Yes, but in the beginning as an intro to the university and allusion to overarching story, where you will also define your characters personality. It's not a continuation of the roommate stories as of yet.
Next story update will be an actual episode going deeper in to the roommates and fraternity stories. The initial demo scenes are also going to be altered a bit to fit all the new mechanics and paths you can choose in the new intro.
The new tech and mechanics have taken quite some time in the 3D game so the update to the VN-Edition isn't as massive. Next one is going to be big for both versions though, and as the groundwork has been laid, it shouldn't take as long this time around.