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At VA Tech the sororities have no equity interest in the houses. They are considered VT dorms and the residents pay rent to the U. So, if a group should leave campus, there is no problem with a mortgage.
Additionally, building on university land gives you an added benefit at a bank as the land lease with the U normally provides for a buy back of the "improvements" should the group leave campus. You don't get that when building on private land.
Also, some schools are very generous in their dealings with Greeks. Some are constrained by state law, such as Florida, and cannot give any assistance to those building on U land...not so at Alabama where the U can loan the group bond money at 4-1/2% plus they are on U land. It's not a level playing field out there for Greek housing. So, while you may think a school is ripe for colonization, it may not really be the case.
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