I'd take my Turtle Creek apartment over that. A shoebox is a shoebox regardless of how nice the facade is. I'll take a full size bed and more elbow room for studying.
Beyond the old places like TC, the new construction is nicer than the dorm construction. I've seen in-laws at 3 different off campus facilities built in the past 7 years, all are considerably nicer to live in than Ryan.
And yes, partying is a big part of it for many people, but we're not talking about anything outlandish. It gets old to sneak beer across campus, kick friends or girlfriends out at midnight, etc.
If they brought back true SYRs, that would be a way to compete.