Lone Star is considering a sale of Quintain, which could raise more than £3bn.
The US private equity group has appointed Eastdil and Credit Suisse to help it work out a sale.
Quintain has nearly 6,000 homes under development at Wembley, HA0, with 5,000 of them for the build-to-rent market.
A sale of the entire 34 ha scheme would be the largest UK deal for a residential development, and has been likened to the sale of a great estate.
While less than 1,000 flats have so far been built, in future the site will be the largest single-ownership build-to-rent scheme in the UK. Completions ramp up massively towards the end of next year, with 3,000 ready by 2020, and the site due for completion in 2024.
Lone Star bought Quintain in 2015 for around £1bn, including debt.
The sale, which could also be for a part of the site, comes alongside a wave of other consolidations in the UK rental market. Earlier this year deals were announced with Oxford Properties buying into Get Living, the owner of the former Olympic Village, and CPPIB into Lendlease.
A sale of the Wembley scheme had always been on the cards, though was thought to be waiting for “critical mass” in terms of unit completions.
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