In 1979, a giggling man with milky white eyes (credited as "The Sleeper") breaks into a bedroom in the Alpha Gamma Theta sorority house in the middle of the night, killing a resident with a hammer.

Two years later, the sorority is organizing a party to welcome new pledges, an event that prompts the return of the Sleeper, who has been living on the campus in secret, spying on the Alpha Gamma Thetas, and threatening them over the phone.

Drake sends Bobby home, and goes to the sorority while the Sleeper kills Matt, a boy who had walked Alpha Gamma Theta pledge Amy to her dormitory.

[1] Steve Barton of Dread Central gave The Sleeper a four out of five, and stated that it "stands as the best homage to early eighties filmmaking since Ti West's amazing The House of the Devil".

[5] David Andreas of Splatter Critic reacted negatively to The Sleeper, giving it a 1½ out of 4, and writing that it "tries to come off as a throwback to '80s slashers, but mostly duplicates the faults that ruin films of any decade.