(WSB Radio) -- A 48-year-old Buckhead man has been arrested and charged with the murder of Russell "Rusty" Sneiderman outside Dunwoody Prep last November.

Police say Hemi Zvi Neuman, 46, is being held in the DeKalb County Jail. Investigators tell WSB Radio that Neuman does not have a criminal record.

WSB Team Coverage: Richard Sangster and Pete Combs follow developments

Sneiderman, a 36-year old businessman, was shot multiple times and killed outside his son's day care center on November 18 just after dropping the boy off at school.

Police believe Sneiderman had been a target because no words were exchanged between the gunman and the suspect. But his friends and family said Sneiderman was an unlikely target.

"We are still currently investigating this case," Dunwoody Police Sgt. Mike Carlson told WSB Radio's Jennifer Griffies. "We have detectives out in the field."

WSB's Jennifer Griffies interview with Dunwoody Police Sgt. Mike Carlson about the arrest

Police have not released a motive yet for the shooting and would not say if the shooter and victim knew each other. The victim's brother also said he was uncertain if the two knew each other.

Some experts agree with police that the shooting outside the Dunwoody Prep Preschool & Nursery did not happen by accident.

"It does indeed look like a targeted hit," Casey Jordan a professor of criminology at Western Connecticut University told WSB Radio's Pete Combs.

Shortly after the murder, police released a sketch of a suspect seen fleeing the crime scene in a silver Dodge minivan.

In a news briefing late Tuesday night, investigators declined to explain the circumstances leading to Neuman's arrest.

``We're absolutely relieved we made an arrest, but it's still a very active investigation,'' said Carlson, who would not release more details on the case because the investigation is still ongoing.

Neuman is an Atlanta resident from Israel, police said. His family could not be reached for comment.

The shooting and subsequent manhunt shook Dunwoody. Authorities urged witnesses to come forward with any tips about the suspect, who they say hopped in a silver minivan and fled the scene. They even set up a system that allowed tipsters to send encrypted text messages.

The 36-year-old father of two had an MBA from Harvard and was a financial consultant in Atlanta before joining a private business venture, his friends said. Steven Sneiderman, said his brother was known for his big heart and wide circle of friends.

``There's still a lot of questions that we need answered,'' Steven Sneiderman said. ``But we're grateful for the hard work of the Dunwoody Police Department and we look forward to seeing this case through to a conclusion.''

WSB Radio's Jennifer Griffies, Pete Combs, Richard Sangster, and Jay Black contributed to this report.