Is there a right way to install subversion 1.9.3 using GNU Stow?

I use stow to manage package installation for packages that I build
myself.  I'm trying to build and install subversion 1.9.3 on a machine
running Red Hat Enterprise Linux (RHEL) 5.11.  I'm building subversion
myself because the newest version available from yum is 1.6.11.

This is the error I get at the end of the `make install`:

libtool:   error: error: cannot install 'libsvn_delta-1.la' to a directory not ending in /usr/local/lib

I have subversion-deps-1.6.11 on hand so I'm using the APR and APU
libraries from that.  Subversion 1.9.3 required a newer serf than the
version in the 1.6.11 deps bundle so I'm using serf 1.3.8.  The build
and install procedure for each of these libraries and subversion looks
like this:

apr 1.3.8:

    tar xvf subversion-deps-1.6.11.tar.bz2
    pushd subversion-1.6.11
    pushd apr
    ./configure --enable-layout=GNU
    make
    mkdir -P /usr/local/packages/apr-1.3.8
    make install prefix=/usr/local/packages/apr-1.3.8
    stow -t /usr/local -d /usr/local/packages apr-1.3.8
    popd # pwd=subversion-1.6.11

apr-util 1.3.9:

    pushd apr-util
    ./configure --with-apr=/usr/local --enable-layout=GNU
    make
    mkdir -P /usr/local/packages/apr-util-1.3.9
    make install prefix=/usr/local/packages/apr-util-1.3.9
    stow -t /usr/local -d /usr/local/packages apr-util-1.3.9
    popd # pwd=subversion-1.6.11
    popd

serf 1.3.8:

    tar xvf serf-1.3.8.tar.bz2
    pushd serf-1.3.8
    scons APR=/usr/local APU=/usr/local PREFIX=/usr/local
    mkdir -p /usr/local/packages/serf-1.3.8
    scons install PREFIX=/usr/local/packages/serf-1.3.8
    stow -t /usr/local -d /usr/local/packages serf-1.3.8
    popd

subversion 1.9.3:

    tar xvf subversion-1.9.3.tar.bz2
    pushd subversion-1.9.3
    ./configure --with-apr=/usr/local\
                --with-apr-util=/usr/local\
                --with-serf=/usr/local\
                --prefix=/usr/local
    make
    mkdir /usr/local/packages/subversion-1.9.3
    make install prefix=/usr/local/packages/subversion-1.9.3 # <-- point of failure
    stow -t /usr/local -d /usr/local/packages subversion-1.9.3
    popd

The last time I built subversion from source, it was subversion 1.6.11
on a different machine running RHEL 7.2.  I upgraded to subversion
1.9.3 on that machine and managed to get past similar libtool errors
by configuring with --disable-shared --enable-all-static in addition
to the flags mentioned above.  That approach did not work on the RHEL
5.11 machine.

I found a few threads that mentioned stow, mentioned a similar libtool
error message, or suggested a way to get around a similar libtool
error but none seemed to be about using stow to install subversion
*and* having the above error.  Here are a few threads I came across:

 - http://svn.haxx.se/dev/archive-2003-04/0304.shtml
 - http://svn.haxx.se/users/archive-2004-03/0599.shtml
 - http://svn.haxx.se/dev/archive-2003-03/1839.shtml

Thank you in advance for you help,
Eric Dramstad