Including the cost of land, for a full condo. It would correspond to a construction price of a condo of ~300 000$.
A dormitory room is going to cost less than a condo.
"When Los Angeles voters approved Prop. HHH in 2016, city officials predicted units would cost $350,000 to $414,000. In reality, prices have jumped to as much as $701,000 per unit, with 60 percent of the living spaces expected to exceed half a million dollars each."
You'll notice even the low end that was promoted to voters is higher than $330,000.
https://www.dailynews.com/2020/02/21/prop-hhh-projects-in-la...
This construction has to deal with NIMBYs and related delays, again UCSB doesn't have to bother with that.
And most of all these aren't single occupancy units. They are units for 2-3 people.
So yes, construction costs would be around the 350k mark when you take into account the land, for multi bedroom units, versus a single bedroom.
It's not because it would actually cost them 200 000$ in labour and material to build a deck and redo a yard.
Besides, for a billion dollar you're not dealing with local contractors, at that price you can even contract international companies, let alone bring in labour from the rest of the country.