A multilayer Pt/Co/Ir/Co/Pt/GaAs heterostructures demonstrates a long term (to several hours) magnetic relaxation between two stable states of the magnetization of the system. The magnetization reversal of the heterostructure layers occurs both due to the formation of nuclei of the reverse magnetization domains and as a result of their further growth by means of motion of domain walls. The competition between two these processes provides a nonexponential character of the magnetic relaxation. At 300 K, the contributions of these processes to the relaxation are commensurable, while, at temperatures lower than 200 K, the contribution of the nucleation is suppressed and the magnetic relaxation occurs as a result of motion of the domain walls.