In my area developers build them, lease them out and then sell the buildings. They are stick built and the quality control is horrendous. Because they sell the buildings so soon after they build them they have no real incentive for them to last. At my uni they've just been 6 story luxury student housing apartments that no student could afford without parental support. You'd think that the cost of regular student housing would go down as supply increases but that hasn't happened yet possibly because of the large difference in price points (rich students vs poor students).
I do like that they've attract more people to live on campus and the commercial space on the first floor is nice but they've just been placing chain stores which have replaced the local mom and pop business that have been there for decades.