Copper Basin Construction, of Hayden, has agreed to sell 1,200 residential lots to Oregon-based Hayden Homes LLC in what the two entities consider a long-term partnership.

The lots are in North Idaho, Spokane and Pullman.

Copper Basin will honor all contracts to build homes for those homebuyers with whom they already have contracts and those customers with homes under warranty, said Greg Gervais, who owns Copper Basin with Steve White.

Copper Basin will continue to operate its land development division and multi-family housing business, and will now phase out its residential home-building business as a result of this sale.

"We see a big opportunity to deploy our resources in those other segments of the market," Gervais said Tuesday. Growth in those segments is promising, he said.

Copper Basin has been building multi-family housing projects since the late 1990s.

Hayden Homes will acquire the residential lots from Copper Basin in a phased approach during the next several years.

"Hayden Homes is a really good partner for our land inventory," Gervais told The Press.

In a news release, Gervais said Copper Basin and Hayden Homes "share many of the same core values, and Hayden Homes has consistently demonstrated a commitment to deliver customers both high-quality homes and a great home-buying experience."

"The addition of Copper Basin's lots solidifies our ongoing commitment to the Inland Northwest region for years to come," said Dennis Murphy, CEO of Hayden Homes, of Redmond, Ore.

Gervais declined to disclose the sale amount for the lots.

Copper Basin has operated in North Idaho and Eastern Washington for more than 21 years. Gervais and White founded the company in 1994.