Evaluation of a partnership in a property

[Sri Ram]

Hello All

         I am in a discussion with a property owner to buy a property. the Property owner wants to do a partnership now. He acquired the property about 15k / unit. Now he was ready to sell at 33k/unit. Now because it a partnerhsip what value can be put for the property. The property was acquired at 43% occupancy now it is at 60%. There has to be rehab work done for an estimate of 450k on the rest of the units. My question is what kind of value can we put for the partnership in its current state.

Thanks