Mac Radner and his Australian-born wife Kelly are a young couple with an infant daughter, Stella. The restrictions of parenthood make it difficult for them to maintain their old lifestyle, which alienates them from their friends Jimmy Blevins and his ex-wife, Paula. One day, the couple finds out that Delta Psi Beta, a fraternity known for their outrageous parties, has moved into an adjacent house. The fraternity's leaders, Teddy Sanders and Pete Regazolli, aspire to join Delta Psi's Hall of Fame by throwing a massive end-of-the-year party.