Equity Split Question on MF New Build

[Colton T.]

Hi, I'm looking for some advice on how to structure a new build apartment deal.

Total Development Cost - $13,000,000

Equity Required - $2,600,000 (20%)

My Investment - $1,100,000

Partner Investment - $1,500,000

I've provided the deal. Meaning, i've secured the land, created the entity, created the plan / product, entitled the property, and have the development team in place. It's a ready-to-go package for the investment partner, who will be entirely passive. 

What is a fair pref/promote structure for this project that would allow a solid / steady return at market rate or better and give me a larger upside? 

Thanks for your help.