The department originally said it was looking for two men, but further investigation led them to believe four men were involved.
The shooting happened around 3 p.m. Wednesday.
Officers responding to the scene found the victim inside a unit, according to a Conway Police Department report.
Coastal Carolina University officials have confirmed the victim is a 21 year old student from Pageland.
Officers learned there were numerous people inside the residence, and the victim was shot during an altercation, the report said.
The other people fled the scene when the shooting started, but officers were able to identify some of them.
The only description Conway police have released of the suspects is that they are looking for black and left the area in two different vehicles, a dark-colored SUV and a white SUV.
Evan Denari was landscaping the Kiskadee Parke property at the time.
He said he saw nothing that looked out of the ordinary.
"No squealing of tires or anything. It was just what seemed like casual people leaving," Denari said.
The man who was shot was last reported to be in stable condition, according to Lt. Small.
Coastal Carolina University had issued an alert asking students who live in the area to stay inside, because the men were considered armed and dangerous.
One student who lives there told WPDE NewsChannel 15, "I've lived here for two years. I never really expected something like this. Never felt unsafe before," said Daniel Rosenbaum, senior at Coastal Carolina University.
Many residents say they've seen more crimes taking place in the area and are more concerned about their safety there.
This is a developing story, keep clicking CarolinaLive.com for more updates.