WWBT NBC Channel 12 is reporting that:

VCU police sent out an alert early Tuesday morning for students to stay inside, while officers investigated reports of a shooting near campus.
Police responded to the 400 block of North Harrison Street around 3:13 a.m. Witnesses told them the suspects, two white men and one black man, left the area in a red Mini Cooper heading east on Grace Street.
Right now, officers are still investigating. When our photographer went to check it out, he spotted what appeared to be shell casings.
Police say no one was hit by bullets.
VCU Police sent out another alert saying everything was safe, but they are still patrolling the area.

Several Oregon Hill residents have said they were woken up by the alert sirens.