Florida State just completed the same thing! If they want a model, look to Tallahasee. The university gave 45 undeveloped acres to the Leon County Education Housing Authority. FSU put in the parking lots (as a way of expanding student parking) but the school has no ownership of the houses and no authority in the management of the property aside from the fact that University Police have jurisdiction over City Police. The Housing Authority gave the land to a private developer who built 8 gorgeous collegiate-gothic brick fraternity house buildings, each with its own clubhouse for the individual fraternity. Five more fraternities are "equity partners" and have their own land on which they built their own houses. The houses are huge; three have already been built, each at about 40,000 square feet.
The whole complex of 13 houses has a central management facility, a swimming pool and more amenities. Each fraternity house has about 100 parking spots.
And, the 8 fraternities now "renting" their houses can buy them and rennovate to suit themselves. See:
http://www.fsuphidelt.org/index.asp
http://www.lxafsu.com/
http://www.pktfsu.org/
http://www.fsupikes.com/
http://www.tkefsu.com/
http://www.fsuphigam.com/
http://www.fsuato.net/index.html