The present invention is directed to a magnetic memory element including a magnetic free layer structure incorporating two magnetic free layers separated by a perpendicular enhancement layer (PEL) and having a variable magnetization direction substantially perpendicular to layer planes thereof; an insulating tunnel junction layer formed adjacent to the magnetic free layer structure; a magnetic reference layer structure formed adjacent to the insulating tunnel junction layer opposite the magnetic free layer structure; an anti-ferromagnetic coupling layer formed adjacent to the magnetic reference layer structure; and a magnetic fixed layer formed adjacent to the anti-ferromagnetic coupling layer. The magnetic reference layer structure includes first, second, and third magnetic reference layers separated by two PELs and having a first invariable magnetization direction substantially perpendicular to layer planes thereof. The magnetic fixed layer has a second invariable magnetization direction substantially opposite to the first invariable magnetization direction.