Police tell Action News the stabbing resulted from a dispute between the neighbors over $20.
It happened at the Jarretts Court apartments on the 5200 block of Cottage Street around 11:55 p.m. Saturday.
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Arriving officers found the victim suffering from multiple stab wounds to his body.
Medics pronounced the victim dead at the scene.
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Police say officers arrested the suspect after seeing him on surveillance video leaving the victim's apartment.
Police say the neighbors were arguing because one owed the other $20.