I enjoyed this more than I probably should have. Straightforward slasher, but it gets an extra star for the cozy 16mm interior photography, the obvious care that went into filming the building itself (UCLA's brutalist Hardman Hansen Hall), and a third act that is pretty good.
Perhaps a more detailed post-mortem is in order. Supersedes its no-budget roots, with some characters of interest, and perhaps the best third act in a low-grade slasher film, playing completely against expectations. Plus, it maintains that voyeuristic feeling of transgression the whole time - critical for making the best horrors work.