Expiring Daemon because JVM heap space is exhausted

I was able to solve this for my React Native project by configuring the following:

1. gradle.properties

org.gradle.daemon=true
org.gradle.configureondemand=true
org.gradle.jvmargs=-Xmx4g -XX:MaxPermSize=2048m -XX:+HeapDumpOnOutOfMemoryError -Dfile.encoding=UTF-8

2. app/build.gradle

android {
    dexOptions {
       javaMaxHeapSize "3g"
    }
}