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...