise within the community to make building improvements, while fostering a vibrant, engaged environment through collaborative efforts and curated resident events.
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$0 Delinquency Rate
Keystone often has $0 in delinquent HOA accounts through active financial management, strong communication
Keystone often has $0 in delinquent HOA accounts through active financial management, strong communication
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Insurance Rate Reduction
Insurance Rate Reduction RISE’s insurance program saved the community over 54% on building insurance premiums while improving coverage, ensuring funds could be used for reserves
Insurance Rate Reduction RISE’s insurance program saved the community over 54% on building insurance premiums while improving coverage, ensuring funds could be used for reserves
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Capital Projects Savings
Capital Projects SavingsThe experts on the Board and within the community lend their expertise capital projects saving over $100,000 on large-scale projects, such as elevator replacements, without compromising on quality
Capital Projects SavingsThe experts on the Board and within the community lend their expertise capital projects saving over $100,000 on large-scale projects, such as elevator replacements, without compromising on quality
Transforming Obstacles into Achievements
Unique Property Challenges
When RISE took over Keystone Lofts, the property faced serious challenges, including financial disarray, high insurance costs, and overspending on key projects. Immediate action was needed to restore stability and efficiency.
Financial Disarray
Keystone Lofts had gone over 18 months without financial statements and had a backlog of delinquent assessments, creating significant financial instability.
High Insurance Costs
The property was burdened with costly building insurance that lacked sufficient coverage, putting the community at financial risk.
Aging Infrastructure
Keystone Lofts faced challenges with many large-scale projects on the horizon, including elevator replacements, needing strong expertise and management.
RISE Key Solutions
By focusing on service improvements, updating governing documents and policies, manging rentals percentages, strong facility oversight, and long-term planning, the Board and RISE worked together to transform the building’s day-to-day operations and set it up for continued success. Below are the solutions that resolved these critical issues.
Saving on Major Projects
The Board worked together with management and residents to save over $100,000 on big projects like new elevators, making sure the community got quality work at a great price utilizing in house experts to oversee the project.
Learn about ...Slashing Insurance Costs
Our insurance experts helped save over 54% on building insurance while actually improving coverage, giving Keystone Lofts better protection for less money.
Learn about ...Clearing Up Delinquent Accounts
Through hands-on management, we were able to bring the HOA’s delinquent accounts down to $0, ensuring everything stays on track financially.
Learn about ...Getting the Finances Back on Track
We went back and reconciled 18 months of missing financials, then worked with the Board to create a long-range funding plan to keep capital repairs funded and the budget stable.
Learn about ...
