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Many application domains have started to adopt multi-threaded programming; thus, efficient management of multi-threaded applications has become a significant research problem. Efficient execution of multi-threaded workloads on cloud environments, where applications are often consolidated by means of virtualization, relies on understanding the multi-threaded specific characteristics of the applications. Furthermore, energy cost and power delivery limitations require data center server nodes to work under power caps, which bring additional challenges to runtime management of consolidated multi-threaded applications. This article proposes a dynamic resource allocation technique for consolidated multi-threaded applications for power-constrained environments. Our technique takes into account application characteristics specific to multi-threaded applications, such as power and performance scaling, to make resource distribution decisions at runtime to improve the overall performance, while accurately tracking dynamic power caps. 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