Institutional Property Advisors Closes Multifamily Asset Sale in Southwest Louisiana
May 20, 2026
LAKE CHARLES, La., May 20, 2026 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) dedicated to serving the company’s institutional clients, announced today the sale of Cottages at Morganfield, 157-unit cottage-style multifamily property in the master-planned MorganField development in Lake Charles, Louisiana.
“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 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.” Shaheen, Will Balthrope and Drew Garza with Marcus & Millichap’s Institutional Property Advisors (IPA) division, in association with Steve Greer, Marcus & Millichap’s broker of record in Louisiana, represented the seller, and procured the buyer, Four Corners Development Group.
The property is within minutes of major employment centers, including the Golden Nugget Lake Charles Hotel & Casino, L’Auberge Casino Resort Lake Charles, and McNeese State University. The Lake Charles Power Centre, a business center with retail and entertainment, is close by and additional shopping is close by at Park Plaza. Within the MorganField development there is a town center, 19 acres of green space, a pond, and a golf course.
Completed in 2024 on over 25 acres, Cottages at Morganfield has a swimming pool, clubhouse, fitness center, dog park, and grilling area. The individual, single-story cottage-style units have two or three bedrooms, nine-foot ceilings, washers and dryers, carports, private patios, and fenced-in backyards. The average unit size is 1,057 square feet.
“IPA provides investors with high-quality multifamily investment opportunities in markets throughout the United States and Canada,” said Balthrope.
“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 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.” Shaheen, Will Balthrope and Drew Garza with Marcus & Millichap’s Institutional Property Advisors (IPA) division, in association with Steve Greer, Marcus & Millichap’s broker of record in Louisiana, represented the seller, and procured the buyer, Four Corners Development Group.
The property is within minutes of major employment centers, including the Golden Nugget Lake Charles Hotel & Casino, L’Auberge Casino Resort Lake Charles, and McNeese State University. The Lake Charles Power Centre, a business center with retail and entertainment, is close by and additional shopping is close by at Park Plaza. Within the MorganField development there is a town center, 19 acres of green space, a pond, and a golf course.
Completed in 2024 on over 25 acres, Cottages at Morganfield has a swimming pool, clubhouse, fitness center, dog park, and grilling area. The individual, single-story cottage-style units have two or three bedrooms, nine-foot ceilings, washers and dryers, carports, private patios, and fenced-in backyards. The average unit size is 1,057 square feet.
“IPA provides investors with high-quality multifamily investment opportunities in markets throughout the United States and Canada,” said Balthrope.
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.