(ONLINE.WSJ) — Residents at a new rental community in Orlando, Fla., lounge around a resort-style pool in private cabanas. They practice their golf swings at the putting green and meditate in a Zen garden. Videogamers sip complimentary coffee while playing “Call of Duty: Black Ops II” on a multiscreen television wall. Now, they’re facing final exams.

Welcome to University House, a $65 million private college dormitory that just opened near the University of Central Florida. Built by Inland American Communities Group, University House is one of the latest upscale communities sprouting up in college towns—including East Lansing, Mich., Tempe, Ariz., College Station, Texas, and others. Developers say that colleges provide a steady stream of new customers every year, and that students—and their parents—are willing to pay for luxury amenities.

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