Hartford Business Journal

HARTFORDBUSINESS.COM | JUNE 29, 2026 7 Deal Watch Alex Opuszynski (left), founder and CEO of Vanguard Private Client Group, and Vice President Andrew Stein stand inside 174 Willow St. in Waterbury, a mixed-use apartment building the company recently acquired and plans to renovate. HBJ Photo | Michael Puffer Investors bet on troubled Waterbury apartment property amid neighborhood turnaround effort that many friends and relatives from his childhood home in northeastern Pennsylvania settled there after the coal industry's collapse. He also said he has invested with Opuszynski before and has confidence in his ability to execute the project. "He always comes through with beautiful apartments," Balzano said. "I have confidence in him and I think Waterbury needs people like him who will invest and take time to produce nice living conditions for its residents." Private investment is key Vanguard's Opuszynski said Water- bury's blue-collar roots continue to support demand for quality housing. That demand is one reason Vanguard is willing to invest in 174 Willow St., a building that dates to 1910, when Waterbury was a booming manufacturing center and the multi- family neighborhoods surrounding Willow Street thrived. As Vanguard prepares to reno- vate the property, city officials are continuing efforts to improve the lower Willow Street neighborhood, which has struggled with crime, blight and other quality-of-life issues. The area has seen a heightened presence from police, city health agents, public works crews, zoning officials and others following two shootings last summer, including one incident that led to the death of a 17-year-old girl. Last August, the city parked its mobile command post in the parking lot of a mini mart across from 174 Willow St. The command post is staffed by an officer at all times, with two additional officers assigned to patrol the immediate neighborhood around the clock. "We've just had a lot within a very small area," Waterbury Mayor Paul Pernerewski said. "So, there's been a really great amount of attention paid to it to try to get services in there to make sure people see the visibility of what's going on." Pernerewski said residents have told him they feel much safer, and that the city's current effort differs from previous crackdowns because officials have maintained a long-term presence in the neighborhood. By Michael Puffer mpuffer@hartfordbusiness.com A New Haven real estate brokerage and investment firm recently paid $1.39 million for a largely vacant mixed-use apartment building in Waterbury with a deeply troubled past. The purchase of 174 Willow St. gives Vanguard Private Client Group control of a century-old property marked by graffiti, empty apartments, piles of debris and a history of crime and code violations. Still, Vanguard's leaders see oppor- tunity. They believe their growing capacity and hands-on approach — combined with a sustained effort by city officials to stabilize the surrounding neighborhood — can transform the decaying property. "We have a couple hundred units that we own and manage," said Vanguard founder and CEO Alex Opuszynski. "We also have our construction and management in-house, which gives us a level of comfort where others aren't, which allows us to put deals together that others can't." At first glance, 174 Willow St. is a handsome, four-story tan brick building. But its challenges quickly become apparent upon closer inspection. Strong smells of animal and human waste linger in an alley beside the property, which has a history of fire code violations. Three storefronts and several windows are boarded up. In early June, graffiti covered portions of the interior, while a moun- tain of construction debris and trash sat behind the building. Daylight pours through a hole in the roof into a fourth-floor apartment. One sign hanging in a second-floor hallway reads: "Sorry, We're Stoned." A prior owner put three signs in the building's foyer reading "Keep Out," "Warning, Security Cameras in Use" and "No Smoking, No Vaping." Vanguard wasted little time begin- ning the cleanup after closing on the property June 1. That morning, the company had two large dumpsters outside and workers carrying out trash and abandoned furniture. Two days later, the building's 31 apartments were largely cleared of trash and crews had begun cleaning the exterior. Opuszynski said the property had been offered as an open listing for about a year. Vanguard, which had unsuccessfully tried to market the building on behalf of the seller, ulti- mately decided to acquire it. The property's previous owner — an LLC headed by Montvale, New Jersey- based Israel Wiznitzer — paid $1.9 million for the building in 2022. Opuszynski and Vanguard Vice President Andrew Stein said they were able to negotiate with lenders to forgive about $500,000 in debt, clearing the way for a short sale. "We haven't seen a lot of commer- cial short sales," Opuszynski said. "But in this case, I think everyone knew the writing was on the wall. We could objectively determine where the value is. We have to service debt, and we have to put together a deal that makes sense, otherwise it's going to sit and decay." Making a bet Vanguard's planned upgrades include a new roof, fresh paint, general repairs, refurbished kitchens with granite countertops, new flooring, and new fob-controlled security and fire alarm systems throughout the building. Vanguard financed the project with a $2.65 million loan from Alphonse J. Balzano Jr., a founding partner of New Haven personal injury law firm Balzano & Tropiano. The loan carries 10% interest, with an initial disburse- ment of $1.55 million, including a $52,000 origination fee. According to the mortgage recorded June 1, another $1.1 million is being withheld to fund construction sched- uled for completion by Nov. 1, 2027. Balzano described Waterbury as a "hardworking, blue-collar city," noting "Keep Out" and "Sorry, We're Stoned" signs inside 174 Willow St., reflecting the condition of the Waterbury property before renovation work began. HBJ Photos | Michael Puffer Continued on next page

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