IPA Closes Sale of 157-Unit Cottages at Morganfield in Lake Charles, Louisiana
LAKE CHARLES, La. — Institutional Property Advisors, a division of Marcus & Millichap (NYSE: MMI), has closed the sale of Cottages at Morganfield, a 157-unit cottage-style multifamily property located within the master-planned MorganField development in Lake Charles, Louisiana, the firm announced May 20, 2026. Four Corners Development Group was identified as the buyer. Financial terms of the transaction were not disclosed.
Property Details and Location
Completed in 2024 on more than 25 acres, Cottages at Morganfield offers two- and three-bedroom single-story units with an average size of 1,057 square feet. Individual units feature nine-foot ceilings, washers and dryers, carports, private patios, and fenced-in backyards. Community amenities include a swimming pool, clubhouse, fitness center, dog park, and grilling area.
The property sits within the broader MorganField master-planned development, which includes a town center, 19 acres of green space, a pond, and a golf course. The location places residents within minutes of major employment and entertainment destinations, including the Golden Nugget Lake Charles Hotel & Casino, L'Auberge Casino Resort Lake Charles, and McNeese State University. Retail options nearby include the Lake Charles Power Centre and Park Plaza.
Affordability Positioning in the Lake Charles Multifamily Market
IPA brokers framed the property's investment appeal around its cost advantage relative to homeownership in the local market. "The cottage-style living experience delivers single-family home amenities at a fraction of ownership costs, positioning the property to capture demand from cost-conscious renters," said Chris Shaheen, director of investments in Marcus & Millichap's Baton Rouge office. "Cottages at Morganfield provides residents with a 36% rental discount to home ownership cost in the Lake Charles market."
Chris Shaheen, Will Balthrope, and Drew Garza of Marcus & Millichap's Institutional Property Advisors division represented the seller and procured the buyer. Steve Greer served as Marcus & Millichap's broker of record in Louisiana.
"IPA provides investors with high-quality multifamily investment opportunities in markets throughout the United States and Canada," said Will Balthrope.
About the Firms Involved
Institutional Property Advisors is a division of Marcus & Millichap focused on serving institutional clients through acquisition, disposition, and financing of institutional properties and portfolios. Marcus & Millichap is a commercial real estate services firm traded on the New York Stock Exchange. Four Corners Development Group was identified as the buyer; no additional details about the firm were provided in the announcement.
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