Officials say the security guard was shot early Sunday at the Sigma Chi house, located off-campus.
Austin police say the security guard suffered injuries that aren't life-threatening.
No arrests have been made. Police say it seems to have been an isolated incident and that there's "no reason to believe there is any further threat to the public."
UT said in a statement that the university will offer counseling and support to students who were at the party or affected by the incident.