We investigated the optical and structural properties of lattice-matched InGaAs/InP quantum wells grown by metalorganic molecular beam epitaxy. The growth conditions were chosen to provide a patterned InP buffer layer surface with elongated features aligned in the  direction. The morphology of the patterned surface was revealed by transmission electron and scanning force microscopy measurements. Low temperature photoluminescence results are correlated with teh structural properties of the samples. The observation of multiple emission lines indicates the presence of elongated terraces with different thicknesses at the interface of the single quantum well. Information about the carrier dynamics between these elongated terraces is obtained from the photoluminescence temperature dependence.