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.
Arriving officers found the victim suffering from multiple stab wounds to his body.
Medics pronounced the victim dead at the scene.
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.