Alcohol as the focus of a party is never a good idea. Invite only those people who you want to attend.
Parties get out of hand when too many unexpected guests show up.
Provide a variety of non-alcoholic drinks. Many students are choosing not to drink alcohol, or will alternate alcohol and non-alcoholic drinks. Be a good host and introduce people to each other so they can get to know each other, not just drink. Tell your neighbors you are having a party. Leave a number in case they need to contact you.