Warehouse party held by university members (6)
I believe the answer is:
godown
'warehouse' is the definition.
(I know that godown is a type of warehouse)
'party held by university members' is the wordplay.
'party' becomes 'do' (do can informally mean a party).
'held by' indicates putting letters inside.
'university members' becomes 'gown'.
'do' put within 'gown' is 'GODOWN'.
(Other definitions for godown that I've seen before include "eastern warehouse" , "storage facility in India" , "Leave university" .)