Thanks ericvn. I was able to resolve. I increased the CPU and Memory limits on Docker. Apparently, Istio builds the code inside the container and in my case the memory limit was 2GB. I bumped to 8GB and it built successfully.
Glad to hear you got it working. Yes, by default Istio builds inside a container. This allows anyone with Docker and make to build Istio without needing to install other tools.